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Spanish economy

Spain manufacturing sector

Spanish economy 27th June 2023

Car production in Spain up 20% in first five months of 2023 and passes one-million-vehicle mark

Intermoney| According to data published by Anfac, vehicle production in Spain continues on its clear path of recovery and in the first five months of the year increased by 19.9% to reach 1.08 million cars. In May, growth was up 35.9%, with 249,906 vehicles produced. Of the vehicles manufactured up to May, 90.8% were exported to other countries (up 3.7pp vs. 2022 levels), while in May the percentage of vehicles…

aena1

Spanish economy 27th June 2023

Aena could be negotiating with banks to refinance two credit lines of €1,450 M

Link Securities | Aena (AENA) is in negotiations with banks to refinance two credit lines for an aggregate amount of €1,450 million, with the possibility of extending the principal of the same to around €2,000 million, as reported on Monday by the newspaper Expansión, according to various market sources. The refinancing follows the appointment of Ignacio Castejón as Aena’s new chief financial officer last November. According to the sources consulted,…

labour market

Spanish economy 27th June 2023

Labour costs up 8.9% in 1Q23 according to Banco de España

According to the advance data on the evolution of the main magnitudes of the behaviour of the domestic business fabric provided every three months by the Bank of Spain through what it calls the Central Balance Sheet Data Office, the average remuneration of workers in Spanish companies increased by 5.9% in the first quarter of the year, above the average inflation for the period and well above the 2.8% average…

iberdrola offshore

Spanish economy 26th June 2023

Iberdrola signs alliance with Crédit Agricole to grow offshore wind in France

Bankinter : The electricity company is finalising an agreement with Crédit Agricole to incorporate it as a partner in the development of offshore wind projects in France. The two groups will jointly participate in the tenders that the French government will hold in the coming weeks to award hundreds of megawatts of offshore wind power. One will award 250MW in Brittany and the other 500MW in the Mediterranean. Assessment: Good…

CO2

Spanish economy 26th June 2023

Spain CO2 emissions up 5.7% in 2022

Beyond the constant propaganda, greenwashing… the post-Covid economic reopening and growth (by 5.5%) led to an increase in emissions (also up 5.7%) according to the Sustainability Observatory. Spanish carbon market emissions in 2022 grew by 9%, accounting for 34.1% of the country’s total emissions (which grew by an estimated 5.7%). In Europe, by contrast, emissions in the market in 2022 decreased by 7%.(In 2021, something similar happened: Europe decreased market…

Cellnex

Spanish economy 25th June 2023

Benetton family now Cellnex group’s largest shareholder again after increasing stake to 9.903%

The Benetton family, through its holding company Edizione, has announced that it has increased its stake in the Spanish telecommunications tower company Cellnex (CLNX) from 8.205% to 9.903%, according to Expansión newspaper. In this way, the Italian family, which was the reference shareholder of CLNX a few years ago, once again becomes the largest shareholder of the group, overtaking the activist fund TCI, which had raised its stake in recent…

olive oil

Spanish economy 25th June 2023

Portugal’s Sovena and Ybarra’s manufacturer interested in bidding for Deoleo

Link Securities | The Portuguese company Sovena and the Andalusian company Migasa, which markets brands such as Ybarra and Musa, are considering participating in the operation and submitting indicative proposals for the Spanish company. The cooperative Dcoop, Acesur and Borges have also already shown interest and are the main rivals, according to sources close to the competitive process for the sale of Deoleo, as confirmed to the digital newspaper elEconomista.es….

grifols

Spanish economy 24th June 2023

Grifols to improve its rating for a better refinancing, as it has a debt maturity of €2,000m in 2025

Singular Bank: The manufacturer of plasma-derived medicines has informed the CNMV that it plans to sell a package of shares in its Chinese subsidiary Shanghai Raas, in which it is its main shareholder, where it will obtain some $1,500 million. As Grifols had already indicated, an asset sale was necessary to achieve its goal of reducing net financial debt to four times EBITDA by the end of 2024, from the…

aena duty free

Spanish economy 24th June 2023

Aena awaits bids for duty-frees at Barajas and El Prat; contracts representing +40% of minimum revenue in Spain

Intermoney| Aena expects to receive during the final days of June new bids for the operation of the duty free shops in Madrid Barajas and Barcelona El Prat airports, according to Cinco Días newspaper. This is a repetition of the process that was abandoned months ago, when duty free shops throughout Spain were put out to tender, and several lots were awarded, but not those located in the airports of…

Mortgage law Spain

Spanish economy 23rd June 2023

Spanish mortgages (-18% year-on-year in April) are at 3%, for 24 years and for €137,000

Marta Pérez Amigot, Economic and Financial Analysis Unit of Ibercaja| The Bank of Spain published a report last week in which it warned of a stranglehold between supply and demand in the housing market, which means that property prices are resisting a fall despite the decline in activity. Two main ideas may be drawn from it: 1) After the initial impact of the pandemic, the demand for home ownership has…