Top Stories

In Spain

talgos

In Spain 28th August 2024

Government rejects Magyar Vagon’s takeover bid for Talgo on “national security” grounds

The Government has decided to reject the takeover bid for Talgo presented by the Hungarian group Ganz Mavag (Magyar Vagon) on the grounds of national security and strategic interests. This has been decided by the Foreign Investment Board of the Ministry of Economy, Trade and Enterprise, which has denied the operation presented by the consortium to take over the entire Spanish train manufacturer for €617 million. “Talgo is a strategic…

espana europa billete

In Spain, Spanish economy, Spanish Politics 21st August 2024

Spain’s general government debt soars by €24.769 billion to new all-time high in June

Link Securities | The Bank of Spain (BdE) published on Monday that the debt of the Public Administrations as a whole increased by 1.5% in June compared to May, an increase equivalent to €24,769 million, to €1.624 billion, which is a new all-time record. According to the BdE, using nominal GDP for the last four quarters, the debt-to-GDP ratio stood at 108.2% at the end of 1H2024. According to the…

inflacion precios

In Spain, Relevant News Item, Spanish economy 16th August 2024

Inflation falls to 2.8% due to electricity and food; underlying at 2.8%, lowest since January 2022

CdM | In July, the fall in electricity prices caused inflation to drop six tenths of a percentage point, with the Consumer Price Index (CPI) falling to 2.8%, according to the final data published by the National Statistics Institute (INE). The moderation in food prices also contributed. The CPI is thus at its lowest level since February and has now fallen for two consecutive months after the rises recorded in…

espana servicios hosteleria

In Spain, Relevant News Item, Spanish economy 7th August 2024

Spain’s services PMI stands at 53.9, maintains growth but at slowest pace since January

Link Securities | S&P Global’s services PMI for Spain declined in July to 53.9, down from 56.8 in June, and also lower than the consensus forecast of 56.0. Thus, the reading assumes sustained growth in the Spanish services sector, but at its slowest rate of improvement since last January, due to a slowdown in new orders and output growth. Meanwhile, new export business grew solidly once again, maintaining a rate…

oficina empleo

In Spain, Spanish economy 2nd August 2024

Unemployment in Spain continues to fall, figures imply rate of around 10.8%

Bankinter: The number of unemployed fell in July by 10,830 people (from 46,780 previously). The number of unemployed now stands at 2.55 million (down 4.8% year-on-year and 0.4% month-on-month). The seasonally adjusted Social Security affiliates remain at 21.17 million people (up 0.01% month-on-month and 2.2% year-on-year). Analysis: The number of unemployed continues to fall, although the pace is now more moderate. From these levels, it is falling less than is…

IAG

Spanish economy 2nd August 2024

IAG backs out of buying Air Europa because of Brussels conditions

IAG yesterday informed the National Securities Market Commission (CNMV) ofits decision to terminate the agreement with Globalia signed on February 23, 2023, under which IAG undertook to acquire the remaining 80% of the issued share capital of Air Europa from Globalia. The Board of Directors has concluded that, in the current regulatory environment, continuing with the transaction would not be in the best interests of the shareholders. Under the terms…

Telefónica

Spanish economy 1st August 2024

Telefónica achieves net profit of €979m (+29%) in first half of year

Link | Telefónica presented its results for the first half of the year (1H2024) yesterday, of which we highlight the following aspects: TEF’s net revenues rose 1.1% year-on-year between January and June to €20,395m, driven by higher service revenues in 2Q2024.Operating cash flow (OIBDA) rose 2.5% year-on-year in 1H2024 to €6,424 million. In terms of revenue, the OIBDA margin increased in the first half of the year to 31.5%, from…

Bank of spain new

Spanish economy 31st July 2024

More growth with less inflation in Spain: GDP grows three tenths to 2.9% year-on-year in 2Q24, while CPI falls to 2.8% from 3.4%

CdM | The Spanish economy grew by 0.8% in the second quarter of the year, the same as in the previous quarter, and accelerated its year-on-year growth by three tenths of a percentage point to 2.9%, according to the advance National Accounts data published on Tuesday by the National Statistics Institute (INE). Domestic demand contributed two points to year-on-year GDP growth, while foreign demand contributed nine tenths of a point….

PereAragones Sanchez

In Spain 30th July 2024

Agreement Pedro Sánchez-ERC for Catalonia to collect all taxes and leave common regime in exchange for Salvador Illa as Generalitat president

There is an agreement in principle between the socialists and ERC (Esquerra Republicana de Catalunya) to invest the socialist Salvador Illa as president of the Generalitat. The pact includes a “solidarity economic agreement” that will take Catalonia out of the common regime of autonomic financing and will cede to the Generalitat the management of 100% of the taxes. Although, according to the socialists, it will differ from the so-called “Basque…

Talgo building

In Spain 29th July 2024

Hungarian Ganz-MaVag consortium prepared to reserve part of Talgo’s capital for government-designated Spanish partner

Bankinter | The Hungarian consortium Ganz-MaVag is willing to reserve part of Talgo’s capital to a Spanish partner designated by the Government. With this proposal Ganz-MaVag hopes to overcome the Government’s reluctance to approve its takeover bid for Talgo. Between 9 and 10 August, the government must decide on the takeover bid, although the deadline may be extended by three months as more information has been requested. Analysis: This solution…