Intermoney | The progress made in the economic recovery has prompted the Bank of Canada to reduce net purchases of Canadian government debt by 1,000 thousand. CAD 1,000 billion to CAD 3,000 billion as of next week. A move that was supported by a very positive forecast for the world economy, projecting global GDP growth of 6.8% in 2021, 4.1% in 2022 and 3.3% in 2023.
T.C. | More than half of the debt, 43.5 billion, corresponds to the central administration, the government, while local councils owe almost 20 billion, the Autonomous Communities 10 billion and the Social Security another 10 billion. And nothing seems to indicate that these figures will improve in 2021. In breach of the law on late payment – which requires payment within 30 days – the central government was paying in January 2021 in almost 40 days.
Pieter Busscher (Robeco) | The findings were part of a series of studies from the World Bank investigating the economic and environmental impact of applying circular economy principles within industries. The study analyzed the plastic supply chains of Malaysia, the Philippines and Thailand, and found that 75% of plastic that could have been recycled had been discarded. This means that almost 5 million of the 6.5 million metric tons of plastic produced is either hauled to trash heaps, dumped in oceans, burned in incinerators or simply scrapped as litter in the open environment.
T.C | Allfunds, the made in spain fund distribution platform with assets under administration of more than 1.2 trillion euros, went public on Friday on the Amsterdam Stock Exchange, with an initial price of 11.5 euros per share, which meant a capitalisation of 7.25 billion, and closed the day at 13.85 euros, which implies valuing the company at more than 8.7 billion.
Aberdeen Standard Investments | Now the world’s second largest economy, China continues to grow at a far faster rate than other major markets. Driven by investment, manufacturing and exports, GDP expanded 2.3% year-on-year in 2020. It underlines how China’s economy was first in, first out of the Covid-19 pandemic and the successful measures taken to contain the initial outbreak and subsequent infection waves.
Mutuactivos | How would you react to an inflation figure of 4.1%, albeit temporary? In short, we believe that it could push the T-note above 2% temporarily, even a scare in the markets, but in that case it is likely that the Fed would try to influence it to moderate it: either by changing its “active passive” discourse to one of greater involvement, closer to that of the ECB, or directly by buying debt to control the yield curve.
T.C. | Cellnex (CLNX) has closed its €7 billion capital increase without difficulties. This is the company’s fourth capital increase in two years. Since February 2019. Cellnex has raised €14.7 billion in capital on the market and is, after the capital increase, the fourth largest company in the Spanish market. The Benettons did not take part in this new capital increase – which was made at a discount of 17% – and have sold their rights, reducing their stake from 13.5% to 8.5%. On the other hand, the sovereign wealth fund of Singapore, which bought 2.5% of the capital from the Benettons, became the largest shareholder with 9.23%.
Global gross domestic product will fall by 18% if no action is taken on climate change and global temperatures rise by 3.2 degrees Celsius, according to a report by Swiss reinsurer Swiss Re AG. The report was conducted by stress-testing the world’s 48 major economies, which account for 90% of global GDP, against four possible scenarios, with 18 % declines in the most pessimistic and 4 % in the most optimistic – achieving a global temperature rise of no more than 2 degrees Celsius, in line with the Paris Agreement.
ASE Group | The rise in the price of CO2 emissions, up 36% so far this year to 45 euros per tonne (when a year ago it was around 15 euros per tonne) and in the price of gas, up 200%, is pushing up electricity prices across the continent, both current prices and those on the futures markets. Thus, for example, in Spain, the daily price of electricity on the wholesale market for the first 15 days of April stood at 58.13 €/MWh. This is 60% higher than at the end of March and also 60% above the average for the month of April in the last 5 years. If we compare it with April of last year, in the middle of the sanitary confinement, the price rises by 229%.
Fernando Rodríguez López de Andújar | Isabel perez Nivela is vice-president for legal affairs at Coca Cola European Partners, the bottling company that last year had a turnover of 10.6 billion euros (-11%) and was already listed in Amsterdam. so “taking advantage of brexit, which forces us to have a European market of reference, we have domiciled (Coca-Cola EP) in Amsterdam, whose stock exchange is quadrupling its business volumes since the brexit agreement. Amsterdam also has other prerogatives for long-term shareholders, such as allowing loyalty shares and other corporate governance issues that are not allowed in london. there you almost have to apologise for having a dominical chairwoman, even if she is appointed by a shareholder with more than 30% of the capital”.