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Spanish economy 2nd December 2020

Rise In Spain’s Furloughed Workers Overshadows Surge In Social Security Affiliation In November

Randstand Research | The labor market records in November reflect a relatively negative performance against the path of recovery that was observed during the previous four months. Social Security affiliation in November increased by 31,638 people, a 0.17% increase, the best figures in that month since 2006, but it masks a rising in those affected by temporary layoffs of 147.000 during that month. The total number of contributors exceeds the threshold of 19 million (namely 19.02 million people).

Ibex, Markets, Spanish economy 2nd December 2020

Siemens Gamesa Introduces A ‘Brexit Clause’ In Its Contracts To Avoid Risks

The renewable energy group has announced the inclusion of a new clause in contracts with suppliers and customers to protect itself against Brexit. The company itself describes this as a “Brexit clause. This will eventually offset the impact of new customs duties which will be applied to imported and exported equipment. This is currently duty free.

Spanish economy 1st December 2020

Spain’s Renewables Sector: “Auctions ‘Democratise’ Energy, But They Must Be ‘Well Conceived’

In his participation in today’s 4th Renewable Energy Congress organized by APPA, Chairman and CEO of Ence, Ignacio Colmenares, said the auctions of renewables will lead to “competition and the price of energy remaining increasingly competitive. Meanwhile, the non-executive president of Capital Energy, Juan Lasala, said the auctions “are a way to give visibility to the market.” But he stressed they must be “well conceived and designed.” The government plans to launch the auctions beore the end of this year.

Spanish economy 1st December 2020

Spain’s Socimis Are Buying Up Supermarkets

Due to the resilience shown by the real estate sector during the pandemic, as well as tenant stability, Socimis have purchased supermarkets in Spain for an amount of 600 million euros so far this year. Mercadona and GM have sold portfolios of supermarkets for 180 and 152 million euros respectively. And there are operations pending for 200 million euros in the short term, according to real estate consulting firm CBRE.

Spanish economy 30th November 2020

The Spanish Telecoms Sector Aims To Liberalize The Fiber Market For Up to 67% Of The Population

The regulator for Spain’s telecommunications sector, the CNMC, has consulted the operators on the new regulation for the broadband market, ahead of further consultation with the European Commission. The new regulation is expected to be approved next summer at the earliest. The CNMC is proposing greater liberalization in the fiber market, which involves increasing the number of cities where it considers there is sufficient competition and, thus, where there is no need to share the network at regulated prices.

Ibex, Spanish economy 30th November 2020

Repsol’s Will Invest €18.3 Bn Between 2021-25, Of Which 30% Will Go To Decarbonisation

Last week Repsol unveiled its strategic plan for the period 2021-25. The company will decarbonize its asset base and implement a new operating model with new pillars such as the Customer and Low-Carbon Generation Businesses. Furthermore, Repsol aims to substantially increase EBITDA, to more than €8.2 Bn in 2025. The strategic plan will have two differentiated periods. In the first two years, it will focus on ensuring financial strength. From 2022, the point will shift to the acceleration of growth.

Does the 2019 Budget benefit the Spanish economy?

Spanish economy 30th November 2020

The Spanish Economy Was Already Showing Signs Of Structural Exhaustion Before Covid-19

The Spanish economy has been showing clear signs of structural exhaustion prior to Covid-19. The indicator that summarises this weakness is the stagnation of GDP per capita in relation to the EU average, which has stood at 90% since 2016. This is significantly lower than the 98% reached in 2003, according to a report published by Funcas. The crisis generated by the pandemic hits an economy that was no longer converging with the EU27.

Markets, Spanish economy 27th November 2020

Leisure, Tourism And Hotels: What Will Be, Will Be In A Sector Battered By Covid19

Banco Sabadell | The hotel sector is one of the worst off after the irruption of Covid-19. Travel, both leisure and especially business, has almost completely disappeared. This has led to hotel closures and occupancy levels below 20% in some months. The airlines’ perspectives could be a good proxy in order to try to find out what could happen with hotel demand. IATA forecasts that the number of global passengers will be 61% lower in 2020 compared to 2019. Our forecast of a drop in occupancy is -66% in NH Hotels and -67% in Meliá Hotels.

Ibex, Spanish economy 27th November 2020

Talks Between BBVA And Banco Sabadell About A Potential Merger Terminated Without Agreement

Renta 4 | The reasons for the cease of negotiations would be, on the one hand, the lack of agreement on the exchange equation and the price to be paid, and on the other, the distribution of power. The suggested retirement for Sabadell’s chairman Josep Oliú in exchange for the operation being paid for in cash would not be well received by the ECB, given the risk of BBVA’s chairman Carlos Torres being charged in relation with the Villarejo case. This could then leave the merged group without a chairman. So the ECB would have urged a joint presidency between Torres and Oliú.

Spanish economy 26th November 2020

Spain: Maintaining Cash Flow Is Major Concern For 2021

Crédito y Caución (Atradius) | Most businesses in Spain predict the greatest threats to business profitability in 2021 to include maintaining adequate cash flow, the effective collection of outstanding invoices and the containment of costs (reported by 43%,43% and 40% respectively). Despite the uncertainties of the pandemic more businesses expressed optimism than pessimism about the outlook for their customers’ credit worthiness in 2021.