Fernando González Urbaneja | The crisis that most resembles the current one, although history does not repeat itself, was that of 1973 when Arab oil exporters decided to use a barrel of oil as a weapon of war against the West and, in particular, Israel. The rise in the price of oil, irreplaceable and indispensable for all advanced economies, imposed an unprecedented cost and supply crisis. Supply shocks bring inflation,…
Link Securities |Daily newspaper elEconomista.es reported yesterday that Iberdrola has decided to freeze the sale of electricity to its industrial and commercial clients in the UK via its affiliate Scottish Power. The Spanish power company will stop offering contracts in the face of the current crisis in prices in the country. This has already caused around 20 energy suppliers to go bust. Separately, the daily Expansion said yesterday that Iberdrola…
The Volkswagen Group and Seat have officially announced on Wednesday that Sagunto (Valencia) will be the site of the giant battery factory for electric cars it plans to build in Spain, which will be the consortium’s second after the one in Germany. At the press conference to present Seat’s 2021 results, Chairman Wayne Griffiths and Seat CEO and head of Volkswagen Components, Thomas Schmall, confirmed the choice of Sagunto to…
Fernando González Urbaneja | It is like a creditors’ meeting, which never comes at a good time. The government has too many bills coming due for which it is short of liquidity, i.e. votes and parliamentary and social support. The weekly control session in Congress demonstrated the loneliness and, above all, the feeling of incomprehension, mental fatigue and surprise of a Prime Minister who is not short of self-esteem. Nothing…
Telefónica Tech will buy 100% of Incremental, a partner of Microsoft in the UK, for up to £175 (around 209 million euros). With this acquisition, Telefónica Tech will considerably increase its scale in the UK and its offer of Microsoft technologies. Incremental has its headquarters in Glasgow, another 3 offices in the UK, in Bulgaria and India. The company was founded in 2016 and has had strong growth rates both…
Eight days after the strike by lorry drivers and hauliers, the fishing sector has organised a strike along the Spanish coast until today, Wednesday, protesting against the rise in fuel prices: 200 fishermen’s associations, 40,000 members, of which 9,000 are boat owners, are taking part in the strike. The fishermen’s guilds began a strike on Monday, in protest against rising fuel prices. The fishing fleet will remain moored until today…
Fernando González Urbaneja | With these three words (values?) Morocco is convincing the countries that count that its plan to integrate the Sahara into its territory is worthwhile. That it is the best option for resolving a problem entrenched in the United Nations for half a century. One of the last stages of the decolonisations which have taken place in the 20th century with bloody and dramatic conflicts. Decolonisation processes…
Spain has received during 2021 a total of 28.785 billion euros in foreign investment. The Community of Madrid is the region that leads in attracting funds from abroad, with 20.943 billion, 73% of the total, according to data revealed yesterday by the Ministry of Industry, Trade and Tourism. These 28.785 billion euros that Spain has attracted in foreign investment in the year as a whole represent an increase of 17.7%…
Morgan Stanley | The figures are not available in all areas but we estimate that the telecos’ exposure to the spike in energy costs for the marjority of the stocks is around 1-2% of sales (on average). To give a more complete view, using as a reference the margins and Capex, for an operator with an EBITDA margin of 38% and Capex of 19%, a cost of energy x2 would…
Luis Alcaide (Capital Madrid) | The current account balance of payments recorded a surplus of 8.428 billion euros in 2021, when exports grew by 21% and imports by 24%, with China as the leading supplier (11.9% of our imports vs. 9.6% for Germany and 9.1% for France). In the face of the avalanche of unquieting news, Spain’s political and economic health in the first months of this year 2022 and…