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Inditex

Ibex, Markets 13th December 2016

Greens’ accusation of Inditex’s alleged tax evasion may be a call for more fiscal transparency

The Green party lawmakers in the European parliament have accused the world’s biggest clothing retailer Inditex of avoiding paying at least 585 million euros in taxes between 2011 and 2014. According its report ‘Tax Shopping: Exploring Zara’s Tax Avoidance Business’, the fact that Inditex diverted bonus payments to the Netherlands has cost Spain some 218 million euros in uncollected tax revenues, Germany 25 million, Italy 57 million and France 78 million, amongst others.

aenasede

Ibex, Markets 12th December 2016

No dilemma in AENA: between competitiveness and making money, the government picks the latter

They say that governing is all about choosing (between what is bad and what is worse) and this government is once again facing a difficult decision: whether to lower AENA’s airport tariffs, thus benefiting Spain’s tourism industry which generates the most jobs, or do their own thing and make money. I say this because, obviously, the best way of making money is not to lower the tariffs AENA charges the airlines.

The Spanish bank warns The SEC about the effects of Brexit

Ibex, Markets 18th November 2016

Santander buys back 50% of AM unit

Santander has reached an agreement with Warburg Pincus and General Atlantic to buy back the 50% of its asset management arm it sold to the private equity firms in 2013.

gas natural

Ibex, Markets 17th November 2016

Gas Natural rules out negative impact from Electricaribe intervention

On Tuesday, the Colombian government ordered an intervention in Electricaribe because there was a risk the company could discontinue its services. Electricaribe is an electricity distributor with 2.5 million clients on Colombia’s Caribbean Coast. Gas Natural owns 85%, while the remaining stake is in state hands.

Indra

Ibex, Markets 16th November 2016

What’s Behind The Sharp Drop In Indra’s Price?

The Spanish market’s attention was firmly on technology company Indra on Tuesday when it’s share price plummeted 12%. One reason for the slump was its nine months to September results, which hugely disappointed analysts and investors.

Iberdrola US

Ibex, Markets 11th November 2016

Iberdrola’s Business In The US, Mexico Should Not Be Affected By Trump Win

Spanish power company Iberdrola is involved in the electricity and gas generation and distribution businesses in the US. It also has 5.504MW of installed capacity in Mexico, mainly in combined gas cycles. This is one of the pillars of future growth for Iberdrola as it is constructing 4.000 MW to reach a 2020 target of 10.000 MW of installed capacity.

repsol LNG

Ibex 29th October 2016

Can Repsol Be “Small & Beautiful?

Carax-Alphavalue | Amongst integrated oil companies, Repsol (Add, Spain) is one of the smallest with a €19bn market cap despite its latest acquisition (Talisman) doubling its size (production seen at 725kbpd by 2020 from 355kbpd in 2014).

telefonica.bonita

Ibex, Markets 28th October 2016

Telefonica Holds Up Well In The Stock Market After Dividend Cut

Telefonica’s stock price held up much better than expected after the multinational announced it will cut its dividend this year and next. The shares finally closed down 1% after falling as much as 4% in the first few hours of the session. It seems that investors have understood that, on the one hand, it is the company’s best option for reducing debt; and, on the other, that the dividend yield is still very attractive.