London is claiming VAT from the airline group on the redemption of points for flights in the loyalty program. The holding company has already paid £103 million, although it disagrees and does not rule out going to court.IAG, the parent company of Iberia, British Airways, and Vueling, is clashing with the British tax authority (HMRC) over the VAT of IAG Loyalty, its loyalty subsidiary that allows the redemption of points…
Alphavalue / Divacons | The US Securities and Exchange Commission launched an investigation into the Cantabrian bank in relation to the unauthorised use of the Whatsapp application among its investment bankers, according to Expansión yesterday. In other news, Banco Santander has reduced its stake in Quasar, the company it created in 2017 to dispose of Banco Popular’s real estate assets after taking over the bank, to below 10%. According to…
Link Securities | Telefónica informed the Nattional Securities Market Commission (CNMV) that its subsidiary, S.A.U. has reached an agreement with Vodafone ONO, S.A.U. (Vodafone España) for the establishment of a joint venture company, whose main corporate purpose is the commercialisation of a fibre-to-the-home (FTTH) network for the benefit of its partners, Telefónica España and Vodafone España, so that they can in turn provide retail and wholesale broadband access services. The…
Bankinter : The BoE has cut the policy rate by -25bp, as expected, to 4.75%, but sends a slightly more cautious message about the next moves. Analysis team’s view: Our central scenario pointed to a cut at this meeting. We do not expect any further moves for the rest of the year, especially given the expected pick-up in inflation in the last three months of the year and the level…
Link Securities | According to data published by the General Council of Notaries and reported by the newspaper Expansión, 55,033 home sales and purchases were signed in September, representing an increase of 12.5% year-on-year. By type of property, sales of flats increased by 11.4% in September in year-on-year terms, reaching 41,712 units, while sales of single-family homes increased by 16.2% in year-on-year terms, to 13,321 units. The average price per…
Julian Marx (Flossbach von Storch) | The US Federal Reserve has just announced the second interest rate cut of the year. It is going down by 25 basis points to a new range of 4.5 to 4.75 per cent. The Fed’s confidence in today’s interest rate move may also have been drawn from the latest ‘Beige Book’, which is considered a barometer of the US economy and is published two…
The resident population in Spain stood at 48,946,035 as of October 1, 2024, the highest value in the historical series. This population growth was due to the increase in people born abroad, as the number of people born in Spain decreased. In the third quarter, the number of foreigners increased by 101,568, reaching 6,735,487, while the population of Spanish nationality grew by 33,322. During that period, the population grew in…
Link Securities | With reference to Ferrovial’s second interim dividend of €330 million, the company announces that the interim dividend amounts to €0.4597 per existing Ferrovial share of €0.01 par value. As indicated by Ferrovial in the announcement of 28 October 2024, the dividend will be payable in shares or cash at the option of the company’s shareholders. If no election is made during the relevant period, the stock dividend…
Link Securities | The Boards of Directors of Colonial (COL) and its 98.24% owned subsidiary, Société Foncière Lyonnaise (SFL), have agreed to initiate a detailed analysis for their potential merger, whereby COL would absorb SFL. The potential merger would be in line with the group’s strategy of simplifying its structure, one of the key points of which was the takeover bid launched by COL for all SFL shares in August…
This will be the second IPO in the Spanish market in 2024. Cox has just published the prospectus for its IPO and will debut on the Continuous Market on November 14. The price range for the Public Subscription Offering (PSO) will be between €10.23 and €11.38 per share. The final price will be set and announced on November 12.With this range, the company’s valuation would be between €837 million and…