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IAG stil commited to accord with Globalia

Spanish economy 15th December 2021

Iberia, Air Europa Suspend Merger In exchange For €75 M And A Buy Option

Intermoney | Iberia (IAG) y Air Europa have found common ground to avoid the purchase of the Hidalgo family’s airline by International Airlines Group (IAG)’s Spanish affiliate being definitively derailed. The two firms are finalising an agreement to temporarily suspend the transaction in exchange for compensation of 75 million euros, given by the former to the latter. This move is aimed at avoiding the deal being blocked by the European Commission,…

inditex all

Spanish economy 15th December 2021

Inditex: Record Sales With 11% Fewer Shops

Inditex’s (ITX) net profit for the first nine months of its fiscal year (1 February 2021 to 31 October 2021) rose 273% to 2.5 billion euros. In the watertight third quarter, the textile company said sales, profit before tax and net profit reached an all-time high. During the third quarter of 2021, sales growth at constant exchange rates progressively accelerated to 21% compared to the third quarter of 2020 and…

aena airport

Spanish economy 15th December 2021

Traffic in Aena airports drops 27% in November 2021 vs 2019

Intermoney | Aena (Hold TP 135 euros/share) yesterday published the traffic figures for its airports, which in November once again showed a recovery with respect to pre-pandemic levels. Last month, traffic dropped 27%, compared to a 31% and 40% fall in October and September, respectively. On the other hand, for the year to date, the decline is 58%, with 107 million passengers. By airports, Madrid Barajas and El Prat clocked…

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Spanish economy 15th December 2021

Ibercaja Banco, With A ROE Of 6.62%, Wants To Go Public

Ibercaja Banco (BB+ e, BB+ p) intends to list on the Spanish stock exchange early next year, according to Expansión newspaper. Ibercaja posted Q3’21 results which showed net profit for the quarter amounted to €72mn, up from €55mn in Q2’21 and €42mn a year earlier. This translated into a RoE of 6.62% in Q3’21, up from 6.46% in the previous quarter and 4.79% a year ago. The absolute number of…

ai person

Spanish economy 15th December 2021

The First Map Of AI In Spain Detects 209 Key Players In Business Digitisation

Iberinform | Who will drive the digitalisation of the Spanish economy? That is the question that the Map of Artificial Intelligence in Spain prepared by Iberinform, in collaboration with AI-Network and BigData Magazine, tries to answer. The result is a business and educational ecosystem made up of 209 key players that will have a multiplier effect on the digitisation of our business network. According to the results, 161 Spanish companies…

tasa google tasa tobin

Spanish economy 14th December 2021

Spain, France, Italy, the UK, Austria and Turkey will remove the Google tax and transfer tax policy to the new US and OECD-Led project

Up to six European countries have already announced that they will abandon the Digital Services Tax (DST) (known as the Google tax) after its failure to raise revenue. They have expressed their intention to eliminate this tax and transfer their tax policy to the new international project, led by the US, on which the Organisation for Economic Co-operation and Development (OECD) is already working. These countries will wait for the OECD’s new tax rules to be approved before eliminating their Google taxes.

IAG

Spanish economy 13th December 2021

Iberia Shelves Air Europa Takeover And Notifies Brussels

Iberia’s withdrawal of the memorandum of understanding in which the airline anticipated the conditions that could be imposed by the European Commission to approve the operation, makes it practically impossible to get the go-ahead from Brussels. As José Hervás explains today in Capital Madrid: “In the last two weeks there has been a 180-degree turn in the negotiations between the airline Iberia, the IAG group and the European Commission regarding…

Spain renewables auctions in 2022

Spanish economy 13th December 2021

Wind Power Becomes Spain’s Leading Energy Source For The First Time

According to data from Red Eléctrica, this year wind power installations have already produced more than 56,000 GWh. The importance of this milestone is that wind has outperformed other sources on many occasions, but never before had it done so over the course of a year. Until now, nuclear has been the largest source of energy generation for electricity consumption in Spain. This year it has already produced 50,834 GWh.

ACS, Atlantia eye remaining stake in Abertis

Spanish economy 10th December 2021

Possible Talks Between ACS And Atlantia Regarding The Purchase Of The Shares In Abertis They Still Do Not Own

Banco Sabadell | According to the press, ACS would be in talks with Atlantia over the possible acquisition of the stake they still do not own in Abertis. (Atlantia is ACS’ partner with a majority stake in Abertis; ACS has 40% net of minorities). In addition, the press reports mention that ACS chairman Florentino Pérez could leave his post in March 2022. Valuation: This news is of limited impact to the…

Cars SeatTC

Spanish economy 10th December 2021

Brussels Backs Spanish Plan For Investment In Electric And Connected Cars With 3 Billion Euros

Last week, the European Commission gave the go-ahead for the first 10 billion euros of the recovery fund to reach Spain, pending approval from the other Member States. Today, Brussels has given the green light to the first of the six “Strategic Projects for Economic Recovery and Transformation” (PERTE) which Spain has presented, dedicated to the development of electric and connected vehicles. “This €3 billion Spanish plan will help to…