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In Spain, Spanish economy 13th June 2023

Housing sales fall by 8% in April for third consecutive month, 43,311 transactions

According to the National Statistics Institute (INE), the sale of used housing fell by 9.0% in April at a year-on-year rate, to 35,057 transactions, in what was the biggest drop in this year-on-year rate in a month since January 2021. Meanwhile, new home sales and purchases fell by 4.2% in the month analysed, to 8,354 transactions. This variable has fallen in seven of the last eight months. Overall, housing sales…

Spanish economy 12th June 2023

Inditex to propose long-term cash and share incentive plan targeting up to 750 executives

Alphavalue / Divacons | As was seen on Friday in the domestic press, the shareholders’ meeting of the Galician textile company on July 11th is expected to approve a long-term incentive plan in cash and shares for members of the management team, including executive directors, and other employees of the group who are invited to participate in the plan, up to a maximum of 750 beneficiaries. Specifically, the plan consists…

In Spain, Spanish economy 12th June 2023

DBRS maintains Spain’s credit rating at ‘A’ with stable outlook

Bankinter : DBRS maintains Spain’s credit rating at ‘A’ with a stable outlook. They consider the risks to the rating to be balanced. They expect that in the next legislature there will be continuity in the recovery plan and in the committed fiscal path. Despite this, they continue to point out that there are structural challenges. The analysis team’s opinion: the agency kept its rating unchanged, in line with expectations…

Spanish companies' cost of financing at minimum lows

In Spain, Spanish economy, Spanish Politics 12th June 2023

Companies with over 250 workers must now set up internal complaints channel

Tomorrow, Tuesday 13 June, three months after the entry into force of the law, all companies with more than 250 workers must have an internal information system in place in their organisation, through which reports of regulatory infringements can be made. This reporting channel must also have a system to protect whistleblowers. The aim is to ensure that whistleblowers are completely anonymous and cannot be retaliated against. Companies with 50…

Spanish economy 12th June 2023

FCC allegedly paid kickbacks worth $178M to Panamanian government between 2010 and 2014

Banco Sabadell : According to the press, a report by the UCO (Guardia Civil) concludes that FCC allegedly paid illegal commissions between 2010 and 2014 amounting to 178 million dollars (126 million euros at the time) to senior officials of the Panamanian government to secure more than a dozen public contracts. Assessment: Pending the outcome of the process, which in our opinion could result in a financial fine rather than…

Spanish economy 11th June 2023

Iberdrola to build first green ammonia plant in Southern Europe, with €750-million investment

CdM| Iberdrola will build the first green ammonia plant in southern Europe, which will be viable thanks to European funds and will involve an investment of 750 million euros, the company has announced, but has not yet detailed in which country it will be located. The operation is part of the framework agreement signed by the energy company with Trammo, the world’s largest maritime trader and distributor of anhydrous ammonia,…

In Spain, Spanish economy 9th June 2023

Euro area GDP enters technical recession after 0.1% drop in 1Q23, first time since beginning of pandemic

CdM| The Gross Domestic Product (GDP) of the euro area recorded a contraction of -0.1% in the first quarter of 2023, marking the entry into technical recession of the region’s economy, following the fall in activity also of -0.1% in the fourth quarter of 2023, according to the latest revision of the figure published by Eurostat. In this way, the community statistics office has revised its previous estimate, published in…

Spanish economy 8th June 2023

Home purchases fall by 20.7% in April (to 49,639 units), average mortgage at €142,000

The number of home sales and purchases fell by 20.7% year-on-year last April, to 49,639 operations, according to notaries. Meanwhile, the average price per square metre stood at €1,622, 0.9% more than in April 2022, according to data from the General Council of Notaries published on Wednesday. By housing type, sales of flats fell 20.2% year-on-year to 38,269 units, with prices down 0.2% – to €1,787 per square metre –…

Spanish economy 8th June 2023

OECD raises economic forecasts for Spain: 2.1% in 2023, 1.9% in 2024

BancaMarch: The Paris-based organisation expects Spain to grow by 2.1% in 2023, improving its forecast for the country by up to four tenths of a percentage point compared to the previous report and in line with the government’s expectations. Looking ahead to 2024, the OECD also raises its forecasts, from 1.7% to 1.9%, although here it is below the executive’s forecast (+2.4%). With these forecasts, Spain will be the large…

Spanish economy 7th June 2023

Inditex quarterly profit up 54% to record €1.168 billion

Inditex’s (ITX) net profit rose 54% in its first fiscal quarter (1 February 2023 to 30 April 2023), to €1.168 billion. Sales grew by 13% in the first fiscal quarter, to €7,611 million, with a performance that has been described as “very satisfactory” both in shops and online. They also stressed that sales were positive in all geographic areas and in all formats. Sales at constant exchange rates were up…

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