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Spanish economy

Government

Spanish economy 29th March 2022

Sánchez Puts The Cost Of The War Response Plan To Be Approved By The Government Tuesday At 16 Billion Euros

Prime Minister Pedro Sánchez yesterday outlined the main lines of the Shock War Response Plan to be approved today by the Council of Ministers. The plan contains measures until 30 June aimed at cushioning the impact of the crisis on families and businesses. The plan is worth 16 billion euros: 6 billion euros in direct aid and tax reductions, and 10 billion in ICO credits. It has five main pillars:…

Enagas

Spanish economy 28th March 2022

Enagas will sell its 45.4% stake in Chile’s GNL Quintero for €601 M

Bankinter | GNL Quintero is a Chilean company which owns a terminal for the reception, unloading, storing and regasificationof Liquified Natural Gas (LNG), located in the region of Valparaíso in Chile. The Spanish firm, via its affiliate Enagas Chile, and OMERS Infrastructure have reached an agreement to jointly sell off their respective stakes, which total 80%, in the Chilean company to the consortium formed by EIG and Fluxys. For its…

spain tax collection

Spanish economy 28th March 2022

Spain: The Maximum Personal Income Tax Rate Now Exceeds 50% In Three Autonomous Communities

The maximum marginal rate of Personal Income Tax (IRPF) now exceeds 50% in three autonomous communities: Valencia (54%), Navarra (52%) and La Rioja (51.5%), which impose a tax on high incomes that exceeds half of the income. And four others have a tax rate of 50%: Asturias (50%), Cantabria (50%), Canary Islands (50.5%), Catalonia (50%), In contrast, the Community of Madrid has established the lowest regional tax bracket in Spain….

LNG regasification ship

Spanish economy 28th March 2022

Capping Gas Prices Only Delivers Short-Term Respite

J.P. Marín-Arrese | PM Pedro Sánchez bet hard in the recent EU Summit when he pressed for an overhaul of the current marginal cost pricing in the electricity sector. While missing his goal, and rebuked by Germany and Holland, he was given as a consolation prize the promise that Spain and Portugal could cap electricity gas prices on a temporary basis, subject to final scrutiny by Brussels. Decoupling the most…

Banco Santander

Spanish economy 28th March 2022

Santander Creates A Platform To Invest In Renewable Energies Called Santander Green Investment

Banco Santander has created a company to acquire and invest in renewable energy projects in Spain that are in the development and construction phase, called Santander Green Investment, announced last week.Through the new platform, the entity will take equity stakes in renewable energy companies. So far, Santander has acquired stakes in nine solar photovoltaic and wind power projects in Spain from different developers. The total capacity is approximately 500 megawatts,…

stockmarkets 1

Spanish economy 27th March 2022

CNMV, BME are proposing fiscal incentives for start-ups to list on the stock market

Fernando Rodriguez| The Spanish stock market regulator (CNMV) and BME have proposed providing fiscal incentives for start-ups which decide to list on the stock market. The proposal is in response to the public consultation prior to the elaboration of the draft text for the Law to Promote the Startup Ecosystem. This was launched by the Ministry for Economic Affairs and Digital Transformation and completed on 25 January. The text proposed…

Strike

Spanish economy 25th March 2022

Subsidising, An Emergency Option With Risks

Fernando González Urbaneja | The crisis that most resembles the current one, although history does not repeat itself, was that of 1973 when Arab oil exporters decided to use a barrel of oil as a weapon of war against the West and, in particular, Israel. The rise in the price of oil, irreplaceable and indispensable for all advanced economies, imposed an unprecedented cost and supply crisis. Supply shocks bring inflation,…

Iberdrola

Spanish economy 24th March 2022

Iberdrola, Enel, EDF, form lobby against the EU to reject interventionism in windfall profits

Link Securities |Daily newspaper elEconomista.es reported yesterday that Iberdrola has decided to freeze the sale of electricity to its industrial and commercial clients in the UK via its affiliate Scottish Power. The Spanish power company will stop offering contracts in the face of the current crisis in prices in the country. This has already caused around 20 energy suppliers to go bust. Separately, the daily Expansion said yesterday that Iberdrola…

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

Spanish economy 24th March 2022

Volkswagen Chooses Sagunto (Valencia) For Its Battery Gigafactory, Where It Will Invest 7 billion euros

The Volkswagen Group and Seat have officially announced on Wednesday that Sagunto (Valencia) will be the site of the giant battery factory for electric cars it plans to build in Spain, which will be the consortium’s second after the one in Germany. At the press conference to present Seat’s 2021 results, Chairman Wayne Griffiths and Seat CEO and head of Volkswagen Components, Thomas Schmall, confirmed the choice of Sagunto to…

Government

Spanish economy 24th March 2022

The Government Has Too Many Bills Coming Due

Fernando González Urbaneja | It is like a creditors’ meeting, which never comes at a good time. The government has too many bills coming due for which it is short of liquidity, i.e. votes and parliamentary and social support. The weekly control session in Congress demonstrated the loneliness and, above all, the feeling of incomprehension, mental fatigue and surprise of a Prime Minister who is not short of self-esteem. Nothing…