Arcelor Mittal

Profit in Spain’s industrial sector down 40% in second quarter

The data on gross profit before tax and interest published by the Banco de España in its Central Balance Sheet Data Office have just been published. The slump in the gross economic result of the industrial sector is 40% in the spring year-on-year rate, a fall that aggravates that recorded in the first quarter (-15%). Revenues of non-financial companies fell by 7.1%, while personnel costs rose by 9.6% in 2Q23….

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Crédito y CauciónCrédito y Caución

Price of carbon allowances in EU could fall by 11-36% after 900% revaluation

Morgan Stanley| Analysts have revised their European Union (EUA) carbon allowance price estimates downwards, after a 900% rally from 2018, and see little appeal at €80/tonne as the energy crisis has accelerated emissions reductions, pushing the team’s 2030 emissions estimates to be -14% below the 2019 pre-crisis outlook.They also expect the CBAM (Carbon Border Adjustment Mechanism) to undergo a softer start to implementation or even a delay. The team estimates…

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Banner CIR, junio 2022


Saudi railway operator could execute extension of contract for AVE to Mecca, potential benefit for Talgo

Banc Sabadell | The Saudi Arabian rail operator (SAR) has reportedly sent a letter to the AVE to Mecca consortium, of which Talgo (TLGO) is the member in charge of the manufacture and maintenance of the trains, indicating that it could soon execute the option to purchase an additional 20 Talgo trains (part of the original 36-unit contract), a contract that could amount to ~€700 million (~16% of Talgo’s portfolio)….

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RepsolImaz 777x400 1

“An electric car in Germany today emits more CO2 than a diesel or a petrol car. That’s the reality, because 50% of electricity is generated with coal”

The CEO of Repsol, Josu Jon Imáz, took part on June 22 in a debate organised by the newspaper El Correo, and took the opportunity to warn of the hypocrisy, inefficiency and paradoxes of European energy policy.For example, in Spain it is forbidden – by law – to explore for and produce natural gas “and at the same time we are encouraging companies to bring gas from the United States,…

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“Even small entities can now have systemic consequences”

Pablo Pardo (Washington) | “Even small entities can now have systemic consequences” says Margaret Franklin, presidente and CEO of the CFA Institute. In the English-speaking world, the acronym ‘CFA’ is often the first step towards serious entry into the financial sector. CFA’ stands for ‘Chartered Financial Analyst’, a qualification held by some 200,000 people worldwide and obtained through an examination administered by the CFA Institute. The CFA, chaired by Margaret…

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