Fernando González Urbaneja | Taxes are the price of civilisation. They are mandatory, obligatory, because if they were not, potential taxpayers would avoid them with personal excuses. Tax theory rejects taxes that are aimed at specific activities. The doctrine says that good taxes are generalist, easy to understand, easy to collect and equitable. And the fiscal disorder comes when it becomes complicated, when exceptions, allowances, tax reliefs and other types…
As reported today by Europa Press, Bank of America Corporation has unveiled a 6.3% stake in Banco Sabadell. This makes it the largest significant shareholder of the bank, ahead of BlackRock and David Martinez, according to National Securities Market Commission (CNMV) records. Specifically, Bank of America has notified its control of 6.323% of the bank’s shares, both through voting rights, with 1.681%, and financial instruments, with 4.642%. This movement took…
Renta 4 | According to press reports, Abertis would be interested in getting its hands on 66.6% of the Chicago Skyway toll road, held by Canadian pension funds CPPIB and Omers. The deal could be worth around 2.5 billion euros. The concession is 12,6 kms and connects the I-94 and I-90 motorways with an elevated section. Valuation: We still need confirmation of the transaction from the Spanish concessionary. However, depending on…
Intermoney | The latest estimate from the European Organisation for the Safety of Air Navigation (Eurocontrol) flags that air traffic in Spain will recover pre-Covid levels in 2024, a year, in fact, in which they would be 3% higher than in 2019, according to the daily Expansion. This would partly be in contrast with other markets like Italy and the UK (+2%) and particularly Germany, which would remain slightly below…
Santander Corporate & Investment | S&P has raised its outlook for Abertis (BBB-e, BBB n) to negative from stable, as well as that of its French subsidiary SANEF (Baa2 e, BBB- e, BBB n). The ratings agency has taken this decision in light of the group’s solid results, with traffic levels already close to those prior to the pandemic in Europe and Latin America. S&P believes the group will be…
Fernando González Urbaneja | Airports are returning to their pre-covid activity and bursting at the seams. This is not an exceptional occurrence; it is happening in many other public services, for example, in health consultations and the ensuing events (tests, operations, etc.). It was foreseeable, the pandemic reduced staff numbers and accumulated tasks. In the case of health care, it produced delays, both voluntary and forced, which are now returning…
Unions are proposing wage rises in line with inflation (above 8% in Spain), spurred on by a Labour Minister in a constant election campaign. Meanwhile, Industry Minister, Reyes Maroto, has just pushed through an agreement that allows a historic company, Galletas Siro, which lost 47 million last year and stopped paying its employees’ salaries last May, to avoid bankruptcy. After the improvements in the original adjustment plan, the agreement includes…
The first large shipment of maize from Ukraine since the Black Sea ports were blockaded by the Russian navy when the war began – 109 days – has arrived in Spain. Yesterday, Monday, the ship Alppilia docked in the port of La Coruña, where 18,000 tonnes have been transported in what has meant the first shipment of cereal for feed which will alleviate the lack of feed suffered by Spanish…
CdM |Inditex (ITX)’s first quarter results released on Wednesday beat expectations; the net profit figure reflects the provision for the suspension of activity in Russia and the Ukraine. Main figures compared with Bloomberg consensus: Sales 6.742 billion euros (+36.4%) vs 6.237 billion expected. Gross Margin 4.054 billion euros (+36.9%) vs 3.713 billion (e). This means a margin of 60.1% vs 59.9% in Q1 2021 and 59.5% expected. EBITDA 1.917 billion…
A week after Philea, the European association of foundations which brings together more than 10,000 foundations from all over the continent, met in Barcelona (30 May-1 June), the General Assembly of the Spanish Association of Foundations was held. In a harsh statement, it echoed the complaints of several foundations that “have expressed the constant and numerous difficulties they encounter in relation to the operation and lack of attention by the…