Bankinter : Preliminary December CPI +6.7% YoY rises strongly from 5.5% previously and well above the 5.6% expected. The underlying rate stands at 2.1% YoY in December (preliminary) from 1.7% previously. According to the INE, the advanced figure for December would be the highest CPI rate since March 1992. Of note in this behaviour is the rise in the price of electricity, higher this month than in December 2020. Also…
Cintra, Ferrovial’s toll road subsidiary, has completed the acquisition of a 24.86% stake in Indian company IRB Infrastructure Developers for €369 million. The deal has been completed after a preferential share issue by IRB Infrastructure Developers, a leading infrastructure player in India, where it manages 24 projects spanning more than 2,500 kilometers of toll road. As a result, Ferrovial is now a significant minority shareholder with representation on the company’s…
Renta 4 | Siemens Gamesa has signed an order for 302MW with the promoter Ayana Renewable Power Six Private to supply 84 wind turbines of the SG 3.6-145 model for a project in India. This project is located in Gadag, in the state of Karnataka, in the south east of the country. It is the third one for the new Siemens Gamesa 3.X platform, specifically adapted for the Indian market….
According to the newspaper “El Español”, the Spanish real estate market could close 2021 with 640,000 home sales, of which 75,000 units would come from the new construction market, and 565,000 units from the second-hand market, according to Colliers. Over 30% more than in 2020 and 9% more than in 2019. “2021 will be the year with the most sales in the last decade,” says Ferran Font, director of research…
The European Union has disbursed the first tranche of the €10 billion recovery fund to Spain on Monday, European Commission President Ursula von der Leyen and Spanish Prime Minister Pedro Sánchez have confirmed.“The first Next Generation EU payment, €10 billion for Spain, is on its way! Congratulations to Spain,” the German announced on her Twitter profile. “I hope to have more good news for other EU countries very soon”, she…
Link Securities | The CEO of IAG, Luis Gallego, has insisted that they are looking for “alternative agreements” to be able to go ahead with the purchase of Air Europa. The operation has recently been on the back burner, according to last Thursday’s elEconomista.es. We should recall that Iberia’s parent company and Globalia, the owner of Air Europa, gave themselves to end-January as a deadline to evaluate other structures which…
Telefónica has presented the unions with a final offer for the Incentive Dismissal Plan (PSI) that provides for a maximum of 2,982 departures from the 4,532 workers entitled to join on the basis of age and seniority. This is nearly a hundred more than the proposal put forward at the previous meeting. The income offer remains the same as for the last proposals: 68% of the regulatory salary for those…
Nick Ottens (Atlantic Sentinel) | Spanish employers and trade unions have done a deal with Pedro Sánchez’ socialist government to overturn several labor reforms of his conservative predecessor, Mariano Rajoy. I argued against repeal. Rajoy’s liberalizations helped bring down unemployment, from a peak of 26 percent to 14 percent before the pandemic, and encouraged business growth. They allowed companies to opt out of collective bargaining agreements and expanded trial periods….
ICEX- Invest in Spain | Ilsa, a consortium managed by the Valencian firm, Air Nostrum and Italy’s Trenitalia, will be launching the train in the second half of 2022. This will be competition for Renfe and Ouigo in terms of high-speed travel, accounting for 30% of train journeys. In the medium term, it will run along the three corridors where rail liberalisation first began in Spain: Madrid-Barcelona, Madrid-Valencia and Madrid-Seville.
Renta 4 | NAS has announced a new price hike in the US, effective from Jan 1, 2022. The amount of the increase is equivalent to 70-80 dollars/mt for the stainless steel in the 300 series. Valuation: Very positive news for Acerinox (ACX) because it confirms the strength of the demand for stainless steel in the US. It is also very positive given that it is the first rise of…