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Spanish economy 10th October 2021

Spain: More Than 700,000 SMEs Have Liquidity Problems

Pavel Gómez del Castillo (Crédito y Caución) | Some 26% of Spanish small and medium-sized enterprises are experiencing liquidity problems. That is what emerges from the September barometer of the General Council of Associations of Administrative Managers of Spain. According to the study, 27% of SMEs admit they have clients in arrears, 13% are not paying their creditors and 10% have defaulted with their financial institutions.Barely 23% of SMEs have…

Spanish economy 8th October 2021

Pedro Sánchez: To Govern Is To Spend

To govern is to spend. Although the end result, as Zapatero’s experience shows, leads to losing elections in a spectacular fashion, the temptation is irresistible. Zapatero handed out cheques with debt at 60% of GDP. Sánchez is doing it with levels of 140%. May Saint Rita look after his eyesight!

Spanish economy 8th October 2021

Spanish Banks’ Yield In Q2’21 Led The Eurozone At 11.49% YoY, While Solvency Was At The Bottom With A CET1 Ratio Of 13.06%

The return on equity (RoE) of Spanish banks in the second quarter of 2021 was the highest in the euro area at 11.49% annualised, according to the ECB Thus, the profitability of Spanish banks was well above the average of 6.92% annualised for the aggregate of the 114 banks directly supervised by the central bank, of which eleven are Spanish institutions. At the opposite end of the spectrum to Spanish banks, Greek banks recorded an annualised RoE of -34.28%.

Spanish economy 7th October 2021

Increasing Scarcity

J.P. Marín-Arrese explains in the daily Expansión that “A little over a hundred years ago, a conservative parliament validated the Bugallal decree. It froze rents, extended their validity for life and established serious obstacles to evictions, in order to stop a tenants’ strike. Compared to that measure, the one today being forged under pressure from the purple wing of the government (Podemos) pales in comparison due to its lukewarmness. The…

Spanish economy 7th October 2021

The Government Includes Rental Limits In New Housing Law: Large Owners To Cut Prices In “Stressed Areas”

The Spanish government has unblocked the approval of the 2022 Budget through an agreement between the two coalition parties, PSOE and Podemos, on a new Housing Law that would intervene in rental prices. Although the formulation of the text that will be sent to Parliament is not yet known, among its main points will be the obligation for large owners – companies with more than 10 homes – to reduce rental prices in those areas defined as stressed on the basis of the reference price index of the Ministry of Transport. For their part, small holders will have to maintain prices, although they will be eligible for income tax benefits of up to 90% of the reductions they decide to make. the enforcement of these measures will depend on the autonomous communities and municipalities.

Spanish economy 6th October 2021

Wallbox, The First Spanish Unicorn To Go Public On The NYSE, Hits A Valuation Of €1.263 Bn and a 6.6% rise

The Spanish startup, specialising in electric vehicle charging and energy management solutions, is now listed on Wall Street following its merger with SPAC Kensington Capital Acquisition Corp II. The company ended the session with a valuation of 1,537 million dollars (about 1,263 million euros). In the opinion of Bankinter’s research team, “the outlook for the sector, the guidance presented, its alliances with suppliers of photovoltaic systems such as Sunpower and Otovo and the disruptive products offered by Wallbox make the company an interesting option in the area of mobility and energy transition”.

Spanish economy 5th October 2021

Chaos In The Spanish Electricity Sector

The Spanish government has entered the electricity sector like a bull in a china shop. On the wholesale market the price of energy continues to reach record highs day after day. Meanwhile the Expansión newspaper reports that last weekend, for the first time in history, several wind farms and photovoltaic plants preferred to shut down rather than sell electricity at a loss. According to the daily 5 Días, more than…

Spanish economy 5th October 2021

The Investigation Of Large Fortunes Would Amount To €38 Bn, Half Of The Non-Refundable European Funds

The experts of the Spanish Ministry of Finance (GESTHA in its english acronym) estimate that the investigation of large fortunes would raise half of the non-refundable European funds, after the International Consortium of Investigative Journalists (ICIJ) has uncovered the secret files of 14 law firms that reveal opaque societies of politicians, millionaires and artists from more than 90 countries. Specifically, GESTHA calls for the reinforcement of tax investigations into the most serious tax crimes and frauds in order to close the hole through which 38 billion euros – half of the non-refundable Next Generation EU Funds – are escaping due to the greater differential of the underground economy in Spain compared to the European average.

Temporary layoffs concentrate in activities mainly linked to trade and tourism

Spanish economy 4th October 2021

Spain’s Jobless Falls By 76,113 In September, A Record High For This Month, But How To Recover the 239,200 Still Furloughed?

With the drop in unemployment in September, the total number of job seekers reached 3,25 M at the end of the month. This figure would mean an unemployment rate of around 14.3%. Furthermore, temporary layoffs account for 239,200 workers, which means a decrease of 29,000 still included in these programmes compared to end-August. If we include this group added to self-employed with special benefits, unemployment stands at 3.7 M people, which means an implicit unemployment rate of around 16.3%.

Spanish economy 4th October 2021

Leroy Merlin, The Foreign Multinational That Best Reports On Its Contribution In Spain

The Fundación Compromiso y Transparencia has published the annual report about the contribution and transparency of foreign multinationals in Spain, whose ranking is headed for the fourth consecutive year by the French distribution company Leroy Merlin, which is the only that meets all the transparency indicators required in the report. The telecommunications company Vodafone completes the small group of companies classified as transparent in a report that analyses the 35 leading foreign multinationals in Spain, in order to compare them with the IBEX 35 sample.

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