Spanish economy

renewables toreras

The European Commission Plans To Raise The Renewables Target To 40%; Spain Is Already Meeting It

Renta4 | The European Commission is preparing a legislative package (12 proposals) for July, which includes the revision of the Renewables and Energy Efficiency directives, and through which it plans to raise the renewables target to 40% by 2030, compared to the current 32%. Renta4’s analysis team’s opinion: The increase in Renewables and Energy Efficiency targets to 2030 could be good news for those countries whose targets are below that…


Spain seizes good moment in risk premium to issue 10 year syndicated bond

Brussels Gives Spain Two Months To Cut Late Payments By The Public Sector, Which Owes Over 80 Billion Euros To Suppliers

Yesterday, Wednesday, the European Commission gave Spain a two-month ultimatum to reduce the “excessive” delays in payments by autonomous communities and municipalities to their private sector suppliers to avoid the matter ending up in the EU Court of Justice. Spain’s public administrations owed their suppliers over 83.35 billion euros at end-2020, according to data from the Bank of Spain. The debt – which is equivalent to the transfers Spain expects…


Inditex results

Inditex, With €7 billion In Cash, To Resume Dividend (€0.7 Per Share)

Inditex earned 421 million euros in the first quarter of its fiscal year (1 February to 30 April) compared to a loss of 409 million euros a year earlier. The company’s sales were 4.942 billion euros, up 50% from 3.303 billion euros in the first quarter of 2020. Online sales at constant exchange rates grew by 67%. Key figures compared to Bloomberg consensus: Sales €4.942bn (+49.6%) vs €4.880bn (+47.7%) expected….


Acciona windpower

Acciona Energia Starts Marketing Its IPO

The CNMV has approved the prospectus for the partial placement of Acciona Energia. The placement syndicate starts marketing the IPO this week. The transaction is aimed at institutional investors. The Spanish multinational expects to place around 25% of capital (30% if the green shoe is added). Acciona will significantly reduce corporate debt after the capitalisation of intra-group loans. Acciona Energía is born with an installed capacity of 11,000 MW and…


Tourism

Summer Of The New Normal Will Create More Than 438,500 Jobs, At 2015 Levels

Randstad Research forecasts that the summer campaign will generate 438,550 contracts in Spain, 20.7% more than last year, although still 29.5% below the amount clocked up in 2019. The figure predicted for this year’s summer campaign is on a par with that of 2015, when 437,873 contracts were signed. When the historical series is analysed, it can be seen that, since 2012, the volume of summer contracts has not stopped growing.


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The Government, Good Governance And The Indra Case

Fernando González Urbaneja | The government’s contempt for the forms and procedures it imposes on other market players is insulting. And what is the CNMV doing?
The government, the Moncloa, has imposed a change in the chairmanship of INDRA, a listed company in which the state controls 19%, without explanation or justification…


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Public Works Tenders In Spain Could Rebound 41% This Year To 2010 Levels

Seopan, the employers’ association of large construction companies and infrastructure concessionaires, estimates that public construction tenders in Spain will grow by 41.5% in 2021 to 20.17 billion euros, which would mean almost 6 billion euros more than a year earlier and recover the levels of 2010.Moreover, taking into account the current pace, it calculates that awarding could close the year with an increase of 12.4% to 7.9 billion euros, which would mean 877 million euros more than in 2020 and return to 2011 values.


food waste

Every Spaniard Wastes 77 Kilos Of Food A Year

Portocolom AV | One out of every three pieces of food ends up in the rubbish bin, which is equivalent to around 1.3 billion tonnes of food. That is enough to feed all the undernourished people in the world several times over. In Spain, each person throws away 77 kilos of food a year, 42% of which is generated in households. But food waste is not only a social or humanitarian concern, but also an environmental one. When we waste food, we also waste all the energy and water it takes to grow it, harvest it, transport it. And if the food ends up in landfill and rots, it produces methane, a greenhouse gas even more potent than carbon dioxide.


closing companies

Over 115,000 Companies (7.6% Of The Business Fabric) Disappeared In Spain Due To The Health Crisis

Randstad Research | Just before the start of the crisis, in February 2020, the number of companies was 1.48 M, i.e. 89,000 more than today. This loss means a drop of 6% in the number of businesses. If the comparison is made with April 2019, in order to avoid seasonality, the situation is even worse, since the fall in the number of companies is 7.6%, with a reduction of 115,014 companies.


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Spanish Utilities To Lose €800-1Bn With The Cut In Windfall Profits, 5% Of Their EBITDA

On Tuesday, the Ministry for Ecological Transition presented a draft bill to the Council of Ministers to put an end to windfall profits, i.e. to put an end to the over-remuneration of nuclear and hydroelectric power in order to reduce consumers’ electricity bills, which have risen considerably, among other things, due to the increase in CO2 emissions.According to government sources, the proposal would respect the European regulatory framework (where there should be no discrimination by technology) and would be similar to that existing between 2006/2009, with the reduction of a part of the CO2 “dividend” to non-emitting plants prior to 2005 that sell energy on the market.