Telefónica to collaborate with Saudi operator STC Group to develop business in Middle East and North Africa

Link Securities | Telefónica has signed a strategic partnership agreement with the Saudi Arabian telecommunications operator STC Group to develop joint business in the Middle East and North Africa. With the signing of this agreement, STC Group becomes a member of TEF’s Partners Program, an initiative of alliances with other operators launched by the Spanish company in 2011 and covering more than 65 markets in Europe, Latin America, the Middle…


Repsol continues to accelerate growth of self-consumption business through Solmatch

Renta 4| Repsol (REP), through Solmatch, has more than 350 installations in Spain. Solmatch is a sustainable energy service focused on distributed or decentralised generation in Spain that was launched by the company in 2020. Repsol has agreements to develop solar communities (collective self-consumption). One of these agreements is with the Lasalle Schools, where the entities have committed to developing a total of 29 self-consumption parks in different schools located…

fata morgana

The Fata Morgana, or how markets ignore that the greatest risk for 2023 lies in overestimating economic growth

Banca March | Sometimes, when the sun’s rays hit the sea water and there is a big difference in temperature, an optical illusion takes place which creates visual effects that can lead us to think that a boat is capable of “flying” several metres above the horizon. This effect, a mirage, is called Fata Morgana. Is this effusive start to 2023, in which global stock markets are up more than…


Iberdrola tops 7,500 employees in US, its main investment destination

Norbolsa | Iberdrola has surpassed 7,500 employees at its US subsidiary Avangrid, while at the same time generating a total of 70,000 jobs in the country through its purchases and investments. As the electricity company explained in a statement, the United States is the main destination for its investments, with more than $21,500 million (€19,723 million) for the three-year period 2023-2025. Regulatory stability and the commitment of the different administrations…


CNMV finalises Code of Best Practices for investors, managers, and advisors

F. Rodriguez | The National Securities Market Commission (CNMV in its Spanish initials) has convened for the end of this month the group of experts that has been advising it on the draft of the “Code of best practices for institutional investors, asset managers and proxy advisors in relation to their duties with respect to the assets allocated or the services provided,” whose public consultation period ended on 16 September…

ESMA logo 2023

ESMA unveils strategy for next five years

F. Rodríguez | The European Securities and Markets Authority, (ESMA), has presented the broad outlines of its strategy for the period 2023-2028, which will have three priorities: “promoting the efficiency and stability of EU markets”, “strengthening retail investor protection” and achieving these two objectives by “reinforcing supervision”. Sustainability and innovation in technology and data processing will be the two “key drivers” in the functioning of the organisation. As part of…


Germany calls on EU to create joint financing instruments to counter US green plan

Intermoney| Despite central bank messages, the news that moved the bond market on Tuesday was German Chancellor Olaf Scholz’s request to the European Union to create joint financing instruments to counter the US green plan. Bond yields fell as investors reduced bets on the scale of monetary tightening and positioned themselves for more fiscal burden-sharing in the bloc. A slower pace of tightening is good news for Italian bonds, as…


Cellnex is undervalued but there will be a better time to enter when rates drop: Equalweight (44 euros/share)

Morgan Stanley |Cellnex’s organic growth story is undervalued by consensus. In the current environment, Cellnex is going to slow down on M&A. This takes away the possibility of accelerating growth and so debt reduction will be slow. That said, we are waiting for a better point of entry when the central banks begin to cut rates. Cellnex, Equalweight, 44 euros. 


Acciona awarded one of three 7-year handling licences at Düsseldorf airport

Link Securities | Acciona Airport Services, a subsidiary of Acciona, has been awarded one of three handling licences put out for tender at Düsseldorf  airport. The licence has a duration of seven years. Acciona has been operating at Germany’s third largest airport since 2016, according to Europa Press. Acciona will continue to provide all the services the airlines require for their ground operations. These include passenger check-in and boarding, ramp…


Adif awards ACS, Rover and Tecsa €443 M contract for high-speed train works in Valencia

Link Securities | According to the daily, Adif Alta Velocidad has awarded the joint venture formed by ACS, Rover and Tecsa the contract to execute the works in the plans for the construction of the new access channel to integrate the high-speed railway in Valencia. Also to extend and remodel the Joaquín Sorolla station and increase its parking area.ç The contract is worth 443,4 million euros, VAT included. It…