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Spanish economy

empleo oficina

Spanish economy 10th May 2022

In 2021, Spain Was The Country With The Highest Unemployment Rate In The EU For The 13th Consecutive Year

According to the III Labor Market Yearbook published Friday by the Adecco Group Institute, Spain added in 2021 its thirteenth consecutive year as the country with the highest number of unemployed in the European Union (EU). Thus, despite the fact that in 2021 all the employment lost in the pandemic was recovered, with a generalized fall in unemployment, Spain, which accounts for 9.2% of the population of the EU-27, had…

ACS

Spanish economy 9th May 2022

ACS wants all its Abertis’ shares in one place

Intermoney | ACS (ACS) (Buy, Target Price 40 euros) held its AGM last Friday. Chairman Florentino Pérez confirmed that the focus of the group’s future investments will be renewable energies via its joint venture with Vincí, and concessions, using both Iridium and Abertis. Perhaps the main novelty was ACS’ intention to bring together in one holding all its shares in Abertis. These are currently divided into 30% within the Group,…

OPEC cut to impact Spanish economy

Relevant News Item, Spanish economy 6th May 2022

Diesel At 2 Euros A Litre At 780 Spanish Petrol Stations

Fuel prices give no respite. The 20 cents per litre rebate that has been in force since 1 April has partially relieved the pockets of millions of Spanish drivers. But diesel and petrol prices continue to rise at Spanish service stations. Diesel, in fact, has broken a new record this week, reaching 1.872 euros per litre on average, surpassing the price of petrol for the fifth consecutive week. This is…

Santander

Spanish economy 6th May 2022

Norges Bank Unveils A 3% Stake In Banco Santander

Norges Bank, the Norwegian bank in charge of managing the country’s sovereign wealth fund, has revealed a 3.006% stake in Banco Santander, a percentage it controls directly. This is according to the notification it sent Thursday to the National Securities Market Commission (CNMV). Norges Bank’s stake in Santander consists of direct control of 513.4 million shares which, at Thursday’s closing price of EUR 2.69 per share, implies a total value…

Acciona

Spanish economy 5th May 2022

Acciona will pay Globalvía for the arbitrage in Chile; the initial claim was for €128 M, but the figure could be a lot lower

Banc Sabadell | Acciona (ANA) and Globalvía have agreed that the former should pay Globalvía for the arbitrage which is open in relation to the Chilean motorway Ruta 160 (which the latter bought in from the former in 2017), according to the media. Although there are no details on the final price to be paid, Globalvía’s initial claim was for 128 million euros (~1% of Acciona’s capitalisation). That said, it…

In 2017 global sales of electric cars surpassed the 1-million-unit mark

Spanish economy 5th May 2022

Seat Presents Its Alliance Of 62 Companies To Lead The Electric Car

Seat wants to turn Spain into a platform for the electric car in Europe. This plan includes the electrification of its Martorell and Pamplona factories, a battery production ecosystem – ranging from lithium mining, a key material, to a giant battery factory in Sagunt -, locations for electric components and a training, digitalisation and circular economy plan. This is explained in the “Future: Fast Forward” project, which brings together an…

Employment November

Spanish economy 5th May 2022

Spain Reaches 20 Million Employed While Temporary Employment In The Public Sector Reaches 32% Vs 22% In The Private Sector

April leaves 184,577 more contributors to the Social Security system in Spain and 86,260 fewer unemployed. This usually corresponds to a traditionally positive month for employment when it coincides with the Easter holiday period, with its good impact on jobs. The average number of affiliated members in April exceeded 20 million (20,019,080 people) and the number of unemployed fell to three million (3,022,503 unemployed). That said, we continue to lead…

euro digital

Spanish economy 4th May 2022

The Spanish Treasury Pays For Debt Again

Fernando González Urbaneja | In recent years the European Central Bank, in addition to ensuring price stability (an objective it has achieved), has tried to sustain and stimulate the euro economies by supplying all the credit necessary and at the lowest price imaginable, practically zero. States have benefited from this policy by issuing debt at no cost, even with a few tenths of a yield. The ECB has done its…

Merlin Properties

Spanish economy 3rd May 2022

Moody’s improves Merlin Properties’ rating from stable to positive (Baa2) after sale of BBVA offices

Intermoney | Moody’s has improved its rating on Merlin Properties (MRL) (Buy, Target Price 13 euros/share) from stable to positive, also confirming its long-term rating of Baa2. Moody’s flags that, with the recent sale of BBVA branches, “the capital structure will remain solid. In addition, the loan to value (the relationship between the debt and the value of the assets) will be below 36%, in line with Merlin’s strictest financial targets”….

spain tax collection

Spanish economy 3rd May 2022

The Treasury Refuses To Deflate Taxes And The State Increases Revenue By 20% As The Economy Slows Down

The Spanish state has collected 54.749 billion euros up to March, almost 10 billion more than in the same period last year. This is despite the fact that GDP then grew by 2.2% compared to the previous quarter, while this year it has barely grown by three tenths of a percentage point. The historic rise in inflation is filling the public coffers thanks to the fact that tax revenues in…