Macroeconomic data continue to surprise on the upside, but there is no trace of euphoria among the population. GDP growth and record employment are overshadowed by the inflationary crisis, job insecurity and rising tax burdens. Household finances are not keeping pace with GDP and what is happening is that the number of families struggling to make ends meet has increased New data from the Arope indicator (risk of poverty or…
The Consumer Price Index (CPI) rose by 0.3% in May compared with the previous month and raised its year-on-year rate by three tenths to 3.6%, its highest level since April 2023, due to the increase in electricity prices following the rise in VAT on electricity and to the fact that fuel prices fell less than a year earlier, according to the final data published on Thursday by the National Statistics…
Link Securities | Repsol (REP) will supply renewable electricity to Microsoft after reaching an agreement for a total of six long-term virtual power purchase agreements (VPPAs), the company announced on Tuesday. These 12-year supply agreements are linked to three wind farms and three solar plants in Spain with a total installed capacity of 230 MW that will be operational by December 2025. This transaction is in addition to the existing…
Norbolsa | The National Securities Market Commission (CNMV) admitted BBVA’s (BBVA) bid for Banco Sabadell (SAB) for processing on Tuesday. The takeover bid launched by the group was presented on 24 May. The regulator clarifies that it is only conditional on the ECB, which could lead it to make a decision before having the conditions of the National Markets and Competition Commission (CNMC). In this respect, the competition authorisation seems…
Link Securities | The National Statistics Institute (INE) published yesterday that the labour cost per hour worked measured by the Harmonised Labour Cost Index (HLCI), keeping the structure by branch of activity constant, increased by 4.5% in 1Q2024 compared to 1Q2023, in seasonally and calendar-adjusted figures. In unadjusted data, the year-on-year variation in the hourly cost was 7.5%. In turn, wage costs grew 4.2% year-on-year in 1Q2024 in seasonally and…
El Corte Inglés, the large Spanish department store chain, achieved its best ordinary results since 2009, thanks to the strength of retail and Travel & Insurance, which recorded the best year in its history. The company reached €16,333 million in revenues at the end of its financial year (29 February), 5.4% more than the previous year, and reduced financial debt to its lowest level in 16 years, at €2,059 million,…
CdM | Company creation in April recorded its highest figure for this month since 2007, increasing by 36.3% compared to April last year, according to data from the National Statistics Institute (INE). In total, 11,752 companies were created. The capital subscribed for their incorporation registered an annual increase of 72.1% and the average capital subscribed (€41,100) increased by 26.3%. The activity with the highest subscribed capital of mercantile companies created…
CriteriaCaixa, the industrial holding company of La Caixa Foundation, has announced that it has broken off negotiations with TAQA to launch a public takeover bid (PTB) for Naturgy that would satisfy the participation of the CVC and GIP funds. It thus puts an end to more than a month of negotiations with the Abu Dhabi energy and water operator, which apparently intended to take 51% of the joint vehicle, which…
“Europe is lagging behind the rest of the major economies and Spain has not been able to achieve sustained convergence in per capita income with the rest of our European partners for more than a decade,” said Pablo Hernández de Cos, governor of the Bank of Spain, who left office yesterday after six years at the helm of the Spanish central bank. The Spanish banker called for “ambition and great…
Intermoney | The company (Buy, PO €16) has acquired the waste treatment company Gel Recycling, located in Florida. The Spanish group has not provided figures for the transaction on a company with a turnover of just under €20 million, according to Expansión newspaper. Gel Recycling’s facilities are located in Orange City, Daytona Beach, DeLand and Jacksonville. The company has multiple contracts in Florida that, according to FCC, “represent numerous opportunities…