Morgan Stanley| Asia Macro team notes that after the onset of trade tensions with China in 2018 while offshoring has been very limited, trade flows are much more diversified than before. The US now imports much less from China (13.9% vs 21.6% in Dec 17), clearly expanding the number of regions from which it does so: it imports more from Canada, Taiwan, Korea and India … with Mexico and the…
The Congress yesterday supported the consideration of the Popular Legislative Initiative (ILP) for the extraordinary regularisation of the 500,000 migrants who, according to the promoters’ calculations, live in Spain without papers and without some basic rights. The initiative was backed by more than 600,000 signatures and 900 civil society organisations. The proposal received 310 votes in favour and only 33 against, those of the Vox parliamentary group. Each with their…
According to BINANCE, there are only 10 days until the next bitcoin halving, when the reward for mining a new block on the network will be halved. The purpose behind these halvings is to limit the supply of new bitcoins coming into circulation, which contributes to bitcoin’s scarcity and deflationary pattern. By limiting supply, it is expected that, if demand continues or increases, the value of bitcoin may also increase…
Link Securities| LandCo, the land development subsidiary of Banco Santander (SAN), has reached profitability three years ahead of its business plan, according to Expansión newspaper. LandCo manages 10,000 plots of land, after selling 4,000 assets since its creation in 2020. The real estate company expects to close land sales for more than €200 million this year. The firm’s land portfolio stands at €1.7 billion, compared to €2.1 billion originally. The…
CriteriaCaixa has become Telefónica’s largest shareholder, with exactly 5.007% of the capital, up from 2.69% at the end of March. This stake, increased by 2.31% through market purchases and financial instruments and with a market value of €527 million – at Monday’s price (€3.97) – puts the industrial group one at hundredth more than Saudi Telecom (4.99%). BBVA holds 4.86% of the teleco’s shares, compared with 4.5% for BlackRock and…
The President of the Government, Pedro Sánchez, has announced in Seville that the Government is going to eliminate the ‘golden visa’, a residence permit granted to non-EU foreigners who make a real estate investment equal to or greater than €500,000 (or who make a significant capital contribution in debt, funds, shares or deposits). “We will take the necessary measures to ensure that housing is a right and not just a…
Alphavalue/ Divacons | The Spanish IT services and consultancy company has been awarded a contract for almost €15m to renovate the ticketing machines for the St Louis metro (Missouri, USA). Indra has indicated that the new machines will be “state-of-the-art” and will replace the current ones, which were also supplied by the company between 2006 and 2012 and were distributed in the 38 stations of the St. Louis metro network.
Alphavalue / Divacons| The recent phenomenon of negative electricity prices in several European countries reflects a complex combination of factors, mainly driven by the law of supply and demand and the increasing prominence of renewable energy sources. Countries such as Germany, Finland, Belgium and France frequently experience a surplus in electricity production, largely due to a combination of favourable weather conditions and an increase in renewable energy capacity. This surplus,…
Link Securities | This week begins the so-called Investor education period for the fragrance, fashion, cosmetics and make-up company Puig, in which the banks coordinating the sale of the company’s shares will show dozens of large funds the accounts and possible valuation of the firm, according to the newspaper Expansión. This is a key step in deciding whether the transaction goes ahead and the price at which it will be…
Banca March: Aukus is a strategic military alliance between three countries in the Anglo-sphere: Australia, the UK and the US. The United States, Australia and the United Kingdom are seeking to add Japan to their strategic alliance known as Aukus. Initially, this strategic military alliance between the three countries was intended to help Australia acquire nuclear-powered submarines and, unofficially, to counter China’s power in the Indo-Pacific region. However, prior to…