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pedro sanchez reflexiona

Spanish economy 11th April 2022

Spending On Public Salaries Breaks Records And Reaches Almost 150 Billion Euros

The wage bill of Spanish public administrations exceeded all historical records last year. According to the official INE National Accounts figures published today in the newspaper El Economista, in 2021 the amount of salaries of public sector employees (civil servants along with other categories of public sector staff) plus their payments for social security contributions amounted to 147.363 billion per year. And with inflation soaring, everything points to the fact…

nunez feijoo 777x400 1

Spanish economy 10th April 2022

Núñez-Feijóo Challenges Sánchez

J.P. Marín-Arrese | The new Opposition leader has decided to confront the government on economic policies, which signals a departure from his predecessor’s bitter bickering and acrimony toward Mr Sánchez. Mr Casado practised a scorched earth policy treating the Premier as a mendacious liar, felon and traitor. Such terms of abuse stirred the hearts of hardline supporters but did little to convince mainstream voters of his suitability to govern the…

Repsol entrada

Spanish economy 7th April 2022

Repsol: trading statement for Q1’22 reflects declines in production of 13%, but rises of over 60% in oil prices

Intermoney | After the close of the market on Wednesday, Repsol (REP) published the operating and economic figures from its trading statement for Q1’22. This is ahead of its results due on 28 April. We would highlight: In Upstream: Production in Q1’22 of some 558.000bep/day, which means a 12.6% decline vs Q1’21 and a decrease of 0.6% vs Q4’21. With respect to oil prices, there is a secuential rise in…

Correos

Spanish economy 7th April 2022

CCOO And UGT Call Strike At Correos For The First Three Days Of June Due To The “Collapse” Of The Service

CCOO and UGT have announced this Tuesday the call for a general strike in Correos for the 1st, 2nd and 3rd of June due to the “economic, labour and public service collapse” of the company. They blame this on the “chaotic management and manifest incapacity” of the company’s president, Juan Manuel Serrano, “appointed by the PSOE three years ago”. The unions allege that Correos is on the verge of “technical…

ACS CIMIC

Spanish economy 7th April 2022

ACS Studies A Takeover Bid For Atlantia

ACS is considering launching an offer to acquire the Italian concessionaire Atlantia, the Spanish company’s partner in Abertis, according to Bloomberg on Wednesday and confirmed late in the afternoon by the Spanish construction company. The group headed by Florentino Pérez has already hired advisors to analyse this operation in which it is considering taking over the Italian company’s motorways jointly with GIP and Brookfield. Atlantia’s capitalisation is close to 15.690…

Endesa

Spanish economy 6th April 2022

Endesa wins floating solar energy tender for a dam in Portugal; first auction of its kind in the Iberian Peninsula

Alphavalue | Endesa, via its affiliate Endesa Generación Portugal, has won a connection right for 42 MW to install a floating photovoltaic solar energy project in the Portuguese dam Alto do Rabagão. The company said the auction it participated in was the first floating solar energy project for dams in the Iberian Peninsula. The investment required will be 115 million euros, Endesa said. Endesa won the floating solar energy project…

Banco Santander office

Spanish economy 6th April 2022

Santander’s objective to cut €1 Bn of costs in Europe in 2020-2022 facing difficulties

Norbolsa | The bank has confirmed it expects it will be difficult to reach its objective of cutting 1 billion euros of costs in Europe in the period 2020-2022. Despite the measures put in place (restructuring of the network and workforce exits), the strong uptick in inflation will act as a drag on meeting this goal, with particular impact in Spain and Poland. In spite of this, however, Santander expects…

pensiones cuquis

Spanish economy 6th April 2022

Updating Spanish Pensions With 7% Inflation To Cost Near €12,600 M, Says The Bank Of Spain

The Bank of Spain calculates that updating pensions with 7% inflation would cost the public accounts some 12,600 million, following the entry into force of the pension reform that involves revaluing pensions in accordance with the Consumer Price Index (CPI). According to the central bank, taking as a starting point the approximate expenditure on pensions in Spain and an average inflation for the whole year 2022 of 7% (November over…

MELIA CHINA lujo

Spanish economy 6th April 2022

Spain’s hotels hope to beat pre-Covid levels this Easter week; Meliá, amongst the firms to play the recovery

Bankinter | The big Spanish hotel chains foresee occupancy levels this Easter week beating those prior to the virus. They all coincide in that the outlook is optimistic, despite the uncertainty fuelled by the conflict and escalating fuel prices. And in the majority of cases, they are are confident of exceeding or being very clost to pre-Covid levels during the Easter break. In some case, bookings are up 15% on…

FelipeII

Spanish Politics 5th April 2022

Spain: Neither Rome, Nor The Reconquest, Nor Lepanto, Nor The Golden Age…

Pedro García Cuartango, former editor of the newspaper El Mundo, explains in ABC the surprise, the indignation, produced by the penultimate nonsense of the PSOE-UP coalition government regarding its educational project: “The unbelievable becomes possible and the possible becomes real. This is what is going to happen with the decree that the Government is preparing to approve erasing the study of Spanish History before 1812 from the Baccalaureate. Neither the…