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Spanish economy 8th July 2024

Spanish stock market (PER 14x) trades at a significant discount to other European indices (Eurostoxx PER 16.2x)

Deutsche Bank | The Ibex trades at a significant discount to other European indices, with a 12-month PER (Price Earning Ratio) of 14x, compared to 16.2x for the Eurostoxx. The high weight of the financial and electricity sectors also means that the Spanish selective index has a particularly attractive 12-month expected dividend yield of over 5%, against the Eurostoxx’s 3.9%. Until the end of 2023, the selective Ibex index had…

Spanish economy 5th July 2024

BBVA holds an Extraordinary General Shareholders’ Meeting today to approve the bid for Banco Sabadell

BBVA is holding an Extraordinary General Shareholders’ Meeting today at the Palacio Euskalduna in Bilbao, at which it is expected to approve the takeover bid (hostile takeover bid) for Banco Sabadell, and the capital increase -of 20%- necessary to make the bid, at a ratio of one new BBVA share for every 4.83 Banco Sabadell shares. At the time the offer was made public, this offer represented a premium of…

Spanish economy 4th July 2024

SME employers’ association blasts government: “it adopts communist theses”, with an “interventionist and persecutory” policy

Gerardo Cuerva, president of Cepyme, the employers’ association for small and medium-sized enterprises, has particularly attacked the latest negotiation on the reduction of working hours, which is just “the latest example of how the government acts unilaterally, without evaluating its measures and to the detriment of business. The truth is that it is proving that there is little room for private enterprise in the face of a government that adopts…

Spanish economy 4th July 2024

Spain exceeds 33 million tourists up to May, 13.6% more, with expenditure of 43,200 million (+22%)

Each tourist spent an average of €1,263 in May, 7.3% more than in 2023. According to the National Statistics Institute (INE), Spain received 9.3 million international tourists in May, 11.5% more than in the same month in 2023. In the month analysed, the United Kingdom was the main country of residence of tourists arriving in Spain, with more than 1.9 million tourists and an increase of 5.7% compared to May…

Spanish economy 4th July 2024

Almirall announces new sustainability strategy with 20 lines of action such as Zero Net Emissions Plan

Alphavalue / Divacons | The pharmaceutical company launched the new sustainability strategy ‘Act4Impact 2030’ to transform its approach to sustainability, focusing on five main pillars: ‘Planet’, ‘People’, ‘Patients’, ‘Partners’ and ‘Principles’. The ‘Act4Impact’ strategy consists of 20 strategic lines of action that will be monitored over time to assess progress. These include the deployment of its roadmap towards Zero Net Emissions through energy decarbonisation plans, sustainable mobility or supplier engagement…

Spanish economy 3rd July 2024

El Corte Inglés sells 45% of its service station business, with a turnover of around €60 million, to Repsol

Norbolsa | After 25 years of joint business, El Corte Inglés has sold 45% of the service station business (Gespevesa) to Repsol (REP). Thus, Repsol retains 95% of the company and El Corte Ingles keeps a symbolic 5%. In any case, El Corte Ingles will continue to be the reference supplier of the service stations. Gespevesa manages 40 service stations, with a turnover of €60 million, registering a negative result…

Spanish economy 3rd July 2024

Government approves largest public employment offer in history, 40,000 vacancies

The government has approved the largest public employment offer in history, with 40,146 vacancies. However, the trade unions do not support the offer as they consider that it does not cover the staff deficit that the administration has been carrying since the outbreak of the financial crisis in 2008. A staffing gap that the CCOO unión puts at 65,000. The measure does not convince CSIF, the civil servants’ union, which…

Spanish economy 3rd July 2024

Spain: Record number of Social Security contributors in June – 21.3 million – after 46,783 drop in unemployment

According to data from the Ministry of Labour and Social Economy, the number of unemployed registered with the State Public Employment Service (SEPE) fell by 46,783 people in June compared to May (-1.8%), to 2,561,067 people, the lowest figure since August 2008. The improvement in unemployment was mainly due to hotels and catering and trade. Compared with the level of June 2023, unemployment fell by 127,775 persons (-4.75%). Meanwhile, according…

Spanish economy 2nd July 2024

General Council of Economists raises growth forecast for this year 2/10 of a percentage point to 2.4%

The General Council of Economists (CGE) has revised upwards its growth forecast for the Spanish economy. It now expects Gross Domestic Product (GDP) to grow by 2.4% in 2024, which is two tenths of a percentage point higher than its previous forecast. The good performance of private consumption, the recovery in investment and, above all, the good performance of exports and especially tourism have been the main drivers of Spain’s…

Spanish economy 2nd July 2024

Telefónica and Nokia to jointly develop and deploy 5G private networks in Spanish companies

Alphavalue / Divacons | Telefónica and Nokia have signed a three-year strategic agreement to accelerate the development and deployment of private 5G networks in Spanish companies, the operator led by José María Álvarez-Pallete said in a statement. According to Telefónica, the aim of this agreement is to help industry evolve to a 4.0 model and accelerate the digital transformation of companies “in a simple and agile way”. This alliance for…

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