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Spanish economy

Sacyr2

Spanish economy 26th October 2023

Goldman Sachs cuts stake in Sacyr from 7.347% to 1.145%, no longer third largest shareholder

Link Securities| US investment bank Goldman Sachs has cut its stake in Sacyr to 1.145% from the 7.347% that had previously made it the third largest shareholder, according to the CNMV’s registers, as Expansión newspaper reports in today’s edition. Of this stake, 0.025% of the voting rights attributed to the shares are held indirectly and 1.120% through financial instruments. Thus, the company remains in Sacyr’s capital behind Disa, which has…

Banco Santander

Spanish economy 25th October 2023

Santander reports attributable profit of €8,143 million for first nine months, increasing earnings per share by 17%

Santander achieved an attributable profit of €8,143 million in the first nine months of 2023, up 11% in current euros versus the same period last year, as strong growth in revenues, particularly in Europe and Mexico, offset the expected year-on-year growth in provisions. In the third quarter, attributable profit increased 26% (+20% in current euros) versus the third quarter of last year to €2,902 million. The strength of the results…

Global debt

Spanish economy 24th October 2023

Spain’s public debt growing by €70 billion a year, over double pre-pandemic rate

The debt of the public administrations as a whole reached 1.563 trillion euros in August, after rising by 0.4% in monthly rate, although it did not exceed the historical maximum recorded in June (1.568 trillion), according to data published on Monday by the Bank of Spain. In the last year, public debt has grown by 4.7%, with 70,866 million euros more, despite the fact that Spain is growing by 2.3%…

Telefonica central

Spanish economy 24th October 2023

Telefónica prepares incentivised redundancy plan in Spain for maximum 5,000 employees

Bankinter| The company will present a redundancy plan for up to 5,000 employees in Telefónica Spain. In addition, there is talk in the media of a possible interest of a consortium led by RRJ in buying Vodafone Spain. As for the redundancy programme, Telefónica will present the programme to the unions before Investor’s Day on 8 November. It expects around 2,500 employees to take redundancy. Although unconfirmed, media reports anticipate…

renewables toreras

Spanish economy 23rd October 2023

King to open 26th National Family Business Congress in Bilbao on Monday

The King, Felipe VI, will inaugurate today Monday in Bilbao the 26th National Congress of Family Businesses, which will bring together more than 500 family businessmen from all over Spain on 23 and 24 October at the Euskalduna Palace. Family businesses are the basis of the European business fabric and in Spain they account for 70% of employment and 60% of GDP. And for the fifth consecutive year, the President…

Bank of Spain

In Spain, Spanish economy 19th October 2023

Bank of Spain expects Spanish economy to grow faster than eurozone in 2023-2025

Banca March: Pablo Hernández de Cos, Governor of the Bank of Spain, expects the Spanish economy to grow faster than the eurozone as a whole in the short and medium term. According to the ECB’s projections, Spain will record GDP growth of 2.3% in 2023, 1.8% in 2023 and 2% in 2024 compared to the euro zone (0.7%, 1% and 1.5%, respectively). De Cos lists the various reasons why the…

aena airport

Spanish economy 17th October 2023

Aena passenger traffic to September remains above pre-pandemic levels

Intermoney | Aena (AENA) (Hold, Target Price €150/share) released last Friday, with the market open, the Spanish passenger traffic data for September. Some 27.5 million passengers transited through Aena’s airports last month, +1.5% above 2019 levels. The dichotomy was again observed between Madrid and Barcelona on the one hand, which remain below pre-pandemic levels, -3% and -10%, respectively, and the rest, which exceed this threshold, highlighting Valencia (+20%) and Malaga…

nadia calviño 2

In Spain, Spanish economy 17th October 2023

Government’s 2024 Budget Plan improves this year’s forecast by 3/10 of a percentage point, but cuts next year’s by 4/10

CdM| The government has updated its macroeconomic picture for the next two years, and now expects the Spanish economy to grow by 2.4% this year – compared to the 2.1% estimated in spring – and by 2% the following year – compared to the 2.4% first estimated. This is included in the 2024 Budget Plan that the Executive sent yesterday to the European Commission, which stresses that the Spanish economy…

Naturgy Candela

Spanish economy 14th October 2023

Naturgy awarded €700 million loan by EIB to adapt and digitise electricity distribution networks in Spain

Link Securities | Naturgy and the European Investment Bank (EIB) have agreed a €700 million loan to adapt and digitise the energy provider’s electricity distribution networks in Spain, bolsamania.com reported yesterday. Naturgy points out that this operation with the EIB will provide it with additional financial resources to improve its operational flexibility and efficiency. The loan will also enable it to “modernise and improve the efficiency of the grid and…

Arcelor Mittal

Spanish economy 26th September 2023

Profit in Spain’s industrial sector down 40% in second quarter

The data on gross profit before tax and interest published by the Banco de España in its Central Balance Sheet Data Office have just been published. The slump in the gross economic result of the industrial sector is 40% in the spring year-on-year rate, a fall that aggravates that recorded in the first quarter (-15%). Revenues of non-financial companies fell by 7.1%, while personnel costs rose by 9.6% in 2Q23….