Banca March: The Asian country has opted to retaliate after EU member states voted on Friday to impose levies of up to 45% on electric vehicles of Chinese origin. China’s measures on spirits amount to 39%, taking effect on Friday 11 October. The main country affected will be France, where China accounted for 99% of exports of the drink. The EU has already announced that it will take the disagreement…
Iberdrola plans to announce investments of £24 billion (over €28 billion) between the current fiscal year and 2028 in the UK, double what it was considering a few months ago. This will be communicated by the president of IBE, Ignacio Sánchez Galán, to the British Prime Minister Keir Starmer in the coming hours. The acquisition of the Electricity North West group for €5 billion has prompted this upward adjustment in…
The Financial Conduct Authority (FCA) has fined TSB, the British subsidiary of Banco Sabadell, £10.91 million (around €13.04 million) for “unfair” treatment of customers struggling to meet their loans, primarily mortgages. According to the FCA, TSB Bank “failed to ensure that customers in arrears were treated fairly.” “It also lacked the proper controls and systems to ensure good outcomes,” it adds. The issues occurred between June 2014 and March 2020….
Banco Sabadell : According to CNMV records, Melinda French Gates has floated a 4.3% stake in FCC. This move would be related to the stake reduction announced by Bill Gates last week (to 1.9% from 5.7%). On the other hand, press reports indicate that it expects to list its Cement (99% FCC; 4% EV FCC) and Real Estate (80% FCC; 17% EV FCC) subsidiary called Inmocemento in November this year….
The president of CIE Automotive, Antón Pradera, stated at an event organized by Deusto Business Alumni and Deloitte in Bilbao that the European energy transition policy in the automotive sector is a disaster. He warned that the sector in the EU is “very, very concerned” because it has stopped being a world champion, and in contrast to China’s subsidies for its industry and the tax incentives for US manufacturers, European…
Link Securities | The European Commission (EC) has approved the acquisition of Irish engineering firm Dornan by Turner, a subsidiary of Spain’s ACS, concluding that the deal does not raise competition concerns, digital portal Bolsamania.com reported yesterday. The EC explained that the companies are not active in the same markets or in vertically related markets as it relates to the supply of mechanical and electrical engineering services. It should be…
Alphavalue: The company has suspended its IPO for the fourth time, for the second time this year, two days before it was due to go ahead. In the statement to the National Securities Market Commission (CNMV), they informed that they were cancelling the operation due to the geopolitical situation, which is causing instability in the markets. However, according to the Financial Times, the fact that an IPO has been halted…
Intermoney | A rise in Germany’s industrial production in August is likely to do little to counter growing evidence that Europe’s largest economy is stagnating. Industrial production has yet to show a sustained recovery, hit by weak global demand, high energy prices and financing conditions still in tight territory. This will be seen in the year-on-year reading where, despite the slight monthly rebound, we will still see a contraction of…
Link Securities | Moody’s Ratings has confirmed on Tuesday the “Baa1” rating on Banco Sabadell’s long-term deposits and the “Baa2” rating on the senior unsecured debt of its CAM Global Finance vehicle, Bolsamania.com reported yesterday. The outlook on both ratings remains “positive”. At the same time, the agency has affirmed the bank’s ‘Ba1’ subordinated debt rating and ‘Baa3’ junior senior unsecured debt rating, as well as the bank’s ‘A3’ long-term…
Intermoney | Indra informed the National Securities Market Commission (CNMV) yesterday, with the market closed, that the board of directors had approved the formal process of selling Minsait Payments separately from its parent company, having detected a high level of interest in ķthe market for the means of payment business. According to several media reports, the value of the subsidiary could be in the region of €500-600 million. This would…