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In Europe 8th November 2023

Portuguese Prime Minister António Costa resigns over corruption scandal

Portugal’s Prime Minister António Costa has resigned after being implicated in a corruption scandal. On Tuesday morning the Portuguese Public Prosecutor’s Office announced that it was launching an investigation against him for possible prevarication, active and passive corruption, and influence peddling in lithium and hydrogen deals. Costa has acknowledged that he has not committed any crime, but has decided to put an end to eight years of a government that…

In Europe 7th November 2023

Telefónica launches takeover bid for the 28.19% it does not own in Telefónica Deutschland at €2.35/share

Bankinter | Telefónica has launched a takeover bid for 28.19% of its subsidiary in Germany. The company owns the remaining 71.81% of the capital and voting rights of the German subsidiary. The Offer will be formulated as a purchase and sale of shares. The consideration offered to Telefónica Deutschland shareholders is €2.35 in cash per share, representing a premium of approximately (i) 37.6% to the closing price of Telefónica Deutschland…

Companies, In Europe 7th November 2023

Real estate giant Vonovia, Europe’s largest, sells assets worth €1.7 billion in first nine months of year

Singular Bank: Europe’s largest real estate company has presented its results for the first nine months of the year, where the highlight is the sale of assets for a total of €1.7 billion, such as 30% of its northern German portfolio to Apollo for €1 billion, a portfolio to CBRE for €357 million at a discount of 4% and other small sales at an average discount of 7% to fair…

European economy 6th November 2023

Ryanair posts adjusted net profit of €1.515bn in fiscal Q2 and announces €0.35/share dividend this year

Bankinter : The airline reports solid 1H fiscal results and announces dividend payment. Key figures versus market consensus (Bloomberg): Revenues €4,926M (+23%) vs €4,874M estimated; EPS (adjusted) €1,515M (+26%) vs €1,493M estimated; EPS (adjusted) €1.324 vs €1.337. Passengers reached €105.4M (+11%) and Occupancy Rate 95%. Prices are +24% higher than last year. Highlights: (i) Announces that it will pay a dividend this year of €400M (€0.35/share), which represents a dividend…

European economy, In Europe 6th November 2023

Euro area aggregate GDP falls by one-tenth of a percentage point in 3Q23, highlighting credit tightening

Intermoney| Euro area aggregate GDP fell by one-tenth of a percentage point in 3Q23, highlighting the transmission of tighter credit conditions. But we should not magnify the stumble of the aggregate if we take into account that Germany, which accounts for 30% of GDP, fell by -0.3% q/qtr. However, we see a series of favourable factors for the EMU countries’ economies to hold up at moderate rates over the coming…

In Europe 2nd November 2023

Renfe to start operating Leo Express in Slovakia from December 10

Leo Express, the Czech railway operator in which Renfe holds a 50% stake, will start operating in Slovakia on 10 December with 21 Alstom trains on a 95-kilometre line along the Danube River linking the capital, Bratislava, and Komárno, on the Hungarian border. Ticket prices will start at €5.25.Slovakia will thus become the third country in which the Spanish public company operates, after Saudi Arabia and France. Leo express will…

European economy, In Europe 2nd November 2023

German GDP falls as CPI slows

Bankinter| Germany’s economy and inflation surprised positively in 3Q23. GDP declined -0.3% year-on-year in the period compared to -0.7% expected and +0.0% previous (it was revised up from -0.2%). On a quarter-on-quarter basis, growth was -0.1% compared to -0.2% expected and +0.1% previously (revised from +0.0%). On the CPI side, the headline rate rose by +3.8% year-on-year compared to +4.0% expected and +4.5% previously. On a month-on-month basis, inflation was…

European economy 30th October 2023

EU directive to claw back excess exemptions on foreign dividends would save taxpayers €5.17 billion a year

Banca March | Last July, the European Commission published the proposal for the so-called Faster directive, to achieve more efficient taxation of European capital market returns. At the Congress of the Association of Tax Inspectors held late last week, the Spanish Ministry of Finance shared its progress towards a regulation that would free investors from tedious processes to recover excess withholding taxes. The Treasury hopes that Ecofin will be able…

In Europe 30th October 2023

Lending contracts in peripheral countries: corporate loans down -6.8% and -3.4% in Italy and Spain

Santander : A new slowdown in lending to the private sector in September, already contracting in the peripheral countries. The fall in corporate lending in Italy is the largest since the ECB has recorded historical data (2004). The ECB published, on October 25, data on lending to the private sector in the eurozone, confirming the sharp slowdown in bank credit to +0.3% year-on-year in September against +0.7% in August and…

In Europe 28th October 2023

Inditex announces launch of Zara Pre-Owned in Spain and other EU countries by 31 January 2024

Link Securities| Óscar García Maceiras, CEO of Inditex (ITX), during his speech at the 38th Aecoc FMCG Congress, announced the launch of Zara Pre-Owned, the platform that allows the repair, recycling and second-hand sale of its products in the United Kingdom in 2022, which has already arrived in France and will land in Spain and other EU countries before the end of its fiscal year (which ends on 31 January),…

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