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Spanish economy

Acerinox

Spanish economy 4th June 2022

Acerinox shares suspended from trading on rumours of merger with Aperam

Bankinter | The Stock Market Regulator (CNMV) has suspended trading in the shares of Acerinox this Friday, on the news of a possible merger with Aperam, whose share trading is also suspended. According to financial daily Expansion, and as picked up by Bloomberg on Thursday, Acerinox and Aperam could be studying their integration. Bankinter analysts’ team opinion: Acerinox and Aperam are both leaders in stainless steel, with similar market capital (Acerinox’s…

ERTES extension

Spanish economy 3rd June 2022

Yolanda Díaz’s statistical ‘trap’ will prevent 600,000 new unemployed people from joining the labour market

Discontinuous permanent workers are the most frequent group in the new hiring of the labour reform. They have multiplied by nine compared to 2019, creating 600,000 new contracts in just three months, and already represent 36% of permanent contracts. As the digital newspaper Vozpopuli explains today: The modality, which previously had a practically testimonial weight, with a few thousand, is designed for seasonal or seasonal jobs, with periods of standstill…

Indra Tecnocom

Spanish economy 2nd June 2022

The Government asks Bain Capital to leave a period of six months open for Indra to participate in ITP Aero

BancaMarch | The Government has made a request to US fund Bain Capital for a window of an additional six months, with the aim of incorporating a Spanish partner, presumably Indra, into the shareholding of Basque airplane engines manufacturer ITP Aero. This is according to several media reports. Bain anticipates closing the acquisition of ITP in June. Thence the request for an additional time period so that Indra, in which…

unemployment spain

Spanish economy 2nd June 2022

Unemployment Falls (-99,512 People) In May From 3 Million (2.922 Million)

The number of unemployed people registered in the offices of the State Public Employment Service (SEPE) at the end of May 2022 is 2,922,991. The total number of unemployed had not fallen below three million since December 2008. The number of unemployed decreased in May by -99,512 persons (vs -86,260 persons in April). The number of unemployed stands at 2.922 million (-3.3% m/m and -22.7% y/y). The seasonally adjusted number…

The Bank of Spain

Spanish economy 2nd June 2022

Bank Of Spain Insists That Measures Are Lacking To Ensure The Sustainability Of Pensions

The governor of the Bank of Spain, Pablo Hernández de Cos, has reaffirmed his calculations on the pension system after the Minister of Social Security, José Luis Escrivá, described them as “unsophisticated”. He once again argued that the measures proposed are not enough to ensure sustainability once pensions have been linked to inflation and the sustainability factor has been eliminated: “If you add and subtract, there is a gap that…

MOVISTAR

Spanish economy 1st June 2022

Auction begins for sale of 45% of Fiberco, Telefónica’s rural fibre optic affiliate; valued at €1 B

Renta 4 | There are various finalists for participating in the capital of Telefónica’s rural fibre optic network (FET) in Spain, according to several media outlets. Allianz, CDPQ (Quebec pension fund), PGGM (Dutch pension fund) and Vauban Infraestructure Partners (Natixis Group) would be the finalists to buy 45% of the rural fibre network in Spain. However, there could be some other incorporation or exit. Allianz y CDPQ could team up as a consortium.  Final, binding proposals…

Big tech

Spanish economy 1st June 2022

The Government Reduces Waiting Time For Calls To Call-Centres To Three Minutes And Eliminates Robots

The Council of Ministers, at the proposal of the Ministry of Consumer Affairs, has approved the draft bill to regulate companies’ customer services. This will limit the waiting time for information, complaints and after-sales services to three minutes. As detailed by the Minister for Consumer Affairs, Alberto Garzón, at the press conference following the Council, the law reduces the maximum time for resolving general complaints from thirty to fifteen working…

The Bank of Spain

Spanish economy 31st May 2022

Crypto-Assets: A Financial Authority’s View

Pablo Hernández de Cos (Bank of Spain’s Governor) | “With over 16,000 existing tokens, around ten new crypto-assets are estimated to be launched every day on average” “For the time being, however, our ability to take effective action is fairly limited as we have neither the tools nor sufficient legal powers to be able to protect crypto-asset users in the same  way  as  we  protect  bank  customers… In  any  case, …

Iberdrola2

Spanish economy 31st May 2022

UK confirms ‘windfall tax’ for energy firms: Iberdrola, one of the most exposed

Banc Sabadell | The UK has confirmed the creation of a temporary tax on the windfall profits of energy companies (including oil and gas), with which it would raise 5 billion pounds (6 billion euros). The tax charge will be up to 25% on profits. At the same time, there will be compensations with tax exemptions on 90% of investments. In the Spanish press, and contrary to what other media…

pensiones playita

Spanish economy 30th May 2022

Spain: Spending On Pensions Reached A Record 10.81 Billion Euros In May, Up 4.8%

The Social Security allocated a record 10.81 billion euros to the payment of contributory pensions this May, 4.8% more than in the same month of 2021, the Ministry of Inclusion, Social Security and Migration said on Friday. The Department headed by José Luis Escrivá estimates that spending on pensions stood at 11.8% of GDP in the fifth month of the year, a lower percentage than in 2020 (12.4% of GDP),…