Spanish economy

Inditex Zara

Inditex Smashes Sales And Earnings Records: €1,794 mn (+41%)

Inditex (ITX) published on Wednesday its results for the first half of the 2022 fiscal year (since February 1 to July 31) with sales, EBITDA and net profit reaching record highs. Net profit for the period increased 41% to 1.794 billion. Revenues amounted to 14.845 bn (+24.5%). Sales at constant exchange rates grew by 25%. The company underlined that sales were positive in all geographic areas. The consolidated result (Ebitda)…


supermercadoTC 777x437

Inflation Is At 10.5%, And Food Inflation At 13%

The INE confirmed yesterday that inflation continues to run rampant: it closed August at 10.5% year-on-year, its highest rate in 38 years. Although this figure is three tenths of a percentage point lower than in July, it is one tenth of a percentage point higher than the figure at the end of last month and is the result of both the rise in electricity prices, which continues despite the cap…


Lamanodedios

Treasury: Inflation Increases Tax Revenues By 23%

And the good performance of revenues has led the government as a whole to reduce its deficit up to July to 29,643 million euros, 45.4% less than in the same period of 2021 and equivalent to 2.27% of GDP.Total revenue from taxes and contributions is close to 120 billion, which added to the rest of non-financial resources – property income, sale of goods and services and other non-financial resources –…


DIA supermarkets, in the middle of the process of repositioning of their business model

The CNMC Considers The Plan Of Yolanda Díaz, Who Will Today Ask Supermarkets To Limit Prices, To Be Illegal

The Second Vice-President of the Government, Yolanda Díaz, plans to meet this Monday with the distribution sector to ask them to limit the prices of certain products in the shopping basket. Díaz will thus put pressure on the sector to “contribute through its business margins to an affordable and quality basket”. But on Friday, the National Commission for Markets and Competition (CNMC) advised against this measure, which is “expressly prohibited”…


ECB night

Can The European Central Bank Subdue Inflation?

J.P. Marín-Arrese | Pressed by a skyrocketing headline and core inflation, the ECB took the boldest step in its history when it raised rates by 75 basis points. Further hikes will follow in a desperate attempt to curb the current price spiral. Will they achieve this goal? For all the bombastic claims made by Christine Lagarde, there is good reason to doubt the ECB might solve such an entrenched problem….


Companies restructuring

Insolvency Proceedings Jump by 45% In August

The number of insolvencies increases after the end of the moratorium approved to mitigate the effects of Covid-19. Insolvency proceedings soared to 45% in August, according to Axesor. During the eighth month of the year, 229 insolvencies were declared, 44.94% more than in the same month of 2021. Thus, in the cumulative figure for the year the number of proceedings totals 3,845, up 3.39% year-on-year, according to Axesor’s Business Radar…


Repsol's bet on alternative energies

Repsol Partners with EIG In Its Upstream Business With A 25% Stake For $4.8 Billion

EIG, a U.S. institutional investor in the global energy and infrastructure sectors, will acquire 25% of the upstream business for $4.8 billion (€4.8 billion). This transaction, approved by the Board of Directors of Repsol, values the upstream business at $19 billion (€19 billion), which exceeds analysts’ consensus valuations of the unit. The agreement between Repsol and EIG includes the possibility of listing a minority stake of the business in the…


Spain's government

Spain’s GDP Will Contract By 0.4% In 3Q2022, According To AIReF

The Independent Authority for Fiscal Responsibility (AIReF) now expects Spain’s Gross Domestic Product (GDP) to contract by 0.4% in 3Q2022 compared with 2Q2022, as reflected in the latest update of the real-time GDP trend forecasting model (MIPred) published by AIReF after the publication of the data on the number of workers registered with the Social Security (monthly average) for the month of August 2022. The aforementioned contraction of 0.4% quarter-on-quarter…


Enagas

Enagas puts a capex figure of €370 mn on MidCat (7.7% of estimate up to 2030)

Sabadell | ENAGAS Sell (T.P. 20,13 €/share) On Thursday, after the meeting between Spanish Prime Minister P. Sánchez and German Chancellor O. Scholz, where they defended the need to increase interconnections in Europe, the French Economy and Finance Minister, B. Le Maire replied that he will take a look at the MidCat project. Up to now, France had opposed MidCat, alleging it would be a project which would take too…