New Telefonica’s commercial brand in Spain O2 will aim to cover all segments of the low and medium cost market where the entry of Masmovil has caused competition. Masmovil gained 201,000 new lines in April, while Telefonica gained 1,200 new connections, Orange lost 1,900 lines and Vodafone 4,500.
For both China and the US, government policy is more important than monetary policy right now. “Interesting that for China, many of its perceived problems are being dealt with through greater use of technology”, explains Mark Tinker, Head of Framlington Equities Asia at AXA IM.
The recovery of the Spanish economy has shown strong growth in more than just GDP. Exports of goods and services have grown considerably from 25.6% of GDP to 34.4% between 2010 and 2017, while employment has also shown notable growth (1.9 million more people in work since Q2 2014). This increase in exports is not only helping to create jobs, but whatsmore, to improve the quality of employment.
The first half of 2018 has witnessed a dip in global IPO activity as a result of lower capital raising in Asia Pacific and EMEA, according to the latest research from Baker McKenzie. Worries around geopolitics weighed on investors’ minds. However, cross-border deals totalled over $16.6 Bn. The number of deals climbed, up 18% to 85.
According to Julius Baer economists, “despite the perceived escalation of US tariffs quarrels being close to a trade war, they remain tit-for-tat trade disputes.” The missing economic rationale behind the tariffs supports their notion of a pure domestic motivation for the disputes.
William Chislett (Elcano Royal Institute) | Spain was ranked 11th out of 110 countries in the 2017 Elcano Global Presence Index, which measures the results of internationalisation, up from 12th in 2016
Sacyr did well out of the housing bubble in Spain: its Ebitda was multipled by 2.9 between 2001 and 2007. Now the new Sacyr is building its business around concessions, aiming to mimic the business models of the French companies Vinci and Eiffage.
“The JPY’s refusal to heed the BOJ’s quest for higher inflation — a consequence of its role as a funding vehicle in the carry trade—has served up a firm reminder of the immense challenges still facing Shinzo Abe’s Japan,” says BNY Mellon senior currency strategist Neil Mellor.
For the past couple of months, Eurozone business surveys have been reporting growing labour shortages, flags a report from AXA IM. “While bearing in mind the potential differences in sample represent activeness and statistical methodologies, it remains remarkable that these reported hiring difficulties are even larger than reported by US corporates,” the firm’s analysts explain.