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Reig Jofre

Spanish economy, Spanish Small & Mid Caps 17th December 2020

Spanish Pharma Reig Jofre To Large Scale Manufacture Johnson & Johnson’s Covid-19 Vaccine

Reig Jofre, company listed on the Spanish stock exchange and specialized in the manufacturing of sterile injectable products, has reached an agreement with Johnson & Johnson (Janssen), to execute the technology transfer to manufacture its investigational COVID-19 vaccine candidate. Reig Jofre is completing the construction of a new state-of-the-art factory in Barcelona, tripling its existing capacity and boosting effienciency, which will be opened in 1Q21. The investment reaches to 30 million euros.

New Spanish renewables auction

Spanish economy 17th December 2020

Spain’s Government To Transfer The Cost Of €7 Bn Renewables’ Aids From Consumers To Energy Firms

The Spanish government has agreed that the cost of subsidies for renewables from now on will be assumed by the energy firms, no matter if they are oil, electric or gas companies. This is instead of consumers assuming that cost through the electricity bill they pay every month. The total amount stands at 7 billion euros/year and it represents approximately 16% of the domestic power supply bill. The transfer would be done gradually over 5 years. The first year 20%, the second 40% and so on up to 100% in the fifth year.

housing market spain cities

Spanish economy 16th December 2020

Spain | A Surprise In Housing?

GDP contracted by 8.7% in the third quarter of 2020 compared to the same period in 2019, while housing sales increased by 4%. In Spain we are used to housing being the cause of recessions and being one of the last sectors to recover. The vigor of the upturn in purchases has therefore been a surprise.

PedroSanchezOCDE

Spanish economy 16th December 2020

Spain Is Promoting A Safe International Mobility Plan Against Covid-19 Within The OECD

Spain, which has held the rotating presidency of the Ministerial Meeting of the OECD Council during 2020, had raised the need for the organization to work on a reference framework for safe international mobility. As part of the celebration of the 60th anniversary of the Organization, Spanish PM Pedro Sanchez has presented an initiative for the development and coordination of a harmonised system in all countries to open borders safely for economic recovery after the crisis caused by the Covid-19 pandemic.

Amazon is also increasing minimum wages following the general tendency in the US

Ibex, Spanish economy 15th December 2020

Acciona And Naturgy Will Supply Energy To Amazon, The World’s Largest Buyer Of Renewable Energy

Amazon has announced 26 new wind and solar energy projects totaling 3.4 GW of electricity production capacity, bringing its total investment in renewable energy in 2020 to 35 projects and over 4 GW of capacity. This makes Amazon the world’s greatest corporate buyer of renewable energy. Amongst these new contracts were two with Spanish companies: Acciona and Naturgy. Acciona’s includes the supply of 641 MW of clean energy to the US multinational, while Naturgy’s means the construction of a wind farm in Australia provided with 97 MW.

ibex 35

I.R. Spain, Spanish economy 14th December 2020

IBEX 35 Expectant In View Of Coalescence Of Non-Financial Reporting Standards

Fernando Rodríguez | The announced merger between SASB and IIRC, two institutions which set non-financial reporting standards, is a step forward in the convergence towards a single standard. This process began at the end of 2019 when framework- and standard-setting institutions of international significance like SASB and IIRC together with GRI, CPD and CDSB joined efforts and signed: Statement of Intent to Work Together Towards Comprehensive Corporate Reporting.

Banco Santander office

Ibex, Spanish economy 14th December 2020

The Bank Of England Lifts Restrictions: Santander UK May Return To Paying A Dividend

According to the central bank, the lenders will be able to resume payments once their adequate capitalisation has been verified. The Bank of England urges prudence regarding the return of dividends and will maintain some requirements. These include not exceeding 25% of the profits of the last eight quarters, or 0.2% of their risk-weighted assets. Everything points to the ECB lifting its veto on dividends tomorrow.

housing market spain cities

Spanish economy 14th December 2020

Spain’s Housing Prices Surprised, Increasing Again In Q3, Sustained By New Housing

Bankia Estudios | Housing prices rebounded in 3Q20 (+1.1% quarter-on-quarter), after remaining practically stable in the previous quarter, so that they are 16% below the highs of 2007 and 35% above the lows of 2014.  The rebound was concentrated in new home prices: +4.7% quarter-on-quarter after the one-off fall in the previous quarter (-2.2%); while in year-on-year terms it rose to 7.5%, the highest rate since 1Q19. The prices of the new housing segment have grown by 50% accumulated from minimums and, after the growth of 3Q20, are around the previous maximums; while the prices of used properties are 25% lower.

TSB takeover by Sabadell

Ibex, Markets, Spanish economy 11th December 2020

Banco Sabadell Sounds Out Credit Agricole, BNP And Zurich For TSB Sale

After the failed talks on merger with BBVA, the Catalan lender has noted expressions of interest in its UK subsidiary TSB, due to to be sold in 2021 at a price of over 800 million euros. So the bank may be exploring possibilities with Credit Agricole, BNP Paribas or Zurich Insurance Group and other European firms to reach alliances. Market rumours point to the difficulty of transferring TSB at a reasonable price and also flag Banco Santander as one of the candidates to buy it.

Spain industrial production

Spanish economy 11th December 2020

Spain Industrial Production Moderates Its Fall In October And Is Almost Back To The Pre-Crisis Level

The General Index of Industrial Production (IPI) plunged 6.1% in October compared with a year earlier. This was an increase of more than five percentage points on September’s yearly decline (-0.6%) but seasonally adjusted it recorded a year-on-year fall of 1.6% in October, moderating the September decline by 1.5 points (-3.1%). In monthly terms, and within the adjusted series, the index rose by 0.6%, three tenths of a percentage point less than in September. This growth is well off the double-digit increases recorded in May, June and July.