According to a document given by the Spanish bank to the SEC, Brexit could result in increased financial instability and reduced economic growth, as well as increased unemployment and inflation in the UK, in addition to having adverse impacts on the bank´s business.
A few hours after the announcement that Santander (market capitalisation of 71.3 billiones euros) will have a new CEO in 2019, Andrea Orcel, BBVA the second Spanish bank by stock market capitalization (36.7 billion euros) reported that its chairman Francisco González will also leave his post at the beginning of next year. From January 1, the current CEO Carlos Torres Vila will be the new chairman of the Group.
The King of Saudi Arabia, Salman Bin Abdulaziz Al Saud, has officially inaugurated this Tuesday the high speed railway (AVE) from Mecca to Medina. This is considered the major infrastructure Project by Spanish companies abroad. According to the consortium of companies building the railway, the price of the project has already risen to 7.1 billion euros.
Santander | To adopt a more optimistic view of the price, we would like to see Meliá increasing its debt exposure to the dollar and solves its profitability problems in leased assets.
Mr. Orcel is currently member of UBS Group’s executive committee and “brings a wealth of experience and expertise, having worked closely with Santander for almost two decades”, according to the financial entity.
The electricity distribution network in Portugal is going to be re-auctioned within an ambitous programme of liberalisation launched by the Government. The Portuguese electricity market, with more than 6 million connections, is a quarter that of Spain. Endesa looks to take advantage as it has 18% of the energy supply market in the country.
Chandra Roy | In this tenth anniversary of the financial market crisis, market regulators can clearly be seen to support the short-sell strategy of securities, rather than outlaw it. The practice is likely to gather further momentum as it is widely expected that at some point, new legislation will allow insurance companies and other final users to participate in the pool of securities on offer; currently, borrowers must source their needs from depositories and other trading houses via bespoke agreements.
Gestamp, the multinational company specialising in the design, development and fabrication of highly engineered metal components for the car industry, has recently inaugurated its new plant in Wolverhampton, in the West Midlands (UK). In fact, Gestamp counts with seven production plants in the country. Since 2012, the company has invested more than 200 million pounds in its installations in the UK.
Cepsa will be launched onto the stock market in the last quarter of the year through an IPO. Valuations are being discussed in the range of 10 or 11 billion euros for 100% of the company. The Abu Dhabi sovereign fund (IPIC) bought 100% of Cepsa in 2011. At that stage Cepsa was listed in the stock market for approximately 7.5 billion euros.
The Spanish financial entity BBVA has entered the Dow Jones sustainability index, which Telefonica has left. BBVA shares have accumulated losses of -23.38% so far in this exercise, weighed down by the situation in Turkey, a region which contributed 11% of the Group’s net profits in the first half of 2018.