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I.R. Spain, Spanish economy 25th November 2020

“Placing Innovation At The Heart Of Our Commitment To Latin American Markets”

Berta Ares, General Manager, BME Inntech | BME offers unregulated financial services such as trading, information, regulatory and wealthtech services. Our presence in the region focuses in Mexico, Costa Rica, Colombia and Chile. We are present in all these countries, offering solutions and technology in the Wealth Management industry that range from advised and/or discretionary portfolio management to client relationship management solutions. In Colombia, we provide market access and order routing services for the Colombian stock exchange. Both in Colombia and Mexico, our services include information terminals to access real-time economic and financial information of capital markets.

Spanish economy 25th November 2020

How Financial Regulation Can Help Save the Planet

“Let’s say you’re an insurance company and insuring people close to the sea. In Spain, for example, in La Manga del Mar Menor people have vacation homes in an area where sea levels are rising rapidly. If you are an insurance company with properties in areas such as this, this is a disaster. Or if you’re a global company with farmland in Almeria that requires lots of irrigation and Spain’s rainfall decreases dramatically and you can’t cultivate it, you take a massive hit.” The question of climate change and its impact is not a new one – but Antonio Cabrales suggests that there is a new solution, and it lies with the banks.

I.R. Spain, Spanish economy 24th November 2020

The So-Called Loyalty Shares: An Unnecessary Mistake (Albeit An Avoidable One)

José Carlos González Vázquez (Professor in Commercial Law (UCM). Partner at MA Law Firm) | On September 7, the Official Gazette of the Spanish Parliament published the bill which will modify the consolidated text of the Capital Companies Act. This bill is basically a transposition of Directive (EU) 2017/828 of the European Parliament and of the Council of 17 May 2017 amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement. However, some other proposals, not present in the European Directive, have been introduced. Among the most controversial ones is this dealing with the so-called loyalty shares: shareholders of listed companies are given double voting rights if they hold on to their shares for an uninterrupted period of two consecutive years. This means breaking away from the sacrosanct principle enshrined in our Company Law of “one share, one vote” .

Spanish economy 23rd November 2020

The Growth Of E-Commerce In Spain During The Pandemic: Myth Or Reality?

Javier Ibáñez de Aldecoa and Eduard Llorens (CaixaBank Research ) | How have e-consumption habits evolved after the COVID-19 outbreak? We address this question using big data techniques and anonymised data from card payments carried out by CaixaBank’s 13.5 million customers. Our results confirm that the pandemic generated a significant, albeit short-lived, increase in the use of e-commerce. At the end of September e-commerce no longer showed any deviation from its growth trend of previous years.

Ibex, Markets, Spanish economy 22nd November 2020

BBVA And Sabadell: High Probability Of Agreement; Shareholders To Obtain A Value Generation Near 30%

Santander Corporate & Investment | A possible acquisition of 100% in cash of Banc Sabadell by BBVA would generate significant value for the shareholders of both banks. BBVA and Banco Sabadell confirmed this week that they are holding conversations about a possible merger of both entities. The resulting entity would have a market share of 24% in Spain in loans to customers and c.23% in customer deposits against 30% and 28%, respectively, in the case of the combination of Caixabank and Bankia.

Spanish economy 20th November 2020

Endesa Will Invest More Than €30 M In The Largest LNG Supply Center For Gas-Powered Ships In Spain

Endesa has launched a project for the development of bunkering activities for maritime transport in its port terminal of the Bay of Algeciras (Cadiz). This will have a storage capacity of around 4,080 cubic meters and an annual managed energy volume of 1,100 GWh. With this capacity, the terminal would become the main LNG bunkering port station in Spain. The country multiplied by more than three its LNG bunkering operations in 2019, with a total of 195 that supplied a total of 81,704 cubic meters of LNG.

Spanish economy 20th November 2020

Spain Receives A Second Tranche Of €4 Bn From The European Fund To Pay Furloughs And Self-Employed

With this second payment, Spain has already received 10 billion euros via the SURE instrument out of the total €21.3 Bn Pedro Sánchez’s government requested and was later approved by the European institutions. The Community Executive has disbursed in this second round a total of €14 Bn to nine European countries. In addition to Spain, Italy (6.5 Bn), Greece (2 Bn), Croatia (510 M), Lithuania (300 M), Cyprus (250 M), Slovenia (200 M) and Malta and Latvia (120 M each) have received tranches from this fund.

Spanish economy 19th November 2020

Brussels Gives Green Light To Spain’s 2021 Budget, But With Some Quibbles

In the specific case of Spain, and with macroeconomic forecasts that are more pessimistic than the Spain’s government’s, Brussels called for a periodic review of the effectiveness of the measures implemented, without jeopardizing the medium-term sustainability of public accounts. Furthermore, the EC forecasts that debt will soar to 120.3% of GDP this year and to 122% in 2021. This compares with the Spanish government’s estimate in its budgets of 118.8% and 117.4% respectively.

Spanish economy, Spanish Small & Mid Caps 19th November 2020

ROVI’s Target Price To Rise By 6.5 €/shr To 36 €/shr After Moderna’s Vaccine News

Four months ago, Spanish ROVI reached an agreement with Moderna for the filling and packaging of its vaccine. Since then ROVI’s capitalisation has increased by more than €750 M (up 53%). So far this month alone, the stock price has risen by 27%. With a central scenario of about 550 M of Moderna’s vaccines per year outside the US and Japan, the unit income for ROVI would be 0.75 €/vaccine (3.5% higher than the total price of the vaccine) which means a T.P. rise of +6, 5 €/shr. (+22% vs. before) up to 36 €/acc.

Spanish economy 19th November 2020

Next Generation EU: A Golden Opportunity For The Spanish Economy

Javier García Arenas (Caixabank Research) | The NGEU European Recovery Fund has a significant budget and could have a major macroeconomic impact on the Spanish economy. The overview of the Recovery Plan presented by Spain reflects the country’s willingness to accelerate investment and outlines a number of relevant areas of action. The specific projects involved and the governance mechanisms for their selection and monitoring are not yet known.

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