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Spanish economy

ACS

Companies, Spanish economy 27th March 2023

ACS wins contracts worth more than €315 million for water treatment and broadband network deployment in California

Intermoney | The company, through its US subsidiary Flatiron, has been awarded a series of water treatment and broadband network deployment contracts in California, involving an investment of €315 million, according to the financial daily Expansión, among other media. The largest of these will provide drinking water to communities in and around Oakland. Flatiron will upgrade existing facilities and build new ones. The developer of these investments is the East…

Sacyr builds business around concessions

Spanish economy 27th March 2023

Sacyr receives 15 bids for its services business, valued at around €500 million

Intermoney | Sacyr has received up to 15 bids for its services business, currently in the process of being sold, according to Cinco Días newspaper. Specifically, the businesses affected are Valoriza Servicios, dedicated to environmental activities, and Sacyr Facilities, focused on maintenance of buildings and facilities. The company expects to complete the process in about three months. Cinco Días reports that the sale price for 100% of these businesses would…

Closed

Spanish economy 27th March 2023

CEOE employers’ association raises alarm: 16,764 companies close in January

The CEOE employers’ association has detected that “unfortunately, a significant destruction of the business fabric is taking place”. This is a deterioration “that translates into the loss of 17,300 self-employed, since the beginning of the year, and the closure of 16,764 companies in the month of January alone”, according to the newspaper Expansión. Thus, between the different types of companies and businesses, 34,000 enterprises have been destroyed so far this…

espana europa billete

Spanish economy 24th March 2023

Spanish economy grows by 5.5% in 2022 after 0.2% year-end GDP rebound

Bankinter : 4Q2022 final GDP grows +2.6% year-on-year, adjusted one tenth of a percentage point lower than anticipated. In quarter-on-quarter terms it maintains the preliminary +0.2% year-on-year. GDP for 2022 as a whole confirms +5.5% year-on-year as preliminarily announced. Bankinter research team analysis: Final data for 4Q2022 confirm positive year-end dynamics, as do the indicators for the first months of 2023 (Manufacturing and Services PMIs in the expansion zone). The…

CNMC Gas Energia Naturgy Distribucion Empresas 235737193 118193747 1706x960

Spanish economy 24th March 2023

CNMC says Audiencia Nacional suspends “each and every one” of fines it imposes on companies

The president of the National Markets and Competition Commission (CNMC), Cani Fernández, said during her appearance before the Economic Affairs Committee of Congress that the National High Court “suspends each and every one” of the fines that the regulator imposes on companies.Fernández explained that, in her opinion, the court orders the precautionary suspension of the sanctions because, in its analysis, where it evaluates the general interest and the damage that…

Cellnex

Spanish economy 24th March 2023

Chris Hohn (TCI) takes largest stake in Cellnex, calls for boardroom changes

Chris Hohn, who controls the firm TCI, has become the largest shareholder of Cellnex and has criticised the board of directors and its management over the appointment of the new CEO to replace Tobías Martínez. The British investor has taken a 9.032% stake in the Spanish telecoms infrastructure giant, compared to a previous holding of 7.086%. With this stake, the tycoon would surpass Edizione, the holding company of the Benetton…

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Spanish economy 23rd March 2023

Bank of Spain warns food prices to rise 12.2% on average this year

Bad news for Spanish families. Despite the fact that general inflation is set to moderate in the coming months, food prices will continue to give households’ pockets no respite. This is what the Bank of Spain warned on Wednesday during the presentation of its quarterly report on macroeconomic projections. The report is confident that, despite the upturn in inflation in January and February, the general CPI will resume the deceleration…

españabilleteCM

Spanish economy 22nd March 2023

Spain: upward revision of 2023 GDP growth forecast to 1.5% and 2.1% for 2024

CdM | The Funcas Panel has revised its GDP growth forecast for this year upwards by two tenths of a percentage point to 1.5%, as a result of better-than-expected developments in recent months. For the first time, in this Panel, which closed before the current episode of financial instability, the projections for next year have been requested. The consensus for 2024 anticipates an acceleration of the economy by six-tenths of…

Telefónica

Spanish economy 22nd March 2023

Telefónica asks EU to follow South Korean model: make Google, Amazon, Facebook, Apple pay for networks

Telefónica continues to lobby, along with the major European operators, for the GAFA (Google, Amazon, Facebook and Apple) to collaborate in investments to expand and improve telecommunications networks.Telefónica defends the South Korean model, a country with a regulation focused on ensuring that the players that generate the most traffic make a fair contribution to financing telecommunications networks. It is a policy that has led Netflix to file a lawsuit against…

Repsol Strategic Plan

Spanish economy 21st March 2023

Repsol to offer electricity and gas customers 30-cent discount from April 1

Renta 4 | Repsol launches a discount of 30 cents per litre for customers who have contracted electricity, gas or butane. This offer will come into effect on 1 April. The discount will be incremental and will depend on the number of contracts the customer has with the company. Waylet, the company’s payment platform, has six million customers registered. It is the company’s key customer loyalty tool. The tool aims…