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labor market reform

Spanish economy 6th January 2022

The Shortage Of Large Firms In Spain Makes The Spanish Economy Productivity Remain Relatively Low

Oriol Aspachs (Caixabank Research) | There are still few large companies in Spain, especially when compared to the major developed countries. This is undoubtedly one of the main reasons why the productivity of the Spanish economy remains relatively low. In other words, this is one of the main reasons why GDP per capita in Spain, or many Spaniards’ purchasing power, remains far from the benchmark countries. Will COVID succeed where economists have failed?

Repsol

Spanish economy 5th January 2022

Repsol buys shale oil and gas assets from US firm Rockdale Marcellus for $222M

Repsol has bought shale oil and gas assets from US firm Rockdale Marcellus for $222 (200 million euros). This company was born out of holdings which Shell had in the counties of Tioga, Lycoming and Bradford in Pennyslvania in 2017. Repsol already operates a shale field near there. The Spanish oil and gas giant participated in an auction to acquire Rockdale on December 16, following the latter’s adherence to Chapter…

unemployment spain

Spanish economy 5th January 2022

Registered Unemployment Falls Below The Level Before The Financial Crisis

Funcas | The number of people registered with Social Security rose by 72,000 in December, to 19,824,911. In seasonally adjusted terms, according to Funcas, this is equivalent to a rise of 62,000, a remarkable result in historical perspective, although it is the lowest increase since May. The total number of workers in ERTE (linked and not linked to Covid) has moderated its rate of decline, while the self-employed with benefits…

Ebro Foods

Spanish economy 4th January 2022

Ebro Sells Panzani’s Pasta Business For €550 million (9.6x EV/EBITDA)

Intermoney | Ebro Foods (EBRO) closed and executed on Friday December 31 the sale to CVC of Panzani’s dry pasta, couscous, sauces and semolina businesses for €550mn (100% of the business) enterprise value. Included in the sale are the related operating assets: the La Montre, Nanterre, and Vitrolles plants, as well as the Gennevilliers, Littoral and St. Just mills. In 2005, Ebro paid for all Panzani businesses a total of…

Nuclear energy in Spain

Spanish economy 4th January 2022

Spain Opposes, Together With Germany And Austria, The EU Proposal To Gas And Nuclear Energy As Renewable

Renta 4 | The European Union surprised with a new plan that would label some natural gas and nuclear energy projects as “green” investments after a year of debate among the different governments about which investments are really climate-friendly. Specifically, the Brussels text, still in draft form, includes nuclear power plants already in operation and those to be built at least until 2045, as well as gas-fired power plants, which will enjoy the same recognition until 2030.

Spain, Nadia Calviño

Spanish economy 3rd January 2022

Spanish Per Capita Income, At The Level Of 2015

Miguel Navascués | After reaching 22,169 euros at the end of 2019, Spanish per capita income had fallen to 19,429 euros by end-2020, a level very similar to that of 2015 (19,348 euros). Per capita income, or GDP per capita, depends on GDP growth and population growth, obviously. GDP growth depends, as we know, on the productivity growth of all factors, i.e. investment, technology, and the number of employees. Which…

ACS Vinci

Spanish economy 3rd January 2022

ACS Clocks Up Capital Gain Of 2.9 Billion Euros With Industrial Division Sale

Link Securities | ACS and the Vinci Group have signed, with effect from 31 December, the public deed of sale of most of ACS’s Industrial Division agreed on 31 March. Pending is the carve-out in favour of ACS of certain predetermined assets, which will be executed mainly in January and in the following months. ACS received some 4.902 billion euros as consideration. With this price, ACS has obtained a net…

Madrid Stock Exchange revision

Spanish economy 2nd January 2022

The Madrid General Index will have 115 stocks in 2022

CDM/ The Management Committee of the Madrid General Index (IGBM) decided in its ordinary revision meeting that both the IGBM and the Total Index will be formed by 115 listed companies in the first half of 2022. This follows the exit of Barón de Ley, Biosearch, Codere, Euskaltel and Solarpack, and the entrance of Acciona Energías Renovables. Acciona Energías Renovables will become part of the index after its listing on…

Mapfre 800x400 1

Spanish economy 1st January 2022

Mapfre To Receive €571m Compensation From Caixabank For The Break-Up Of The Bancassurance Alliance With Bankia

Mapfre has reached an agreement with Caixabank on the insurance business and announced a restructuring of the Spanish business. The compensation to be received by Mapfre for the break-up of the bancassurance alliance with Bankia amounts to 571 million euros. Of the total, 323.7 million euros corresponds to the sale to Caixabank of 51% of Bankia Vida for 110% of the market value (established by an independent expert). Then there…

Pedro mascarilla españita

Spanish economy 31st December 2021

Spanish Economy 2021: No Grade Given (Come Back In September)

Fernando González Urbaneja | If we listen to the account from the government, the Prime Minister and his vice-presidents, the Spanish economic performance for the year just ended deserves an “A” grade. In spite of the difficulties, the external enemies, the irresponsible opposition, the uncontrolled gas, the unapologetic pandemic, the unforeseen Filomena… the Spanish economy has recovered, with resilience, with feminism, with sustainability, with environmentalism… And two objective data serve…