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Spanish economy

Banco Santander office

Spanish economy 28th July 2022

Santander Reports Underlying Attributable Profit Of €4,894 Million, Up 16% For The First Half Of 2022

Banco Santander achieved an underlying profit of €4,894 million in the first half of 2022, up 16% in current euros versus the first half of 2021. Attributable profit, which was impacted by restructuring charges of €530 million in the same period of 2021, was up 33% in current euros. In the second quarter alone, attributable profit was €2,351 million, up 14% in current euros and 2% in constant euros. Underlying…

Telefónica

Spanish economy 26th July 2022

Telefónica Sells 45% Of Its Rural Fibre To Natixis And Crédit Agricole For More Than 1 Billion Euros

Vauban and Predica, which submitted their binding offer for the asset on Tuesday 19 July, had made the best proposal and had been negotiating since Thursday to iron out the details of the deal. The price of 1,021 million euros paid by the buyers for 45% of the capital values 100% of the company at US$2,561 million, which Telefónica says is “an implied multiple of 27.1 times the company’s pro…

Calviño raises fiscal deficit targets

Spanish economy 22nd July 2022

The Government Will Explain Today The New Tax On The Banking Sector

The Government plans to hold a meeting this Friday with representatives of the banking sector in which it will address, among other issues, the new temporary tax on the sector announced by the President of the Government, Pedro Sánchez, which will last for two years and will seek to raise a total of 3,000 million. Although the meeting does not revolve around this extraordinary tax, the details of which are…

Teresa Ribera

Spanish economy 21st July 2022

The Spanish Government Refuses To Reduce Gas Consumption By 15%, As Demanded By Brussels

Teresa Ribera, Minister for Ecological Transition, has lashed out harshly against the Brussels plan to force EU countries to reduce gas consumption by 15% during the autumn and winter months. According to Ribera, this plan is “neither the most effective, nor the most efficient, nor the fairest”. “We have strategic reserves. We have done our homework. We have achieved a very solid position” in terms of security of supply, said…

housing overvalued

Spanish economy 21st July 2022

Spain Breaks Historic Record For Real Estate Investment, With 9.87 Billion Euros In The First Half Of The Year

Real estate investment in the first six months of the year in Spain amounted to 9,870 million euros, 80% more than in the same period last year, and the first half closed with the best data since historical records started, according to CBRE data collected by Europa Press. The retail sector (shops) led investment in this period, with a total volume traded in excess of 2,900 million euros, 8 times higher…

spain foreign policy

Spanish economy 20th July 2022

Moody’s Maintains Spain’s Credit Rating (Baa1) With Stable Outlook

Bankinter | The agency points to the resilience of the economy and public support in the pandemic. In the short term, it warns that the risk of “rising inflationary pressures and economic slowdown” prevail in an environment of high uncertainty. Moody’s projections for the Spanish economy are GDP +3.5% in 2022e, +1.6% in 2023e and +2% in 2024e. Average inflation of 8% in 2022e, +3.4% in 2023e and 2% in…

nadia calviño 2

Spanish economy 19th July 2022

Economía Asks The Autonomous Communities For Plans To Invest The Extra 22 Billion From The Recovery Plan

Spain is finally eligible to receive just over 161.5 billion euros from the European Recovery Mechanism for the Covid crisis, some 22 billion more than the 140 billion initially planned from the sum of transfers and loans from the Next Generation EU fund. The increase comes about because the country’s poor economic performance means adding 7.724 billion in direct aid to the 69.510 billion originally allocated and because the distribution…

Josep Sanchez Llibre

Spanish economy 19th July 2022

Foment, The Catalan Employers’ Association, Accuses The Government Of Being “South American Populist”

The president of Foment has raised the tone against the Government during his investiture speech with respect to the already critical statements after last week’s state of the nation debate. The employers’ leader considers that Pedro Sánchez is feeding a discourse against companies, of “hidden powers, “cigar lords” and “media conspiracies” that places them as “the bad guys in the film”, thus drawing the dichotomy between “the powerful” and the…

Iberdrola Tamega

Spanish economy 18th July 2022

Iberdrola Inaugurates Europe’s Largest Hydroelectric Giga Battery In Tamega (Portugal)

The Prime Minister of Portugal, António Costa, accompanied by the Chairman of Iberdrola, Ignacio Sánchez Galán, inaugurated on Monday the Tamega hydroelectric giga battery (Portugal), the largest project of its kind in Europe, with an investment of more than 1,500 million euros. The Alto Tamega hydroelectric complex is made up of three dams and, thanks to its reservoirs and, thanks to its reversible pumping capacity, it is capable of storing…

spain savings rate

Spanish economy 15th July 2022

Brussels Warning: Spain Will Have Inflation Of 8.1% In 2022 And Will Grow Less In 2023

The European Commission has not corrected its forecasts with respect to May: growth remains at 4%, close to the Government’s April forecast of 4.3%. The blow comes in 2023, with one of the biggest downward revisions in Europe, of 1.3 percentage points: growth of 2.1%, after the Commission itself estimated months ago that it would be 3.4%. For this period, the government had estimated 3.5% growth three months ago. The…