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Spanish economy

Banco Santander

Spanish economy 31st January 2024

Santander reports attributable profit of €11,076 million for 2023, up 15%

Santander achieved an attributable profit of €11,076 million in 2023, up 15% in current euros versus 2022, as strong growth in revenues, particularly in Europe, growth in customers and good cost control more than offset the expected year-on-year growth in provisions. In the fourth quarter, attributable profit increased 42% (+28% in current euros) versus the fourth quarter of 2022 to €2,933 million. Santander increased profitability and shareholder value, with a…

inflationCM copia

Spanish economy 30th January 2024

Spain: CPI rises to 3.4% in January, core inflation down to 3.6%

The CPI rises 3 tenths of a percentage point in January to 3.4%, according to the data released by the INE, due to the rise in electricity prices and despite the drop in petrol prices. Thus, inflation is once again rising after two consecutive months of falls and is at its highest level since last October, when it reached 3.5%. For its part, core inflation moderated by two tenths of…

Eurozone banks deposit facility rate.

Spanish economy 30th January 2024

Spain: Corporate and household lending continue to fall, down 3.6% and 2%

In line with the +0.1% year-on-year rise in M3 in December (its first increase since June 2023), lending to the private sector increased +0.5% year-on-year vs +0.4% in November, mainly thanks to a rebound in corporate lending (+0.4% vs 0% in November). The ECB released Eurozone private sector lending data on Friday, with an increase of €2.6mm in December (+0.5% year-on-year) thanks to a rebound in corporate lending (+0.4% vs…

ElectricityTC

Spanish economy 30th January 2024

Repsol, Endesa, Iberdrola and other energy companies negotiate with government to redesign tax on profits

Norbolsa| Spanish energy companies are negotiating with the government to redesign the tax on their profits. In this regard, among the companies, Repsol (REP), Cepsa, Endesa (ENE), Iberdrola (IBE) and Naturgy (NTGY) stand out; all of which are trying to find a solution as soon as possible to the windfall tax that was created two years ago against large companies. For the time being, the tax is still in force…

acerinox industria acero

Spanish economy 29th January 2024

Acerinox pays interim dividend of €0.31 in cash for 2023

Alphavalue / Divacons| The stainless steel company will pay this Friday an interim dividend for the financial year 2023, payable in cash, in the amount of €0.31/share to each of the existing and outstanding shareholders of the company entitled to receive it, as approved by its Board of Directors last December 20th. In accordance with the dividend policy of the company specialising in the manufacture of stainless steel and high-performance…

unemployment office

Spanish economy 29th January 2024

Unemployment falls by 24,600 and employment by 19,000 in 4Q23

The National Statistics Institute (INE) published on Friday that according to the Labour Force Survey (Encuesta de Población Activa, EPA), the number of unemployed people decreased in 4Q2023 by 24,600 people compared to 3Q2023, to 2.831 million unemployed, while the number of employed people decreased by 19,000, to 21.247 million. Thus, Spain’s unemployment rate fell to 11.76% from 11.84% in 3Q2023, bringing the rate below the 11.9% expected by FactSet’s…

industrial production worker

Spanish economy 26th January 2024

Inflationary pressure eases: Spain’s producer prices fall 0.3% in December

BancaMarch: In Spain, industrial producer prices fell again in December. Specifically, they registered a fall of -0.3% month-on-month, which brings the drop compared to the same period last year to 6.3% from the previous 7.6%. Data that continue to show lower inflationary pressures, derived from lower energy prices compared with the high levels recorded in 2022.

Spanish mortgages market

Spanish economy 26th January 2024

Mortgages continue to fall: down 19% year-on-year in November

According to data published yesterday by the National Statistics Institute (INE), the number of mortgages taken out on dwellings fell by 19.1% in November in year-on-year terms (-22.3% in October), making a string of 10 months of year-on-year falls. The INE also reported that the average amount of mortgages on dwellings fell by 0.5% year-on-year in November, to €145,894. At the same time, the capital loaned decreased by 19.5%, to…

Posted workers OK

Spanish economy 25th January 2024

Absenteeism rate rises to 6% in 3Q23: 1.27 million employees miss work every day, according to Randstad

More than 1.27 million employees are absent from work every day. The level of absenteeism thus stands at 6% of the agreed hours, which represents four tenths more than a year earlier, according to the ‘Report on absenteeism in the third quarter of 2023’, published on Wednesday by Randstad. According to the report – based on the Quarterly Survey of Labour Costs of the National Institute of Statistics – absenteeism…

Applus

Spanish economy 24th January 2024

Apollo acquires 21.85% of Applus+ and raises takeover bid price to €10. 65/share

Link Securities| In relation to the application for authorisation of the voluntary takeover bid launched by Manzana Spain Bidco, S.L. U (Offeror) on all the shares of Applus (APPS), filed, published and which was authorised by the National Securities Market Commission (CNMV) on 17 January 2024, the Offeror informs that on 23 January 2024, by virtue of four sale and purchase agreements entered into with holders of Applus shares and…