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Spanish economy

cnmv

Markets, Spanish economy 24th January 2023

CNMV finalises Code of Best Practices for investors, managers, and advisors

F. Rodriguez | The National Securities Market Commission (CNMV in its Spanish initials) has convened for the end of this month the group of experts that has been advising it on the draft of the “Code of best practices for institutional investors, asset managers and proxy advisors in relation to their duties with respect to the assets allocated or the services provided,” whose public consultation period ended on 16 September…

ArcelorMittal

Spanish economy 23rd January 2023

ArcelorMittal achieves €450 million subsidy to decarbonise plants in Asturias

ArcelorMittal will receive direct aid of around €450 million for the transformation of its facilities in Asturias. The European Commission gave its authorization last Friday for the Spanish Government to grant the steel giant the subsidy, which is part of the Perte (Strategic Project for Economic Recovery and Transformation) of industrial decarbonisation, which the Government approved on December 27 and endowed with €3,100 million of public funds. The Council of…

Enagas headquarters

Companies, Spanish economy 23rd January 2023

Enagás plans roadshow to finance near €7,135 million cost of H2Med project, with Germany also joining

The country set to account for the lion’s share of Iberian exports of green hydrogen agreed yesterday, Sunday, with France, Spain and Portugal, to join the H2Med project, which will therefore reach Germany, as announced yesterday by the German and French presidents, Olaf Scholz and Emmanuel Macron. The H2Med project consists of building a large underwater pipeline linking Spain with France, via Barcelona and Marseilles, to transport hydrogen to Europe….

Companies restructuring

Spanish economy 20th January 2023

11 Spanish SMEs in insolvency proceedings unable to go any further because computer system inoperable

José Carlos González Vázquez (CECA Magán) | Today I found out that not only does the liquidation platform not work but, what is much more serious, that the insolvency platform where the 32 electronic forms of the Third Book of the TRLC (Texto Refundido de la Ley Concursal) (Consolidated Text of the Insolvency Law) are uploaded does not work either. Yes, yes, you have read correctly: none of the platforms…

Kristalina IMF

Spanish economy 20th January 2023

IMF lowers growth forecast for Spain to 1.1% in 2023 and calls for fiscal consolidation

The IMF raises its growth forecast for Spain in 2022 to 5.2%, but lowers its forecast for 2023 to 1.1%. Thus, the IMF anticipates that activity will reach its pre-pandemic level at the beginning of 2024, when it expects GDP to grow by 2.4% and at a rate of 2.2% in 2025. As for inflation, the institution estimates an average price increase in 2022 of 8.4%, which will moderate this…

120906Bolsa2

Spanish economy 19th January 2023

Cosentino hires Goldman Sachs and JPMorgan to go public

Cosentino, the Spanish giant that owns Silestone, has hired the services of Goldman Sachs and JPMorgan as global coordinators to prepare its IPO this year, according to market sources quoted by the newspaper Expansión.The family group from Almeria, manufacturer and distributor of surfaces – countertops, flooring, paving, etc. – for the housing, architecture and design sectors, is targeting next summer for its debut on the stock exchange, although the timetable…

inflacion super

Spanish economy, Spanish Politics 18th January 2023

Price controls and old, failed ideas

Fernando González Urbaneja | Keynes in the closing pages of his “General Theory…” alludes to the failed ideas of old economists nesting in the minds of new rulers as one of the avoidable mistakes. Old ideas, simple answers to somewhat more complex problems are frequent in politics, due to inconsistency, prejudice, ignorance, lack of experience. The most blatant example is the price of the shopping basket, which has undergone appreciable…

Iberdrola

Spanish economy 18th January 2023

Iberdrola sells Norges 49% of €1,225-million renewable assets portfolio

Iberdrola has signed a strategic alliance with the Norwegian sovereign wealth fund, managed by Norges Bank Investment Management, to co-invest in 1,265 megawatts (MW) of new renewable capacity in Spain – 20% wind and 80% photovoltaic. This renewable portfolio will have the capacity to power more than 700,000 homes each year. The valuation of 100% of this portfolio of assets amounts to approximately €1,225 million. Iberdrola will control and manage…

inditex all

Spanish economy 18th January 2023

11% of Inditex retail outlets in France close in last two years

Alphavalue / Divacons| According to data from Les Echos, analysts note that the physical fashion retail network is shrinking. In the last two years, 11% of physical fashion shops in France have closed. The market fell by 9% in 2022 compared to 2019. Overall, traffic is down by 17%, but the transformation rate is increasing, as is the average basket. According to eMarketer, e-commerce accounted for 14.8% of total retail…

caixabank2

Spanish economy 17th January 2023

BlackRock stake in CaixaBank exceeds 5% for first time

BlackRock raises its stake in CaixaBank and increases its stake in the bank’s capital from 3.2% to 5.01%, according to the records of the Spanish National Securities Market Commission (CNMV). In total, the fund manager holds 376.3 million shares valued at 1.5 billion. CaixaBank closed Monday at €3.8 per share. BlackRock, which was already Caixabank’s largest private shareholder, behind only CriteriaCaixa and the state, bought 117.6 million shares on Friday…