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.
Fernando Rodríguez | Telxius Telecom, Telefonica’s new telecommunications’ infrastructure subsidiary, will build and manage Marea, the subsea cable across the Atlantic that Facebook and Microsoft will run from Virginia Beach in Virginia to Bilbao in Spain. The announcement comes at exactly the right time as Telxius’ IPO is about to happen on 2nd June. Analysts consulted by The Corner believe this will go down well with investors. It will also be a companion for Cellnex Telecom, as another representative from this sector in the Spanish stock market.
According to information from different sources, Renfe, Adif and Ineco have estimated losses of 1 billion euros as a result of important mistakes in the calculation of travellers made at the beginning of the project.
BARCLAYS | Gamesa posted a very solid start to the year with sales growth of 30% driving a 6% beat to company-compiled consensus. EBIT beat by 24% as the Group margin reached 11.2%, up 330bps year on year. Free cash flow was negative €107m (by our calculations), a solid improvement versus Q1’15’s -€267m in what is always the weakest quarter of the year.
Fernando Rodríguez | Spain’s big banks BBVA, Santander and Banco Popular have recently announced they will gradually reduce their branch network. What is the significance of this move? Norbolsa analyst Nagore Diez Cerceda offers us some opinions.
Cellnex Telecom is the leading independent operator of wireless telecommunications’ infrastructure in Europe. It is a growth investment opportunity, but it is currently trading at too demanding multiples. We would recommend to wait for some dips in the stock market to start to build up a position with a medium-long term view.
UBS | After a few weeks spent focusing on systemic concerns, earnings should offer a chance to go back to fundamentals. We are cautious into results as the recent rally left both banks trading on richer multiples and thus with limited protection against a quarter where underwhelming earnings could lead to consensus downgrades.