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Spanish economy 25th November 2021

The Government Extends The Bankruptcy Moratorium And ICO Guarantee Lines Until 30 June 2022

The bankruptcy moratorium is extended until 30 June 2022. The Government extends the hibernation of the duty to apply for insolvency proceedings in insolvency situations from the end of 2021 until June 2022. It also extends the ICO guarantee lines, the company recapitalisation funds managed by SEPI and COFIDES until 30 June 2022 and extends the prior authorisation regime for certain foreign investments until 31 December 2022. Yesterday’s Council of…

Spanish economy 25th November 2021

The Government Extends Its Veto On Takeover Bids And Cools The Prospects Of A Possible Corporate Operation By Telefónica.

Bankinter | The Spanish government extends its veto power against possible takeover bids by one year, until December 2022. So in Telefónica (TEF), as a company considered strategic, the government will have to authorise purchases by EU investors of more than 10% of the capital. The ability to veto investments from outside the EU also remains in force indefinitely. These restrictions were imposed in April 2020 to prevent Spanish companies…

Spanish economy 24th November 2021

Acciona refuses to pay Landlease the final 35 million euros due on sale of a portfolio of construction contracts

Link Securities |Acciona and Australian firm Landlease have ended up in court over the sale of a portfolio of construction contracts to the Spanish infrastructure group. The portfolio belonged to a subsidiary of Landlease Engineering. The Australian group is reclaiming the payment of the last 60 million AU$ (some 35 million euros) of the transaction, which was finalised a little over a year ago. Acciona is refusing to pay up,…

Spanish economy 24th November 2021

“Without Numbers You Will Perish”

Aristóbulo de Juan | Visiting the basilica of San Isidoro in León some time ago, I came across a series of tombstones with their inscriptions. One of them carried this statement: “Without numbers you will perish”. It stuck with me. Now, amid the pandemic and its impact on the economy, on banks and on the tolerance of all regulators, we live in a time of great confusion. Banks in good…

Spanish economy 23rd November 2021

Foreign Trade Saves The Spanish Economy

In September 2021, Spanish exports grew by 21.9% year-on-year to 28.337 billion euros, a record for the last decade. The figure exceeds by 5 billion euros the peak in sales to the rest of the world recorded in September 2019. In turn, imports also show the highest figure since 2012, with a year-on-year increase of 24.2% to 30.730 billion euros. An increase that is not unrelated to the price of…

Spanish economy 23rd November 2021

To Borrow Or Not To Borrow: A Dilemma That Depends On What Was Saved During The Pandemic

CaixaBank Research | Unlike in past crises such as the Great Recession, this time the rebound in consumption will be higher: we expect nominal consumption growth in 2021 and 2022 to be higher than the gradual recovery seen in the previous crisis. This higher recovery rate is explained by the fact that much of the savings generated in 2020 were forced and are expected to be undone relatively quickly, and also because the economic support measures have mitigated the impact of the crisis on households. This more rapid recovery in consumption will also drive greater growth in consumer lending, although the extent of the rebound will depend on how the excess savings have been distributed.

Spanish economy 22nd November 2021

Spain Welcomes Over 5.5 M Air travellers in October; best tourism data since the pandemic

CdM | In October, 5.5 million travellers from international airports arrived in Spain. This represents a rise of 533% compared with a year earlier, and a decline of 34% versus 2019. Of these, 59.1% chose low cost carriers for their journeys, up 516% from a year earlier (-33.3% vs 2019). Meanwhile, the remaining 40.9 % opted for tradional airlines, up 558% from 2020 (-35% vs 2019). In the 10 months…

Spanish economy 22nd November 2021

A ‘Hot’ End To The Year In Spain: The Countryside, The Car Industry And Transport On The ‘Warpath’

The Government is facing a ‘hot’ end of the year in the face of demands being made by economic sectors as important to the Spanish economy as the countryside, the automotive industry and transport. They have already announced demonstrations in response to the problems their respective activities are going through. The Spanish economy is recovering the momentum it lost with the arrival of the pandemic. However, the global supply crisis…

Spanish economy 21st November 2021

Spain Spares Tax Pain For Iberdrola, Endesa; Higher Prices Promise Cashflow Gains Mostly From 2023

Spain’s reversal of plans for a windfall tax on power providers leaves utilities facing modest extra payments rather than multibillion-euro tax bills. Iberdrola SA, one of Spain’s biggest utilities, is a case in point, says Scope Ratings. Enel SpA, the Italian parent of Spanish utility Endesa, has provided less information though it is sticking to an EBITDA forecast for its Spanish activities issued before the energy levy was announced.

Spanish economy 19th November 2021

“Setting On Fire” As A Political Practice

Fernando González Urbaneja | The mayor of Cádiz has taken the lead in the incendiary protests his city is suffering with a striking statement: “We have had to set fire to Cádiz so that Madrid will take notice of us”. “Setting on fire” as a political practice is nothing new; there were times when it was common, with disastrous results. Here is a mayor with democratic legitimacy and with the…

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