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Spanish economy 7th April 2022

CCOO And UGT Call Strike At Correos For The First Three Days Of June Due To The “Collapse” Of The Service

CCOO and UGT have announced this Tuesday the call for a general strike in Correos for the 1st, 2nd and 3rd of June due to the “economic, labour and public service collapse” of the company. They blame this on the “chaotic management and manifest incapacity” of the company’s president, Juan Manuel Serrano, “appointed by the PSOE three years ago”. The unions allege that Correos is on the verge of “technical…

Spanish economy 7th April 2022

ACS Studies A Takeover Bid For Atlantia

ACS is considering launching an offer to acquire the Italian concessionaire Atlantia, the Spanish company’s partner in Abertis, according to Bloomberg on Wednesday and confirmed late in the afternoon by the Spanish construction company. The group headed by Florentino Pérez has already hired advisors to analyse this operation in which it is considering taking over the Italian company’s motorways jointly with GIP and Brookfield. Atlantia’s capitalisation is close to 15.690…

Spanish economy 6th April 2022

Endesa wins floating solar energy tender for a dam in Portugal; first auction of its kind in the Iberian Peninsula

Alphavalue | Endesa, via its affiliate Endesa Generación Portugal, has won a connection right for 42 MW to install a floating photovoltaic solar energy project in the Portuguese dam Alto do Rabagão. The company said the auction it participated in was the first floating solar energy project for dams in the Iberian Peninsula. The investment required will be 115 million euros, Endesa said. Endesa won the floating solar energy project…

Spanish economy 6th April 2022

Santander’s objective to cut €1 Bn of costs in Europe in 2020-2022 facing difficulties

Norbolsa | The bank has confirmed it expects it will be difficult to reach its objective of cutting 1 billion euros of costs in Europe in the period 2020-2022. Despite the measures put in place (restructuring of the network and workforce exits), the strong uptick in inflation will act as a drag on meeting this goal, with particular impact in Spain and Poland. In spite of this, however, Santander expects…

Spanish economy 6th April 2022

Updating Spanish Pensions With 7% Inflation To Cost Near €12,600 M, Says The Bank Of Spain

The Bank of Spain calculates that updating pensions with 7% inflation would cost the public accounts some 12,600 million, following the entry into force of the pension reform that involves revaluing pensions in accordance with the Consumer Price Index (CPI). According to the central bank, taking as a starting point the approximate expenditure on pensions in Spain and an average inflation for the whole year 2022 of 7% (November over…

Spanish economy 6th April 2022

Spain’s hotels hope to beat pre-Covid levels this Easter week; Meliá, amongst the firms to play the recovery

Bankinter | The big Spanish hotel chains foresee occupancy levels this Easter week beating those prior to the virus. They all coincide in that the outlook is optimistic, despite the uncertainty fuelled by the conflict and escalating fuel prices. And in the majority of cases, they are are confident of exceeding or being very clost to pre-Covid levels during the Easter break. In some case, bookings are up 15% on…

Spanish economy 5th April 2022

Almost One Million People Live In Precarious Conditions In The Barcelona Area, Warns Cáritas

The instability and precariousness of employment and the increasing obstacles to accessing housing pushed 885,000 people, 32% of the inhabitants of the Barcelona area, into social exclusion in 2021. This is 300,000 more than in 2018, according to data handled by Càritas as a result of a survey of 1,800 citizens carried out by the Foessa foundation. The results for the area of the diocese of Barcelona, which includes the…

Spanish economy 5th April 2022

Risk of larger provisions will be offset by the increase in rates and margins; Caixabank remains top pick

Morgan Stanley | We expect that the impact of the war will be reflected mainly in provisions. Now we are assuming zero growth in commissions this year vs +3% previously. We believe that the risk of greater provisions will be offset by the upside in rates and margins. Net Interest Income will be weak in Q1. However, it will touch bottom before picking up again from Q2 onwards thanks to…

Spanish economy 4th April 2022

The Feijóo Enigma And The Electoral Advance

Fernando González Urbaneja | The same PP leaders who last year closed ranks with Casado as a firm candidate for the Moncloa (the polls were favourable to them at the time) have applauded with the same intensity another leader who emerged from a fratricidal internal crisis that was hardly exemplary. A crisis with a few victims (Casado and his few loyalists) that has weakened the party, several of its leaders…

Spanish economy 4th April 2022

Unemployment Fell By 2,921 People Last Month, The Worst Month Of March In The Historical Series; Permanent Contracts Increased

The number of unemployed registered in the offices of the public employment services fell by 2,921 in March (-0.09%), twenty times fewer than in the same month of 2021, when the number fell by 59,149 people. This year’s decline is the smallest in the historical series, since 1996. Until now, it was that of 2013, when unemployment fell by 4,979 people. In seasonally adjusted terms, registered unemployment rose in March…