Relevant News Item

Companies, Ibex, Relevant News Item 20th October 2022

Inditex is exploring the sale of its Russian business to an Asian partner

Bankinter | According to the Russian media, Inditex will transfer its assets there to partners in a “friendly” country in Soutb East Asia or the Persian Gulf. The solution would include Massimo Dutti, Oysho and Zara Home leaving the Russian market completely. Meanwhile other brands, particularly Zara, would operate under other names and with new collections from spring of 2023. It could take six months to a year to finalise…

Companies, Ibex, Relevant News Item 19th October 2022

Telefónica considers revising strategic plan which created Telefónica Tech and Infra

Link Securities | Telefónica is considering revising its current strategic plan via which it created Telefónica Tech and Infra (amongst other decisions). Sources familiar with the operation confirmed this to news agency Europa Press on Monday, after it had been advanced earlier by El Confidencial.com. Telefónica wants to adapt the plan to the macroeconomic context of high inflation. The Spanish telco has hired McKisey&Company to carry out an analysis, the…

Companies, Ibex, Relevant News Item 17th October 2022

Repsol enters Acteco’s capital with 27% stake

Renta 4 | Repsol has bought 27% of Acteco, which specialises in the pickup, management and recycling of waste in Spain, specifically plastics. With the acquisition of this stake, the oil and gas company has guaranteed the supply of waste which will be used in the manufacturing of low emission products. Repsol continues to bet on the circular economy. No financial details of the transaction have been revealed. With Repsol…

Companies, Ibex, Relevant News Item 27th September 2022

Siemens Gamesa calls on European governments to declare renewables strategic industry

Link Securities | Siemens Gamesa has asked the European governments to declare the renewables industry as one with strategic importance. This is to enable the development of the necessary technology and capacities which the European Green Deal requires. And, in this way, maintain leadership for Europe, under threat from the current crisis caused by Russia’s invasion of the Ukraine, according to the daily NegociosTV. Siemens Gamesa has prepared a “white…

Companies, Ibex, Relevant News Item 27th September 2022

S&P cuts Grifols rating, while Fitch, Moody’s leave unchanged; the company reaffirms business plan

Bankinter | S&P has cut Grifols debt rating, while Moody’s and Fitch leave theirs unchanged. The board issues a statement reaffirming business plan. The updated ratings are: S&P B+ (previous BB-); Moody’s B1; Fitch BB-. S&P highlights that the process of debt reduction could go slower than forecast amid difficult market conditions. It has maintained its outlook at Neutral. Both Moody’s and Fitch flag Grifols’ market positioning, its integrated business model,…

European politics, Relevant News Item 26th September 2022

The Right Wing Takes Over The Government In Italy

The coalition of conservatives, post-fascists and populists, led by Giorgia Meloni, won 44% of the votes in both Congress and the Senate, with 96% of the votes counted. “It is the time of responsibility, we will govern for all Italians”, said the very possible future prime minister after an election with a historic abstention rate. With a turnout of 63.9%, Giorgia Meloni’s Fratelli d’Italia had 26.2% of the vote, Enrico…

Companies, Ibex, Relevant News Item 21st September 2022

ACS reaches agreement with Texas Transport Department to renovate a bridge for an investment of €1B

Intermoney | ACS (ACS) (Buy, Target Price 40 euros/share) would have reached an agreement with the Texas Transport Department (TxDOT) related to the contract to renovate a bridge in Corpus Christi, according to the daily Cinco Dias. The investment required is 1 billion euros. The initial contract had been signed in 2015, but since then various problems with the design have appeared which have delayed the work being carried out. Faced with…

Companies, Ibex, Relevant News Item 19th September 2022

Deloitte calculates Aena’s 2020/2021 revenue deficit at €2.482 B

Banc Sabadell | Aena (AENA) is continuing to struggle to reopen the compensation analysis for Covid-19, which the Civil Aviation and the Government have both denied. Now, according to the daily Cinco Dias, Aena will have asked Deloitte to prepare a report. In this, the latter estimates the revenue deficit during 2020, as a result of Covid-19, at 1.394 billion euros ( vs 1.364 billion published by the CNMC) and during…

Relevant News Item 16th September 2022

Shinzo Abe’s Economic Legacy: A Glass Half Full

Alicia García Herrero (Natixis) | The assassination on 8 July 2022 of Japan’s longest-serving prime minister Shinzo Abe was one of the most shocking and saddest events in contemporary Japanese history. Abe had surprised Japanese citizens with his sudden health-related resignation in 2020. His resignation opened the way for Japan’s then foreign minister, Fumio Kishida, to win Liberal Democratic Party (LDP) support and the November 2021 general election, to become…

Relevant News Item 8th September 2022

ECB: “Better Late than Never”

ifo President Clemens Fuest has welcomed the European Central Bank’s decision to raise interest rates. “Better late than never,” he said in Berlin on Thursday. “The 0.75 percent increase is a step in the right direction. Nevertheless, monetary policy remains very expansionary. Over the coming months, further interest rate increases will have to follow. Interest rates are still very low, and private households’ inflation expectations are constantly climbing higher. The…

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