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Repsol nueva

In Spain 22nd October 2024

Repsol halts investment in Spain due to ‘tax hike’ of 1.2% on revenue

Repsol stands firm against the ‘tax hike’ on energy companies (and banks) that the government has announced it wants to make permanent. As a result, Repsol is putting on hold investments for projects amounting to around €1.5 billion, which would affect the group’s portfolio projects in the Basque Country, Tarragona (Catalonia), Cartagena (Murcia), and A Coruña (Galicia). A year ago, its CEO, Josu Jon Imaz, warned that he was leaving…

Over 90% of foreign companies in Spain expect to increase or maintain their investment in 2020

In Spain 21st October 2024

Spain’s per capita GDP grows only 0.1% since 2019

Per capita income has increased from 25,420 euros in 2019 to 25,620 euros today, according to the latest data from Eurostat. More seriously, looking back, the per capita GDP is only 4% higher than in 2007. The economy of Spain has become the engine of growth for the eurozone. The aggregate GDP of Spain is expanding at a rate that is nearly three times that of the eurozone, while also…

pensiones playita

In Spain 19th October 2024

Salaries over €59,000 euros to be subject to ‘solidarity contribution’ to pay for pensions

This will be applied in January and will not generate rights for retirement, meaning that the principle of contributivity does not exist in this case, which turns this contribution into a tax. The cap on maximum contribution bases, the third year of application of the intergenerational equity mechanism, and the ‘solidarity contribution’ for salaries over €59,059 annually… 2025 will arrive loaded with extra contributions to cope with skyrocketing pension expenses,…

Acciona

In Spain 18th October 2024

Acciona Energía puts 650MW hydroelectric business up for sale for around €1 billion, attempting to maintain credit rating at BBB- investment grade

Acciona Energía, the renewable energy subsidiary of Acciona, has put the bulk of its hydroelectric business, which encompasses around 650 megawatts (MW) and is valued at €1 billion, up for sale, according to Reuters. This operation is part of ANE’s asset rotation plan, which already sold 175 MW of hydroelectric power to Elawan last July for €287 million, as reported by Expansión. This is the third operation that ANA has…

talgos

In Spain 17th October 2024

Sidenor, Sepi, and Basque Government propose purchase of 40% of Talgo without launching takeover bid

The multi-faceted operation sponsored by the Government to replace the British fund Trilantic in Talgo’s shareholding is taking shape. This was confirmed by the company late yesterday, when it sent an announcement to the National Securities Market Commission (CNMV) informing of the receipt of a ‘manifestation of interest’ from the industrial group Sidenor, in which it expresses its intention to carry out ‘the total or partial acquisition of the share…

Aena nuevita

In Spain 16th October 2024

Passenger numbers at Aena airports up 8% in September, year-to-date traffic up 10% to €237.8M

Intermoney | Aena (Buy, PO €205) announced on Monday its monthly traffic data for September. During last month the number of passengers in Spain rose year-on-year by 8% to 29.6 million. Both Barajas and El Prat grew by close to 10%, a figure that was not out of line with the rest of the relevant airports, outperforming for example Palma (up 5%) and Ibiza (0%). The national total in September…

inflacion precios

In Spain 15th October 2024

Spain’s CPI moderates to 1.5% in September, core remains at 2.4%

Bankinter | September’s final CPI confirms 1.5% year-on-year preliminary and moderation from 2.3% in August. Month-on-month also confirms preliminary down 0.6% month-on-month (0% month-ahead). Core CPI at 2.4% year-on-year same as preliminary and from 2.7% previously); -0.4% month-on-month. Bankinter analysis team’s view: Final data confirm a better-than-anticipated performance through September. In fact, EMU CPI came in at 1.8% year-on-year (preliminary), which gives the ECB room to move below its target….

Talgo new

In Spain 15th October 2024

Basque steelmaker Sidenor considers entering Talgo with injection of funds from Mirai investment vehicle, and Basque Government as partner

Norbolsa | The president and owner of the Spanish steelmaker Sidenor, José Antonio Jainaga, is postulated as an industrial investor to take the entry in Talgo (as demanded by the Basque government). The operation would be carried out through the investment vehicle Mirai Investments, created in 2019 to acquire industrial businesses with a consolidated track record but that have the capacity for operational improvement, are undergoing transformation or have successions…

Navantia will build five Avante 2200 corvettes for Saudi Arabia

In Spain 15th October 2024

Navantia in talks to buy ‘Titanic’ shipbuilder to save €1.9 billion contract

The Spanish company Navantia, along with its subsidiary Navantia UK, is currently exploring all kinds of alternatives, including the purchase of the British Harland & Wolff (HW), to save a contract worth €1.9 billion. The viability of the programme for the construction of three logistical vessels for the Royal Navy’s Auxiliary Fleet depends on Harland & Wolff. In fact, this company, founded in 1861 and famous for owning the shipyard…

Sanchez

In Spain 14th October 2024

The corruption premium

J.P. Marín-Arrese | The corruption scandal involving a former minister, second in command of Mr Sánchez in the Socialist party, not only inflicts political damage. It dents Spain’s credibility as a reliable country. The disclosure of the tepid way an unscrupulous gang managed to ransack public funds and indulge in influence peddling portrays a dismal picture of governance enforcement. Even PM Sánchez proved most economical with the truth at Parliament when…