Companies

Companies 17th September 2014

Spanish Zara owner Inditex’s sells more, yet earns less

MADRID | The Corner | The world’s largest clothing retailer Inditex posted a net benefit of €928 million in the first fiscal semester (February 1 to July 31), 2.4% less than a year before due a strong euro, new store openings and renovation costs. And yet, it managed to incresase sales at its more than 6,400 stores rose 5.6 percent to €8.1 billion. The firm, which has outperformed many of its rivals during the economic crisis, will share a dividend of €0.242 euros on Nov 3.

Companies 16th September 2014

El Corte Inglés & the business model that looks set to be consigned to history

MADRID | J.P. Marín Arrese | Chairman Isidoro Alvarez’s death this week has commanded widespread emotion. He embodied El Corte Inglés’ soul, leading it to become Europe’s largest department store. Thanks to formidable growth, coupled with a unique business model, Alvarez sought and implemented widespread changes to company practice from the 90,000 strong work force, thorough his personal commitment to the firm. In exchange, he preserved full employment even when faced with dwindling sales during the crisis. He also drove a fully self-financed expansion, ruling out indebtedness and support from capital markets.

Companies 16th September 2014

Orange-Jazztel deal stirs M&A enthusiasm

MADRID | The Corner | Orange is set to buy Spanish competitor Jazztel in a €3.33bn ($4.3bn) deal. The merger will see Jazztel receive €13 a share, a boost of 22% on the company´s closing share price on Friday. The French giant says it is not seeking further acquisitions in other countries. The truth is we haven´t seen this M&A frenzy since 2006-2008: deals worth $630bn + 63% vs. 2013 and – 29% below $897bn in 2006.

Companies 15th September 2014

El Corte Ingles, a succession filled with uncertainty

MADRID | By Fernando G. Urbaneja | The death of Isidoro Álvarez, the legendary Spanish retailer and El Corte Inglés chairman, comes at a moment of critical importance to the company. Urgent strategic decisions are required at one of Europe’s most peculiar and inimitable businesses. El Corte Inglés’ model is unique with those with extensive knowledge of the firm concluding that is has its own defining characteristics.

Companies 14th September 2014

Isidoro Álvarez, chairman of Spanish leading retail giant, El Corte Inglés dies

MADRID | The Corner | The head of the retail company, Isidoro Álvarez, died on Sunday at 79 years old. Álvarez managed the Spanish giant since the the death of the firm’s founder, Ramón Areces, in 1989. He began working at El Corte Inglés at the age of 18, while studying Economics and Business Sciences at the Complutense University in Madrid, and at 24 he was already appointed a Member of the Board of Directors. The executive made El Corte Inglés the leading company and the reference within the retail sector. His death happens just few days after another’s national corporate heavyweight, Emilio Botín, Santander’s chairman.

Companies 2nd September 2014

Spanish bank Santander to issue 2.5bn euros in CoCo bonds

MADRID | The Corner | Spanish biggest bank Santander announced a bond issue contingent convertible (Coco) by an amount of €2.5 billion, which will be directed exclusively to qualified investors. Another Spanish company seeking financing in the capital markets is construction firm ACS, issuing of €500 million debt, which that was forced to suspend it some weeks ago due to the Portuguese bank Espirito Santo scandal.

Companies 29th August 2014

Telefónica unseats Telecom Italia in the battle for GVT

MADRID | The Corner | Vivendi board has decided to enter into exclusive talks with Telefónica for the disposal of its Brazilian subsidiary company Global Village Telecom (GVT), preferring Telefónica’s bid over the Telecom Italia’s one. Telefónica will pay a total consideration of €7.45 bn, of which €4.66bn in cash and the remainder in newly issued shares of the combined Telefónica Brazil-GVT entity corresponding to a 12% economic interest.

Companies 19th August 2014

Spanish Técnicas Reunidas awarded first contract by oil giant Petronas

MADRID | The Corner | Petroliam Nasional Berhad (PETRONAS) of Malaysia has awarded to Técnicas Reunidas a contract for the engineering, procurement, construction, and commissioning (EPCC) of all hydrotreating units, interconnections and torch of the Refinery and Petrochemical Integrated Development Project (RAPID) in Pengerang.

Companies 1st August 2014

United Kingdom, Santander’s main source of profits

MADRID | By Fernando G. Urbaneja | United Kingdom has displaced Brazil, which displaced before Spain as first market by benefit contribution to Banco Santander. Of the 2,750 million € earned in the first six months (+22% over the first half of 2013), 20% comes from the British market. Brazil contributes the 19% of benefits and Spain recovers share until reaching the 13%. And then there are United States (9%), Mexico (8%), Chile (7%), Poland (6%), Germany (5%), Portugal (2%) and other countries from Europe and Latin America (11%).

Companies 22nd July 2014

Apple: “There is upside to gross margins” (UBS)

MADRID | The Corner | “Apple became a stalled growth stock that has started to show momentum again,” analysts at UBS believe. The tech giant is announcing its fiscal 3Q results on Tuesday after the markets close. Although 3Q reports have historically been sluggish for the firm because clients don’t want to purchase gadgets until the new ones come out in September, expectations are high. UBS rises their price target from $100 to $115 per share, among others because some new product categories could “put the mojo back in the story.”

« 1 … 45 46 47 48 49 … 76 »