T.C. | The Spanish wind industry, which exports more than 2 billion euros worth of equipment annually, has been accused of dumping by the US administration in one of its main markets. Washington believes that Acciona, Siemens Gamesa, Vestas, and other wind power producers sell their products in the US below production prices.
T.C. | The number of registered unemployed in Spain fell by 59,149 people in March (-1.5%), its largest decline in this month since 2015, according to data published on Tuesday by the Ministry of Labour. With this decline in unemployment, which puts an end to five consecutive months of increases, the total number of unemployed reached 3,949,640 at the end of March.
Funcas | The aim of this note is to outline the recent initiatives in terms of direct aid from the governments of Germany, Spain, France and Italy. While in Italy the aid has been extended to the whole economy, as in Germany and France, in Spain it is limited to the sectors most affected (commerce, hotels and restaurants, leisure, etc.). The amount of aid is relatively low in Spain compared to the other three countries, however Spain is the only country that grants a minimum benefit of 4,000 euros for all eligible businesses.
Miguel Navascués | To build a public housing stock to house those who are now forbidden to be evicted? Or to undertake a plan such as the one proposed by the chief economist of Arcano, supported at the time by the president of Santander? The traction effect of the construction sector is proven, and is indisputable. However, according to Julián Núñez, president of the construction employers’ association, SEOPAN, the data and forecasts are not encouraging.
Fedea has published a study analysing the evolution of the working conditions of young Spaniards over the last thirty years and documents their continuous deterioration. In each recession there is a setback in the employment situation of this group. And this does not fully recover in the subsequent expansion, causing a negative trend in the initial employment conditions of successive groups of young people.
Fluidra has signed an agreement to convert a 130 million euros syndicated credit line subscribed in 2018 into ‘green’ financing. BBVA acted as a sustainable coordinator for the process. So from now on, the conditions of this financing are subject to the company’s performance in environmental, social and governance (ESG) matters. This is the first sustainable financing formalised by a company in the sector and will be used to cover the firm’s working capital needs.
Cellnex Telecom CEO, Tobías Martínez, assured on Monday at the 2021 General Shareholders’ Meeting that the telecoms company will grow by 21% annually until 2025, when it is expected to reach a turnover of between 4.1 and 4.3 billion euros. In this context, the company has announced the terms of the capital increase of 7 billion euros. The capital increase will mean the issue of 192,619,055 new shares at a unit price of 36.33 euros. This implies a discount of 22% compared to yesterday’s closing price.
The Consumer Price Index (CPI) rose by 1% in March compared to the previous month, taking it to 1.3%, almost 1.5 points higher than in February (0.0%), according to preliminary data published today by the National Statistics Institute (INE). With this upturn, with which the annual CPI marks its third consecutive positive rate, inflation climbs to levels unseen for almost two years. In fact, such a high CPI rate had not been reached since April 2019, when it stood at 1.5%.
CaixaBank Research | The coronavirus crisis has highlighted the importance of digitalisation in disruptive contexts such as the present. Economic activity has held up better in more digitalised countries: a greater number of companies have continued to operate at the height of the pandemic, the public sector has been more effective and quicker in helping households and firms most in need, and in people’s homes digitalisation has enabled teleworking and has allowed the younger generations to continue to study remotely. Where does Spain stand in this field?
Intermoney | A statement sent yesterday to the CNMV announced the friendly takeover bid launched by Masmóvil for 100% of Euskaltel’s capital for an amount of €1,995 Mn, equivalent to a price of €11.17/share in cash. The offer price represents a premium of 16.5% over Friday’s closing price, +25.1% over the average price of the last month and +26.8% over the average price of the last six months. Considering the offer already has the support of 52% of the capital, we recommend to accept the tender offer.