Bankinter : The unemployment rate has risen in the first quarter of 2023 to 13.26% from 12.87% previously and versus the 13.0% expected. The number of unemployed has risen to 3.13M (as opposed to 3.0M at the end of 2022). The activity rate remains fairly stable at 58.55% (versus 58.52% previously). Analysis: the labour market is deteriorating more than expected and continues to slow down from 12.48% in 2Q 2022;…
In January, a cash dividend of €0.35 gross per share was paid out. The same amount will be proposed to the Annual General Meeting for distribution in July. With these payments, Repsol will increase cash remuneration for its shareholders by 11% in 2023, in addition to a capital reduction of 50 million shares. During the quarter, Repsol invested €1.726 billion, mainly in Spain and the United States. The company expects…
The reform of fiscal rules proposed by the European Commission will prohibit public spending from growing above GDP in countries with more than 60% debt or 3% deficit, which will have to present consolidation plans four to seven years ahead. Europe already has the new rules of the budgetary game proposed by Brussels on the table. After years of suspending deficit and debt targets to allow EU partners to fight…
BancaMarch : In Spain, industrial prices have moved into negative territory. The base effect of energy prices, as oil and gas are now starting to be bought with the prices after the invasion of Ukraine, have facilitated this moderation in production costs. Specifically, the industrial producer price index recorded a fall of -1% year-on-year in March compared with growth of +8% in the previous month. These data point to a…
The European Parliament is urgently demanding information from the Spanish government and the European Commission. The long-awaited report of the European Parliament’s Committee on Budgetary Control, which visited Spain this past February to audit the use of EU funds in our country, is about to be published. The draft report details the main conclusions of this visit and describes the meetings held with the different agents and members of the…
The World Bank has sent a devastating letter to the Spanish government to demand payment of the awards that condemn our country to compensate the companies and investors affected by the retroactive withdrawal of the premiums granted to renewable energies. The ICSID, the World Bank’s international arbitration tribunal, reminded the PSOE and Podemos government that it cannot neglect its obligations and that it must compensate the companies that have suffered…
The recent AGM approved a final cash dividend against 2022 of 5.95 euro cents per share, payable from 2 May 2023, meaning the total cash dividend charged against 2022 is up 18% versus the previous year at 11.78 euro cents. The board has approved a new remuneration policy, increasing payout from 40% to 50% of attributable profit in 2023. While loan-loss provisions were up year-on-year, mainly due to the normalization…
As reported by Europa Press, Avangrid, the US subsidiary of Iberdrola (IBE), has won a court battle in the United States for a large power line that would transport renewable energy between Canada and the New England region (United States). A Maine jury has granted a reprieve for Avangrid’s proposed $1 billion (around €911.4 million) New England Clean Energy Connect (Nec) transmission line. The transmission line between Quebec (Canada) and…
The Professional Association of the Judiciary, the Francisco de Vitoria Judicial Association, the Independent Judicial Forum, the Association of Prosecutors and the Professional and Independent Association of Prosecutors have announced in a joint communiqué their intention to call an indefinite strike in the judicial and prosecutorial careers from 16 May. For the moment, the association Judges and Judges for Democracy and the Progressive Union of Prosecutors have not joined the…
CoM | Government debt according to the Excessive Deficit Protocol rose to €1.52 trillion in February, which represents a growth rate of 5.4% in year-on-year terms and an increase of 2% compared with the previous month, according to data released by the Bank of Spain. Specifically, public debt has added €30,208 million in one month and €78,436 million in the last year. The balance of government debt rose to €1.349…