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In Spain

IAG on the air

Ibex, Spanish economy 24th March 2021

IAG Signs A Three-Year $1.8 Bn Credit Line To Boost Liquidity

IAG Group announced on Tuesday that it has signed a revolving credit facility with a syndicate of banks for an available amount of $1.755 billion. The facility will be in operation for a period of three years plus two one-year extension terms at the convenience of the lenders. The credit line is available to the Aer Lingus group airlines, British Airways and Iberia, each of which has a separate borrowing limit within the overall credit facility. IAG continues to have a strong liquidity position, with an estimated total of €10.3 Bn at March 31.

benidorm beach

Spanish economy 23rd March 2021

Spain Aspires to Recover 40 M International Tourists This Year

Spain’s government is confident that it can recover around 40 M international tourists this year, half the level recorded in 2019, when almost 84 M foreign tourists were counted. In this recovery, the health passport prepared by the EU for the summer will be a key factor. In fact, the tourism sector expects to recover around 7.5 M foreign visitors once the passport comes into force, which, added to the 19 million that arrived in Spain in 2020, leave the figures still far from those forecasts of 40M.

Enagas

Spanish economy 22nd March 2021

Endesa, Enagás And Mapfre, The Spanish Firms With Highest Dividend Yield, Says Spanish Consumers’ Organisation

Endesa, Enagás and Mapfre are the three Spanish companies that offer the highest dividend yield, 9.7%, 9.5% and 7.5%, respectively. According to the analysis prepared by the Organization of Consumers and Users (OCU), and reported by the Europa Press agency, these three companies are followed by Red Eléctrica, Naturgy and Zardoya-Otis, with a yield of over 5%.

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%).

Telefonica UK Auction

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).

se alquila

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.

Iberdrola Mexico

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.

intangibles

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.