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Spanish economy

Repsol Strategic Plan

Companies, Ibex, Spanish economy 23rd December 2022

The EIB provides €120 M financing for Repsol’s C43 biofuels project in Cartagena

Renta 4 | Repsol has obtained a 120 million euros loan from the European Investment Bank, which will be earmarked for financing the company’s biofuels plant in Cartagena, Murcia. The investment for the C43 project would be180 million euros, according to Repsol. It has already announced it would carry out investments aimed at converting the plant into the first advanced biofuels plant with low Co2 emissions. The C43 project will…

pensiones playita

Spanish economy, Spanish Politics 23rd December 2022

The Government will improve its offer on pensions – to increase the number of years calculated from 25 to 30 – to try to reach an agreement in January

The government takes it for granted that it will not be able to reach an agreement at the social dialogue table on the second part of the pension reform before 31 December, as it has promised the European Commission. However, government sources claim that the deadlines agreed with Brussels are “flexible” and that negotiations with the social partners could be extended during the first weeks of next year in order…

Cellnex

Companies, Ibex, Spanish economy 22nd December 2022

Cellnex extends until 2026 Retevisión and Spanish subsidiaries collective bargaining agreement

Norbolsa | The company has closed an agreement with the trade union leadership to extend for a further two years until 2026 the collective bargaining agreement for Retevisión and the Spanish subsidiaries until 2026. This agreement sets a 6.7% ceiling on salary reviews. And it provides job stability limiting the possible loss of purchasing power to 2% in the coming years. In effect, the agreement includes the recovery of this…

Montero

Spanish economy, Spanish Politics 22nd December 2022

The Treasury opens the door to dismissing civil servants who fail to meet targets and the unions are up in arms

The development of a point that was already foreseen in the Basic Statute of the Public Employee in 2007 and which caused a great stir at the time, namely the possibility of dismissing civil servants who do not adequately perform their duties, has opened a rift between the Ministry of Finance and two of the majority unions in the Civil Service (CC. OO. and UGT). This comes at a time…

Spain renewables

Spanish economy 21st December 2022

Spain’s renewables capacity rose almost 30% in November with respect to 2021(4,7 vs 3 GW)

Norbolsa | Redeia (RED) has published its data for November 2022 regarding monthly installed capacity in Spain. The figure for renewables capacity in the year was significant, 4,7 GW (almost 30% higher than the total installed capacity in 2021) vs 3 GW for the same dates in 2021 (1.6x). Opinion: November was a somewhat disappointing month, adding just 208 new MW of renewable capacity (167 MW of solar and 41 MW…

Spain public debt

Spanish economy 21st December 2022

Spain public debt would drop to 110% of GDP in 10 years if structural deficit falls by 0.25% annually, according to Fedea

CdM | La Fundacion de Estudios Economía Aplicada (Fedea) calculates that if all the Public Administrations make an effort on fiscal consolidation which reduces the structural deficit to the tune of 0.25% of annual GDP, this would leave the indebtedness level at 110% of GDP in 2032. For the autonomous communities subsector, and with a similar structural adjustment, Fedea flags that the policy objective of 13% of GDP for the…

Unicaja2

Companies, Ibex, Spanish economy 21st December 2022

Ibex 35: Unicaja becomes sixth bank to join selective index on 27 December

Intermoney | The Ibex 35 Technical Committee (CAT) announced yesterday, after the market’s close, that Unicaja will join the selective index from Tuesday 27 December (the markets are closed on Monday 26). Unicaja will replace Siemens Gamesa after the successful takeover bid launched by the latter’s parent company. At the same time, Unicaja’s entering the Ibex 35 means that Talgo will join the Ibex Medium Cap index, replacing the bank….

poverty

Spanish economy 19th December 2022

Almost 16 million Spaniards have collaborated financially with non-profit organisations in the last year

Almost 16 million Spaniards (39% of the population) have collaborated financially with a Non-Profit Entity (NPO) during the last 12 months, that is, one million more than in 2020 (37%) have decided to donate to a social cause. This is according to the study ‘Profile of the Donor 2022’, prepared by the Spanish Association of Fundraising (AEFr) in collaboration with Kantar and conducted on a sample of 1,200 interviews that…

Inditex

Companies, Ibex, Spanish economy 17th December 2022

Resilient growth and margins, reasonable valuation, sustained cash generation: Buy Inditex (T.P. 27,5 euros/share)

Bankinter | Inditex’s Q3’22 results (August-October) met expectations. Sales were up 11% vs expected 9%. Despite some deterioration in a difficult context, margins are holding up at levels close to historic highs (M. EBIT 21.3% vs 21.7% in Q3’21). The Q4 kickoff, which includes the Christmas season (on average 30% of annual sales), is good. In the first 5 weeks (from November 1 to December 8) sales grew 12%, gaining…

ArcelorMittal

Companies, Ibex, Spanish economy 17th December 2022

ArcelorMittal presents offer for Iberdrola’s macro renewables portfolio in Spain valued at some €1.2 B

Link Securities | According to financial sources consulted by the daily Cinco Días, Arcelor Mittal has presented an offer, teaming up with the fund Copenhagen Infrastructure Partners, for Iberdrola’s macro renewables portfolio in Spain. This is valued at some 1.2 billion euros. The decision on which offer will be selected by the electricity giant for the so-called Proyecto Romeo is expected to be published next week. Separately, Cinco Dias said Iberdrola…