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Spanish economy 9th October 2020

The Integrated Management Of Gas And Electricity Infrastructures In Spain Would Allow Savings Of More Than €2 Bn A Year By 2050

A report by Frontier Economics and the German University of Aachen concludes that integrated infrastructure management (sector coupling) will be essential in achieving decarbonisation, because it minimises costs, makes it possible to decarbonise sectors that are difficult to electrify, increases supply safety, and makes it possible to promote an industry with export potential and job creation.

Ibex, Markets, Spanish economy 9th October 2020

Repsol’s Production In The 3Q20 Reached 615,000 b/d, Down 13.5% Compared To The Same Period Of 2019

Repsol reached a production of 615,000 bpd, which represents a decrease of 13.5% compared to the same period last year and 3.8% compared to the previous quarter, mainly due to the US (Marcellus and Eagle Ford). The refining margin, an important indicator for the downstream business, averaged a negative $0.1 per barrel in 3Q20. This level reflects the impact of the worldwide uncertainty caused by the coronavirus crisis. This indicator in the previous quarter was $ 3 per barrel, while in 3Q19 it was $ 5.5.

Spanish economy 9th October 2020

Tobin’ And ‘Google’ Taxes To Be Launched In Spain In January 2021

The Spanish Senate has definitively approved the Tobin tax and the ‘Google’ tax. The first is a tax on financial transactions, involving a 0.2% charge on the purchase and sale of shares of Spanish companies with a capitalisation of over 1 billion euros. This will affect 32 of the 35 securities in the Ibex 35 index. The second is a tax on digital services, to the tune of 3%. This will be imposed on multinationals with annual revenues of at least 750 million euros worldwide and 3 million euros in Spain.

Ibex, Markets, Spanish economy 8th October 2020

The Ibex Has 35 Stocks Again With The Entry Of Solaria

Bankinter | The Ibex 35’s Technical Advisory Committee has decided to integrate Solaria to the index. It announced the exclusion of MasMovil last September before the takeover bid launched on the company. With this move, the Ibex, which has been temporarily composed of 34 companies, is now complete. Solaria comfortably meets the minimum capitalization criteria and presents very high levels of negotiation. The firm covers the entire solar energy value chain from wafer production to solar parks management.

Spanish economy 8th October 2020

Spain Aims To Create 800,000 Jobs In Next 3 Years; To Use €72 Bn From The European Recovery Fund

The Government has set a target of creating 800,000 jobs over the next 3 years (in the period 2021-23). To achieve this goal, it will use 72 billion euros from the European Reconstruction Fund (60 Bn in the form of non-refundable transfers and 12 Bn as loans with conditionality, out of a total of 140 billion). It is foreseen that 37% of the funds will be earmarked for green investments and 33% for digital transformation. As a result, it is estimated that these areas will contribute +2.5 pp to GDP growth.

Spanish economy 7th October 2020

The Spanish Congress Will Create An Academic Advisory Office To Ensure That Scientific Knowledge Is Available To Parliamentarians

The Congress of Deputies will bring to a meeting of its Bureau the proposal to set up a scientific advisory office so that all Members of Parliament will be able to find out what science has to say about any issue up for debate, as is already the case in the United Kingdom, Germany and Denmark, among other nearby countries. The proposal prospered after it was supported by the professional association of lobbyists APRI and by the Minister for Science and Innovation Pedro Duque. The motto of its promoters is “ the specialist informs, the expert advises and the politician decides”.

Ibex, Markets, Spanish economy 7th October 2020

Acciona Is Awarded Line 6 Of Sao Paulo’s Underground Valued At Some €2.3 Bn

Acciona has formalized the agreement to take over the concession to construct, maintain and operate the São Paulo Metro line 6 (or Orange line). The company signed the agreement for the transfer of the concession, along with the Brazilian consortium MOVE, which had been previously in charge of the project, and the Brazilian State of São Paulo. The project is valued at €2.3 billion (R$15 billion). Once complete, Line 6 will serve 600,000 passengers per day.

Current EU major challenges-Brexit and Italy budget- move but still remain stranded

Spanish economy 7th October 2020

The Spanish Budget For 2021: Priority, Indispensable, Inevitable

Although Spain’s budgetary credibility in Europe, built up over the past decades, is in tatters- none of the deficit or debt commitments of recent years have been met- the country needs a budget which can be presented in Brussels, in order to obtain the green light for European financial flows. These are essential. Therefore, Pedro Sánchez’ s government aspires to obtain a minimum political agreement for the approval of the 2021 Budget, without which it could not survive.

The sale of Telefonica's share in 02 is unblocked

Ibex, Markets, Spanish economy 6th October 2020

O2 (Telefónica) And Liberty Global Plan To Invest €11 Bn In Upgrading UK Networks

In an opinion article published this Monday in The Times, the main executives of both groups, José María Álvarez-Pallete, president of Telefónica, and Mike Fries, executive director and vice-president of Liberty Global, flag that problems on the regulatory front, as well in the approval of infrastructure plans, means that the UK has fallen behind other countries like Spain, France, Portugal, San Marino or Madagascar in terms of coverage and broadband speed.

Ibex, Markets, Spanish economy 6th October 2020

Liberbank And Unicaja Resume Merger Talks To Create 5th Largest Spanish Bank By Assets

In February, Liberbank and Unicaja concluded possible merger contacts after failing to reach an agreement about the likely distribution of the shares of the new entity, but now the integration of both banks would give rise to the fifth lender in Spain in terms of asset volume, with €98.6 Bn (€56.7 Bn Unicaja and 41.95 Bn Liberbank). Net profit would reach €102 M in H1’20 (€61 M UNI and €41 M LBK). The new bank would have a network of 1,607 branches (1,028 UNI and 579 LBK) and 9,942 employees (6,274 UNI and 3,668 respectively).

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