While the government approves a reduction of the working week from 40 to 37.5 hours by decree, the absenteeism rate in Spain has not stopped increasing since the end of the pandemic. It rose to 7.4% in the fourth quarter of 2024, which is two tenths of a percentage point higher than in the same period of the previous year, while absenteeism due to Temporary Disability (IT) has already reached…
Spain has filed an appeal with the US Supreme Court claiming sovereign immunity to avoid paying three arbitration awards totaling €358 million in favor of NextEra, 9Ren, and Blasket, stemming from the cuts in subsidies for renewable energy projects between 2010 and 2013. In the document, dated May 1st and accessed by the newspaper Expansión, Spain requests that the court annul the judgment issued in August 2024 by the Court…
Banco Sabadell | According to press reports, Iberdrola will halve its investment in renewable energy next year, from around €8 billion to €4/€5 billion per year. Iberdrola has decided to continue rebalancing its investment effort towards networks and reduce its investment in renewables, where it will invest selectively. Thus, between 2024 and 2026, the investment forecast for networks amounts to €21.5 billion. Of the €15.5 billion it will invest in…
The president of the Family Business Institute – and of the Estrella Galicia brewery – Ignacio Rivera, is calling for a state pact on energy on the same day that Pedro Sánchez and Alberto Núñez Feijóo clash again in Congress. “We represent 90% of the business fabric in this country, generate 70% of private employment, and contribute 70% of GDP… and we are worried,” he asserts. “We are not doing…
According to data from the Ministry of Labour and Social Security, the number of unemployed individuals decreased by 67,420 people in April (down 2.6%), to 2,512,718 people. This was a result of hiring in the services sector, which accounted for nearly three-quarters of the decrease in unemployment, a sector particularly active due to the celebration of Easter Week in April. The decrease in unemployment was greater than in the same…
The theft of 150 meters of copper cable at five points on the Madrid-Seville line caused chaos on the High-Speed line between Sunday and Monday, with 30 trains and 10,700 passengers affected by delays of up to 10 hours. The Minister of Transport, Oscar Puente, did not hesitate to speak of “sabotage” given the low economic value of the copper and the significant damage these thefts cause to the network….
The government open a “public consultation” on BBVA’s takeover bid for Banco de Sabadell to gauge the opinion of citizens, businesses, and associations. This was announced by the President of the Government, Pedro Sánchez, during his speech at the 40th Cercle d’Economia meeting in Barcelona. “To make a decision with all guarantees, the government will open tomorrow, May 6th, a prior public consultation with the aim of collecting the opinion…
According to a publication by S&P Global, the Purchasing Managers’ Index for the manufacturing sector in Spain, the manufacturing PMI, decreased in its April reading to 48.1 points from 49.5 points in March. This figure is also significantly below the 50.3 points expected by analysts in the FactSet consensus. This marks the third consecutive monthly contraction indicated by the index, with April’s reading being the lowest level reached by this…
Erste Group Bank AG (“Erste”) to acquire a c.49% stake in Santander Bank Polska S.A. (“Santander Polska”) and 50% of Santander’s Polish asset management business TFI for a total cash consideration of €7 billion. The all-cash transaction at 584 zlotys per share values the bank at 2.2 times first quarter 2025 tangible book value per share, excluding the declared dividend of 46.37 zlotys per share, and represents a premium of…
Bankinter | Weak Q1 2025 results, affected by the fall in oil prices. Guidelines maintained despite the complex context. BNA figures versus market consensus estimates: Exploration and Production €458 million (+3.6%) versus €382 million estimated, Industrial €131 million (-82.1%) versus €192 million estimated; Customer €160 million (-2.6%) versus €157 million estimated, Low Carbon Generation €5 million versus €7 million estimated. Key figures compared with market consensus: Revenue €14,408 million (-5.1%…