By Tania Suárez, in Madrid | After the storm, the sun shines. After several months of conflict and based on the relevant fact sent by Repsol to the CNMV, the Spanish financial supervisor, the Spanish oil company and Pemex have reached a “strategic agreement of mutual cooperation.” Below, we reproduce the statement: “Repsol YPS, Inc. (Repsol) and Petróleos Mexicanos (Pemex) have signed a letter of intent under which they undertake…
By Tania Suárez, in Madrid | Bankinter, with €59bn in assets, is the smallest of the Spanish listed banks but it has surprised everyone with its brilliant results. Net profit at the end of 2011 amounted to €181.2mn with an improvement of 20% compared to 2010. The gross margin was of €1,104.48mn, an increase of 0.20% year on year. Its income before provisions grew by more than 2.9% compared to…
LONDON | CEO and Vice Chairman of Meliá Hotels International, Gabriel Escarrer signed an agreement for what will become the third hotel for the Majorca-based company in the UK: the Innside Manchester Hotel. Meliá Hotels International is the world’s largest resort hotel company and the largest hotel chain in Spain, and is third in the European ranking. The deal confirms its interest in the UK, “one of the most important markets…
get your ex back MADRID | Esther Koplowitz, Fomento de Construciones y Contratas' (FCC) core shareholder, recently received an award from the Construction and Woodworkers Foundation (FCM) of Comisiones Obreras labour union in the 'commitment to the community' category. The union noted FCC's work in the area of “creating a solidarity network which focuses on the most disadvantaged groups.” The Foundation lauded FCC's efforts to encourage its employees to volunteer…
LONDON | The British prime minister David Cameron on Wednesday unilaterally gave his go-ahead to a closer study of the Thames Estuary airport proposal, among other options on expanding UK's travel and trade links with non-European markets. Downing Street explained that plans for a second runway at Stansted and any expansion of Gatwick before 2019 remained ruled out, as it is a third runaway for Heathrow airport. The Thames scheme…
Portugal has taken its commitment to Europe very seriously, the rescue programme representing €78bn. So after the selling of the state-owned companies EdP and REN to the Chinese companies Three Gorges and State Grid, it is the turn of the Portuguese flag carrier TAP. All the signs are that, if no unexpected events meddle the deal, the next TPA’s owner will be the British-Spanish airline IAG. According to the digital…
AEW Europe has announced the merger of its three existing logistics funds, creating a €1bn pan-European logistics platform. The new Logistics Fund will own one of the largest logistics investment portfolios in Europe. The logistics market has been undergoing structural change and consolidation in recent years as logistics providers seek to increase market share and geographical coverage. Third party logistics providers and retailers are increasingly seeking to work with fewer partners…
Repsol YPF has reached an agreement with Totalgaz, a subsidiary of Total for the sale of its liquefied petroleum gas business (LPG) in France, reported sources close to the transaction to Europa Press. The oil company, chaired by Antonio Brufau, has carried out this sale as part of its strategy of divesting from ‘downstream’ non-integrated assets with which it has already generated more than $1.2 billion (€945 million) in five…
