Top Stories

In Europe

Ferrovial

In Europe 2nd December 2024

Ferrovial and British company BAM Nuttal to develop London-Birmingham high-speed rail link in contract worth over €1 billion

Alphavalue/ Divacons | The consortium in which the Spanish construction company participates won a contract for high-speed works between London and Birmingham. The contract could be worth more than €1 billion. Ferrovial, together with local company BAM Nuttal, will design and build the tracks between Old Oak Common station in northwest London and Curzon Street in Birmingham, which is being built by Dragados. Trains will be able to run at…

francia asamblea nacional

In Europe 2nd December 2024

French PM Michel Barnier abandons plans to increase electricity taxes in 2025 budgets

BancaMarch: Michel Barnier, Prime Minister of France, is abandoning plans to increase electricity taxes in the 2025 budget. This decision, which would be a concession to the demands of Le Pen’s party, is not enough. The Rassemblement Nationale has the bargaining power to make the government meet its demands, since its vote would be decisive in the event of a no-confidence motion. Yesterday Barnier struck an appeasing tone, declaring that…

Air Europa

In Europe 29th November 2024

Air Europa in contact with Air France-KLM for possible partial buyout, IAG retains 20% minority stake

Alphavalue/ Divacons | Air Europa, Spain’s third largest airline, is in talks to sell a 20% stake to Air France-KLM and establish a commercial cooperation. The deal is expected to be valued at less than €100m and is unlikely to trigger antitrust intervention by the EU. Previously, IAG (owner of the two largest Spanish airlines) abandoned plans to acquire Air Europa, probably due to irreconcilable differences between the remedies required…

euro crisis

European economy 28th November 2024

EC says euro area fiscal stance to be 0.29% of GDP tighter in 2025 than in 2024

Norbolsa: EU fiscal plan: The European Commission reported that France’s 2025 draft budget and medium-term plan to reduce public debt are in line with EU rules (it is projected to have a budget deficit of 6.1% of GDP this year and by 2025 aims to reduce it to 4% and then bring it below the EU limit of 3% in 2029), while the Netherlands’ spending plans are high. The European…

bbva sabadell fusion 2

In Europe 27th November 2024

European Commission finalises review of BBVA’s Sabadell takeover bid with no objections

Link Securities | According to financial sources close to the process, the European Commission (EC) gave its approval to BBVA’s takeover bid for Banco Sabadell (SAB) after verifying that BBVA will not benefit from aid from third countries to take over Sabadell, according to the newspaper Expansión. On 21 October, the European Commission (EC) Directorate-General for Competition opened proceedings against BBVA to explore the existence of potential subsidies from foreign…

Deoleo

In Europe 26th November 2024

Deoleo to request suspension of €89 million payment claimed from Carapelli Firenze and will appeal before Court of Cassation

Alphavalue/ Divacons | Shares in the Spanish olive oil company fell 6.09% on Friday. The company reported that Carapelli Firenze, its Italian subsidiary, has received from the Italian court of second instance the notification of an unfavourable ruling in relation to the tax claim linked to its dispute with Italian customs, which dates back to 2014. Deoleo adds that, once it has been notified of the full content of the…

iberdrola offshore

In Europe 25th November 2024

Iberdrola, among 12 bidders shortlisted by French government to develop offshore wind farms

Link Securities | The French government has prequalified 12 bidders to develop new offshore wind farms off the coast of France through the AO9 tender for up to 2.9 gigawatts (GW) to install offshore wind farms at four sites, including Iberdrola (IBE), according to Expansión newspaper. One will consist of the extension of an existing farm in southern Brittany, two others will be located on the Mediterranean coast and the…

Eurozona IPC

European economy, In Europe 25th November 2024

November confidence indicators: consumer confidence falls to -13.7 (vs. -12.5) in Eurozone, and business confidence to 96 (vs. 97.4) in France

Intermoney: The confidence indicators were published yesterday in the Eurozone, both the one referring to consumers and the one referring to businessmen. Regarding the former, in the Euro zone as a whole we saw a noticeable change for the worse, with consumer confidence as compiled by the EC falling to -13.7 pts (vs. -12.5 est.). Concerning the business climate, in this case we had the national reading in France, which…

alemania recesion

In Europe 25th November 2024

Germany’s 3Q24 final GDP defies estimates, -0.3% year-on-year vs. -0.2% estimate and -0.3% prior

Bankinter: Final 3Q24 GDP data defies estimates, -0.3% year-on-year vs. -0.2% estimated and -0.3% previous. The German economy confirms its weakness and now has five consecutive quarters with negative growth rates. This evolution offers more arguments for the ECB to accelerate rate cuts in its next meetings, as we expect. This would ensure that it can implement them before the measures planned by the incoming Trump administration cause US inflation…

empleo eurozona

In Europe 21st November 2024

Eurozone hourly labour costs grow 4.6% year-on-year in 3Q24 against 5% in 2Q24

Link Securities | Eurostat published yesterday that hourly labour costs in the Eurozone rose by 4.6% year-on-year in 3Q2024, slightly less than the 5.0% (upwardly revised rate) in 2Q2024. Wages and salaries per hour worked grew by 4.5% year-on-year in the quarter, down from 4.9% in 2Q2024, while the non-wage component increased by 4.9%, down from 5.6% in the previous quarter. In the euro area’s main industrial sectors, labour costs…