Renta 4| Telefónica and its UK partner Virgin Media have announced the creation of a subsidiary that aims to spin off fixed line assets and accelerate the rollout of broadband in the UK. Virgin Media O2 (VMO2) has a deployment of 16.7 million Real Estate Units and aims to reach 23 million by 2026. The new company (netco) would be 100% controlled by Virgin Media O2, although this new structure…
Banco Sabadell: According to press reports, the Board of Directors of the public company Stretto di Messina has approved the update of the Messina Bridge construction project, which will link the island of Sicily with the Italian mainland via a bridge of almost 4 km. Italy will pay €12,000 million to Eurolink, a consortium in which SCYR holds an 18.5% stake. Work is due to start this summer and be…
Alphavalue / Divacons| Telefónica Tech has teamed up with Chinese company EHang, which produces electric aerial vehicles with vertical take-off and landing capabilities for transporting passengers and cargo without a pilot, to boost urban air mobility in Europe and Latin America, the operator said in a statement. Telefónica Tech will contribute its 5G connectivity and private network capabilities to the project to enhance the “safety and efficiency” of this type…
Intermoney| The ECB released on Tuesday its December consumer inflation expectations, a figure that offered mixed signals, something that could be partly caused by the fact that it has almost doubled its monthly survey of the countries it surveys. The figures include responses from five more countries (Ireland, Greece, Austria, Portugal and Finland) in addition to the six that have been surveyed since the survey began in 2022. That means…
Link Securities| S&P Global reported on Monday that Spain’s services sector purchasing managers’ index, the services PMI, rose in its January reading to 52.1 points from 51.5 points in December, falling short, however, of the 52.5 points expected by FactSet consensus analysts. January’s reading is the highest reading for this leading indicator of activity since last July. Any reading above 50 points suggests expansion in activity relative to the previous…
Bankinter : Trade Balance (Dec): €22.2bn versus €19bn expected against €20.8bn previous (revised from €20.4bn). Exports -4.6% versus -2.8% expected versus +3.5% previous. Imports -6.7% versus -1.9% expected versus +1.5% previous. Assessment: The improvement in the trade surplus stems from a sharp drop in imports in the month, reflecting the weakness of the country’s domestic demand. 4Q23 GDP contracted -0.3% year-on-year (versus +0.0% in 3Q23) resulting in a -0.3% year-on-year…
Renta 4 | Amadeus has reached an agreement to acquire Vision-Box, a Lisbon-based company that provides biometric (facial recognition) solutions for passengers in airports, airlines and border systems. Vision-Box’s systems (hardware and software) facilitate passengers’ journey from airport check-in, check-out, lounges and security screening. Vision-Box is expected to generate €70 million in revenues and €20 million in EBITDA by 2023, is present in more than 100 countries, generates 50% of…
Morgan Stanley | Capacity growth in long-haul travel poses risks around 2024 pricing power for flag carriers, especially those with exposure to the North Atlantic. However, Conor Dwyer (analyst), notes that rising air freight yields (+25% in December to 1.9x 2019 levels), as a result of disruptions in container shipping, should limit the impact. This dynamic is more favourable for Air France and Lufthansa, more exposed to air freight than…
BancaMarch: In the euro zone, money supply unexpectedly rebounded in December: M3 growth accelerated and returned to positive territory by 0.1% year-on-year versus a fall of 0.9% in the previous month. On the lending side, there was a mixed performance. Lending to households slowed down again by 0.3% year-on-year versus 0.5% previously, while lending to non-financial corporations returned to positive territory by +0.4% versus 0.0% previously.
Banco Sabadell: The EC said yesterday it is launching a detailed (phase II) investigation into Iberia’s proposed takeover of Air Europa as it wants “the transaction not to adversely affect prices or quality of services”, according to Vestager. The EC now has 90 working days (until 7 June 2024) to take a final decision, provided it does not request additional information from the parties involved, in which case the clock…