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Spanish economy 23rd June 2022

Ford Will Manufacture The New Electric Cars In Almusafes (Valencia)

Ford’s Valencian plant in Almussafes has finally been chosen to develop the automaker’s two new electric vehicles, thus beating the German plant in Saarlouis with which it was competing. The news guarantees the maintenance of employment in the region in the coming years and ensures that the Valencian plant, which employs around 6,000 people after several redundancy plans, will maintain its workload from 2025. By 2024, the plant was expected…

Companies, Spanish economy 22nd June 2022

Aena offers best traffic figures from main European airports(22.2 M passengers)

Morgan Stanley | We have analysed the air traffic from the main European aiports (ADP, Aena, Fraport, Heathrow, Zurich) in May. In general, all of them have beaten our expectations. Specifically, Aena offers the best figures, with 22.2 million passengers, only -10% vs 2019 (and -7% vs 2019 in seat capacity). Looking ahead to the summer, we expect seat capacity to stabilise (-5%/-8% vs 2019), which could come under pressure…

Spanish economy, Spanish Politics 22nd June 2022

The Two Secretaries Of State Of The Minister For Inclusion, Social Security And Migration -The Most ‘Sophisticated’ Minister In The Cabinet- Resign

The resignation of both comes in the midst of negotiating far-reaching reforms such as pension and self-employed quotas, as well as welcoming migrants due to the war in Ukraine. The two Secretaries of State that the Minister for Inclusion, Social Security and Migration, José Luís Escrivá – who, with an arrogance worthy of a better cause, disqualified a few weeks ago the Bank of Spain’s criticism of the Government’s proposed…

Spanish economy 22nd June 2022

ECB Anti-Fragmentation Tool Will Have No Limits

Link | The governor of the Central Bank of France and member of the ECB’s Governing Council, François Villeroy de Galhau, said in an interview yesterday that the tool being designed by the ECB to prevent fragmentation in the eurozone must send a message that there will be no limits. The more credibility it has, he said, the less it may have to be used. Villeroy defended the sale of…

Spanish economy 21st June 2022

S&P maintains Sabadell rating (BBB-), improves outlook to positive vs stable

Renta 4 | S&P has maintained Sabadell’s long-term debt rating at BBB-, while improving the outlook to “positive” from “stable”. Valuation: Positive news. This improvement of the outlook opens the door to a possible improvement of the rating in a time period of 12-24 months if it increases the size of its buffer of subordinated instruments. And that it offers a clear vision on its Additional Loss-Absorbing Capacity (ALAC) cushion…

Spanish economy, Spanish Politics 20th June 2022

The PP Wins In Andalusia With An Absolute Majority, 58 Seats

Juanma Moreno Bonilla, the leader of the PP in Andalusia, will be able to govern the autonomous community with a comfortable absolute majority (58 seats out of a total of 109) after winning 42% of the vote, more than one and a half million ballots, against a PSOE that won less than one million, 25% of the vote, and 30 seats, three fewer than in the previous legislature. Vox, the…

Ibex, Spanish economy 20th June 2022

Meliá forecasts closing 2022 with Ebitda of over €400 M; expects to recover pre-Covid revenues in 2023

Bankinter | Meliá has offered some guidelines for the next few years, for the first time since the pandemic. It will recover pre-Covid revenue levels in 2023, with an improvement in margins of 300 bp from 2024. This clearly beats our estimates. The CEO of Meliá forecasts closing 2022 with EBITDA of over 400 million euros, excluding capital gains. In 2023, the group will recover pre-Covid revenues (1.8 billion euros…

Spanish economy 17th June 2022

Joseph Oughourlian buys 4.2% de Indra one week ahead of its AGM

Intermoney | Joseph Oughourlian (CEO de Amber Capital) has bought 4.2% of Indra (IDR) one week before the group’s AGM. In our view, the move is aimed at obtaining “independent” support to grant executive powers to the current chairman Marc Mutra. He has the backing of SEPI (25%, with authorisation to reach 28%). Valuation: we believe Indra’s potential could be undermined if with SEPI’s increase the handover of executive powers to…

Spanish economy 17th June 2022

Ezentis Asks SEPI For An Express Bailout Of 70 Million Euros To Avoid Default, And Its Shares Plunge 20%

Ezentis, formerly Avanzit and Radiotrónica, is once again facing serious financial problems that threaten its viability. The company has asked the Sociedad Estatal de Participaciones Industriales (SEPI) for help on the verge of the end of the public business rescue fund. The energy and telecommunications infrastructure installation company has confirmed to the CNMV that it has requested 70 million euros in public money. The aim is to recover the group’s…

Spanish economy 17th June 2022

Taxes and occurrences

Fernando González Urbaneja | Taxes are the price of civilisation. They are mandatory, obligatory, because if they were not, potential taxpayers would avoid them with personal excuses. Tax theory rejects taxes that are aimed at specific activities. The doctrine says that good taxes are generalist, easy to understand, easy to collect and equitable. And the fiscal disorder comes when it becomes complicated, when exceptions, allowances, tax reliefs and other types…