Link Securities | The German government, through Deutsche Bahn (DB), has launched the largest train order in its history, with the aim of improving service quality, according to Expansión newspaper. Thus, it wants to sign a contract programme for up to 95 units of ICE high-speed trains, with a first order of 33 trains to be put into operation in 2030. In terms of volume, it is an investment budget…
CdM| Eurozone inflation continues to moderate and stood at 2.4% in November, down from 2.9% in October, its lowest level since July 2021, according to final data released by Eurostat, the European Union (EU) statistics office. In this way, the evolution of prices in the euro area is gradually approaching the 2% target set by the European Central Bank (ECB), although the president of the body, Christine Lagarde, has warned…
“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.),…
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…
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…
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…
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…
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…
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…
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…