MADRID | The Corner | Almost 8,000 companies were created in Spain in October, according to official figures, around 3% more y-o-y. The rate of businesses destruction went down by -12.2%, showing the economy’s slight improvement. However, unemployment still sits painfully at 23.7% and entrepreneurs still complain about red tape and other restrictions.
MADRID | The Corner | By J.A. Santos | The stock market value of the 60 Spanish firms that we analysed reached €615.973 billion at the close of November 2014. This represents a +6.7% increase with respect to 2013. According to the market consensus, the weighted average earnings per share is €0.85 (-27.9% vs 2013).
MADRID | The Corner | One of the tactical indicators of Morgan Stanley, the “MTI” is giving a strong buy signal of European equities. In addition, outflows from Europe have been extreme. Thus, Morgan Stanley analysts expect the consensus to revise the benefits upwards from now on for the first time in 18 months.
MADRID | The Corner | Petroliam Nasional Berhad (PETRONAS) of Malaysia has awarded to Técnicas Reunidas a contract for the engineering, procurement, construction, and commissioning (EPCC) of all hydrotreating units, interconnections and torch of the Refinery and Petrochemical Integrated Development Project (RAPID) in Pengerang.
MADRID | By J.P. Marín Arrese | The Spanish government is thoroughly reshuffling the electricity market. Confronted with a ramping deficit between market prices and overall costs, transferred into automatic commitments to fill the gap, it is taking tough action to curb an unsustainable situation. The unwarranted imbalance is mainly due to an overgenerous policy, implemented by the former Executive, in fostering renewable energies. Fat subsidies, coupled with preferential access to the market, have propelled electricity generation costs. As demand slumped in the crisis, the share of highly expensive green energies markedly increased the toll.
MADRID | By The Corner team | The Argentinian currency’s fall is the biggest in 12 years with a yearly drop of 17%. Although the key for European peripheral countries may be other countries’ contagion like Brazil, Mexico or Venezuela, their exposure to Argentina is moderate. In the case of Portugal it is almost near zero. And what about Spain, specifically?
BEIJING | By Yang Lu at Caixin | In China, nervous businessmen spent final hours of 2013 waiting outside regulator’s offices for word they’d be among the lucky few to IPO approval.
MADRID | By Luis Arroyo | During the so-called Transition period in Spain, a new entrepreneurial force should have arisen, but there was a destruction of the nationalized companies. Thus, the country doesn’t have strong big firms. Something is wrong with the Spanish fiscal system.
MADRID | By Javier Flores and Tania Suárez | Major foreign investment operations in Spain are essentially financial and take place in strategic sectors. Bill Gates’ purchase of 6% of Spanish construction company FCC for €113.5 million is a good example. And the trend will continue and speed up in the coming months.
MADRID | By JP Marin Arrese | The IMF’s warning on the hefty pile-up of corporate debt has triggered angry comments from top Spanish companies. The Washington-based institution has voiced concern about its destabilizing effect on financial solvency. A lingering recovery is likely to turn liabilities into soaring non-performing assets in banking balance sheets.