Business News & Financial News

Navantia will build five Avante 2200 corvettes for Saudi Arabia

In Spain 15th October 2024

Navantia in talks to buy ‘Titanic’ shipbuilder to save €1.9 billion contract

The Spanish company Navantia, along with its subsidiary Navantia UK, is currently exploring all kinds of alternatives, including the purchase of the British Harland & Wolff (HW), to save a contract worth €1.9 billion. The viability of the programme for the construction of three logistical vessels for the Royal Navy’s Auxiliary Fleet depends on Harland & Wolff. In fact, this company, founded in 1861 and famous for owning the shipyard…

In Europe 15th October 2024

Fitch maintains France’s rating at AA-, but reduces outlook to Negative due to sharp rise in public deficit, potentially 6.1% at year’s end

Bankinter: Fitch maintained its rating at AA-, but downgraded its outlook to Negative. It justified its decision on the sharp rise in the Public Deficit: it is expected to close this year at 6.1%, far from the limit imposed by the EU, 3%, from Fitch’s previous estimate, 5.1%, and from the 2023 level, 5.5%. They do not expect it to reach the 3.0% target until 2029. Consistently, they estimate that…

In the World 11th October 2024

Acerinox sells Bahru Stainless plant for $95m; will reduce debt by €191m to €96m in 2Q24

Intermoney | Acerinox (ACX) communicated on Thursday to the National Securities Market Commission (CNMV), with the market closed, that they had reached an agreement with Worldwide Stainless for the transfer of its Bahru plant (Malaysia) for $95m. The final closure is expected to take place at the end of November 24. Acerinox had ceased operations at the Bahru plant on 29 May 2024, due to accumulating losses of €527m since…

“It is a shame that we are able to mobilize economic resources for large-scale projects abroad, but not in our Spanish market”

In an interview with Consejeros magazine, Sacyr’s coordinating advisor, Elena Jiménez de Andrade, explains that now “We have great capacity to win projects, a capacity that until now contrasted with a series of financial limitations and balance sheet size. However, in this strategic cycle, we are going to eliminate those barriers. That is why we have set an ambitious goal for 2033: to triple the value of our assets. We…

“Mercosur is perhaps an idea that people have fallen in love with and are keeping because everyone is too embarrassed to liquidate it”

“European funds are not reaching companies. There is total inefficiency”

Isabel Dutilh, director of Elecnor, Banco Alcalá and Millenium Real State explains in an interview with Mari Pinardo in the magazine Consejeros that “Europe has to have control of the funds and this requires a certain amount of bureaucracy, but in the end it is so much bureaucracy that it generates frustration and people give up applying for them”. Q – There are continuous and constant legislative changes, what do…

…in the last week