MADRID | April 27, 2015 | By Fernando G. Urbaneja | At his own pace, without giving up to noisy external pressures, Repsol Chairman Antonio Brufau established an executive management model with a clear separation between the chairman of the Board and the executive team –entrusted to a CEO with full authority. That had been a claim of significant shareholders of the Spanish oil firm and some investment funds, although for different reasons.
MADRID | April 24, 2015 | By Fernando G. Urbaneja | Bankia held its general meeting in Valencia (headquarters of one of the integrated in the brand new boxes) this week to approve its 2014 results –the year of the firm’s regeneration– and design its future roadmap. One of its non-explicit goals is to accelerate the partial and progressive privatization of the entity before November general elections in Spain.
MADRID | April 13, 2015 | Fernando G. Urbaneja | This month Telefónica will complete two capital increases of both the parent company and its Brazilian subsidiary, seen as necessary steps in the reconfiguration of the company following its exit from some markets (Italy and UK) and consolidation in others (Brazil and Germany).
MADRID | April 8, 2015 | By Fernando G. Urbaneja | Earlier this year, Santander announced a capital increase of €7 billion through an accelerated book building offer to institutional investors at a 12% discount on the traded share price, which was between €6-€7. Within hours, the new shares were sold and existing shareholders were left as bystanders once they had authorised the board to waive their preferential subscription rights.
MADRID | April 7, 2015 | By Fernando G. Urbaneja | There are two lingering black marks against the Spanish economy. The first is rampant unemployment, which is second only to Greece in the euro area and the OECD. The second is a large budget deficit-the largest in Europe-which remains stubbornly high and is still some way off the target of 3% of GDP. Against that backdrop, the Spanish economy has returned to stronger growth this year, with forecasts showing the economy could expand by as much as 3%.
MADRID | March 16, 2015 | By Fernando G. Urbaneja | The hardest hit stock on the Ibex 35 last week was Sabadell bank, with the lender losing 7% of its valuation after news emerged of a pending takeover bid for British bank TSB.
MADRID | March 12, 2015 | By Fernando G. Urbaneja | The exposure of Andorran lender by the US Treasury sounds word of warning to banks concealing the proceeds of organised crime.
MADRID | March 4, 2015 | By Fernando G. Urbaneja | No financial entity which enters a crisis and needs an external rescue retains its identity. Usually it just becomes integrated into another financial group which allows for a change of brand. Bankia may be the first exception to the long list of Spanish financial crises of the last half century.
MADRID | March 3, 2015 | By Fernando G. Urbaneja | The creation of 13,500 new jobs in January is in line with encouraging figures elsewhere in the Spanish economy. While there will rightly be optimism in the wake of the latest data, the worrying plight of the youth and long-term unemployed continue to cause concern.
MADRID | By Fernando G. Urbaneja | The macro (and micro) piece of data tarnishing the image of Spain is that of unemployment, an anomaly for a developed economy. It is not new but a problem we have been suffering for the last three decades. Even during prosperity times, unemployment reached double digits (8% in the most favourable moments). The last great recession exacerbated the problem and jobless rate soared to 25%, bluffering analysts and market makers.