Mapfre said last Friday that it will restructure its business in the US “to optimise its profitable growth structure and concentrate the operations there in a smaller number of states.”
The difference between top managers’ salaries in Ibex-35 companies and the lowest salaries in these same firms is on average 207 times, which shows the salary gap in Spain is increasing.
The weakness in Ferrovial’s share price compared with that of its peers is largely down to the erosion in the construction division’s EBITDA margin. This has declined by 65% to 2.6% for Ferrovial Agroman, and it’s not expected to recover until the beginning of 2019.
There has been a lot of positive news from SiemensGamesa this week. On the one hand, it has presented two new products: the onshore wind turbine SG 4.2 – 145 and the SG 8.0 – 167 DD for off-shore which will boost annual energy production by 20%.
Morgan Stanley said this week that the uncertainty over Catalonia which has weighed on Spain’s performance has meant that the MSCI Spain has underperformed the EMU by 8% since August. And Spanish SMEs have underperformed by 13%. That said, there is a reason for betting on the Spanish market: it has had the fourth best EPS growth examples.
Standard & Poor’s has announced an upward revision in its long-term credit rating for Repsol from BBB- to BBB. It has also improved its short-term rating from A-3 to A-2, with both ratings assigned a stable outlook. S&P had already improved its outlook for the Spanish oil major from “stable” to “positive” in July, leaving the door open for a ratings upgrade.
According to the stress tests carried out by the Bank of England (BoE), the UK banking system could absorb £50 billion of losses with the capital they have in excess of the minimum requirements. Banco Santander’s UK subsidiary did a good job in the tests.
BBVA has confirmed the sale of its portfolio of property assets, held by its subsidiary Anida and valued at 13 billion euros, to Cerberus. Some 78,000 properties are included in the sale agreement.
Siemens Gamesa has become the second largest turbine supplier in the world after sealing its merger last April, with a 19.3% market share.
After the “war” between Atlantia and ACS for Abertis, now a new counter-bid could be launched to the Spanish market: the one of NH Hoteles’ leading shareholder, China’s HNA (with 28.2% of capital), for the hotel chain which improves on that made by Barceló.