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spain business network

Spanish economy 23rd December 2020

Preserve What We Have: The Official State Gazette Is Not Enough To Generate A Business Network

J.P. Marín Arrese | In our country, the somewhat simplistic view that the manna from Brussels will by itself work a miracle to rescue us from the pothole has spread. It will finance projects and investments for the future, such as digitalisation or the transition to a more sustainable economy. In general, it is good to support innovation as a tool to promote a modernisation of the economy. But, without ignoring current assets. These are the ones that support employment and a whole set of supplier companies.

UK flights

Spanish economy 22nd December 2020

Spain Joins The Rest Of European Countries And Suspends Its Flights With The UK

The new strain of coronavirus which has emerged in the UK has led to a long list of countries freezing air traffic with the island, including Spain. In fact from today, only Spanish residents and citizens will be able to return home from the UK. The measure, which has been taken in coordination with Portugal, will mean the cancellation of around 200 daily flights. This will be particularly prejudicial for the Canary Islands, where 1 out of every 2 tourists is British.

IAG stil commited to accord with Globalia

Spanish economy 21st December 2020

Iberia Will Buy Air Europa But At Half The Initial Price: €500 Million

The Spanish airline and its UK parent company IAG have approved the acquisition of Air Europa for €500 M. With the provison that SEPI facilitates the final agreement. This figure is half of what was agreed a year ago when the operation began to be forged due to the impact of the pandemic. The payment will not be made until 2026.

5g

Spanish economy 21st December 2020

Spain Will Auction Frequencies For 5G For A Minimum Of €1.17 Bn

Last week the government published the terms and conditions for the 5G auction to be held in Q1 21. Eight frequency blocks (700 MHz) will be bid on with a total starting price of 1,170 million euros, a one-off payment and a 20-year usage period. Obligations of 100% coverage are established for populations of more than 20,000 inhabitants in a period of 3 years, equivalent to providing service to 70% of the population. In addition, coverage will have to be given to highways, freeways and high-speed train stations.

Ministerio Trabajo

Spanish economy 18th December 2020

Changing The Labour Reform In Spain Without Repealing It, That Is The Question

Joan Tapia | It is vital to maintain a peaceful social climate in the coming months and to inspire confidence in the economic agents, a sine qua non condition for the preservation of employment and investment. That is why the much talked about complete overturning of the labour reform has been postponed and only “the most harmful aspects” have been changed. But the deadlines are running out and the most radical sectors are demanding that sectorial agreements take precedence over those with companies (which would reduce the flexibility of the economy.)

heathrow

Spanish economy 18th December 2020

Ferrovial: Heathrow’s Third Runway Ruled Legal

The British Supreme Court has overturned a court ruling that forced to stop the construction of a third runway at London’s Heathrow airport, Britain’s biggest airport, which is currently controlled by the Spanish group Ferrovial. The judicial decision considers that the work is not illegal and, from now on, Ferrovial may request permission to undertake the project. In February, the London Court of Appeal ruled in favor of environmental activists against the expansion of the airport.

three gargantas

Spanish economy 18th December 2020

China’s Three Gorges Already Has A Subsidiary In Spain

The Chinese state-owned company Three Gorges has been hovering over the Spanish renewable energy sector for months and has now fully landed. Last August it closed its first operation in Spain with the purchase of 500 MW of solar assets from X-Elio. And now it has created a subsidiary in Spain, China Three Gorges (Spain) S.L, to directly manage its investments in the country. According to the Official Gazette of the Commercial Registry (BORME), the energy giant’s subsidiary in our country started its activity on October 28th.

Reig Jofre

Spanish economy, Spanish Small & Mid Caps 17th December 2020

Spanish Pharma Reig Jofre To Large Scale Manufacture Johnson & Johnson’s Covid-19 Vaccine

Reig Jofre, company listed on the Spanish stock exchange and specialized in the manufacturing of sterile injectable products, has reached an agreement with Johnson & Johnson (Janssen), to execute the technology transfer to manufacture its investigational COVID-19 vaccine candidate. Reig Jofre is completing the construction of a new state-of-the-art factory in Barcelona, tripling its existing capacity and boosting effienciency, which will be opened in 1Q21. The investment reaches to 30 million euros.

New Spanish renewables auction

Spanish economy 17th December 2020

Spain’s Government To Transfer The Cost Of €7 Bn Renewables’ Aids From Consumers To Energy Firms

The Spanish government has agreed that the cost of subsidies for renewables from now on will be assumed by the energy firms, no matter if they are oil, electric or gas companies. This is instead of consumers assuming that cost through the electricity bill they pay every month. The total amount stands at 7 billion euros/year and it represents approximately 16% of the domestic power supply bill. The transfer would be done gradually over 5 years. The first year 20%, the second 40% and so on up to 100% in the fifth year.