Miquel y Costas has known how to create a niche for itself amongst the big global producers, taking advantage of the fact it is historically well-positioned in its sector (paper for the tobacco industry), with very few competitors and high entry barriers.
Centrist candidate Emmanuel Macron was victorious over right-wing candidate Marine Le Pen in yesterday’s French general election, winning 23.9% of vote versus her 21.4%. These results practically guarantee his being elected as the country’s new President in the second round in two weeks time.
Nick Ottens via Atlantic Sentinel | If you want to understand what’s going on in continental European politics, don’t rely solely on American and British sources. English-language commentators routinely misread the mood and have a tendency to project their own doubts about the European Union on the people living in it.
Richard N. Cooper via Caixin | Shortly after the U.S. presidential election, and well before the Jan. 20 inauguration, I speculated about the impact on China if then-President-elect Donald Trump translated his campaign slogans (and tweets) into policy.
Jean-Luc Mélenchon has unexpectedly been gaining ground in the run-up to this Sunday’s French elections. So much so that some experts believe it’s possible the second round will consist of extreme right candidate Marine Le Pen versus Mélenchon. But Fidelity’s Nick Peters still believes the most likely scenario is a second round face-off between Le Pen and centrist Emmanuel Macron.
Spanish banks registered net profit of 7.987 billion euros in 2016, 23.1% less than a year earlier, according to data provided on Thursday by the Spanish Banking Association. These results were affected by special temporary and specific factors in 2016, without which earnings would have been 12% higher than in 2015.
Ezentis ended 2016 with an order book worth €848.4 million and a ratio of 2.8x sales. This figure, combined with the fact the bulk of the order book is recent (79% of the contracts awarded in 2016), guarantee a large part of the group’s future results, as well as reducing their volatility.
J. L. M. Campuzano (Spanish Banking Association) | Stable inflation centred around levels of 2.0%…A scenario dominated by rising inflation is as complicated as one where deflation and potential low economic growth can create a vicious circle difficult to exit. Especially in a context of high indebtedness.
Italian motorway and airports operator Atlantia is considering a tie-up with Spain’s Abertis by launching a tender offer. The transaction is valued at some 15-16 billion euros, taking into account the current market value of Abertis. The offer will be made partly in cash and partly in Atlantia shares, with the end result a merger between the two companies.
Carlos Bravo | To be able to maintain current Spanish pensions model in 2050, when the large majority of the baby-boom generation will reach retirement age, we will need to raise pension spending to around 15% of GDP. This is a significant challenge, but one which is perfectly doable. The challenges of the system are two-fold: guarantee its financial sustainability and ensure there are sufficient funds available.