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In Spain 25th June 2025

Government Blocks BBVA-Sabadell Merger for Three Years and Prohibits Operation-Related Layoffs

The Council of Ministers has made the operation contingent on BBVA maintaining Sabadell as an independent entity for three years, extendable by two, which effectively prevents the merger BBVA sought. The group chaired by Carlos Torres will be able to change Sabadell’s board of directors, but cannot implement joint staff adjustments or branch network changes associated with the operation. Each entity will have to preserve its legal personality, separate assets,…

Spanish economy 24th June 2025

Indra falls almost 3% on stock market after Spain and NATO agree to defence spending of 2.1% GDP

Alphavalue/DIVACONS | Shares in the Spanish IT services and consulting company fell by 2.93% on Monday following the agreement reached between the Spanish government and NATO. This agreement exempts Spain from spending 5% of GDP on defence in exchange for meeting certain ‘capacity targets’ over the next four years. Specifically, Spain will spend 2.1% of GDP (compared to the current 2%, recently increased in April). Last week, Indra had already…

In Spain 24th June 2025

NATO Contradicts Sánchez, Denies “Exclusion Clause for Spain”

NATO does not believe Spain can fulfill its military capabilities by investing only 2.1% of its GDP in Defense. Secretary General Mark Rutte made this clear yesterday, stating that the country will have to spend 3.5%. The Alliance is “absolutely convinced” of this, he specifically pointed out, thus contradicting what Prime Minister Pedro Sánchez had claimed just hours earlier. To ensure that the Executive fulfills its responsibilities as a member…

Spanish economy 23rd June 2025

Home sales in Spain rise 2.3% in April to 54,318 transactions, highest April figure since 2008

Link Securities | According to figures released by the National Statistics Institute (INE) and published by Expansión newspaper, the number of home sales rebounded in April by 2.3% year-on-year to 54,318 transactions, the highest figure for this month since 2008. Home sales have now risen year-on-year for ten consecutive months. The year-on-year increase in home sales in April was due to both the upturn in transactions involving new flats, which…

In Spain 23rd June 2025

Public Procurement Fraud Reports Soar by 87% Since 2019, but Only Four Out of Ten Investigated

Reports of fraud in public procurement have skyrocketed by 87% since 2019, but they remain very few in proportion to the volume of operations, hardly any are investigated, and practically none end up in court. This information is handled by the government itself through the Independent Office for the Regulation and Supervision of Public Procurement (OIReScon), as reported by El Mundo newspaper. This is the main and most forceful conclusion…

Spanish economy 22nd June 2025

Textile sector suffering: sales barely grow 0.17% in 2024

Bankinter | Sales in the textile sector in Spain stagnated in 2024 and 2025 is not expected to be ‘the year of recovery’. They grew by 0.17% to €11.04 billion, according to Acotex, the textile trade association. It forecasts heavy summer sales due to excess inventories, which will boost sales, but the end of the year faces high uncertainty. Analysis team’s view: Spending on clothing and discretionary consumption in general…

In Spain 22nd June 2025

Redeia blames power companies for blackout

Bankinter | Redeia presented a report on Wednesday with its view of the causes of the blackout. Redeia chairwoman Beatriz Corredor justified the presentation of the report on the grounds of the company’s ‘legal obligation’ to produce such a document whenever a significant event occurs. The report points to a lack of energy absorption in the system, which caused a power surge. Absorption is a mechanism that allows some power…

Spanish economy 20th June 2025

If Banco Sabadell sells TSB for around €2 billion, BBVA could cut takeover bid by up to 15%

Link Securities | BBVA could reduce its takeover bid for Banco Sabadell by up to 15% (between €1.6 billion and €2.3 billion, according to sources consulted) if the Catalan bank sells TSB for around €2 billion, according to today’s edition of the newspaper Expansión. The newspaper notes that the market believes that the sale of TSB is Sabadell’s last chance to halt the takeover bid, as it is taken for…

In Spain 20th June 2025

Sánchez Regains Partners’ Support by Confronting Trump and Refusing to Raise Defense Spending to 5%… by 2035

Who knows where Pedro Sánchez might be in 2035? In La Moncloa (the Prime Minister’s official residence)? In Europe? In jail, given the way things are going in Spain? But far from stalling, Pedro Sánchez has chosen to publicly confront Trump, the U.S., and NATO by refusing to increase Spanish defense spending beyond 2%. And as for 5% by 2035, that’s out of the question. This is what Sánchez explained…

In Spain 19th June 2025

Entrepreneur Recommended by Sánchez’s Wife Indicted by European Public Prosecutor’s Office

In April 2024, the wife of the Prime Minister and Secretary-General of the PSOE signed at least two letters supporting the UTE (Temporary Union of Companies) formed by entrepreneur Barrabés’s consultancy in two bidding processes initiated by Red.es in 2020. The company, backed by Begoña Gómez, ended up winning the three lots it bid for, totaling €10.2 million, after outperforming other rivals in the subjective evaluation part of the tenders….

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