Juan Pedro Marín Arrese | The European plan is still sleeping the sleep of the just. The first consignments are expected after the summer if there are no setbacks and delays. A common occurrence, judging by experience. This delay contrasts with the huge injections of spending on the other side of the Atlantic. Jerome Powell’s tussle with the markets illustrates the extent to which activity has regained its pulse. Once…
The number of new companies registered its highest year-on-year increase in March since 1995, when the historical series began, with growth of 61.8%, to a total of 10,968 new firms. This is the highest figure in almost 13 years, according to data released by the National Statistics Institute (INE). With this year-on-year increase in March, the number of new companies created has now been positive for two consecutive months, after having risen by 3.1% in February.
According to the Governor of the Bank of Spain, Pablo Hernández de Cos, NGEU funds may be used to facilitate the approval of structural reforms The setting up of a capitalisation fund for each employee to finance part of their severance pay in the event of dismissal is an example of a reform that is desirable for the economy as a whole, but costly for certain agents in the short run.
Telefonica presented today its results for the first quarter of the year: revenues fell by -9% to 10.34 billion, as did EBITDA, which fell to 3.417 billion (-9.1%), which did not prevent it from doubling net profit, which rose 116% to 886 million (FacSet analysts’ consensus expected 500 million in profit), representing a margin of 8.6% vs. the 3.6% margin in the first quarter of last year.
Miguel Cardoso (BBVA Research) | The financial burden is currently approximately 2% of GDP. This means that, with a debt level of 120% of GDP, the government is paying an implied interest rate of 1.7%: a historic low. If the aim is to stabilize public debt at near-current levels, and assuming that both the primary structural deficit and economic growth remain constant, the interest rate would need to remain at approximately 1%. Although this is the current situation, it is temporary.
ACS has been won, in consortium with the British company Mace, a contract valued at €660 M for the construction of a new high-speed train station in Birmingham (United Kingdom), which will not produce any polluting emissions once it comes into operation. Ferrovial is also present in HS2 after it took a 15% stake in the consortium led by France’s Eiffage in April last year, which has been awarded the construction of one of the sections of the line, a contract worth around €2.6 Bn.
T.C. | In Spain, 2,086 companies declared insolvency between January and April this year, an increase of 71% compared to 1,217 a year earlier, according to data published in the Official State Gazette and analysed by Iberinform. The strongest growth was in April, when 552 insolvencies were declared, compared to 41 in April last year, when the legal moratorium and confinement began, exempting administrators from filing for insolvency proceedings. The…
T.C. | Labour Minister Yolanda Díaz, whom Pablo Iglesias has designated as his successor in the (third) vice-presidency of the Government, yesterday presented the plans for the labour reform she intends to push through before year-end. With or without the agreement of the so-called “social partners”, i.e. trade unions and employers. “The labour changes will be published in the BOE before the end of 2021. Prime Minister Pedro Sánchez and…
Fernando González Urbaneja | The first reaction of the socialists after the Madrid elections was to distance themselves, almost indifferent, with the argument that Madrid is not Spain. That was the end of it. But it did not hold water. Third in Galicia, opposition in Catalonia, minority in the Basque Country, opposition in Andalusia… and third in Madrid. So much for a governing party. And too much to sustain the…
The Spanish transactional market recorded 738 operations in the first four months of the year, 3.8% more than in the same period of the previous year, with an aggregate value of 40,706 million euros, up 190%, according to a report by TTR.he real estate sector was the most active of the year, with 151 transactions, followed by the technology sector, with 145.