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European politics

European economy, European politics, Relevant News Item 22nd August 2023

Germany proposes restrictions on Chinese direct investment in sectors like semiconductors, AI and quantum computing

Banca March| German Vice Chancellor Robert Habeck, Germany’s finance minister and a member of the Green party, is proposing restrictions on sectors where Chinese influence could pose a threat to Western economic security. These include semiconductors, artificial intelligence and quantum computing. These measures are framed in a context of debate and criticism of China’s geopolitical situation; authoritarianism in the country, military threats against Taiwan and ties with Russia. On the…

European politics 10th July 2023

Supreme Court urges return of €320 million of social bonus to electricity companies; European Parliament to remove price cap for renewables

Banc Sabadell : The Supreme Court has urged the MITECO (Ministry for Ecological Transition and Demographic Challenge) to pay the main distributors €320 million euros owed to them after declaring the social bonus inapplicable (Endesa €152.2 million, Naturgy €64 million, Iberdrola €103 million). In other related matters, the European Parliament has reached an agreement for the vote on the proposal on the reform of the electricity market, among which it…

European economy, European politics, In Europe, Relevant News Item 8th June 2023

European Commission calls for end to emergency energy measures

Banco Sabadell: According to information in the press, the EC in a report sent to the Council and the European Parliament is calling for the withdrawal of emergency interventions in the wholesale market, such as the cap on income in the electricity market (€180/MWh in Europe and €67/MWh in Spain) for infra-marginal technologies (renewable, hydro and nuclear). The EC considers that electricity price peaks are not expected next winter like…

European economy, European politics, In Europe 7th June 2023

IAG interested in Portugal’s TAP

Banco Sabadell: From the declarations in Bloomberg of IAG’s CEO, Luis Gallego, we highlight: They expect a better summer, although there are still difficulties such as air traffic control in France. In any case, they see very strong demand in Q2 and Q3, with less visibility for Q4. Premium traffic is offsetting the weakness of corporate traffic, which remains at 70% of 2019 levels. On consolidation opportunities, apart from the…

Companies, European economy, European politics, In Europe 25th May 2023

Irish Data Protection Commissioner imposes highest ever fine – €1.2bn – on Meta

Bankinter: The Irish Data Protection Commission imposes a €1.2 billion fine on the technology company for transferring European citizens’ data to the US in breach of EU legislation. Analysis team’s opinion: Bad news, but already expected. It is a significant amount. The largest fine imposed so far. It compares with the €746m the EU fined Amazon in 2021 and is about 4% of Meta’s estimated PBT for the whole of…

European economy, European politics 16th May 2023

BBVA falls more than 4% on stock market after uncertain elections in Turkey

Capital Madrid | The Turkish bet of the former BBVA president, Francisco González (currently indicted in court for the conspiracy to spy on politicians, businessmen, and private individuals), has not stopped growing, even after several recent incidents of corruption. Political instability, terrorism, and excessive volatility are reducing its profitability to a minimum. On the semi-holiday stock market day yesterday, Monday 15 May (Madrid was celebrating the day of its patron…

European economy, European politics 29th March 2023

Société Générale, BNP Paribas, Natixis and HSBC under investigation in France in ‘coupon laundering’ fraud probe

Alphavalue/DIVACONS | The headquarters of five banks were the subject of judicial searches in and around Paris yesterday as part of an investigation into aggravated tax fraud, the National Financial Prosecutor’s Office (PNJ) said. According to the daily Le Monde, which broke the news, the banks under investigation are Société Générale (buy, P. O. 35.9 eur/acc), BNP Paribas (buy, P. O. 71.3 eur/acc), and its subsidiary Exane, Natixis and HSBC…

European economy, European politics 23rd March 2023

European banks: systemic risk dissipates after Credit Suisse buyout by UBS

Bankinter : The chairman of the ECB’s Supervisory Board, Andrea Enria, highlights the soundness of the sector and considers that the shareholder remuneration policy (average pay-out ~50.0% of NAB) is reasonable. Banking rose +4.79% on Tuesday. Positive highlights: UBS/Switzerland (CHF 19.42; +12.2%); Commerzbank/Germany (CHF 10.02; +7.4%), Sabadell/Spain (CHF 1.07; +7.5%), Unicredit/Italy (CHF 17.42; +6.9%), ING (CHF 11.16; +5.9%) and BBVA/Spain (CHF 6.57; +5.4%). Analyst’s view: Sector fundamentals are good (liquidity,…

European economy, European politics 7th March 2023

Harassment of Ferrovial justifies moving HQ to Netherlands

Juan Pedro Marín Arrese explained yesterday in the daily newspaper Expansion that: “It goes without saying that the change of headquarters announced by Ferrovial is bad news for the country. It is understandable that it should cause displeasure in the executive branch. That it should try to dissuade it with good manners is logical. But the relentless harassment that the circles of power and their cronies subject the company and…

European economy, European politics 10th February 2023

France clashes with Germany and Spain over “pink” hydrogen

Banca March | The lack of support from Germany and Spain for labelling nuclear-derived hydrogen – pink hydrogen – as “green” within the European taxonomy has infuriated the French government, which claimed to have the commitment of both countries. The dispute could call into question the construction of a gas pipeline linking Germany and Spain, as well as delaying European green legislation.

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