Norbolsa : Both countries reached an agreement yesterday to share the cost overruns in the construction of the Bay of Biscay electricity connection line, finally reaching €2.85 billion. In 2017, the cost was estimated at €1.75 billion, but has now risen to the figure indicated above. At that time, it was also agreed that Spain would pay 62.5% of this amount, while France would pay the remaining 37.5%. This distribution…
Lorenzo Amor, president of the Spanish association of self-employed workers (ATA) has warned that the situation of the business fabric is “very complicated”, as cost increases “are weighing down business activity and damaging many companies and the self-employed”. “We ask the Government, in the face of this increase in energy, production, financial, mortgage, labour and tax costs, to help the business sector and not to put stones in its path”,…
Link Securities | Ferrovial (FER) has set out the rules for carrying out the move of its headquarters to Amsterdam, Expansión newspaper reported on Wednesday. The company will compensate shareholders opposed to the move with €26 per share, the average price of the last three months. In relation to this same issue, the newspaper Expansión reports on Thursday that the largest foreign investor in FER, The Children’s Investment (TCI), which…
Bankinter : The number of unemployed increased in February by +2,618 persons (after +70,750 in January). It stands at 2.91 million (+0.1% month-on-month and -6.4% year-on-year). The seasonally adjusted number of registered workers increased to 20.38 million (+0.4% month-on-month and +2.2% year-on-year). Analysis: The number of unemployed increased slightly in February, for the second consecutive month. The average for the last 10 years in February is +21.2 thousand workers. The…
Cepsa has sold its Exploration and Production business in the United Arab Emirates to France’s TotalEnergies. This comprises the transfer of Cepsa’s 20% interest in the Satah Al Razboot, Umm Lulu, Bin Nasher and Al Bateel well concession (SARB and Umm Lulu Operation) and the subsequent transfer of its indirect 12.88% interest in the Mubarraz concession through the sale of its shares in Cosmo Abu Dhabi Energy Exploration & Production…
The exchange operator plunged 10% in just six sessions, while the Spanish company soared almost 13%. Euronext has withdrawn its bid for Allfunds, among other reasons, because of unsatisfactory due diligence and the stock market punishment that investors inflicted on the pan-European exchange operator’s share price after the announcement. It risked being worth the same or less than its potential prey. Euronext’s stock market plunge -10% in just one week-…
Nicolai Tangen (chief executive of Norges Bank Investment Management) | Norway’s oil fund has more than $1tn in assets. For a large investor like us, it is vital to express clear expectations of the boards of the companies we are invested in. Strong and independent boards that can exercise effective oversight of management are fundamental for value creation. A few weeks ago, I went to the World Economic Forum in…
Morgan Stanley : The Alphawise survey confirms that investment towards renovating Europe’s energy-inefficient buildings is on the rise and is essential to reach the NET ZERO target by 2050. In this regard, Cedar Ekblom (analyst) points to over €2.8tr of investments until 2030 and over €5tr until 2050. We analyse the possibilities for European stocks exposed to this dynamic in the note. An example of what lies ahead is that…
Morgan Stanley | Despite the fastest tightening cycle in recent history, US macro has shown signs of strength, leading many investors to perceive the lack of a slowdown as a sign that the economy has been less affected by monetary policy than initially expected. In this sense, E. Z. acknowledges that activity has generally held up well, but under the surface, the impact of higher rates is undeniable. Although factors…
F.R. : Fourteen European stock exchange groups present in 26 EU Member States, including Six -BME-, Euronext, or Nasdaq, have announced a “joint initiative to participate in the future selection process for the provision of a CT (Consolidated Tape) for equity information in the European Union”. The CT is an electronic system for real-time dissemination of quotes and trading volumes, among other information. The project, for which no dates or…