IBEX

ACS

ACS Strengthens Positions in US, Australia

The joint venture formed by Leandlease and Turner (subsidiary of ACS) has been awarded a project to extend the Jacob K. Javits convention centre (New York) for a total of 1.5 billion dollars (approx. 1.4 billion euros).


telefonica-chuli

Telefonica In Spain And Brazil Upsides Around 27% and 25%, respectively

CaraxAlphavalue has revived the idea of investing in Telefonica, one of the most international profiles in the telecom sector with nearly 75% of the business outside its home market and a reference point in the Spanish- and Portuguese-speaking markets. Indeed, if this global position allowed to deliver modest organic growth in the early 2010s despite a sluggish European market, it has caused a devaluation of Telefonica’s market cap since 2015 with the collapse of almost all the South American currencies vs the euro.





Banco Santander 2016 results

Santander 2016 Net Profit Up 4% At €6.204 Bn: Best Results Since 2010

Banco Santander posted net profit of 6.204 billion euros en 2016, up 4% from a year earlier and its best results since 2010, supported by a decline in provisions. The bank attributed these results to the “strong” growth in commission revenues and improved credit quality. These factors were contrasted by some currencies’ weakness against the euro and increases in taxes in Poland and the UK.


Santander USA

Santander Will Not Have To Take Fed’s Qualitative Stress Test In 2017

Santander will not have to take the Fed’s qualitative stress test. From this year, only those banks with over $250 billion on their balance sheet. Its US holding has just $142 billion in assets. Not having to take the qualitative part of the test will increase Santander’s flexibility for implementing its plans to reward shareholders (dividends and/or share buybacks).


BBVA-y-mas

Why Has Spain’s Banking Sector Rally Been Suddenly Cut Short?

The Spanish banking sector’s stock market rally has been suddenly cut short. The listed banks’ index  had risen over 45% since the minimum levels of June 2016 until the first week of January. But since then, it is seeing a correction. Two matters of concern for investors are the impact of the floor clauses ruling on the banks profit and loss account, as well as the problems of the Italian banks.



Inditex

Greens’ accusation of Inditex’s alleged tax evasion may be a call for more fiscal transparency

The Green party lawmakers in the European parliament have accused the world’s biggest clothing retailer Inditex of avoiding paying at least 585 million euros in taxes between 2011 and 2014. According its report ‘Tax Shopping: Exploring Zara’s Tax Avoidance Business’, the fact that Inditex diverted bonus payments to the Netherlands has cost Spain some 218 million euros in uncollected tax revenues, Germany 25 million, Italy 57 million and France 78 million, amongst others.