On 7 September, El Salvador became the first country in the world to adopt Bitcoin as legal tender, which means that companies and businesses in the country are obliged to accept it as a form of payment in day-to-day transactions. However, in this country there are only four Bitcoin and other cryptocurrency ATMs (machines where users can buy or sell cryptocurrencies). The US is the country with the most cryptocurrency…
Fernando Rodríguez| The AIAF market has surpassed 47 billion euros in sustainable fixed income issues with the incorporation today of the Kingdom of Spain’s first green bond for 5 billion euros. The Spanish government placed this bond last week, as part of a sustainable financing programme that the Treasury’s latest estimates put at a total of 20 billion euros. The funds will be used to finance projects promoting the ecological…
A total of 13 banks operating in Spain posted net losses in the first half of 2021. This is compared to 15 entities that recorded ‘red numbers’ in the same period of the previous year, according to the financial statements of banks published on Friday by the Bank of Spain. In the first half of the year, ten banks associated with the Spanish Banking Association (AEB), one of the Spanish…
Fernando González Urbaneja | In its day, the Barcelona Fair was the most important in Spain, while Madrid’s IFEMA languished in the Casa de Campo. A visionary president of the Madrid Chamber of Commerce, Adrián Piera, imagined an ambitious IFEMA and the socialist mayor at the time, Tierno Galván, had faith in him (“if you say so, Piera, you’ll be right”). There was more support and competitions, but the Feria…
Last week the Spanish Treasury made its debut in green debt issuance. However, the autonomous communities are ahead of the pack. As told in an analyis of Scope Ratings, sovereign lending became the primary funding source for Spanish regions as the euro area debt crisis hampered access to capital markets. Madrid, the Basque Country and Andalusia have come to market this year, raising so far an aggregate 3.5 Bn euros in ESG-linked bond.
The price of electricity in Spain once again break through the historical maximum yesterday and exceedeed 150 euros for the first time in history. In order to cushion the impact of these soaring prices on electricity bills, the government is preparing a shock plan whose main measure will force the major electricity companies (Iberdrola, Endesa, Naturgy and EDP) to auction energy among retailers and industrial companies.
Fernando Rodríguez | The Spanish government has issued its first green bond for 5 billion euros, as part of a sustainable financing programme which the latest Treasury’s estimates amounted to 20 billion euros. The funds will be used to finance projects which promote the ecological transition. They are aimed at mitigating and adapting to climate change, the sustainable use and protection of water and sea resources, the transition to a…
Georgeson | Spain (IBEX 35) saw the highest proportion of contested remuneration resolutions: 60.6% in 2021, an increase of 33.2% from 2020. The UK experienced the lowest. Spain also registered a 101.7% increase in contested policy resolutions relating specifically to remuneration policies: from 28.6% in 2020 to 57.7% in 2021.
JP Marín-Arrese | The Spanish PM Sánchez seeks to regain his dwindling popular support after the crushing defeat in Madrid’s regional elections back in May. At mid-term, he discovered, much to his surprise, the cost of enforcing long-lasting restrictions to overcome the pandemic. The Opposition took advantage of the people’s weariness and fear of lay-offs. His initial steps to stage a large-scale inclusive revolution either faded away or didn’t pay…
Fernando Rodríguez | Ibex 35 companies encountered symbolic opposition to their proposed resolutions at the shareholders’ meetings held this year, according to Georgeson’s annual report on the 2021 season. Only three companies saw an item on the agenda of their meetings held in 2021 defeated: Acerinox, in April, which failed to approve a debt issue for 600 million euros; Amadeus, which saw its remuneration report rejected with 61.48% of votes against; and IAG, which also failed to push through its proposal to reduce the deadline for convening extraordinary general meetings to 15 days.