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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…

banco sabadell

Spanish economy 29th July 2024

Despite BBVA’s takeover bid, Banco Sabadell still plans to pay extraordinary dividends with all excess capital above 13%

Link Securities | In an interview with Europa Press, the CEO of Banco Sabadell, César González Bueno, has not ruled out the possibility of paying extraordinary dividends to distribute to its shareholders all the excess capital that the bank generates above 13% of CET1, as the bank had committed to do even before the hostile takeover bid announced by BBVA at the beginning of May. Asked about the limit set…

unemployment spain

Spanish economy 29th July 2024

Spain: unemployment decreases by 52,900 over last 12 months

According to the Economically Active Population Survey (EPA), prepared by the National Statistics Institute (INE), the number of employed persons increased in interannual terms by 434,700 persons in 2Q2024 and reached 21,684,700. The quarterly variation rate was 2.05%. Employment rose in 2Q2024 in all sectors: Services (304,000 more); Industry (63,400); Construction (61,100); and Agriculture (6,100). The quarterly variation rate of employment in seasonally adjusted terms was 0.37%.Unemployment fell by 222,600…

banks general 777x400

Spanish economy 26th July 2024

Brussels opens proceedings against Spain for failing to complete transposition of European rules on bank restructuring and resolution

In addition, the European Commission has also given Spain a two-month ultimatum to transpose the directive on receivables managers and purchasers into national law. In two separate proceedings, Brussels has, on the one hand, opened a sanctioning file against Spain for failing to fully transpose the amendments to the directive on bank rescue and resolution, which relate to the prudential treatment of global systemically important institutions and the loss-absorbing and…

merlinproperties cartelCM

Spanish economy 24th July 2024

Merlin Properties raises €921 million in an accelerated placement at discount of less than 5%

Intermoney | Merlin Properties (Buy, PO €12) has proceeded to execute its long-awaited capital increase after yesterday’s market close. In an accelerated placement excluding admission rights, the REIT has sold almost 94 M new shares at a price of €9.8 each, which represents a discount of less than -5% compared to yesterday’s closing price. The new shares represent 20% of the existing shares as of yesterday, or 17% as of…