Spanish economy

sanchez euco

Government Optimism Against The World

Fernando González Urbaneja | A few weeks ago the European Commission’s forecasts on the performance of the member states’ economies were a cold shower for the Spanish government’s optimism. It preaches that the economy is doing better than well, that the future is one of more than recovery and that Spain is amongst the best in the class. The government bases its arguments on two facts: employment is going well,…


EU Budget the CAP beyond 2020 1073x480 1

EU formally adopt the new CAP; Spain to get €37,000 M for farmers and €8,000 M for rural development

The countries of the European Union adopted on Thursday the common agricultural policy (CAP) for the period that will apply from January 2023, with which the bloc wants to increase the contribution of the agricultural sector to the fight against climate change and creates a new management model based on national strategic plans. The CAP reform process has taken three years of work between member states and European institutions.


Acciona

Copenhagen Infrastructure Partners (CIP) chooses Acciona to develop, with others, the biggest energy island in the world in Denmark

Link Securities | Acciona has teamed up with Copenhagen Infrastructure Partners (CIP) and other European firms to develop the biggest energy island in the world in Denmark. The project aims to develop up to 10 GW of marine wind energy, with an investment estimated at 28 billion euros. Acciona is participating in the consortium as the builder of the infrastructure, called VindØ Energy Island, which will extend initially for 120,000…


unemployment spain

Unemployment Recorded Its Best November In History, With 74,381 Fewer Unemployed People

The Social Security system gained 61,768 contributors with respect to October, bringing the total number of employed persons to 19,752,358 contributors. The number of people registered in the offices of the State Public Employment Service (SEPE) fell by 74,381 in November, the largest drop for that month, and for the first time in the historical series unemployment has fallen for nine consecutive months. According to the information provided by the…


Spain property

Mortgage Signings In Spain Soar In September And Hit Decade Highs With 42,547 Loans For Home Purchases

Alphavalue | The average price of used housing in Spain rose by +0.8% month-on-month in November to 1,831 euros/m2, according to Idealista’s latest real estate price index. In the major capitals, the price increased by +0.3% in Barcelona and fell by the same amount in Madrid (-0.3%) compared to the previous month. If we look at the year-on-year figure, the national average price has increased by +3.5%: housing in the…


naturgy

Naturgy could close sale of Chilean gas distribution assets for 5 Bn euros (22x Ev/Ebitda)

Renta 4 | Naturgy (NTGY) has hired Santander and BofA to close the sale of its assets in Chile, press reports said. According to El Confidencial, the sale involves the company’s gas distribution assets in Chile and is for a total of 5 billion euros. Colombian group Promigas is the main candidate for the acquisition.  Valuation: In the event the deal is confirmed, the price would be equivalent to 22x EV/Ebitda….


ACS Vinci

ACS Sells Its Power Grids In Brazil To Its Partner Brookfield

ACS has reached an agreement with the Canadian fund to transfer its last two transmission lines in operation in Brazil, the so-called Giovanni Sanguinetti and Vereda, according to El Economista. These assets were left out of the sale of the industrial services business to France’s Vinci, a process that will be completed in December. ACS has agreed to transfer to Brookfield, its partner in electricity networks in Brazil, the 50%…


inditex marta y amancio

Marta Ortega Replaces Pablo Isla As Chairman Of Inditex

The Board of Directors of Inditex, at the initiative of its Chairman Pablo Isla and founder Amancio Ortega, and following the proposal of the Nomination Committee, has approved the appointment of Marta Ortega Pérez as Chairman of the Group. She will be a proprietary director, an appointment that will be effective as from 1 April 2022. On the other hand, Óscar García Maceiras, until now Secretary General and Secretary of…


Banco Sabadell Barcelona HQ

Banco Sabadell mulls putting Barcelona corporate HQ on the market for over 100 M€

Alphavalue | Banco Sabadell (SAB) is mulling putting its Barcelona corporate headquarters (Torre Sabadell) on the market for over 100 million euros. The building is located in the intersection of Avenida Diagonal and Calle Balmes. Meanwhile, on Thursday December 2nd, the bank will inform employees who have asked to leave the entity whether their request to be part of the ERE has been accepted or not. That said, their leaving…


Lladro

Porcelanas Lladró Is The First SME To Be Rescued In Spain

Compañía Española de Financiación del Desarollo (Cofides) has made public the names of the first two companies to benefit from the resources of the Fund for the Recapitalisation of Companies Affected by COVID-19 (Fonrec), endowed with 1 billion euros. These are Lladró and Martínez Otero. In the case of Lladró, it will be granted a participative loan of 8 million euros, following the analysis carried out by Kroll, as financial…