Acciona will construct a desalination plant in Saudi Arabia with a daily capacity of 210,000 cubic metres, having won the contract worth more than 200 million euros with the Saudi public company Saline Water Conversión Corporation (SWCC).
Sabadell has just announced the sale of real estate assets to the fund Cerberus for 9.1 billion euros. The assets have been given a net value of 3.9 billion euros, which means Sabadell will have to make provisions for 92 million euros. Cerberus will hold 80% of the joint Enterprise called NewCo, leaving Sabadell with 20%. Specifically, the operation has been structures through the issue of two portfolios of real estate assets commercially named “Challenger” and “Coliseum”.
German main bank expects to report pre-tax profits of around €700 M and a net profit of €400 M for the second quarter of 2018. However, some analists do not agree with Deutsche Bank´s optimism. For example Alphavalue points out that the bank has shown sleight of hand in selling results that appear better than they are.
Naturgy´s adjustments in the value of its conventional electricity generation assets in Spain will rise to 3.7 billions. According to what the group, old Gas Natural Fenosa, told the regulator CNMV, this results from a depreciation of the value of its assets of 4.9 billion euros.
Spain was a well-liked region within European banks until the new government came into place. As Morgan Stanley points in a note to investors, “the negative noise around a potential bank tax and the doubts on the fiscal plans have hit the sector.” Santander will kick off the 2Q18 results season on July 25th with all the eyes on its capital position and headwinds from Latam currencies. Issues like Turkey in BBVA and TSB in Sabadell have provided more downside to some of these names.
Where the euro may go in 2018 is such a central question and will have implications for global asset markets around the world. Christopher Gannatti, head of research at Wisdom Tree, thinks that “forecasting currencies is very much like putting together a puzzle”, at times requiring just as much art as data.
The performance rating of countries for the last month demonstrates the concerns of investors about the price to be paid for a de-globalization of the world by those countries whose companies focus on exports. Alphavalue offers a ranking of these countries according to its coverage
The French company Total has burst in to the race launched in Spain by the oil companies to offer electricity and gas services to all kinds of clients, in direct competition with the big electricity and gas companies like Endesa, Iberdrola and Naturgy.
Turkish President Erdogan has began to exercise his new “attributes”, recently provided by an ever more authoritarian political system, in relation to the monetary policy of the central bank by affirming informally that interest rates will be lowered. This weakened the Turkish Lira from 4.66/$ to 4.85/$ (although it layered recovered to 4.82/$). This had a negative impact on the share price of BBVA, which holds 49.85% in the Turkish bank Garantí.
Current week the Thai Minor International, parent of Minor Hotels, presented to Spanish stock market regulator CNMV its application for authorization of a 100% takeover bid for NH Hotels with the same terms and conditions of the previous announcement of the bid published in the CNMV 11 June.