Fernando González Urbaneja | The same PP leaders who last year closed ranks with Casado as a firm candidate for the Moncloa (the polls were favourable to them at the time) have applauded with the same intensity another leader who emerged from a fratricidal internal crisis that was hardly exemplary. A crisis with a few victims (Casado and his few loyalists) that has weakened the party, several of its leaders…
The number of unemployed registered in the offices of the public employment services fell by 2,921 in March (-0.09%), twenty times fewer than in the same month of 2021, when the number fell by 59,149 people. This year’s decline is the smallest in the historical series, since 1996. Until now, it was that of 2013, when unemployment fell by 4,979 people. In seasonally adjusted terms, registered unemployment rose in March…
Intermoney | On Thursdsay after the market’s close, ACS (ACS) (Buy, Target Price 40 euros) registered its forthcoming AGM announcement with the CNMV. The meeting will take place on May 6 at second call. Whatsmore, the construction firm also made public its board’s proposals, which envisage an issue of new shares worth up to 600 million euros. This is a traditional move to make a dividend payment, and the capital…
Turkey’s securities supervisor (Capital Markets Board) has authorised BBVA’s takeover bid for the 50.15% it does not own in Turkish subsidiary Garanti, the bank has informed the National Securities Market Commission (CNMV). The offer will begin on 4 April and end on 29 April. BBVA, which owns 49.85% of Garanti’s capital, announced the takeover bid in November last year. It made the offer at 12.20 Turkish liras per share, with…
Fernando González Urbaneja | The Finance Minister, always cheerful and confident, has presented the budget execution for 2021 with her usual optimism. The deficit stands at 6.9%, three points less than the previous year, a point and a half less than the government’s forecast. The minister gives herself a good mark, a top A, and the media receive the data with not a little optimism, 28% less than the previous…
Renta 4 | According to website Betaville, there would be some Private Equity groups interested in acquiring the Spanish pharmaceutical firm. On Wednesday afternoon, Class A shares in Grifols (GRF) but especially those of Class B, plus the ADRs rose sharply (up to 10%). That said, the ADR ended up losing almost half of the gains. Behind the surge in the share price was the fact that Betaville suggested that…
Brussels’ concern about the unsustainability of Spain’s pension reform is growing. This comes amidst spiralling inflation and at a time when it has to validate Minister Escrivá’s reform to authorise the transfer of 12 billion euros from the second tranche of the Recovery Plan. The government has yet to ask the European Commission for the payment of the second tranche of the Recovery Plan, the largest, almost 12 billion euros….
Fernando González Urbaneja | The CPI for March (+3%), which raises the year-on-year rate to 9.8%, is an outstanding fact, a major one, enough to stop the machines and turn to Saint Ignatius and his existential questions: where are we and where are we going? The cold data, released by the INE, coincides with the presentation in Congress of the urgent shock measures adapted by the government to deal with…
Renta 4 | During the Iberian Reit event held yesterday, D. Ismael Clemente (CEO of Merlin Properties) opened the door to a downwards revision of 2022 targets in the event the war in the Ukraine drags on. In this respect, although he believes that 2022 will be a positive year for the company, the increased growth expected for this year could be delayed until 2023 or 2024. That said, for…
The number of mortgages taken out on homes increased by 29.4% last January compared with the same month of 2021, to 36,185 loans. However, despite exceeding the figure of a year earlier, the volume of homes mortgaged in January this year has remained below the more than 40,000 that were signed in January 2020, before the pandemic. According to data released on Monday by the National Institute of Statistics (INE),…