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Spanish economy

Merlin Properties

Companies, Ibex, Spanish economy 2nd December 2022

Merlin Properties: BBVA prevails over minorities in the arbitration over Madrid Nuevo Norte

Renta 4 | In line with information in the el Economista daily, BBVA would have prevailed over minority shareholders (MERLIN Properties and SANJOSE) in the arbitrage over the sale rights in Distrito Castellana Norte (DCN) project. The Arbitrator, D. Miguel Virgós, has communicated his decision to the parties involved. This means the Spanish bank, chaired by D. Carlos Torres, will be able to sell its 75.54% stake in the project,…

CCOO

Spanish economy 1st December 2022

CCOO implements redundancy plan in Valencia after being unable to raise salaries to the CPI, as the union is asking companies to do

The trade union Comisiones Obreras (CCOO) in the Valencian Community announced last week the dismissal of part of its staff due to the serious financial situation the organisation is going through. Specifically, the union approved the application of a Redundancy Procedure (ERE), which was justified by the accounting discrepancy between expenses and income received. And this has led the organisation to record uninterrupted losses over the last decade, according to…

Spains unemployment problem

Spanish economy 1st December 2022

Fedea detects 160,000 ‘hidden’ unemployed: The Employment Service secretly “adjusted” October figures

There was a trick to the surprising decline in unemployment in October, the largest in a month in which it increases almost every year. According to an analysis by Fedea, the result was influenced by a “non-communicated adjustment” by the SEPE in the records of job seekers with fixed-term contracts that generated a gap of 160,000 people with respect to the ‘official’ figure for the fall in the number of…

aenasede

Companies, Ibex, Spanish economy 30th November 2022

Spain’s CNMC freezes Aena’s airport tariffs for 2023, despite the company’s request for increases

Intermoney | The Spanish National Markets and Competition Commission (CNMC) has decided to leave tariffs unchanged for Aena’s network of airports in 2023, a move which will be made public shortly, according to Cinco Días. This contrasts with the request for a seven-tenths of a point hike made by the airports’ operator in July, but is in line once again with the opinion of the airlines. The sources cited by Cinco…

inflation rises

Spanish economy 30th November 2022

Inflation falls to 6.8% in November due to the lower cost of electricity and petrol. Core inflation rises to 6.3%

The Consumer Price Index (CPI) fell by one tenth of a percentage point in November compared to the previous month and cut its year-on-year rate by half a point to 6.8%. This is its lowest figure since January, just before war broke out in Ukraine, when the CPI stood at 6.1%, according to advanced data published on Tuesday by the National Statistics Institute (INE). In the midst of European economic…

Abertis

Companies, Ibex, Spanish economy 29th November 2022

ACS and its Atlantia partners will approve €1 B injection for Abertis

Intermoney | ACS, along with its partners in Atlantia, will tomorrow approve at an EGM a 1 billion euros injection of cash for Abertis. The aim of the move is to provide the concessionary with more ammunition for new investments, according to the daily elEconomista. Meanwhile, the company is also analysing opportunities for refinancing its debt, in the face of rising interest rates. That said, it is still benefiting from…

poor

Spanish economy 29th November 2022

Today 12.5% of Spaniards consider themselves to be “low class or poor” compared to 8.4% in April, according to the CIS

In barely half a year, with the sharp rise in prices and the loss of purchasing power, Spaniards who consider themselves to be “low class” or “poor” have increased by around 50%, from 8.4% of the total in April to 12.5% in November, according to the monthly surveys carried out by the Sociological Research Centre (CIS). In November this year, 47.9% of Spaniards aged 18 and over considered themselves to…

Bankinter

Companies, Spanish economy 29th November 2022

S&P understands that the preferred means of resolution for Spanish mid-size banks is the sale of all their business

Santander Corporate & Research | On Friday, S&P changed their ratings for several of the mid-sized Spanish banks. On the one hand, the ratings agency revised its view on resolution strategies for the mid-sized lenders. It indicated that it now thinks the authorities’ preferred means of resolution for banks of this size is the sale of its entire activity. S&P indicates it “has gained visibility on this means of resolution…

Meliá

Companies, Ibex, Spanish economy 28th November 2022

Meliá’s goal is to cut debt by half in two-three years, leaving it under €650 M

Bankinter | Meliá’s CEO said in an interview with a local media outlet that one of the group’s big goals is to cut its net financial debt to less than half in a period of two-three years. This would mean trimming it to below 650 million euros from the 1.271 billion currently (excluding leases). To do this, it forecasts that demand will remain strong, at levels close to those of 2019…

ERTES extension

Spanish economy 28th November 2022

Effects of the labour reform: 62% of permanent contracts signed up to October did not create real jobs

In the first ten months of 2022, the enrolment of workers with permanent contracts totalled 2.6 million people. For this, 5.95 million contracts had to be signed, which means that almost 3.7 million of them, 62%, ‘vanished’ without being translated into new stable employment. This gap, moreover, is growing intensely: it has widened by half a million in the last month alone. The newspaper El Economista explains that although this…