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Spanish economy 28th October 2024

Mortgages taken out on dwellings in Spain in August reach 30,676, 8.8% up on same month in 2023

Link Securities | According to the National Statistics Institute (INE), the number of mortgages taken out on dwellings in August in Spain was 30,676, which represents an increase of 8.8% year-on-year. The average amount of these operations was €145,352, which represents a year-on-year increase of 5.3%. For its part, the average number of mortgages on the total number of properties registered in the land registries (from previously executed public deeds)…

In Spain 25th October 2024

Unemployment rate improves to 11.21% in 3Q2024

Bankinter | The unemployment rate has improved to 11.21% in 3Q2024 (down 0.07pp in the quarter, at 2008 levels). The Activity Rate continues to increase in the year to 59.04% (up 137.1 thousand in Q3), with an increase in the number of employed to 21.8 million (up 138.3 thousand), while the number of unemployed remains fairly stable at 2.75 million (down 1,200 people). The number of Employed rises to 21.8M…

In Spain 25th October 2024

Oil companies and financial entities gain support of Junts and PNV to stop Government plans to make extraordinary tax permanent

In light of the evident opposition from PNV and Junts to maintaining the ‘impuestazo’ on energy companies and banks, the First Vice President and Minister of Finance, María Jesús Montero, admitted this Thursday that if the Government does not have ‘sufficient’ support in Congress, it will not be able to continue with these extraordinary taxes approved during the pandemic. Therefore, the ministry is working on reformulating the tax: it wants…

In Spain 24th October 2024

Feijóo formally requests Sánchez’s resignation, ‘the number one of the corrupt plot,’ in light of ‘situation of decay’ surrounding Government

The president of the PP, Alberto Núñez Feijóo, has formally requested this Wednesday in Congress the resignation of the head of the Executive, Pedro Sánchez, asserting that the reasoned exposition from the judge of the National Court confirms that he was ‘the number one of the corrupt plot.’ In his view, they cannot get used to ‘living in this situation of decay of the Presidency of the Government.’ ‘I come…

There have always been two debates about RTVE: financing and the nomination of its board which, in theory, should govern it.

In Spain 23rd October 2024

Sánchez secures total control of Public Television by Royal Decree while talking about democratic regeneration

Pedro Sánchez took a decisive step on Tuesday to ensure control of RTVE by decree with his partners and leaving the PP outside for the next six years, that is, beyond the current legislature. In doing so, Sánchez crosses another line regarding institutions that have always had consensus between the two major parties. Recently it was the Bank of Spain, and now it is RTVE.On Tuesday, the decree was approved…

In Spain 22nd October 2024

Repsol halts investment in Spain due to ‘tax hike’ of 1.2% on revenue

Repsol stands firm against the ‘tax hike’ on energy companies (and banks) that the government has announced it wants to make permanent. As a result, Repsol is putting on hold investments for projects amounting to around €1.5 billion, which would affect the group’s portfolio projects in the Basque Country, Tarragona (Catalonia), Cartagena (Murcia), and A Coruña (Galicia). A year ago, its CEO, Josu Jon Imaz, warned that he was leaving…

Over 90% of foreign companies in Spain expect to increase or maintain their investment in 2020

In Spain 21st October 2024

Spain’s per capita GDP grows only 0.1% since 2019

Per capita income has increased from 25,420 euros in 2019 to 25,620 euros today, according to the latest data from Eurostat. More seriously, looking back, the per capita GDP is only 4% higher than in 2007. The economy of Spain has become the engine of growth for the eurozone. The aggregate GDP of Spain is expanding at a rate that is nearly three times that of the eurozone, while also…

In Spain 19th October 2024

Salaries over €59,000 euros to be subject to ‘solidarity contribution’ to pay for pensions

This will be applied in January and will not generate rights for retirement, meaning that the principle of contributivity does not exist in this case, which turns this contribution into a tax. The cap on maximum contribution bases, the third year of application of the intergenerational equity mechanism, and the ‘solidarity contribution’ for salaries over €59,059 annually… 2025 will arrive loaded with extra contributions to cope with skyrocketing pension expenses,…

In Spain 18th October 2024

Acciona Energía puts 650MW hydroelectric business up for sale for around €1 billion, attempting to maintain credit rating at BBB- investment grade

Acciona Energía, the renewable energy subsidiary of Acciona, has put the bulk of its hydroelectric business, which encompasses around 650 megawatts (MW) and is valued at €1 billion, up for sale, according to Reuters. This operation is part of ANE’s asset rotation plan, which already sold 175 MW of hydroelectric power to Elawan last July for €287 million, as reported by Expansión. This is the third operation that ANA has…

In Spain 17th October 2024

Sidenor, Sepi, and Basque Government propose purchase of 40% of Talgo without launching takeover bid

The multi-faceted operation sponsored by the Government to replace the British fund Trilantic in Talgo’s shareholding is taking shape. This was confirmed by the company late yesterday, when it sent an announcement to the National Securities Market Commission (CNMV) informing of the receipt of a ‘manifestation of interest’ from the industrial group Sidenor, in which it expresses its intention to carry out ‘the total or partial acquisition of the share…

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