As part of its strategic plan for 2018-2021, Aena’s board of directors has approved shareholder remuneration equivalente to an 80% pay-out on net profit in 2018, 2019 and 2020. The board could change this policy in the event of exceptional circumstances arising.
China has the world’s second largest economy and, at circa US$12tn, the world’s third largest bond market. According to AXA IM’ findings this market will continue to grow and transform with the rest of the economy, which “we believe will become more capital-market oriented and open to foreign investors
Concern about Italy is the order of the day and the situation in that coutry will continue to grab investors’ attention. To such an extent that a photograph of what’s going on there is required, starting with this key question: we are facing a problem of public, not private debt.
Adjustments to the number of employees and branches in the sector continue, despite the fact that the deleveraging of the private sector seems to be coming to an end. Spanish banks are feeling the effects of the resolution and sale of Banco Popular in June 2017 and posted after-tax losses of €3.92 billion for the year, although it achieved further improvements in solvency and asset quality.
For any investor who believes that $70/barrel is more or less the right price, then the European oil firms are currently fairly priced. Alphavalue recently upped their earnings forecasts to include $70/barrel as a new normality. This leaves the sector with an upside potential of +6% on a 6-month horizon.
According to Colombia’s Stock Market, Gas Natural has agreed to sell the 15.46 million shares, or 41.89% stake, which it stills holds in its Colombian retail distribution unit Gas Natural ESP. With this move, the Spanish firm will complete its exit from Colombia.
The Treasury will impose a 5% tax on foreign and Spanish companies’ digital services. This new tax will be on the intermediary services and the publicity and sale of digital data up to 5% of the turnover of all companies which offer these services in Spain.
The Spanish government is facing a motion of censure. In the country’s parliamentary system, if one is presented it requires that an alternative candidate be put forward, who will certainly be the socialist Pedro Sánchez. The debate and the voting will be held on 31 May and 1 June, respectively. Considering the current composition of parliament, Bankinter’s experts provide below the three possible numeric combinations needed for the motion of censure to go through.
Lukas Daalder (Robeco) | Investors are making the mistake of focusing on 3%, believing the returns on US fixed income securities augur a decline in equities
Ioannis Glinavos via Macropolis | The creation of a populist government in Italy has sent shivers down the spines of those who have been following developments in Greece since 2015. Indeed, there are enough similarities to give rise to concern. The following discussion offers three key reasons why Italy (and Europe by extension) is about to head into some serious trouble.