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consumption recovery 1

World economy 29th June 2020

Consumption: Support Point For Recovery

José Ramón Díez Guijarro (Bankia Estudios ) | The first weeks of the opening of the economies are serving to gauge the response of consumption, a key variable in determining the profile and intensity of the recovery. In the US, the fiscal programmes for aid to families injected more than 300 billion dollars into disposable income in the second quarter. In Europe, instead of using direct aid as in the US, they have preferred to activate temporary employment suspension programmes (ERTE in Spain, kurzabeit in Germany, etc).

conte sanchez 1

In Europe 28th May 2020

Italy And Spain, The Countries To Benefit Most From The Recovery Fund: €172.8 Bn And €140 Bn, Respectively, Between Transfers And Loans

The Recovery Fund exceeds the Merkel/Macron proposals with an amount of €750 billion euros (equivalent to 5.4% of the EU27’s annual GDP). Italy and Spain would be the countries to most benefit. This was something that was quickly reflected in the performance of peripheral credit on Wednesday, especially in the financial sector, with improvements on average of about 10bp in the CDS of banks in both countries. For its part, France and Germany will receive transfers of 39 Bn and 29 Bn, respectively.

Spanish España.

European economy 1st May 2020

Spain, Among The Countries That Are Far From Having Mobilized Sufficient Fiscal Resources

Yves Bonzon (Julius Baer) | On the fiscal side all countries might provide support measures that are quantitatively and qualitatively strong enough to ensure recovery when the containment ends. The way the required transfers from governments to their private sectors are financed, in essence the chosen mix of tax increases, borrowing from private savings and monetisation, will play a determining role on the recovery capacity of different countries and regions.

ACS CIMIC

Ibex, Markets 29th April 2020

ACS Sells 74% Of Its Six ‘Shadow Toll’ Motorways In Spain For €950 M

ACS has closed the sale of 74% of its stake in a batch of six tranches of ‘shadow toll’ highways in Spain to the Hermes fund. The operation was agreed last November and will generate a capital gain of 40 million euros for the infrastructure firm. The group will keep the remaining 26% of its share in the highways, which it will also continue to manage. Their total and joint value amounts to 950 million euros.

ursula pedro

European politics 27th February 2020

The EC Asks Spain Government For Prudence With Labour Reform Review

The European Commission (EC) urged the Spanish government to “carefully” evaluate the potential impact of any modifications to the 2012 labour reform and to “preserve “the most positive aspects of it, which “supported solid job creation” during the recovery phase. Citing a recent study from the International Monetary Fund (IMF), it states that “the labour reforms adopted in 2012-13 in response to the crisis have played an important role in promoting a rich recovery in employment which began in 2014.”

Spain will impose a 5% tax on foreign and Spanish companies’ digital services

Markets, Spanish economy 20th February 2020

Spain Pushes Ahead A Regulatory Sandbox For The Banking Sector’s Digital Transformation

The draft law for the digital transformation of the financial system is a long-awaited measure by the banking sector. The project anticipates the implementation of a test bench or regulatory sandbox, which is instrumental in promoting innovation in financial services. It is also a tool for the competition authorities, as it allows for synchronization between supervisory practices and financial regulation and the current pace of innovation and digital transformation.

telefonica

Ibex 14th February 2020

America Movil Is Considering The Purchase Of Telefonica HispAm

Banc Sabadell | America Movil would be open to explore options to buy Telefonica’s (TEF) assets in Latin America, according to statements from its CEO and CFO that have appeared in the press. It is worth mentioning that it was already leaked that Telefonica had hired several investment banks to try to accelerate the sale of its subsidiary HispAm to before June 2020. The idea would be to sell a…

Madrid Stock Exchange revision

Markets 13th February 2020

Euronext Is Considering A Takeover Bid For The Spanish Stock Exchange

Euronext is still studying the financial data of BME (Spanish Stock Exchanges and Markets), which could lead to a possible counteroffer for the Spanish Stock Exchange. This was acknowledged yesterday by Euronext Chief Executive Stéphane Boujnah during the presentation of Euronext’s annual results. The company insists that it has not taken a decision yet.