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Spanish economy

Telefónica

Spanish economy 22nd March 2023

Telefónica asks EU to follow South Korean model: make Google, Amazon, Facebook, Apple pay for networks

Telefónica continues to lobby, along with the major European operators, for the GAFA (Google, Amazon, Facebook and Apple) to collaborate in investments to expand and improve telecommunications networks.Telefónica defends the South Korean model, a country with a regulation focused on ensuring that the players that generate the most traffic make a fair contribution to financing telecommunications networks. It is a policy that has led Netflix to file a lawsuit against…

Repsol Strategic Plan

Spanish economy 21st March 2023

Repsol to offer electricity and gas customers 30-cent discount from April 1

Renta 4 | Repsol launches a discount of 30 cents per litre for customers who have contracted electricity, gas or butane. This offer will come into effect on 1 April. The discount will be incremental and will depend on the number of contracts the customer has with the company. Waylet, the company’s payment platform, has six million customers registered. It is the company’s key customer loyalty tool. The tool aims…

Abengoa

Spanish economy 21st March 2023

Bidding for remains of Abengoa enters final stage

The sale of Abengoa’s production subsidiaries is now in its final phase. All that remains is for the judge to make his decision in a process in which four bidders stand out: Urbas, Cox Energy, Terramar and RCP. The fifth bidder in the initial round of bids, Ultramar, has not submitted an improved offer.With all the documents delivered to the Mercantile Court number three in Seville on 3 March, the…

unemployment spain

Spanish economy 21st March 2023

Sugar-coating the stats: ‘effective’ unemployment rises by 2.5% in the legislature, government figures say ‘registered unemployment’ falls by 7.9%

The number of people who are not working and are registered with the public employment services even though they are employed by a company stood at 643,633 people in February, a figure that doubles that recorded in December 2019 and dismantles the optimistic employment balance of the coalition Executive: without counting these people, registered unemployment fell by 7.9%; including them, it grew by 2.6%, by 89,727 people, explains the newspaper…

Housingprices

Spanish economy 20th March 2023

Housing market slowing down, but sharp correction unlikely

Caixabank | Housing sales remain elevated (649,000 units in 2022, the highest since 2008) but there are emerging signs of deceleration of housing demand: in December housing sales declined by 10.2% year-on-year and new credit for house purchases declined by 14.2% year-on-year. We expect housing sales to decline sharply in 2023 (-24% to 480,000) mainly due to the impact of the increase in interest rates and the impact of higher…

Repsol GNL

Companies, Spanish economy 20th March 2023

Repsol suspends LNG terminal project in Canada due to cost overruns

Norbolsa | Repsol has decided not to develop the Liquefied Natural Gas terminal it had projected on the east coast of Canada for European supply, as it would not be profitable due to transport costs. To reach the terminal, the gas would have to be transported thousands of kilometres from western Canada, which would require a new pipeline network through Canadian provinces and northeastern US states that have resisted fossil…

exports spanish2

Spanish economy 17th March 2023

Spanish exports grow by 16% in January (12% for inflation)

The Ministry of Industry, Trade and Tourism published yesterday that Spain’s trade deficit stood at €3,955.8 million in January, 39.4% lower than in the same month of 2022 (€6,522.8 million). In the month analysed, the energy deficit reached €2,849.1 million, also significantly lower than the €3,358.6 million generated in January 2022, while the non-energy deficit stood at €1,106.6 million compared to €3,164.2 million in the same month of the previous…

bolsa reloj espana 2

Companies, Spanish economy 16th March 2023

Credit Suisse model not comparable to that of Spanish banks: combined risk would not exceed €1 billion

Renta 4 : Credit Suisse has asked the Swiss National Bank to lend it 50 billion Swiss francs (€50.6 billion) of liquidity to strengthen it pre-emptively. In addition, the bank has announced a senior debt offering. This aid comes after the bank announced a review of its 2021 and 2022 accounts after finding flaws in risk measurement, and its main shareholder with a 9.8% stake said it will not inject…

When the Supreme Court adds to the lack of confidence in Spanish politics

Spanish economy, Spanish Politics 16th March 2023

More legal uncertainty: Supreme Court imposes dividend of 75% of profit after considering it “abusive” to allocate all of it to reserves

In a “revolutionary” ruling dated 11 January 2023, and “as well-intentioned as it is erroneous, and with serious consequences”, the Supreme Court has not limited itself to declaring the nullity, as abusive, of the resolution challenged by the minority shareholder of a company – not to distribute dividends – but also considers – as an effect of the ruling – a corporate resolution in the opposite direction to the one…

housing overvalued

Spanish economy, Spanish Politics 15th March 2023

Doubts over Housing Law, which aims to cap rent rises, paralyses investment by large funds in Spain

Capital Madrid | There is no respite in the battle over the large print of the Housing Law or, more specifically, over the 3% cap on the annual rent increase in contracts. Unidos Podemos wants the bill to be permanent, while the PSOE only wants to extend it for the next year. The political deadlock is causing growing discontent among funds and companies in the sector. Meanwhile, the government complains…