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Markets, Spanish economy, Spanish Small & Mid Caps 4th November 2020

Air Europa Becomes First Spanish Company To Be Rescued By The State Amid The Health Crisis

The airline had requested help a few months ago and today the Spanish cabinet has authorised its rescue, the first one involving a private company in Spain during the coronavirus crisis. The State will inject 475 million euros to avoid Air Europa’s bankruptcy via a specific fund created to save companies with solvency problems, particularly affected by Covid-19. This aid will mean a support of 240 million euros via a participative loan and another 235 million through an ordinary credit.

Spanish economy 4th November 2020

Spain, The World’s Fourth Most Popular Destination For Greenfield Projects

According to the FDI Markets database (produced by the Financial Times Group), in 2020 Spain was the fourth largest European receiver of greenfield projects, ICEX Agency reported. During this period, a total of 313 foreign capital greenfield projects have been carried out in Spain. While this is 42 percent down on last year, the fall at global level has been higher still. This has enabled Spain to reach the fourth position, which is an improvement on previous years: in 2019, it was in fifth place, and in 2018, seventh.

Ibex, Markets, Spanish economy 3rd November 2020

Telefonica And Allianz Create A Partnership To Deploy Fibre In Germany Through An Open Wholesale Company

Telefónica and Allianz have reached an agreement for the creation of a joint venture to deploy Fibre-to-the-Home (FTTH) in Germany.Both companies will each hold 50% under a co-control governance model. It will be an independent open-access wholesale operator focused on deploying fibre in rural and semi-rural areas of Germany to tap the potential of Europe’s largest broadband market.

Spanish economy 2nd November 2020

Workplace Pension Schemes: An Option That Is Taking Hold

Javier Garcia-Arenas (CaixaBank Research ) | The pension reform currently being prepared in Spain is a hot and pressing issue. After all, the structural deficit of the Social Security system (around 18 billion euros) and the need to ensure the system’s long-term sustainability in the face of demographic ageing are inescapable challenges for our economy. In this context, the minister for Inclusion, Social Security and Migration, José Luis Escrivá, has announced that he intends to boost workplace pension schemes (also known as company pension) in order to encourage long-term saving, as well as indicating that the British model could serve as a good example to follow.

Markets, Spanish economy, Spanish Small & Mid Caps 30th October 2020

Sacyr Divests Its Construction Business In Africa To Focus On Concessions In Its Key Markets

Sacyr’s selling its construction subsidiaries in Angola, Mozambique and Cape Verde is part of firm’s strategy to reduce the risk of building in non-strategic markets and to focus on concessions in its key markets. This activity already accounts for nearly 80% of the group’s EBITDA. According to analysts at Alphavalue, Sacyr, with a capitalization of just around €800 M, has been “the most resilient” company in the concessions’ sector during the confinement thanks to the type of contracs it has signed.

Spanish economy 30th October 2020

The Eurozone Grows At A Pace Never Seen Before: So Does Spain, But There Is Nothing To Celebrate

The Eurozone economy grew by record high of 12.7% in the third quarter with expansion including the four major countries: Germany by 8.2%, France by 18.2%, Italy by 16.1% and Spain by 16.7%. This rebound reflected the largest increase since statistics started being kept in 1995. Specifically, Spanish historical GDP’s followed a plunge of almost 18% in the previous three months. However, these figures has a sort of bittersweet taste as they coincide with the reintroduction of strict containment measures across the region which are likely to make the expected recovery reverse.

Spanish economy 30th October 2020

Spain’s Tax Collection Capacity Is Doubtful

Intermoney | The Spanish government’s collection capacity, given that the basic economic scenario is likely to be worse than it has projected, must be questioned. In fact, even taking into account the tax hikes included in the 2021 budget bill, we estimate tax revenues will be around 211 billion euros in 2021. So almost 11 billion euros below budget and this would be equivalent to just under 1% of next year’s GDP. This figure does not include the capacity to fight tax fraud, which is expected to generate 828 million euros.

Spanish economy 29th October 2020

Spanish SOCIMIs Could Suffer A Major Setback With A Tax Burden Of 15%

Even though SOCIMIS have played a leading role in the Spanish real estate market since 2013 , as a result of Covid-19, their market value has dropped to €21.268 Bn, a decline of more than 17% against the end of 2019. In addition, these vehicles have benefited from a tax regime adapted to that of traditional REITs. Now, however, the government could impose a tax burden of 15% on them, which would damage cash flow and increase the risk premium associated with investing in real estate assets in Spain, say Banco Sabadell analysts.

Ibex, Markets, Spanish economy 28th October 2020

Repsol Leaves Ecuador After The Sale Of Its Assets To Canadian Firm New Stratus Energy For €5 M

Repsol has reached a good intentions agreement with the Canadian company New Stratus Energy for the sale of assets in Ecuador, so that the oil company will leave the South American country, where it has been present for almost twenty years. The deal amounts about $5 M (about € 4.2 M) to be paid in two installments, although there could be additional contingent payments linked to certain circumstances, such as an extension of the service contracts term, which would bring it up to $12 M (about € 10.1 M).

Spanish economy 28th October 2020

With The Lack Of Confidence in Spain, The Crisis Is Prolonged

Miguel Navacués | In the 2’Q20 Spaniard’s savings rate on disposable income reached a record high of 31.1%. Investment depends on companies’ expectations, sales and profitability, which increase their value. And it in turn depends on the effective demand, which determines the volume of sales. If there is no sales volume in sight, there is no demand and GDP shrinks. Demand in Spain -except from abroad- is still digesting the collapse due to the pandemic, and the resurgence in cases, amid a climate of permanent mistrust which is prolonging the crisis.

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