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Abengoa anticipates tripling its billing in 10 years

Spanish economy, Spanish Small & Mid Caps 22nd March 2021

Abengoa’s Desperate Situation Or How To Remove The Wreckage Of A Company

Abengoa would have demanded the Solvency Support Fund for Strategic Companies from the Spanish government, a tool designed to help companies affected by the pandemic, for the rescue of its company Abenewco 1, to which it transferred the most valuable assets and activities of the broken parent company. The group would try to preserve these assets and to keep operating a subsidiary in which almost 13,000 employees are still working.

The arrival of immigrants has invigorated the Spanish population

Spanish economy 19th March 2021

Spain Has 2,053,997 Immigrant Workers Registered In The Social Security System

The Social Security gained an average of 9,328 foreign affiliates in February (+0.4%). As a result, the second month of the year closed with 2,053,997 immigrant workers registered in the system, as reported Thursday by the Ministry of Inclusion, Social Security and Migration. Of the total number of foreign workers, 1,309,920 came from countries outside the EU (63.77%) and the rest (744,077) from EU countries (36.05%).

Ibex, Markets, Spanish economy 18th March 2021

Telefónica Has Been Awarded A Third Of The 5G Frequencies Auctioned In the UK

Telefónica has been awarded 40 MHz blocks in the 3.6 GHz band and 20 MHz in the 700 MHz band in the latest spectrum auction in the UK. This is the second one held in that country to accelerate the deployment of the new mobile technology. To do so, it has had to pay £448 M (near €532 M). This amount is much lower than initially estimated by the market, which had calculated that Telefónica’s investment in new spectrum in the UK would amount to £700 million (approximately €820 M).

Spanish economy 17th March 2021

Spain Rental Market – Should There Be A Cap On Prices?

When it comes to improving the rental market, the parties in the government coalition, PSOE-Unidas Podemos, have very different conceptions. Both agree to include mechanisms to help control rental prices on an ad hoc basis and in the most stressed areas, but Pablo Iglesias’ party is demanding the establishment of limits on rental market prices, while the socialist part of the government has confirmed that they prefers to fiscally stimulate those owners who rent below the prices set by reference indexes.

Ibex, Markets, Spanish economy 16th March 2021

Suspension Of Mexico’s Energy Reform Will Hardly Affect Spanish Utilities

Banco Sabadell | A federal court in Mexico has temporarily suspended the government’s legislative reform for the electricity sector. The reform would prioritise energy production by state-owned company CFE when it comes to feeding energy into the grid. In turn this would harm private renewable generation firms which, by producing more cheaply, would enter the market earlier. The impact of for the Spanish firms with presence in the Mexican market, Iberdrola, Acciona and Naturgy is limited.

Spanish economy 16th March 2021

Investment In Intangibles In Spain Stands At Around 6.5% Against 7% In Germany And 12% In The US

Claudia Canals and Oriol Carreras Baquer (Caixabank)| Given the importance of investment in intangibles for boosting the digital transition, we wonder what impact NGEU will have on this type of investment. To answer this question, first we estimate the average increase in the relative weight of investment in intangibles as a proportion of GDP in Spain between 1995 and 2017. We then measure the impact that NGEU will have on investment in intangibles, considering in the calculation the carry-over effect that this programme could have on private investment.

Spanish economy 15th March 2021

Felipe VI Will Be Vaccinated… When It Is His Turn (*)

T. C.| “Spaniards are peculiar, they want to live like Americans but they think like Cubans” explained a USA ambassador on leaving Madrid. And he was right. So nobody can find it strange that finally a group of “Bolivarians” are part of the Government of Spain. People who, a short while ago, used to denounce the Spanish political caste and now have made their leader’s wife a Cabinet minister; without anybody batting an eyelash.

Spanish economy 15th March 2021

Analysts Cut Their Profit Forecasts For Ibex Companies By 30% In 2022, Says The Bank Of Spain

The upturn in expected profits in 2022 for listed companies in Europe and Spain began in November, after the announcement of effective vaccines against the virus. Since then the improvement in expectations for the coming year has been “relatively modest”. Specifically, analysts forecast that profit expectations for Ibex firms in 2022 will be 30% below those expected in February 2020, although they also expect the negative impact of the pandemic on the profits of listed companies in 2022 to be lower than in 2021, according to the Bank of Spain.

Spanish economy 12th March 2021

Spanish Banks’ Debt With The ECB Doubles In One Year

Spanish banks’ debt with the European Central Bank, which reflects their gross demand of the institution’s regular financing operations, did not show any change in February and remained unchanged at 261.21 billion euros, exactly the same as a month earlier. However, according to Bank of Spain data reported by Europa Press, the increase is 100.24% compared to the same month of the previous year.

Ibex, Markets, Spanish economy 12th March 2021

Telefonica, Orange And Vodafone To Develop Joint Networks In Rural Areas With EU Reconstruction Funds

The telecom operators Movistar, Orange and Vodafone have agreed to form an alliance to bid together for the deployment of 4G and 5G mobile networks in rural areas that will be financed with European reconstruction funds. Specifically, Movistar, Vodafone and Orange would build between 3,000 and 4,500 new radio sites, adding an extra 15% and 23% to the existing ones.