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Spanish economy 4th September 2024

Grifols cancels Investor Day due to negotiations with Brookfield to launch delisting takeover bid

Bankinter | The company has announced that it will not hold its Investor Day. The date was scheduled for 10 October. The reason given is the negotiations with the Brookfield fund to launch a delisting takeover bid for the company’s shares. Analysis team’s opinion: This is news that in another situation would be negative. In the current situation the impact is minor, the only important thing now is whether the…

Spanish economy 4th September 2024

Almost half of all Spanish stock exchange shares (49%) in foreign hands

Non-financial companies, banks and the public sector increased their share ownership in the Spanish stock market at the end of 2023, with international investors continuing to control nearly half of its capitalization. This is reflected in the Report on the Ownership of Listed Spanish Shares published today by BME’s Research Department. As the report points out, public sector participation in the stock market reached its highest level (16.6%) in 1992,…

Spanish economy 3rd September 2024

Spanish surplus moderates in June to €5.02bn, down from €5.56bn in May

Singular Bank | According to the Bank of Spain, Spain’s current account balance showed a slight decline during the month of June, moderating its surplus to €5.02 billion, down from €5.56 billion in May. The current account balance in the first six months of the year recorded a surplus of €25.4 billion, an increase of 33% compared with the same period in 2023, according to data published by the Bank…

Spanish economy 3rd September 2024

August sees 194,000 jobs disappear, and a generalized rise in unemployment

The first “end of the summer”, the end of August, leaves in unemployment the effects of an economy that continues to rely on tourism as its main source of growth. Thus, unemployment rose by 21,884, in almost all communities, led by the Basque Country and the Mediterranean area. This is an advance in an upward curve that tends to be more so in September, when visitors say goodbye definitively. Moreover,…

Spanish economy 3rd September 2024

Record tourism figures for Spain: 53.4 million visitors (+12%) spending €71.1 billion (+20%)

The number of international tourists arriving in Spain reached its highest figure in the first seven months of 2024, touching 53.4 million, an increase of 12% over the previous year, according to data from the National Statistics Institute (INE), which points out that spending by these tourists has increased by almost 20% up to July, reaching 71.1 billion euros. For the Minister of Industry and Tourism, Jordi Hereu, “the significant…

Spanish economy 2nd September 2024

Bank of Spain gives approval to BBVA’s takeover bid for Sabadell, which BBVA accuses in SEC of “hindering” operation

The Bank of Spain has informed the ECB of its approval of BBVA’s takeover bid for Sabadell in a document characterized as a “non-opposition” opinion, which indicates that financial stability would be safeguarded. Although it is non-binding, i.e. it does not oblige the ECB to follow the recommendation, the ECB tends to align itself with the views of national authorities. The report in question was drawn up by the internal…

Spanish economy 30th August 2024

Ferrovial leads consortium building T1 at New York’s JFK airport, USA’s largest public-private project

Alphavalue / Divacons | The company headed by Rafael del Pino is leading the consortium building T1 at New York’s JFK airport, according to Expansión newspaper. This is the most important project currently under way in the US city. The investment amounts to $10,000 million (about €9,200 million), including a historic green bond issue of 2,550 million. It is also the largest public-private project in the United States. Ferrovial took…

Spanish economy 29th August 2024

Sacyr agrees financing with CBP consortium for construction of bridge over Calcasieu River in Louisiana

Alphavalue / Divacons | The Spanish construction company rose +0.56% yesterday after announcing that the Calcasieu Bridge Partners (CBP) consortium had reached financial closure for the bridge over the Calcasieu River. This is the design, construction, operation and maintenance for 50 years of the bridge over the Calcasieu River, part of the Interstate Highway (I-10), located in Louisiana (USA). According to the company itself, the financing includes a $1,333 million…

Spanish economy 28th August 2024

Pension spending reaches a record €12,828 million in August, up 6.5%

The ordinary monthly payroll for pensions exceeded €12,000 million for the first time in July 2023 and this month marks a new record again after the increase in contributory pensions by 3.8% for 2024. Of the €12,828 million spent in August on the ordinary payroll of contributory pensions, three quarters (73.1%) went to the payment of retirement pensions, which totalled €9,378.6 million, 6.8% more than in August last year. At…

In Spain, Spanish economy, Spanish Politics 21st August 2024

Spain’s general government debt soars by €24.769 billion to new all-time high in June

Link Securities | The Bank of Spain (BdE) published on Monday that the debt of the Public Administrations as a whole increased by 1.5% in June compared to May, an increase equivalent to €24,769 million, to €1.624 billion, which is a new all-time record. According to the BdE, using nominal GDP for the last four quarters, the debt-to-GDP ratio stood at 108.2% at the end of 1H2024. According to the…

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