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In Europe 20th December 2023

France and Germany announce agreement on reform of EU fiscal rules

“This evening we have 100% agreement with Christian Lindner on the new rules of the Stability and Growth Pact: excellent news for Europe, which will ensure sound public finances and investment in the future. Ecofin, tomorrow!” With this message, the French Finance Minister, Bruno Le Maire, announced his agreement with his German counterpart, Christian Lindner, on the reform of the European Union’s fiscal rules on Tuesday evening (after 10 p.m.),…

In Europe 19th December 2023

Iberdrola, through ScottishPower, awards first contracts for £1.8 billion high-capacity undersea cable project

Alphavalue/DIVACONS| The Spanish utility, through its UK distribution subsidiary ScottishPower Energy Networks, has awarded the first contracts worth £1.8 billion for its high-capacity submarine cable project linking England and Scotland. This project, called Eastern Green Link 1 (EGL1) and built by a consortium formed by ScottishPower Energy Networks and National Grid Electricity Transmission, will consist of a kind of major electricity highway that will connect one of the most important…

European economy 19th December 2023

2023 issuance reaches €860 billion, second all-time high

Issuance in 2023 reached €860 billion, marking the second highest annual issuance ever, behind only €869 billion in 2019. By country, French companies lead this year’s primary with €75 billion, followed by German (€66 billion), UK (€52 billion) and US (€45 billion) companies. This year’s financial issuance of €499 billion exceeds the €490 billion for the whole of 2022 and is above all annual issuance since 2008. Within financials, the…

European economy 18th December 2023

Ferrovial considers divesting AGS, holding company for Glasgow, Aberdeen and Southampton airports, valued at €550 million

Intermoney | The Spanish company (Hold, PO29) is considering selling its 50% stake in AGS, the holding company for Glasgow, Aberdeen and Southampton airports. The remaining 50% is held by Macquarie, according to Expansión. AGS is currently in the process of refinancing its debt, some £930 million, after which the Spanish construction company would carry out the sale. Expansión’s sources indicate a valuation for AGS of less than £1,000 million…

European economy 15th December 2023

Germany tightens belt with budget cuts of €17 billion

Banca March : Germany opts to tighten its belt. The German country has managed to agree on significant budget cuts of €17 billion in the wake of the funding gap, as the transfer of unused pandemic funds for climate purposes has been declared illegal. Thus, adjustments will be made in construction subsidies, transport spending, as well as in green energy and industry support. Climate funds will reduce spending by €12…

European economy 14th December 2023

Telefónica Deutschland recommends acceptance of Telefónica’s voluntary takeover bid for 28.19% of its share capital

Link Securities| In connection with the publication of the relevant offer document relating to the voluntary partial takeover bid launched by Telefónica – through Telefónica Local Services GmbH – for shares of Telefónica Deutschland Holding AG, the company informs that the Management Board and Supervisory Board of Telefónica Deutschland have issued the relevant joint report on the Offer. According to the report, the Management Board and the Supervisory Board of…

In Europe 13th December 2023

IAG submits formal application to EC competition authority for acquisition of Air Europa

Bankinter| The airline has filed the application for the purchase of Air Europa with the European Commission. Thus, a two-phase process begins: (i) the first phase will take 35 working days and the EC is likely to request additional information; (ii) in the second phase, the relevant adjustments will be made and it is for an indefinite period of time, but IAG intends to close in 2024. IAG currently holds…

European economy 13th December 2023

Talgo competes with CRRC for Bulgaria’s largest ever train order

Link Securities| Talgo (TLGO) and the Chinese giant CRRC, the world’s largest train manufacturer, are vying for a €613-million order to build 20 medium-distance electric units for Bulgaria’s railways, the business and finance daily Expansión reports on Tuesday. It is the largest train order ever placed by the country and is financed by the European Union’s NextGen funds. According to the information provided to the Bulgarian Ministry of Transport, CRRC…

European economy 12th December 2023

German investment confidence rises to 12.8 in December, up three points; eurozone up 10 points to 23.0

CdM| German investor confidence improved again in December, according to the Leibniz Centre for European Economic Research (ZEW) indicator, which rose to 12.8 points from 9.8 in the previous month, its best reading since last March in view of the medium-term expectation of a change in monetary policy by the European Central Bank (ECB). German investors’ assessment of Germany’s current economic situation also improved in December, with the corresponding indicator…

European economy 7th December 2023

Airbus aircraft deliveries up to 623 so far this year, 13% more than in 2022, 113 new orders

Banc Sabadell | Airbus (AIR) reported 64 aircraft deliveries during November (against 68 in November 2022 and 71 in October 2023) bringing the total in 2023 to 623 (against 550 in November 2022; up 13%). On the other hand, a total of 113 new orders and 52 cancellations were recorded during the month. Considering cancellations for the year as a whole, net orders until November 2023 stand at 1,395 (against…

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