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In Spain

Cellnex torreta

Ibex, Markets, Spanish economy 26th October 2020

Cellnex Extends Its International Expansion To Poland, One Of The Strongest Economies In Eastern Europe

Following Cellnex’s recent capital increase of 4 billion euros, the company has reached an agreement with Iliad to acquire a 60% controlling stake in the company that will operate Play’s 7,000 telecommunications sites in Poland. The agreement between Iliad and Cellnex is expected to be closed by Q2 2021. It will allow the company to enter a new market and further consolidate its leadership position in Europe, where it will reach 73,000 telecommunication towers.

spanish food

Spanish economy 25th October 2020

Spain Invests €4 Mn To Promote Spanish Food On The External Market

The Spain Food Nation campaign, coordinated by ICEX, will provide market agents with all the necessary information to promote the international marketing of Spanish food as well as to help the sectors most affected by the health crisis and the effects of US tariffs. It will take place in some 20 countries, and will present Spain as a country that supplies safe food to Europe and the world.

Gran Canaria

Spanish economy 23rd October 2020

UK and Germany Give Back To The Canary Islands The Status Of Safe Destination

The low incidence of the Covid19 virus in the Spanish islands has led the United Kingdom to include again the archipelago in its list of safe air corridors, which will mean that travellers will not need to go into quarantine. For its part, Germany will lift the restriction on travel to the islands on Saturday. Both countries, which are the two largest international sources of tourists to the Canary Islands, will boost the tourist season in a region where this sector accounts for 35% of GDP and 40% of employment.

Caixabank 1

Spanish economy 23rd October 2020

Caixabank Cleans Up Its Balance Sheet Before The Merger: Will Sell €1Bn Of Toxic Assets

Before clompleting its merger with Bankia, Caixabank wants to reorganise its balance sheet and will put up for sale portfolios of problematic assets worth 1 billion euros. The doubtful assets CaixaBank intends to divest have been divided into two portfolios. The first, called ‘Project Hermitage’, is made up of ‘unsecured’ credits valued at some 600 million euros. The second one, under the name ‘Louvre Project’, consists of credits worth some 400 million euros with a real estate guarantee.

Zara

Spanish economy 22nd October 2020

Zara, Banco Santander, The Only Spanish Brands Among The 100 Most Valuable

Zara and Santander are once again this year the only Spanish brands among the 100 most valuable in the world. That said, they are losing positions, according to a new edition of the ‘Best Global Brands’ report. This includes the 100 most valuable brands in the world, as well as the impact of the global Covid-19 pandemic on brand value.Despite the drop in ranking, Zara continues to be the most valuable brand in its sector and Santander remains the most valuable bank in the Eurozone.

Avangrid

Spanish economy 22nd October 2020

Iberdrola Becomes Third Renewable Operator In The US With €3.7 Bn Purchase Of PNM Resources

Avangrid, which is 81.5% controlled by Iberdrola, has announced the acquisition of PNM Resources, Inc. The integration will give rise to one of the largest companies in the US sector, with 10 regulated electricity companies in 6 states (New York, Connecticut, Maine, Massachusetts, New Mexico and Texas). The combined company will have assets in excess of $40 billion, have approximately $2.5 billion of EBITDA and a net profit of $850 million.

Spain GDP

Spanish economy 21st October 2020

Spain Economic Outlook. Fourth Quarter 2020

The Spanish economy could contract by 11.5% in 2020 and grow by 6.0% in 2020. The fall in GDP exceeded 20% in the first half and it is estimated that the recovery in the third quarter would have been 14% t / t. In any case, a significant slowdown is expected during the last part of 2020.

ACS Cimic

Ibex, Markets, Spanish economy 21st October 2020

ACS’ Australian Subsidiary, Cimic, Sells 50% Of Its Mining Business For €1.25 Bn

Cimic, of which ACS indirectly controls 37% through its Hochtief share, has announced the sale of 50% of Thiess, its mining business, for 1.25 billion euros to the Elliott fund. The price implies an enterprise valuation of approximately A$4.3 billion (based on 100% of Thiess), subject to certain adjustments. According to calculations of Bankinter, the price paid is a multiple of 8.5 times EV/EBIT20, “which is in accordance with the market average for this type of company.”

Spain fashion

Spanish economy 21st October 2020

Fashion Maintains Its Share Of Spain’s GDP At 2.8% In 2019; But A Substantial Impact Is Expected In 2020

Fashion is fundamental to the Spanish economy, by contributing more than 2.6% to GDP in the primary sector. This is only slightly less than the 3.6% from banking and insurance or the 5.8% from construction, according to a joint report from Modaes.es, the Centre for Information on Textiles and Clothing (Cityc) and Accenture. However, the pandemic has sparked big declines in terms of activity, employment, exports and retail sales in the first months of 2020.

euro coin

Spanish economy 21st October 2020

Average Annual CPI Rate For This Year And Next Cut To -0.3% And 0.7%, Respectively By Funcas

Prices in Spain fell by 0.4% in September from a year earlier. This means six months of negative yearly rates since the outbreak of the COVID-19 pandemic. In view of these figures, economists at Funcas have cut by one and two tenths of a percentage point their forecasts for the average annual CPI rate for this year and next to -0.3% and 0.7%, respectively. This is because crude has been trading in recent weeks in the range of $ 41, below the level seen in its previous scenario of projections.