MADRID | Lenovo, the Chinese PC giant, recently carried out two capital injections in its Spanish subsidiary. According to the business daily Cinco Días, on April 24 there was a capital increase of €36 million, with the total capital subscribed resulting in €37.47 million. A few days earlier, the company had made another injection of capital of €1.29 million. Isla Ramos, CEO of Lenovo in Spain, explained that such capitalisation is linked…
The Spanish government estimates it may take in up to €30 billion through an “ambitious” privatisation plan which will be passed before summer, reported news agency Europa Press on Monday. This new government plan, which completes the reforms that have already been approved as well as other further measures (the single market, or the entrepreneurship law) will affect all the ministries and enable private initiatives to enter in a large number…
MADRID | Burrup Nitrates selected Técnicas Reunidas, the Spanish company reported Monday, for the TAN or technical ammonium nitrate project on the Burrup Peninsula, in the state of Western Australia. The contract will be on a lump sum turnkey basis with an approximate value of just over $600 million with the start up of the plant scheduled for the third quarter of 2015. Burrup Nitrates Pty. Ltd. is a company beneficially participated by…
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…
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…
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….
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…
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,…
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…
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…