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grifols edificio

Spanish economy 28th June 2024

Moody’s cuts Grifols’ debt rating to B3 from B2, Fitch maintains B+ rating

Bankinter : Moody’s decision is motivated by “weak” liquidity, high leverage (6.8x EBITDA despite the recent sale of 20% of Shanghai RAAS), corporate governance with a “complex and opaque organisational structure”, highlighting the linked operations between Grifols, Scranton, Haema and BPC, and “slower than expected” free cash flow generation. In contrast, Fitch maintained its rating at B+ and upgraded the outlook from negative to stable. Assessment: News with a negative…

Rising house prices is a common phenomenon in many countries

Spanish economy 28th June 2024

Cinven buys real estate portal Idealista for €2.9 billion

The British asset manager Cinven will buy the Spanish real estate portal, in a transaction that values the company at €2.9 billion, making it the largest acquisition in the history of an online company closed in Spain. The price at which the transaction has been finally closed implies multiplying by 2.2 the valuation of Idealista when the Swedish fund EQT took control of the company in September 2020, for €1.3…

naturgy

Spanish economy 27th June 2024

Naturgy starts up third biomethane plant in Spain and raises production capacity to 29 GWh

Alphavalue/DIVACONS | The company announced the start-up of its third biomethane plant in Spain, which will increase its renewable gas production capacity to 29 GWh per year, an amount equivalent to the gas consumption of about 6,000 homes, according to a statement yesterday. On the other hand, Ángel Simón, CEO of Criteria Caixa, said that “one of the first initiatives, if not the first” of Criteria’s Strategic Plan is to…

Latin America is the fourth largest investor in Spain?

Spanish economy 27th June 2024

Spain remains second largest investor in Latin America after US

In a year, 2023, of global decline in Foreign Direct Investment (FDI) and, despite the modest economic growth experienced by the region, Latin America maintained its position in this category, with a slight decrease of 1% in the arrival of foreign capital. The US, Spain, the Netherlands and Luxembourg were the main investors in Latin America during a year in which global FDI contracted by 2%, to 1.3 billion dollars….

poor

Spanish economy 27th June 2024

Caritas help 1.3 million Spaniards in 2023, half of them in work

Caritas, the Catholic Church’s organisation for helping the needy, assisted 1,327,298 people in Spain last year, 50% of whom (around 670,000) were in employment, i.e. they were working poor. Moreover, one out of every three people assisted was in an irregular administrative situation, according to the Caritas Confederal Report. The document details that, during 2023, Caritas invested a “record amount” of €486.5 million, which is €29.3 million (6.4% more) than…

aena airport

Spanish economy 26th June 2024

Aena raises traffic growth forecast for 2024 to 8.3%

Intermoney | Aena (Hold, PO€170) announced yesterday, after the market close, an upgrade of its guidance traffic growth in Spain for 2024, which it now forecasts to be +8.3% compared to 2023, compared to its previous estimate of between +3.8 and +7.1%, published last March. This guidance would imply traffic for this year of around 307 million passengers, or +11% over the pre-pandemic 2019 figure. Assessment: The increase in traffic…

pensiones playita

Spanish economy 26th June 2024

June pensions, at €25 billion, double €12 billion annual defence budget

In June alone, Social Security has had to spend more than double the amount the state devotes to the defence budget over the course of a whole year. In total, €25,171.5 million was spent on the payment of contributory pensions, as the €12,751.5 million paid out each month were added to the €12,420 million needed to pay the extra summer salary. The €25,171 million that the June payments have meant…

When the Supreme Court adds to the lack of confidence in Spanish politics

In Spain 26th June 2024

Government and opposition reach agreement on renewal of General Council of the Judiciary

The PSOE and the PP have each chosen ten names to form the new General Council of the Judiciary (CGPJ). The body will thus be renewed after five and a half years of political deadlock, as these names will be endorsed by Congress and the Senate, with a three-fifths majority, because the votes of the Socialists and the PP will be sufficient. The new General Council of the Judiciary will…

pensions spain

Spanish economy 25th June 2024

Spain goes into debt to fill the pension pot

Can you imagine taking out a loan to open a bank deposit? Well, that is what Spain is doing to fill the pension fund with 7 billion. Last year, the pension system needed to borrow 50 billion from the state to meet pension payments. This 50 billion shortfall is exactly 3.6% of GDP. And it is exactly the figure for the Spanish public deficit in 2023. But that is no…

Aena nuevita

Spanish economy 25th June 2024

Airlines claim €1 billion from Aena for Covid expenses in Supreme Court

Banc Sabadell: According to the press, IATA is claiming in the Supreme Court that the Covid expenses be subtracted from the basis for calculating fares and that the increase approved this year (4%) by the Council of Ministers be annulled. The amount would be €1,000 million for the period 2023-2025 (6% capitalisation of Aena), given that the airlines estimate that fares should be 12% lower than they are now. Aena…