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Companies, European economy 23rd May 2023

E.ON could sell npower, one of UK’s largest electricity retailers for industrial users

Santander | E.ON is reportedly considering the sale of npower, one of the largest electricity traders serving industrial users in the United Kingdom. According to the article that reports this, Centrica and ScottishPower have announced in recent months their intention to exit from marketing to large corporate customers due to high price volatility and low margins. Assessment: E.ON acquired npower from innogy in 2019 and subsequently transferred npower’s residential and…

European economy, In Europe 22nd May 2023

German industrial production prices decelerate sharply to 4.1% (vs 6.7%)

Bankinter : German industrial producer prices decelerated sharply in April to +4.1% year-on-year vs +4.3% expected and +6.7% previously (revised from +7.5%). In the month, +0.3% vs -0.5% expected and -1.4% previously (revised from -2.6%). Assessment: Industrial production prices have come out better than expected. After peaking in August 2022 (+45.8% year-on-year) and maintaining this pace in September, the level of prices has now accumulated seven consecutive months of slowdown…

Companies, European economy 19th May 2023

Shell to sell low-return businesses, including floating wind power firm Eolfi

Singular Bank| The Dutch energy company wants to sell its French floating wind business, Eolfi, acquired in 2019 to increase its weight in renewable energy in line with its strategy. However, it now wants to offer a higher return to shareholders. This is part of the strategy of the new CEO, Wael Sawan, to be announced in June, where he intends to eliminate activities that do not produce adequate returns….

Companies, European economy 18th May 2023

Repsol to develop 1.7 GW of renewables in Italy with an estimated investment of €500 million

Renta 4 | Repsol to develop 1.7 GW of renewable energy projects in Italy. The project will have 943 MW of generation using wind technology and 825 MW of solar. The total cost is estimated at €500 million. Assessment: Positive impact. Repsol will develop 1.7 Gw of renewable energy in Italy with an estimated investment of €500 million. The portfolio is expected to be operational in 2025. Repsol is thus…

Companies, In Europe, Relevant News Item, Spanish economy 18th May 2023

Talgo signs new €1.3bn contract to supply 56 trains to Deutsche Bahn

BSabadell : According to press reports, Deutsche Bahn has awarded Talgo (TLGO) a contract for the supply of 56 additional trains, which it is understood are of the Talgo 230 model and which would form part of the contract it is currently executing (23 trains worth €550 million). At the prices of the first order the contract could exceed €1.3 billion (~40% of Talgo’s current portfolio). Assessment: If the news…

European economy, In Europe 17th May 2023

Eurozone inflation rises one tenth of a percentage point to 7% in April

The year-on-year inflation rate in the Euro area accelerated by one tenth of a percentage point in April compared with the previous month, reaching 7%, compared with 6.9% in March, while in the European Union (EU) as a whole, prices eased to 8.1% from 8.3% in March, accumulating five months of moderation, according to data published by Eurostat. Among EU countries, the lowest year-on-year inflation rates were recorded in Luxembourg…

European economy, European politics 16th May 2023

BBVA falls more than 4% on stock market after uncertain elections in Turkey

Capital Madrid | The Turkish bet of the former BBVA president, Francisco González (currently indicted in court for the conspiracy to spy on politicians, businessmen, and private individuals), has not stopped growing, even after several recent incidents of corruption. Political instability, terrorism, and excessive volatility are reducing its profitability to a minimum. On the semi-holiday stock market day yesterday, Monday 15 May (Madrid was celebrating the day of its patron…

In Europe 16th May 2023

Ireland considers setting up sovereign wealth fund based on multinationals’ tax payments

Intermoney: Interesting news from Ireland is that the government is considering setting up a sovereign wealth fund to channel some of the tax revenues it is receiving from the many multinational companies based in the country. This would be an effort to strengthen public finances in the future, when annual revenues may be less reliable than they are now. The country has seen a significant increase in tax revenues since…

European economy, In Europe 12th May 2023

EU backtracks on veto on fund sales commissions

Banca March : According to press reports, a provisional draft is circulating that suggests Brussels is backtracking on plans to ban asset managers and insurers from paying financial advisers for recommending their investment products. The aim of the ban was, according to Brussels, to eliminate any conflict of interest and to improve the outcome for the end-investor but it now appears that the measure will not be implemented, limiting the…

European economy, In Europe 11th May 2023

German inflation falls to 7.2 per cent in April from 7.4 per cent in March

CoM| Headline inflation in Germany fell to 7.2% year-on-year in April from 7.4% in March, matching the consensus forecast and the first estimate. The harmonised rate declined by 0.2 p.p. to 7.6%, also in line with the first estimate and the consensus. The underlying rate, which excludes energy and food, remained at 5.8 per cent. “The inflation rate has weakened for the second month in a row, but remains at…

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