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Spanish economy

Current EU major challenges-Brexit and Italy budget- move but still remain stranded

Spanish economy 7th October 2020

The Spanish Budget For 2021: Priority, Indispensable, Inevitable

Although Spain’s budgetary credibility in Europe, built up over the past decades, is in tatters- none of the deficit or debt commitments of recent years have been met- the country needs a budget which can be presented in Brussels, in order to obtain the green light for European financial flows. These are essential. Therefore, Pedro Sánchez’ s government aspires to obtain a minimum political agreement for the approval of the 2021 Budget, without which it could not survive.

The sale of Telefonica's share in 02 is unblocked

Ibex, Markets, Spanish economy 6th October 2020

O2 (Telefónica) And Liberty Global Plan To Invest €11 Bn In Upgrading UK Networks

In an opinion article published this Monday in The Times, the main executives of both groups, José María Álvarez-Pallete, president of Telefónica, and Mike Fries, executive director and vice-president of Liberty Global, flag that problems on the regulatory front, as well in the approval of infrastructure plans, means that the UK has fallen behind other countries like Spain, France, Portugal, San Marino or Madagascar in terms of coverage and broadband speed.

Unicaja Liberbank

Ibex, Markets, Spanish economy 6th October 2020

Liberbank And Unicaja Resume Merger Talks To Create 5th Largest Spanish Bank By Assets

In February, Liberbank and Unicaja concluded possible merger contacts after failing to reach an agreement about the likely distribution of the shares of the new entity, but now the integration of both banks would give rise to the fifth lender in Spain in terms of asset volume, with €98.6 Bn (€56.7 Bn Unicaja and 41.95 Bn Liberbank). Net profit would reach €102 M in H1’20 (€61 M UNI and €41 M LBK). The new bank would have a network of 1,607 branches (1,028 UNI and 579 LBK) and 9,942 employees (6,274 UNI and 3,668 respectively). 

Ibex 35

I.R. Spain, Spanish economy 5th October 2020

Remuneration, Independence Of Directors, Capital Increases And Dividends Of The IBEX 35, Under The Magnifying Glass Of Proxies In Spain

Fernando Rodriguez | ECGS and Georgeson’s reports on recommendations given to investors at the 2020 shareholders’ meetings point to the main weaknesses in governance. “The aspects of the information distributed at the IBEX 35 shareholders’ meetings that received the most negative voting recommendations from us are similar to those from other companies in Europe,” summarises Juan Prieto, CEO of Corporance, the proxy advisor that belongs to the European ECGS network. So far this year, Corporance has made recommendations to investors at 36 shareholders’ meetings, in total, 614 concrete proposals on different items on the agenda, 18 for each annual shareholders’ meeting.

ACS Vinci

Ibex, Markets, Spanish economy 5th October 2020

ACS Negotiates With Vinci The Sale Of Its Industrial Subsidiary Cobra For €5.2 Bn

ACS is in talks with French infrastructure group Vinci over the sale of its industrial division, Cobra, valued at approximately 5.2 billion euros. Vinci’s offer is purely indicative and non-binding. Of the total 5.2 billion euros, a minimum of 2.8 billion would be paid in cash. The rest of the amount could be paid in cash or in Vinci shares. If this was the case, then ACS would hold a 5.86% stake in the French firm. This would make it the second largest shareholder after the employees (8.2%).

Spain FMI

Spanish economy 5th October 2020

Spain Needs A “Clear Governance Structure” To Oversee The Use Of European Funds, Says IMF

According to the annual review of the Spanish economy, known as ‘Article IV’, the IMF believes the impact of the European funds will increase the GDP growth forecast for 2021 to 7.2%. This compares with the previous estimate of 6.3% made in June. The final forecasts will be made known in October, when the institution will publish its biannual ‘World Economic Outlook’.

employment office

Spanish economy 2nd October 2020

Spain’s Jobless People Cut By 26,329 In September, Record Drop Since 1996; Rate Doubles The Eurozone’s

The labor market in Spain added 84,013 affiliates in September, the largest increase for this month in the series, while the jobless people fell by 26,329, also an historic high for the ninth month of the year, reported the Ministry of Labor today. With this figures the total number of unemployed reached 3,776,485 by the end of September. Even so, Spain leads European unemployment in August, with a rate of 16.2%, which is double than that of the Eurozone (8.1%), according to data published yesterday by Eurostat.

Elecnor basura espacial

Spanish economy 2nd October 2020

Elecnor Will Provide The Control System For Europe’s First Mission To Clean Up Space Debris

Elecnor, through its Portuguese aerospace subsidiary Deimos Engenharia, has been selected to develop the guidance, navigation and control systems for the Clearspace-1 mission. This is the first European mission aimed at cleaning up the garbage in space. The framework for this project is the European Space Agency’s (ESA) Adrios programme, the first European space debris removal mission, scheduled for launch in 2025.

Madrid coronavirus spread

Spanish economy 2nd October 2020

Spanish Government Imposes Mobility Restrictions And New Criteria To Halt The Coronavirus Spread In Madrid

Spain’s government will restrict movement in major cities facing severe outbreaks of Covid-19 from Friday night, thus avoiding the total lockdown model the whole country experienced in March. The measures will apply to cities with over 100,000 inhabitants, where there is an infection rate greater than 500 per 100,000 people over the next two weeks. All regional leaders debated on Wednesday and a majority agreement was reached in the end, although Madrid, Galicia, Andalucia and Catalonia voted against it.