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Spanish economy

Companies, Ibex, Spanish economy 2nd October 2022

Caixabank Chairman Believes Rates Hike Will Not Be Sufficient To Obtain A Level Of Profitability Higher Than The Cost Of Capital

Alphavalue/DIVACONS | The chairman of Caixabank, José Ignacio Goirigolzarri, flagged on Thursday that the financial sector must obtain a level of profitability which is higher than the cost of capital, a challenge with which the normalisation of interest rates will help. That said, he believes this hike “will not be sufficient” to achieve this. So the banking sector will have to redouble the transformation efforts made during the last few…

Companies, Spanish economy 1st October 2022

Telcos competition eases: Vodafone, MásMóvil, the MVNOs record positive portability balances; Orange, Movistar negative

Norbolsa | The Spanish telco operators eased competition in July, after registering declines of 13% in mobile portability and 23% in fixed, compared with a year earlier. Vodafone, MásMóvil and the MVNOs recorded net positive portability balances, while Orange and Movistar registered negative balances. In this respect, the commercial pressure seems to be decreasing given that, after the declines in prices in the last few months, there is not a…

Spanish economy 30th September 2022

Fiscal Storm: The Mountain Gave Birth To A Mouse

Fernando González Urbaneja | The sequence of events is relevant to the outcome and has to do with the electoral confrontation. Behind and at the bottom of this debate or storm there is no doctrine or theory, there are no documents with well-founded proposals, it is just a matter of brushstrokes with ideological pretensions of little flight and quite a lot of trickery.The opposition party, with Núñez Feijóo at the…

Companies, Ibex, Spanish economy 30th September 2022

PharmaMar to liquidate its susidiary Genómica; losses equivalent to -3.5% of NAP

Bankinter | PharmaMar has abandoned Genómica, which will be liquidated. Its fully-owned subsidiary’s main business is molecular diagnostics, mainly via the development and commercialisation of detection kits. In 2021, this affiliate clocked up sales of 5.2 million euros (2.2% of the total), NAP of -3.2 million (vs +92.9 million for the group) and free cash flow of -3.2 million (+44.1 million euros for the group). Bankinter analyst team’s view: Positive news….

Spanish economy 29th September 2022

Deceptive Tax Cuts

J.P. Marín-Arrese | The Socialist-run regional governments in Spain face dire prospects in the coming elections next year. High inflation, low growth and rising unemployment weigh heavy on voters’ sentiments against the left-wing coalition governing Spain. So they resort to promising tax cuts as the best recipe to cushion their dwindling support. The Valencia Chairman, Mr Puig, has announced a cut in personal income tax, mirroring the national Opposition leader’s…

Spanish economy 29th September 2022

The Spanish economy loses steam

Oriol Aspachs (Caixabank Research) | We already have indications that the economy is losing steam. On the one hand, the Purchasing Managers’ Indices (PMIs) for both the services and manufacturing sectors show a clear downward trend…Household consumption, the main pillar of the economy (it represents around 55% of GDP), is also weakening.

Companies, Ibex, Spanish economy 29th September 2022

Siemens Gamesa says 10-15% of projects with profitability problems related to 5.X will extend to 2024

Banc Sabadell | Siemens Gamesa CEO has assured that 10-15% of the projects with profitability problems (they would be registering losses) related to the new 5.X platform will extend to 2024. This compares with the previous estimate which put these projects’ definitive exit from the portfolio in 2023. We recall that the projects in the company’s portfolio with profitability problems linked to the 5.X platform account for some 2 billion…

Spanish economy 28th September 2022

The Valencian President Of The PSOE Disregards Sánchez; Also Cuts Income Tax, Like The PP

The president of the Generalitat Valenciana, Ximo Puig, plans to save 150 million euros (3.6% of tax revenue) for 1.34 million Valencian taxpayers (97.4% of the total) with a retroactive reduction in personal income tax, an increase in the minimum exemptions and a 10% rise in all regional tax deductions. The reduction is more ambitious than the PP’s deflations, very focused on reducing wealth, and contrasts with the Treasury’s refusal,…

Companies, Ibex, Spanish economy 28th September 2022

Acciona Energía signs 10-year PPA with ZEN Energy to supply 200 GWh/yr of renewable energy

Intermoney | Acciona Energía (ANE) (Buy, Target Price 41 euros/share) has signed a 10-year Power Purchase Agreement (PPA) with Australian electricity distributor ZEN Energy. The Spanish company said on Monday, while the market was open, that it will supply 200 GWh/year of 100% renewable energy from its Waubra wind farm. Located in the state of Victoria, the wind farm produces energy equivalent to the demand from over 138.000 homes. Through this…

Spanish economy, Spanish Politics 27th September 2022

Taxing Seldom Provides A Winning Ticket

J.P. Marín-Arrese | The ruling coalition in Spain faces a dim prospect in the coming elections next year. According to the polls, the main Opposition party, bolstered by its new leadership, is poised to snatch a comfortable victory. It seems even close to securing an overall majority, counting on a helping hand from the extreme right and some minor partners. To ward off the danger of a crushing defeat, the…

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