El Corte Inglés, the large Spanish department store chain, achieved its best ordinary results since 2009, thanks to the strength of retail and Travel & Insurance, which recorded the best year in its history. The company reached €16,333 million in revenues at the end of its financial year (29 February), 5.4% more than the previous year, and reduced financial debt to its lowest level in 16 years, at €2,059 million,…
CdM | Company creation in April recorded its highest figure for this month since 2007, increasing by 36.3% compared to April last year, according to data from the National Statistics Institute (INE). In total, 11,752 companies were created. The capital subscribed for their incorporation registered an annual increase of 72.1% and the average capital subscribed (€41,100) increased by 26.3%. The activity with the highest subscribed capital of mercantile companies created…
CriteriaCaixa, the industrial holding company of La Caixa Foundation, has announced that it has broken off negotiations with TAQA to launch a public takeover bid (PTB) for Naturgy that would satisfy the participation of the CVC and GIP funds. It thus puts an end to more than a month of negotiations with the Abu Dhabi energy and water operator, which apparently intended to take 51% of the joint vehicle, which…
“Europe is lagging behind the rest of the major economies and Spain has not been able to achieve sustained convergence in per capita income with the rest of our European partners for more than a decade,” said Pablo Hernández de Cos, governor of the Bank of Spain, who left office yesterday after six years at the helm of the Spanish central bank. The Spanish banker called for “ambition and great…
Intermoney | The company (Buy, PO €16) has acquired the waste treatment company Gel Recycling, located in Florida. The Spanish group has not provided figures for the transaction on a company with a turnover of just under €20 million, according to Expansión newspaper. Gel Recycling’s facilities are located in Orange City, Daytona Beach, DeLand and Jacksonville. The company has multiple contracts in Florida that, according to FCC, “represent numerous opportunities…
Alphavalue/DIVACONS | Iberia is finalising the Air Europa route divestment package it will submit to Brussels to resolve supply-side constraints and obtain EU regulatory approval for the purchase of Globalia’s airline. On the other hand, the Irish fund Helikon Investments has notified the National Securities Market Commission (CNMV) of its entry into the capital of the Spanish-British airline (>3%) through the acquisition of several swaps that place it as an…
The governor of the Bank of Spain, Pablo Hernández de Cos, will conclude his six-year term at the helm of the institution tomorrow, Tuesday 11 June, and the government has yet to take a firm decision on his replacement. The Minister of Economy. Carlos Cuerpo, has explained that there is still time to designate a successor to Hernández de Cos, whom he has recognised for his “excellent work” at the…
Link Securities | The chairman of Caixabank, José Ignacio Goirigolzarri, and the president of the Spanish Confederation of Business Organisations (CEOE), Antonio Garamendi, have renewed their agreement on Thursday to support the growth and modernisation of Spanish companies, as reported by the digital portal Bolsamania.com. Specifically, they have established a line of financing of up to €40 billion (14% more than last year) to provide an ‘effective response to the…
The International Monetary Fund, yesterday raised its growth forecast for the Spanish economy this year by half a point to 2.4%, although it also warned that inflation is reluctant to moderate and that sluggish investment and rigidities in the labour market could weigh down developments in the medium term. The Fund recalls that investment remains below 2019 levels, which is weighing on productivity growth per hour worked and could stifle…
Intermoney | In Spain, the labour market behaved very favourably as unemployment continued to fall, reaching a total of 2,607,850 people in May, the lowest figure for a month of May since 2008 and also the lowest figure since August of the same year in question. On a month-on-month basis there are 58,650 fewer people unemployed, i.e. a cut of 2.2%. And if we look at the year-on-year terms, unemployment…