The consortium formed by Abertis and Manulife Investment Management, a institutional infrastructure investor, have acquired from Macquarie Infrastructure Partners II and Skanska a 100% stake in Elizabeth River Crossings , in Virginia (US). The deal was closed for a total equity amount of €1bn. Within the consortium Abertis will hold 55.2%.
Following the Brexit deal, IAG has had to implement plans to ensure ownership and control, guaranteeing the EU license of the various airlines. These include the creation of a national ownership structure for Aer Lingus and changes to the existing one in Spain. In addition, IAG is still exploring ways to improve its liquidity position. In this regard, British Airways has received commitments for a 5 year early repayment loan from UK Export Finance valued at £2bn. At the close of November 30, IAG had a liquidity position of £8bn, which did not include this loan from UKEF.
For India, the sharp fall of domestic demand led to a huge decline in imports that drove the current account into surplus, giving the country savings during times of crisis. The Philippines also had a balance of payment surplus as its imports collapsed, driven by the large drop in investment and contraction in consumption, which was unprecedented. But those factors, coupled with low rates domestically and externally, pave the way for not just a financial market rebound but also an economic recovery in 2021, as funding conditions are favourable and balance sheets trimmer.
CaixaBank Research (Oriol Carreras Baquer and Javier García Arenas | We expect growth in economic activity to pick up in Q2, when the most vulnerable people should have been immunised and international travel can recover more strongly, with growth in the Spanish economy reaching around 6.0% in 2021. While the pace of recovery is high, this would still leave the economy 6.2% below the pre-crisis GDP level. In fact, we do not expect the economy to return to pre-crisis levels until 2023.
It would be important to undertake and construct a State pact for industry, from which a Law on Industry would emerge, as stated in the report on “Industry in Spain: Proposals for its Development,” that was recently presented by the Spanish Economic and Social Council, a consultative body of the Government. From a conceptual point of view, the field of study of the report has been limited to the manufacturing industry. This represents most of the industrial activity in Spain, with four fifths of the output and 90 % of the employment in the National Accounts.
Dolf Gielen and Morgan Bazilian via The Conversation | The global shift to clean energy will also have geopolitical implications for countries and regions, and this will have a profound impact on wider international relations. Kerry, with his experience as secretary of state in the Obama administration, and Biden’s plan to make the climate envoy position part of the National Security Council, may help mend these relations. In doing so, the U.S. may again join the wider community of countries willing to lead.
Nick Ottens (Atlantic Sentinel) | I haven’t read the 1,246 pages of the EU-UK trade agreement, so I’m going to rely on trusted sources to make sense of the accord. For example, David Allen Green of the Financial Times argues the trade agreement leaves much unchanged. The Joint Partnership Council, alternating between Brussels and London, will be able to make binding decisions without the involvement of lawmakers. So much for UK “independence”.
Miroslava Sawiris | According to the GLOBSEC Trends 2020 report, across Central and Eastern Europe, 34% believe that COVID-19 is a hoax designed to manipulate populations. With hundreds of deaths around the world occurring as a result of disinformation related to the coronavirus, the pandemic has demonstrated the critical importance of limiting the impact of disinformation on our societies. Yearly profit generated by disinformation websites come to $235 M, estimates the Global Disinformation Index.
In the Q2 of the year, household savings reached an unprecedented level in Spain, namely 22.5% of disposable income. Funcas has chosen the savings rate, particularly the one recorded in that period, as ‘The data of the year.’ Through this initiative, its researchers have highlighted a particularly significant figure for the Spanish economy during this year about to end. Before the current crisis, the maximum savings rate for families was 12.1% in Q209, while the average in the period 1999 to 2019 was 8.2%.
Fernando Rodriguez | “When the Long Term Investment Directive appeared, analysts at JPMorgan or Fidelity received you in London with a smile… The ‘engagement’ was something already insisted on by the company. Where I hope it will have more impetus – the transposition of the directive – is with Spanish investors or funds, which are very passive. When you want to mobilise their vote, it much more difficult than it is with foreign funds, which have taken it more on board ,” explains Rafael Piqueras, chairman of Emisores Españoles* and a board member of Enagás.