Former president Luiz Inácio Lula da Silva won the second round of the presidential elections in Brazil on Sunday with 50.84% of the votes, compared to 49.16% for the current president, Jair Bolsonaro, with 99.10% of the ballot boxes counted. The leader of the Workers’ Party (PT), who governed between 2003 and 2010, will once again occupy the presidency of an extremely divided Brazil from 1 January 2023 and for…
In Spain, almost 9,000 ‘squats’ were reported in properties between January and June this year, almost half of them in Catalonia, according to the latest data provided by the Ministry of the Interior and collected by Europa Press. Specifically, the total number of complaints for occupation of property registered by the State Security Forces and Corps amounted to 8,857 in this period. Of these, 3,770, 42%, took place in Catalonia,…
The monumental bureaucratic bottleneck that currently exists in Spain in the processing of permits for the installation of renewable energy plants threatens to destroy hundreds of projects if the government does not intervene in the coming weeks. According to various reports handled by the major electricity companies and reported by the newspaper Expansión, the paralysis is already affecting between 2,500 and 3,000 projects, totalling between 80,000 and 100,000 megawatts (MW)…
Intermoney | While the market was open on Wednesday, Acciona Energía (Buy, Target Price 41 euros/share) announced that it will build a biomass plant with capacity of 49,9MW in the municipality of Logrosán (Cáceres). The company was an awardee in the third auction for the grant of the economic regime for renewable energies tendered by the Ministry for Ecological Transition and the Demographic challenge. This guarantees a sale price for the…
Intermoney | Results 9M 2022e on 7 November – EBITDA +26%, still reflecting the impact of costs in construction. Sacyr will announce its results on Monday 7 November before the market opening, with a conference call at 1300. We expect the company will have continued with the growth seen in past quarters. However, this will have relaxed vs H1’22 due to the impact of the rise in costs and more demanding…
The Corner|Consumer prices rose 7.3% in October from a year earlier, slower than the 8.9% increase in September, according to preliminary data from the National Statistics Institute (INE) on Friday. This is the lowest reading since January, when the CPI rate stood at 6.1%. A fall in electricity prices compared to the same period last year and more moderate gas prices were factors behind the slowdown in October, INE said….
The Corner | Caixabank posted an 18.8% rise in third quarter net attributable profit, beating consensus forecasts, and driven by a strong rise in revenues, including commissions. Net interest income was up 5% quarter-on-quarter at 1.687 billion euros. Morgan Stanley analysts noted that despite a slight uptick in costs, operating profit before provisions (Ppop) beat estimates by 8%, underpinned by a 25% drop in provisions, which was below expectations. “Overall, Álvaro…
The Corner | BBVA said net attributable profit rose 46% to 4.842 billion euros in the nine months to September from a year earlier, boosted by a strong performance in its main market Mexico. Group net interest income rose 29% to 13.811 billion euros year-on-year, while costs increased by 12.8%, as the hike in interest rates offset inflation. In Mexico, net attributable profit rose 47.5% in the nine-month period to 2.964…
With only the PP’s signature missing, the pact to renew the judiciary has collapsed. After a telephone conversation this Thursday afternoon between Prime Minister, Pedro Sánchez, and the leader of the opposition, Alberto Núñez-Feijóo, the negotiations have been “suspended”. “Feijóo has offered President Sánchez to address together any reform of the Penal Code affecting the crimes of rebellion, sedition, as well as the criminalisation of the calling of an illegal…
Bankinter | Acerinox has reported net profit of 741 million euros in the nine months to September, 99% higher than a year earlier. However, in the third quarter net profit dropped 22% to 133 million euros, due to a slowdown in activity in this period. The main figures compared with the company’s consensus for Q3’22: Revenues 2.175 billion euros (+28% yr/yr) vs 2.314 billion estimated; EBITDA 241 million euros (-18%…