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Companies, In Europe 21st August 2023

Possible tax on motorway and airport concessionaires in France aims to raise around €2.5 billion between 2024 and 2030

Banco Sabadell| France is considering going ahead with its plan to raise taxes on motorway concessionaires in France and could now also include airport concessionaires. The aim would be to raise some €2.5 billion between 2024 and 2030. In addition, taxes could be raised on first class airline tickets, on larger vehicles because of their higher CO2 emissions, and on companies with fleets of vehicles. We recall that in June…

In Europe, Relevant News Item 21st August 2023

ECB to inform Italy concerning dangers of bank windfall profits tax

Norbolsa| The ECB is preparing to send a letter to Italy with objections concerning the windfall profits tax, since, according to sources, the tax was announced without first informing the Bank of Italy or the ECB, as they are supposed to do according to EU rules. In this letter, the monetary authority will report on the dangers that this tax may have for the Italian economy.

European economy, Relevant News Item 16th August 2023

Eurozone returns to growth in second quarter, GDP rises by 0.3%

CdM| After a first quarter in which the economy showed no progress, the Gross Domestic Product (GDP) of the eurozone recorded growth of 0.3% in the second quarter, according to the preliminary estimate published by Eurostat, the EU’s statistics office. Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.6% in the euro zone. For its part, in the European Union (EU) as a whole,…

In Europe, Relevant News Item 10th August 2023

Italy clarifies details of new windfall tax on banks

Norbolsa| Following Monday’s announcement of the 40% tax on banks on the extraordinary income generated by interest rate hikes (around 2023 or 2024, whichever is higher), the Italian government clarified that the amount may never exceed 0.1% of the total assets of the entity, and informed that those banks that have already remunerated deposits will not be so affected by this measure. According to Italian sources, the tax is expected…

In Europe, Relevant News Item 9th August 2023

German CPI confirmed at 6.2% in July, with core at 5.5%; food the biggest contributor

Bankinter : July final CPI confirms +6.2% year-on-year preliminary, from +6.4% previously. It is +0.3% month-on-month, which also confirms preliminary. Core inflation +5.5% year-on-year in July from +5.8% prev. Assessment: Food prices (+11% year-on-year in July vs. +13.7% pre) remain the main contributor to CPI. In addition, energy prices (+5.7% year-on-year) are affected by the base effect of the elimination of an EEG tax in July 2022.

In Europe 8th August 2023

Italy announces extraordinary banking tax that could raise up to 14% of sector’s profits

Bankinter: The Italian government surprises negatively by announcing an extraordinary tax on banks. Assessment: It seems that the government intends to raise up to €2 billion in this way. The details of the tax are still unknown, but it seems that its scope would be limited to the results of 2023. This is bad news because the collection target represents ~14.0% of sector Profit in 2022 and ~10.5% of estimated…

European economy, Relevant News Item 8th August 2023

Eurozone investor confidence ends three-month decline at -18.9 in August (vs. -22.5 in July)

CdM: Investor confidence in the euro area rebounds more than expected. In August, the Sentix index stands at -18.9 from -22.5 in July. The consensus expected it to fall further to -23.4. This puts an end to three consecutive months of declines. The data was driven entirely by an increase in the future expectations indicator, which rose 7.3 points to -17.3. However, the figure still “underscores current recessionary conditions” and…

European economy 4th August 2023

Eurozone shrinks in July: manufacturing slows, services sector stagnates

CoM| A deepening slowdown in manufacturing and near stagnation of activity in the services sector means that the eurozone has started the third quarter with the fastest contraction in total activity since November last year, according to the PMI index. “The second half of the year has got off to a bad start for the euro area economy. Judging by the PMI index, total economic activity fell in July after…

European economy 3rd August 2023

Eurozone unemployment remains at record lows (6.4%)

Bankinter: The Unemployment Rate has come out better than expected and remained at historical lows, showing the strength of the labour market. Unemployment Rate (June): 6.4% vs 6.5% expected and 6.4% previous (revised from 6.5%). Assessment: June’s figure repeated May’s and remained at historic lows. Following last week’s European GDP and CPI data, employment figures continue to show the strength of the labour market. With inflation slowing and employment supporting…

Companies, In Europe 2nd August 2023

Telefónica awarded Champions League and Europa League media rights for next three seasons at €320m per season

Telefónica has been awarded the exclusive audiovisual rights for the UEFA Champions League and UEFA Europa League for the next three seasons for €320 million/season in Spain. The company has also been awarded the rights to the UEFA Youth League and the UEFA Europa Conference League. The contract with UEFA will be formalised shortly. Assessment: The acquisition of this content strengthens the group’s content offering, including all football rights in…

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