Surprising: El País Owner Helps The Government Kick Out Indra’s Independent Directors And Take Full Control Of Indra Without Takeover Bid

Surprisingly, outside the agenda of the General Shareholders’ Meeting, the representative of Amber Capital – which controls Grupo Prisa (El País, la SER…) and announced a week ago it also controls 4.1% of Indra – has proposed the removal of 4 of the company’s remaining independent directors: Alberto Terol, Enrique Leiva, Carmen Aquerreta and Ana de Pro. A proposal that has had the support of 53% of the capital, including…

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Italy gives green light to Benetton’s bid for Atlantia: one of the initial accords could be the transfer of its 15% stake in Hochtief

Intermoney | The Italian government has decided not to oppose the bid launched for Atlantia by the Benettons and Blackstone, according to the daily Cinco Dias. In theory, the Italian executive could have invoked the special powers it still has over Atlantia and other strategic sectors. However it has declined to do so. The price of the bid is 23 euros in cash, which values the concessionary at some 19…

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Something Has Got To Give – Rates Or FX, As Thailand, The Philippines, And Indonesia’s Central Banks Swim Against The Fed Rising Tide

Alicia García Herrero (Natixis) | With the Fed persisting on raising rates in the next several months after its jumbo 75bps rate hike and Asian inflation accelerating, Asian central banks that choose to hold rates or trail the Fed substantially are de-prioritizing the inflation fight by letting their FX weakens versus the USD, absorbing more inflationary pressures on the import side. With Southeast Asia demand normalizing, supply shocks lingering, inflationary…

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“The Rise In Inflation Is Largely Due To Speculation. The ECB Will Not Be Able To Stop It By Raising Rates”

Lidia Conde (Francfort) | explains Marcel Fratzscher, president of the DIW (Berlin Institute for Economic Research) who headed the ECB’s International Economic Policy Analysis Department in 2008-2013. In an interview to be published in this month’s issue of Consejeros magazine, Fratzscher explains that “The ECB is habdicapped because it cannot tacle the problem by raising rates, neither this year nor the next”, which is why “I am not in favour…

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“Politics Would Have To Intervene Whenever The Market Transfers Wealth Creation Out Of Europe In A Disproportionate Way”

Lidia Conde | Sebastian Dullien is Director of the IMK Düsseldorf. Q: Germans have spent 200 billion euros less since the beginning of the epidemic. Will all this money flow into consumption? A: Not all of it, but a considerable part will be spent. Studies conducted by our institute show that Germans are not only planning to buy new consumer durables such as cars, furniture or houses, but also to…

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