J.P. Marín-Arrese | The new Opposition leader has decided to confront the government on economic policies, which signals a departure from his predecessor’s bitter bickering and acrimony toward Mr Sánchez. Mr Casado practised a scorched earth policy treating the Premier as a mendacious liar, felon and traitor. Such terms of abuse stirred the hearts of hardline supporters but did little to convince mainstream voters of his suitability to govern the…
Intermoney | After the close of the market on Wednesday, Repsol (REP) published the operating and economic figures from its trading statement for Q1’22. This is ahead of its results due on 28 April. We would highlight: In Upstream: Production in Q1’22 of some 558.000bep/day, which means a 12.6% decline vs Q1’21 and a decrease of 0.6% vs Q4’21. With respect to oil prices, there is a secuential rise in…
CCOO and UGT have announced this Tuesday the call for a general strike in Correos for the 1st, 2nd and 3rd of June due to the “economic, labour and public service collapse” of the company. They blame this on the “chaotic management and manifest incapacity” of the company’s president, Juan Manuel Serrano, “appointed by the PSOE three years ago”. The unions allege that Correos is on the verge of “technical…
ACS is considering launching an offer to acquire the Italian concessionaire Atlantia, the Spanish company’s partner in Abertis, according to Bloomberg on Wednesday and confirmed late in the afternoon by the Spanish construction company. The group headed by Florentino Pérez has already hired advisors to analyse this operation in which it is considering taking over the Italian company’s motorways jointly with GIP and Brookfield. Atlantia’s capitalisation is close to 15.690…
Alphavalue | Endesa, via its affiliate Endesa Generación Portugal, has won a connection right for 42 MW to install a floating photovoltaic solar energy project in the Portuguese dam Alto do Rabagão. The company said the auction it participated in was the first floating solar energy project for dams in the Iberian Peninsula. The investment required will be 115 million euros, Endesa said. Endesa won the floating solar energy project…
Norbolsa | The bank has confirmed it expects it will be difficult to reach its objective of cutting 1 billion euros of costs in Europe in the period 2020-2022. Despite the measures put in place (restructuring of the network and workforce exits), the strong uptick in inflation will act as a drag on meeting this goal, with particular impact in Spain and Poland. In spite of this, however, Santander expects…
The Bank of Spain calculates that updating pensions with 7% inflation would cost the public accounts some 12,600 million, following the entry into force of the pension reform that involves revaluing pensions in accordance with the Consumer Price Index (CPI). According to the central bank, taking as a starting point the approximate expenditure on pensions in Spain and an average inflation for the whole year 2022 of 7% (November over…
Bankinter | The big Spanish hotel chains foresee occupancy levels this Easter week beating those prior to the virus. They all coincide in that the outlook is optimistic, despite the uncertainty fuelled by the conflict and escalating fuel prices. And in the majority of cases, they are are confident of exceeding or being very clost to pre-Covid levels during the Easter break. In some case, bookings are up 15% on…
The instability and precariousness of employment and the increasing obstacles to accessing housing pushed 885,000 people, 32% of the inhabitants of the Barcelona area, into social exclusion in 2021. This is 300,000 more than in 2018, according to data handled by Càritas as a result of a survey of 1,800 citizens carried out by the Foessa foundation. The results for the area of the diocese of Barcelona, which includes the…
Morgan Stanley | We expect that the impact of the war will be reflected mainly in provisions. Now we are assuming zero growth in commissions this year vs +3% previously. We believe that the risk of greater provisions will be offset by the upside in rates and margins. Net Interest Income will be weak in Q1. However, it will touch bottom before picking up again from Q2 onwards thanks to…