Solar energy will mobilise investments of 60 to 70 billion euros to achieving the objective of 35% of renewable energy by the end of 2030. This coincides with the recent approval of the Law Proposal on Energy Self-Consumption, which bids definitive farewell to the tax on solar power.
Between September and October, Siemens Gamesa has registered sales of 9.122 billion, with an Ebit pre PPA (Power Purchase Agreement) costs of integration and re-structuring of 693 million and an Ebit margin of 7.6%. Siemens Gamesa is closing its first financial year since the merger.
“Never again Spaniards will have to pay the mortgage stamp duty”. With these words the Spanish president Pedro Sánchez announced a decree law and gave a new twist to the story of who should be responsible for this tax, just a few hours after the Supreme Court decided that it will be the customer’s duty. The way in which the highest court has managed the decision making process puts into question its credibility.
Steven Pressman via The Conversation | Perhaps the biggest surprise in the midterm elections was that, unlike 2016, there wasn’t one. Polls and pundits expected Democrats would take control of the House and Republicans would keep the Senate, and that’s exactly what we’re getting. The likely result: two years of congressional gridlock on economic policy, which requires both houses of Congress to agree on the same legislation. So, we can expect that the status quo on economic policy will mostly prevail.
Jens Bastian | With Merkel’s gradual retreat from German politics, a new sense of political timing is set in motion across capital cities in Europe. How will Athens react to the gradual changing of the guards in Berlin? While much air time and social media is being consumed with domestic political quarrels in Greece, both government representatives and opposition parties will be well-advised to look closely at the next developments in Germany.
The EBA published the results of the latest stress tests on 47 European banks, plus one in Norway. These covered 70% of banking assets in the EU and revealed that in adverse scenario they would produce a negative impact of -395 base points in the capital ratio CET1 fully loaded (-410 base points of the transitory definition) to place itself in 10% at the end of 2020 (10.3% transitory). The four Spanish banks, Santander, BBVA, Caixabank and Sabadell, overcame the tests although they came out a little below the average.
S. Suresh |Decency and decorum in American politics will still be a distant dream, even if Democrats win the midterm elections on November 6.
By Jean-Maurice Ripert and Clemens von Goetze via Caixin | In just a few days, China will lift the curtain on its very first International Import Exposition in Shanghai. Along with many other countries, Germany and France will showcase their goods and services in Shanghai.
The Federal Reserve is more or less protected from the demands of political parties. But what about the influence from ‘special interest groups’ such as the banking industry on Fed policymaking? “There is hardly be any doubt that the Fed caters, first and foremost, to the needs of commercial and investment banks, ” says a report from Degussa.
William Chislett | By the time General Franco died in 1975 Spain had undergone profound economic and social change, which laid the foundations for an even greater transformation over the next 40 years, but it was a long haul. The new constitution, drawn up by all the main political parties and approved in a referendum on 6 December 1978 by 88% of voters on a turnout of 67%, sealed the transition to democracy.