Companies

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Nokia Siemens Networks’ 17,000-job cut plan looms over workforce in Europe

Nokia Siemens Networks plans to reduce its workforce by 17,000 during the next two years. The firm, whose headquarters are based in Finland, did not provide further details, although according to the company’s financial report, net sales have suffered a fall since 2009 in the US, and the UK and Spain in Europe. While the US only represents 5pc of its global market, Europe accounts for a much larger 34%. Rajeev…




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Ferrovial Investor’s Day: “Visibility for the service business can rise hidden value”

Ferrovial held its Investor’s day on Tuesday in London. The event focused its attention on the Spanish firm’s services division (Amey, Cespa and Ferroser). Ahorro Corporación Financiera’s (ACF) analysts expect that Ferrovial will give more visibility to the services business, since “it could surface some hidden value in this unit or even generate new share price catalysts”. Experts argue that “after Swissport and Tubelines sale, 60% of the services’ EBITDA…


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Ferrovial reaches to Eastern Europe

Ferrovial has now completed the purchase of Poland’s Przedsiebiorstwo Napraw Infrastruktury (PNI), specialised in civil engineering and railway design, construction and maintenance. The Spanish firm said the cost was close to €51 million euro or 225 million zlotys. Ferrovial, which is the owner of BAA in the UK, carried out this operation through Ferrovial Agroman’s Polish subsidiary Budimex. Alejandro de la Joya, CEO of Ferrovial Agroman explained why the company is interested…


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FCC’s foreign income exceeds domestic for the first time in its history

Report by Julia Pastor, in Madrid | FCC has obtained €178 million in the first nine months of 2011, which means a 6,9% less than in in the same period of 2010, according to a  Friday’s company press release. Nevertheless, FCC’s internationalisation process, with a growing income from foreign markets of almost 9,9% reaching €4.309 billion, represents a milestone in FCC’s 100 years history: for the first time, income coming…


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Repsol YPF makes largest oil discovery in its history

MADRID | Repsol has found in Argentina new reserves equivalent to YPF’s. The site is located in Argentina’s Neuquén province in the region known as Vaca Muerta, with a total area of 30,000 square kms, of which Repsol YPF has 12,000 square kms. The company has confirmed the existence of large volumes of unconventional oil in the area of Loma La Lata. These resources would transform the energy potential of…


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NH moves into China searching for growth

China's HNA Group and Spain's company NH Hoteles announced the set up in 2012 of a hotel management company in China. HNA will inject €330 million into the Spanish company by December 15, according to the terms of the deal. The joint venture signals NH's use a growth strategy through low-risk deals, such as management of third-party owned hotels, to expand its business. Spain's NH Hoteles (see graphic with key financials) ranks…


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Spanish consortium wins the Mecca-Medina €6.7bn HSR macro contract

From El País, details on the largest Spanish overseas contract so far after a Spanish consortium, in which Saudi companies are also involved, has been awarded the project of building a high-speed line (High-Speed Railway) that will connect the cities of Medina, Jeddah and Mecca in Saudi Arabia, “with a budget of 6.736 million of euros, as reported by the Saudi Railways Organization on its website. ” The Ministry of Public Works…


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BofA’s political football

NEW YORK | Bank of America’s decision to charge customers $5 a month to use their debit cards starting sometime next year has risen an enormous outrage in the US. The company’s stock price has fallen (as of October 4, earnings estimates had fallen to 19 cents a share from 27 cents on Aug. 1). Customers have complained. The bank’s website has experienced significant problems that some believe might be…