Abengoa will begin construction of an inverse osmosis desalination plant of 909,000 cubic metres per day in Taweelah (UAE), which will be the largest plant of this kind of technology in the world. The project is valued at more than $700 M (623 M€), of which $243 M (216 M€) corresponds to Abengoa over the next 3 years, according to the Sevilla-based firm´s communication to the regulator (CNMV).
Freya Higgins-Desbiolles via The Conversation | The tourism industry’s challenge is to develop effective strategies to bring tourists and locals into better alignment.
After five months of negotiations, Unicaja and Liberbank have decided not to merge and to continue apart. Liberbank has announced that its Board has concluded that the contacts with Unicaja on a possible merger are over after not being able to reach agreement on the share of shares in the new entity.
Labour leader Jeremy Corbin is considering the nationalisation of the UK’s energy transportation and distribution lines, offering Treasury bonds as compensation to their owners, but at below market valuation. If this new energy policy was put into effect it would have a significant impact on Iberdrola.
CaixaBank Research | The underlying conditions are in place for a new leap forward in the European integration process, but this is unlikely to happen over the next five years. The euro area will make progress in completing its institutional framework, especially with regards to the banking union. Defence, the relationship with China and migration are becoming focal points in the political sphere for joint decision-making (although this is still some way off).
The Consumer Price Index (CPI) in Spain rose 1% in April compared to the previous month and raised the yoy rate by two tenths to 1.5%, its third consecutive increase since February and its highest level since last November, according to the definitive figures published this Tuesday by the National Institute of Statistics (INE), which coincide with those advanced at the end of last month.
Bankinter | DIA´s Q119 results show a very negative evolution in its business. The following stand out: income 1.6646 Bn € (-7.2%), EBITDA 12.4 M€ (-77.7%), EBIT -119.9 M€ (vs -6.1 M€ in Q118) and losses of -144.4 M€ (vs -16.2 M€ in Q118). On 26 April DIA had already published an advance of the preliminary results for Q119. It anticipated sales of 1.615/1.715 M€ vs 1.793 M€, an EBIT of -115/-125 M€ and net annual profits of -140/-150 M€.
Renta4 | Aena has published the traffic statistics for Spanish airports in April, where we continue to see how it remains well above the annual forecast of +3.7%, being for the year so far at +6.1%.
Alphavalue | Telefonica´s poor figures for Q119 traded with falls of 31%. Sales of 11.98 Bn€ › 11.81 Bn€ estimated by the consensus. Our analysts highlight that the operator improved income in all the geographic areas where it is present, especially in Spain and Brazil, its two main markets.
Banc Sabadell | IAG results in Q119 in line with expectations in EBIT and better in financing post tax profits: Sales: 5.318 Bn€ (+5.9%); EBIT: 135 M€ (-51.8%); post tax profits: 70 M€ (-66%). Sales evolved slightly below expectations (-0.7% vs BS expected) affected by unitary passenger income after currency change which fell -1.4% (vs -1% BS expected). Thus was compensated by unitary non-fuel costs which fell -0.6% at constant exchange rates (vs 0% BS expected). This poor income performance contributes a certain negative trend.