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European economy

coche electrico

European economy 14th June 2024

EC finalises new tariffs on Chinese EV imports: taxes set to rise from 10% to around 25%

Norbolsa | The European Commission (EC) is finalising new tariffs on Chinese EV imports, following a lengthy investigation into state subsidies. Taxes on these vehicles could rise from the current 10% to around 25%, according to EU sources, but the figures are still being fine-tuned and countries such as Germany are pushing to lower them because of their dependence on China. Berlin has accepted higher tariffs, but is trying to…

fcc edificio

European economy 12th June 2024

FCC completes £398m purchase of Urbaser’s UK subsidiary

Link Securities | The company communicated yesterday through a Significant Event sent to the National Securities Market Commission (CNMV) that the Environment area, through its subsidiary FCC Environment UK, Ltd., has completed the purchase from Urbaser of its subsidiary’s business in the United Kingdom, a transaction announced in December 2023. The estimated enterprise value of the transaction (including debt and equity) is £398 million (approximately €464 million). The transaction was…

Caixabank kio 2

European economy 11th June 2024

With world’s highest savings rate at 15%, European banks’ profits will hold up

Morgan Stanley | Our analyst A. S. reiterates the OW on European banks as, among other things, he believes that earnings are going to be more resilient than the market is discounting. The savings rate in Europe is at 15% (the highest in the world) and should be able to be monetised in a positive rate environment into deposits and asset management products, rather than the bond market. He estimates…

ESAs

European economy 10th June 2024

European banking, insurance and financial supervisors agree common position on ‘greenwashing’

emisores | The European banking (EBA), insurance (EIOPA) and finance (ESMA) regulators have published their respective Progress Reports on Greenwashing, in which they ‘present a high-level common position on greenwashing applicable to market participants in their respective competences’. The reports of the so-called ESAs – or European Supervisory Authorities – assume a coordinated definition of what greenwashing is, ‘a practice whereby sustainability-related communications, statements or actions do not clearly and…

comercio minorista alimentos

European economy 7th June 2024

Eurozone retail sales fall 0.5% in April

CdM | Eurozone retail trade sales fell by 0.5% in April compared with the previous month, while compared with the same month in 2023, volumes remained stable, according to data from Eurostat, the European Union (EU) statistics office. Across the EU, retail trade recorded a 0.6% fall in sales on a month-on-month basis and a 0.1% fall on a year-on-year basis. In the monthly comparison, in the euro area, volume…

iberdrola offshore

European economy 6th June 2024

Iberdrola or Engie could finance purchase of Electricity North West but better synergies expected with Iberdrola

Morgan Stanley | Rob Pulleyn raises the scenario of the purchase of the grid company Electricity North West by Iberdrola (IBE) or Engie, as they are mentioned in press articles: Iberdrola, in the final bid for Electricity North West as potential buyers (expansion.com). Rob sees no problems in financing the operation in either of the two, at the valuation that has been put forward in the press (€4-5bn). In both…

Talgo diferente

European economy 4th June 2024

Talgo secures financing for €280-million contract for construction and maintenance over 15 years of seven night trains in Egypt

Renta 4: According to press reports, the Egyptian House of Representatives has approved the financing for the project awarded to Talgo in 2022 for the construction of seven night trains, as well as their maintenance for 15 years. The contract is worth €280 million, of which €200 million corresponds to the construction of the trains and the rest to maintenance work. Assessment: We consider the news to be positive as…

airbus cartel 1

European economy 4th June 2024

Airbus to take order for nearly 200 A350 aircraft with Qatar Airways soon

The airline is close to finalising an order for nearly 200 wide body aircraft, which it would split between Airbus’ A350 (8% of the airline’s total orders) and Boeing’s 777X, according to Reuters. The news indicates that the order could be formalised at the Farnborough air show to be held at the end of June. Assessment: Positive news if confirmed, which would support Airbus’ recent announcement to increase its production…

cie automotive

European economy 3rd June 2024

CIE Automotive and EIB sign €36m loan for RD+I

Link Securities | The European Investment Bank (EIB) and CIE Automotive (CIE) have signed a €36 million loan to finance the company’s research, development and innovation activities and their application in the manufacture of high value-added components for the automotive sector. The funding will also support CIE’s investments in process optimisation through digitisation and the development of more sustainable manufacturing technologies. The investments will be carried out at the company’s…

Aena nuevita

European economy 1st June 2024

Aena interested in acquiring UK airports held by Ferrovial and Macquarie fund

Norbolsa | Aena (AENA) is interested in acquiring the UK airports of Aberdeen, Glasgow and Southampton owned by Ferrovial and the Macquarie fund, which are looking to sell 100% of their stakes for around €1,000 million.The deal fits in with Aena’s strategic plan to expand its business outside Spain, as well as Ferrovial’s strategy as it continues to seek an exit from UK airports.