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Companies 25th May 2012

Repsol Sinopec’s Campos Basin in Brazil one of largest findings in 2012

MADRID | Repsol Sinopec Brasil reported it estimates that Block BM-C-33, in the deepwater Campos Basin, contains resources of more than 700 million barrels of light oil and 3 trillion cubic feet of gas. Partner companies are now working on an appraisal plan for the area. Repsol Sinopec Brasil is the operator of the discovering consortium, holding 35%, also joined by Statoil (35%) and Petrobras (30%). Block BM-C-33, off the coast…

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Companies 24th May 2012

The Bankia + CatalunyaCaixa + Nova Caixa Galicia nuclear option

By Julia Pastor, in Madrid | The financial markets were anxiously waiting for explanations about the much talked about doomed Bankia. The Spanish minister of Economy Luis de Guindos spoke at last. He said that the State will support Bankia’s solvency with all the capital the entity may need. According to De Guindos, Bankia will need at least  €9 billion to meet the latest reform’s requirements. This figure includes €7 billion…

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Companies 23rd May 2012

Ferrovial consortium wins Ontario’s Highway 407 East contract

MADRID | Spain’s Ferrovial announced Wednesday that its subsidiary Cintra Infraestructuras, in a 50% consortium with SNC-Lavalin, was awarded the €78-million contract for the first phase of the Highway 407 East project in Ontario, Canada. The group was appointed by Infrastructure Ontario and the Ontario Ministry of Transportation. Phase one of the new highway will extend 22 kilometers east from Brock Road in Pickering, Ontario to Harmony Road in Oshawa, Ontario….

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Companies 14th May 2012

Santander details provisions in bid to reassure shareholders over €0.6 dividend

MADRID | Banco Santander on Monday announced that the banking group in Spain, including Banesto, will require €2.7 billion before taxes to comply with the new legislation passed last May 11 on real estate asset provisions. These charges are in addition to the reserves already made compulsory by a decree-law in February, of which €2.3 billion before taxes are still pending, as stated in a filing sent to the Spanish regulator…

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Companies 11th May 2012

FCC holds revenue in spite of demand contraction in Spain

MADRID | The Spanish infrastructure and services company FCC reported this week it had obtained €2.4 billion in revenues in the first quarter of 2012, on par with the same period last year, with international revenues increasing by 15.6%. FCC obtained a net attributable profit of €16.6 million in the first quarter, suffering a decline of €23.9 million year-on-year, reflecting the impact of the company’s most cyclical activities. Earnings before interest,…

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Companies 11th May 2012

ACS’ Edmonton highway construction project gets financial go ahead

MADRID | Spain’s ACS Group confirmed the financing for the construction of the Edmonton highway in Alberta, Canada, was in after the success of an initial bond issuance that obtained 500 million of Canadian dollars or €380 million. It is a 34-year duration contract valued at €1.4 billion. The financial City of Madrid welcomed the news as a proof that capital is still available for attractive projects. Foreign deals will…

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Companies 10th May 2012

Repsol shrugs off YPF episode with 12.4pc increase in net income in Q1’12

MADRID | Repsol released Thursday the company’s results in the first quarter of the year excluding YPF, posting net income of €643 million, that is, 12.4% higher than the €572 million reported in the year-earlier period. Including YPF, quarterly net profit rose to €792 million, an improvement of 3.5% from €765 million year on year. The improved results are mainly due to the improvement of Repsol’s crude oil and gas realisation…

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Companies 9th May 2012

Ferrovial will set up its Intelligent City research centre in Santander

MADRID | Ferrovial and the local authorities of the Spanish city of Santander reached an agreement to create a research centre for Intelligent Cities, the company said on Wednesday. The Centre’s researchers may also work on projects implemented under the cooperation agreement between Ferrovial and Massachusetts Institute of Technology (MIT). This new public-private initiative in the area of research and urban development will adopt an open innovation approach which enables it to join projects…

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Companies 8th May 2012

Spain’s construction company ACS records €207 million profit in 1Q 2012

MADRID | Grupo ACS said Tuesday that the company recorded a net profit in the first quarter of 2012 of €207 million. The Spanish firm published its consolidated results today, showing that net sales of ACS in the first quarter of 2012 totaled €9,035 million, 144.8% more than last year. Growth in comparable terms, also considering the sales of Hochtief in the first quarter of 2011, accounted for a 4.9%. ACS…

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Companies 8th May 2012

FCC-led joint venture to be awarded €498-million contract in Los Angeles

MADRID | The joint venture team headed by FCC Construction, Shimmick Construction Company and Impregilo won the bid for the Gerald Desmond Bridge Replacement Project design-build contract, Port of Long Beach and Caltrans officials announced. Major participants in the proposal included Arup North America  and Biggs Cardosa Associates. A decision by the Port’s Board of Harbor Commissioners on the actual award of the contract is expected in late June, with construction kickoff…