The CEO of Acerinox reiterated current week the risks which the European steel sector has been highlighting for years, given that the arrival of steel from China is detrimental to their interests. He said he expects the company’s 2017 results to be significantly higher than those of 2016, driven by the recovery in prices and in demand.
The CEO of Italgas Paolo Gallo has said it is interested in acquiring Gas Natural’s distribution business in Italy. This operation would reflect the consolidation trend expected in the Italian gas market, allowing Italgas to raise its domestic market to 40% from the current 30%.
The Greek government has given authorisation to local firm Energean Oil and Gas and Spain’s Repsol to explore and operate hydrocarbon deposits in the region of Aitoloacarnania, in western Greece.
Telefonica’s Movistar has informed its clients that from June 15 it will put an end to the roaming surcharges for all its tariffs across Europe. This means that all clients with a contract, or prepaid or Fusion will have the same tariffs as they do in Spain when they travel to the EU, Iceland, Norway or Liechtenstein.
In the last twenty years, the contribution from listed Spanish companies’ overseas business has not stopped growing. In line with the 2016 figures, this has reached 65.5% of the total, a record level which is almost 20 percentage points higher than 10 years ago.
At the end of 2016, the Italian government approved the setting up of an up to 20 billion euros fund to provide financing for banks with problems of solvency and/or liquidity like (MPS). It’s good news for Italy’s financial system and for the country’s risk premium that international funds are showing interest in buying MPS’ unproductive assets.
Air Europa and Ryanair have formed an alliance under the terms of which the former will supply the latter’s long haul flights. Following the agreement, Ryanair’s website will sell the flights the Spanish airline offers from Madrid to 20 destinations in 16 countries in America. This is a market where Iberia is the traditional leader.
Brussels is not concerned about the Spanish banks, even despite the problems of a systemic lender like Popular, in the process of being sold. The Spanish banks have shown that they have done their homework and restructured their balance sheets since receiving a European bail-out in 2012.
The Energy Ministry this week held its macro-auction to award installation licences for up to 3.000 MW of renewables plants in Spain. The auction represents an investment of over 3 billion euros and Forestalia, Gas Natural and Endesa ended up with the majority of the MW.
Enel is Spanish Endesa’s main shareholder with a 70% stake. Spain’s Energy, Tourism and Digital Agenda minister, Álvaro Nadal, has accused Enel of “playing politics for the Italians to the detriment of Spanish consumers and workers.”