Can you imagine taking out a loan to open a bank deposit? Well, that is what Spain is doing to fill the pension fund with 7 billion. Last year, the pension system needed to borrow 50 billion from the state to meet pension payments. This 50 billion shortfall is exactly 3.6% of GDP. And it is exactly the figure for the Spanish public deficit in 2023. But that is no…
Banc Sabadell: According to the press, IATA is claiming in the Supreme Court that the Covid expenses be subtracted from the basis for calculating fares and that the increase approved this year (4%) by the Council of Ministers be annulled. The amount would be €1,000 million for the period 2023-2025 (6% capitalisation of Aena), given that the airlines estimate that fares should be 12% lower than they are now. Aena…
Bankinter | Acerinox (ACX) resumes activity in Europe. The agreement for the new agreement allows the resumption of activity at the Algeciras Plant, after 137 days of strike. Analysis: The agreement ends the strike that has continued for the last four months, during the negotiation of the Collective Bargaining Agreement. Stainless Steel losses in Europe amounted to €31 million in EBITDA in 1Q2024. The Group obtained an EBITDA of €111…
CdM | The debt of Spanish public enterprises that do not form part of the general government sector and are therefore not included in the EDP debt stood at 2.8% of GDP at the end of 2023, the same level as the previous year, according to data from the Bank of Spain. In nominal terms, the variation represented an increase of €3 billion, to €40,657.2 million, and was mainly concentrated…
According to data from the National Statistics Institute (INE), turnover in the industrial sector grew by 0.5% in the month of April compared to March, in seasonally and calendar-adjusted figures. By economic destination of the goods, sales of Non-durable consumer goods rose by 3.3%, those of Capital goods by 2.2% and those of Durable consumer goods by 1.2%. On the other hand, Energy sales fell by 0.6% and Intermediate goods…
Renta 4: The fall from the highs of 2022 has developed in five bearish waves, stopping at €100, leaving historical oversold readings, as well as significant bullish divergences, typical of a rebound of some importance. We would expect a recovery of at least 38% of the fall, which would coincide with the resistance zone formed by the December highs at €139, levels close to the analysts’ consensus targets. The support…
The National Court judge Manuel García Castellón has proposed to put BBVA and its former president Francisco González on trial for bribery crimes in degree of continuity, in addition to disclosure of secrets, for hiring the police commissioner José Manuel Villarejo to carry out various illegal assignments between 2004 and 2016. In an order of 268 pages, the head of the Central Court of Instruction Number 6 concludes the investigation…
Link Securities | CVC Capital Partners has joined Apax and Bain Capital as a candidate to buy Minsait, Indra’s technology subsidiary, which together could be worth up to €1.8 billion, as reported yesterday by ElConfidencial.com. Cinven has already shown its interest in acquiring the payment media division, a deal that could be worth between €600 and €700 million. According to these sources, these international private equity firms have already officially…
Bankinter: The capital gain amounts to approximately €250M. The proceeds of this transaction will be used to reduce debt. Grifols and Haier undertake not to transfer SRAAS shares for a period of 3 years. In relation to Grifols Diagnostic Solutions (GDS), in which SRAAS holds a 40% stake and Grifols a 60% stake, provided that Haier holds a 10% stake in SRAAS in 2024-2028, Grifols has committed to (i) achieve…
Spain has managed to avoid the EU’s excessive deficit procedure by committing to reduce the deficit to 3% this year (compared to a 3.6% public deficit in 2023) but has not been able to avoid the European Commission’s demands for a long list of actions, some of which have already been committed, because “deficit and debt levels remain high, requiring further measures to consolidate the fiscal position and correct risks…