Intermoney | ACS (Buy, TP €40) and OHLA (Buy, TP €0,95) have jointly presented the best bid for one of the biggest public-private contracts in the US. This is the Maryland light rail, known as the Purple Line, with a budget of €2.250 billion. The project was initially adjudicated to the US construction firm Flour in 2016, but it abandoned the works at the 15% stage due to cost overruns….
Renta 4 | One of the US regulators could be questioning Iberdrola’s acquistion of PNM Resources. The Regulatory Commision of New Mexico has recommended that the operation, (EV 6.9 billion euros), carried out by the Spanish firm’s subisidiary Avangrid, is done again. The regulator has found that there are more disadvantages for customers than initially estimated. And it is calling for conditions to be attached if the deal is finally…
Alphavalue | Spanish Prime Minister, Pedro Sánchez, has announced that the country will earmark 20% of its special drawing rights to the trust funds for vulnerable countries. The special drawing rights (SDR) are an international reserve asset, created by the International Money Fund in 1969 to supplement its member countries’ official reserves. Specifically, Sánchez has said that a minimum of 350 million euros will be destined for boosting the capital…
Bankinter | Spain’s labour market is continuing on the road to recovery. The unemployment rate in Q3’21 improved to 14.57% from 15.26% in the previous one (and vs 14.10 expected). The Rate of Activity rose to 59.14% (+1,30 pp yr/yr), with the number of people in work exceeding 20 million. If we include the number of workers on an ERTE to September (239,000) and on freelance workers’ benefits (226,000), the…
Santander Corporate & Investment | Yesterday, Tuesday, marked the 34th anniversary of “Black Monday”. On Monday, 19th October, the Dow Jones slumped 508 points, or 23%, collapsing in the wake of a 44% rally at the peak of the year (August). All this happening after the economy went from a rapid recovery following the recession of the early ’80s to a “soft landing” from the end of 1985. The massive…