Singular Bank | According to the Bank of Spain, Spain’s current account balance showed a slight decline during the month of June, moderating its surplus to €5.02 billion, down from €5.56 billion in May. The current account balance in the first six months of the year recorded a surplus of €25.4 billion, an increase of 33% compared with the same period in 2023, according to data published by the Bank…
The first “end of the summer”, the end of August, leaves in unemployment the effects of an economy that continues to rely on tourism as its main source of growth. Thus, unemployment rose by 21,884, in almost all communities, led by the Basque Country and the Mediterranean area. This is an advance in an upward curve that tends to be more so in September, when visitors say goodbye definitively. Moreover,…
The number of international tourists arriving in Spain reached its highest figure in the first seven months of 2024, touching 53.4 million, an increase of 12% over the previous year, according to data from the National Statistics Institute (INE), which points out that spending by these tourists has increased by almost 20% up to July, reaching 71.1 billion euros. For the Minister of Industry and Tourism, Jordi Hereu, “the significant…
The Bank of Spain has informed the ECB of its approval of BBVA’s takeover bid for Sabadell in a document characterized as a “non-opposition” opinion, which indicates that financial stability would be safeguarded. Although it is non-binding, i.e. it does not oblige the ECB to follow the recommendation, the ECB tends to align itself with the views of national authorities. The report in question was drawn up by the internal…
Renta 4 | Magyar Vagon has decided to withdraw its takeover bid for 100% of Talgo at the request of the National Securities Market Commission (CNMV) in view of the Spanish government’s refusal to authorise the operation. Magyar reiterates its intention to appeal the legitimacy of its bid before the Spanish and European courts, and does not rule out the launch of a new takeover bid if it obtains the…
Banco Santander informed the market yesterday that, in application of the bank’s current shareholder remuneration policy, consisting of a total shareholder remuneration target of around 50% of the group’s ordinary profit, distributed approximately equally between cash dividend and share buybacks, the board of directors has approved to implement a share buyback program to which an amount equivalent to around 25% of Santander’s ordinary profit will be allocated in 1H2024, a…
Alphavalue / Divacons | The company headed by Rafael del Pino is leading the consortium building T1 at New York’s JFK airport, according to Expansión newspaper. This is the most important project currently under way in the US city. The investment amounts to $10,000 million (about €9,200 million), including a historic green bond issue of 2,550 million. It is also the largest public-private project in the United States. Ferrovial took…
Alphavalue / Divacons | The Spanish construction company rose +0.56% yesterday after announcing that the Calcasieu Bridge Partners (CBP) consortium had reached financial closure for the bridge over the Calcasieu River. This is the design, construction, operation and maintenance for 50 years of the bridge over the Calcasieu River, part of the Interstate Highway (I-10), located in Louisiana (USA). According to the company itself, the financing includes a $1,333 million…
The Consumer Price Index (CPI) stagnated in August compared to the previous month but cut its year-on-year rate by six tenths, to 2.2%, its lowest figure since June 2023, when it stood at 1.9%, according to data released Thursday by the National Statistics Institute (INE). The agency has explained that the moderation of the CPI to 2.2% is due to the cheapening of fuels, which rose in August 2023 and,…
The ordinary monthly payroll for pensions exceeded €12,000 million for the first time in July 2023 and this month marks a new record again after the increase in contributory pensions by 3.8% for 2024. Of the €12,828 million spent in August on the ordinary payroll of contributory pensions, three quarters (73.1%) went to the payment of retirement pensions, which totalled €9,378.6 million, 6.8% more than in August last year. At…