As a result of the global financial crisis, funding conditions for SMEs in the peripheral European countries tightened considerably. But following the implementation of expansionary monetary policies, including TLTROs and negative interest rates, has loan activity improved for small businesses in countries like Spain, where they are key drivers for economic growth and job creation.
While acknowledging that Spanish renewable energy and engineering firm Abengoa’s restructuring plan would ease its debt burden, Moody’s has cast doubts over whether it will be successful. Earlier this month, Abengoa reached a debt restructuring deal with its main creditors in an attempt to avoid Spain’s biggest ever bankruptcy. It had been in talks with lenders since November 2015 to reduce its over 9 billion euros debt pile.
Some accounting data from US companies offers an interesting reading: there is no doubt that the behaviour of listed companies has changed with the crisis. But what is even more important is that there was a structural change quite a bit before that. US companies are now increasingly less focused on investment in tangible capital and are quickly moving towards capital which is more intangible and/or financial.
Repsol has doubled its recurrent synergies from 220 million dollars annually to 400, thanks to its purchase of Canadian oil firm Talisman. But the transaction has also resulted in a 5.5 billion dollars arbitration notice being served against it by the Chinese company Sinopec.
Inversis | Spanish oil giant Repsol SA will sell its 42,000 supply points of LPG (Liquefied petroleum gas) at 63 million euros. It plans to divest €6.2 billion in nonstrategic assets and cut spending by 38% “without altering its company profile” as part of its 2016-20 strategic plan.
Han Wei via Caixin | Apple Inc. is shifting gears and promoting new apps and services to rev up growth in China amid a slump in sales for its expensive devices as local brands nibble at its market share.
The Third Set Of Locks project will open a third lane of traffic for ships and will increase the Panama Canal’s capacity in 2016 to 600 milion tonnes transited from 340 million in 2015, while also increasing the number of journeys to over 16,000 from 13,000. This includes ships with bigger capacity, up to 12,000 containers.
Carlos Díaz Güell | Without doubt he has been thinking about it for many years, but the chairman of Repsol has waited patiently to show himself in the best light and make friends a few days ahead of today’s OPEC meeting taking place in Vienna, against a backdrop of highly volatile oil prices.
It will be difficult for Banco Popular’s shareholders to forget the date May 26th. The bank’s share price plummeted over 26%, the biggest fall in its history, after it announced plans for a 2.5 billion euros capital increase. It will also temporarily suspend paying a dividend.