A consortium led by Acciona has been awarded an 800 million euros water management contract in Veracruz (Mexico) for a 30-year period. With this contract, apart from boosting its presence in Mexico where the company has been operating for 40 years, Acciona will increase its experience in the country’s water sector.
Repsol is doing very well at the moment. And in fact, it has been selected as the best exploration and production company in 2017 by Platts Global Energy Awards. During H1’18 Repsol will present its new 5-year strategic plan. The most interesting part will be the so-called “third leg”, describing the firm’s vision of the future.
The effective launch of the bids for Abertis will be delayed 2-3 months if the CNMV revokes authorisation for Atlantia’s offer and it has to seek prior government approval.
Mapfre said last Friday that it will restructure its business in the US “to optimise its profitable growth structure and concentrate the operations there in a smaller number of states.”
The difference between top managers’ salaries in Ibex-35 companies and the lowest salaries in these same firms is on average 207 times, which shows the salary gap in Spain is increasing.
The weakness in Ferrovial’s share price compared with that of its peers is largely down to the erosion in the construction division’s EBITDA margin. This has declined by 65% to 2.6% for Ferrovial Agroman, and it’s not expected to recover until the beginning of 2019.
There has been a lot of positive news from SiemensGamesa this week. On the one hand, it has presented two new products: the onshore wind turbine SG 4.2 – 145 and the SG 8.0 – 167 DD for off-shore which will boost annual energy production by 20%.
Morgan Stanley said this week that the uncertainty over Catalonia which has weighed on Spain’s performance has meant that the MSCI Spain has underperformed the EMU by 8% since August. And Spanish SMEs have underperformed by 13%. That said, there is a reason for betting on the Spanish market: it has had the fourth best EPS growth examples.
Standard & Poor’s has announced an upward revision in its long-term credit rating for Repsol from BBB- to BBB. It has also improved its short-term rating from A-3 to A-2, with both ratings assigned a stable outlook. S&P had already improved its outlook for the Spanish oil major from “stable” to “positive” in July, leaving the door open for a ratings upgrade.
According to the stress tests carried out by the Bank of England (BoE), the UK banking system could absorb £50 billion of losses with the capital they have in excess of the minimum requirements. Banco Santander’s UK subsidiary did a good job in the tests.