Spain is not in a situation of lack of gas supply in the coming months, as it has scheduled the arrival of a total of 56 ships of liquefied natural gas (LNG) between February and March. It also continues to implement all possible preventive measures to contribute to the guarantee of energy supply, with the launch last week of four other extraordinary ‘slots’ – rights to unload LNG – as…
Intermoney | Meliá Hotels International will become one of the big hotel brands in Vietnam, thanks to a new alliance with the country’s largest domestic hotel owner Vinpearl. As a result of the agreement, the Spanish hotel group will take over management of 12 hotels and resorts in the main destinations spread throughout the country. These are already operational and will be incorporated into the portfolio during the year. With…
Carlos Segovia explains in El Mundo that “Since Thursday a powerful threat of impoverishment has been looming in the EU, particularly in the countries that were already lagging furthest behind in the recovery, with double the unemployment and higher inflation. That is Spain, unfortunately, which had already been slowing down in recent weeks. It was symbolic that Pedro Sánchez cancelled his participation in the Spain Capital Markets forum organised by…
Banco Santander held an extraordinary board meeting yesterday afternoon to approve the rebalancing of powers between its executive chairwoman, Ana Botín, and the CEO, José Antonio Álvarez, financial sources told Europa Press. With this decision, Álvarez will report directly to the board of directors and not to Botín, as he has been doing until now. This is a situation requested by the European Central Bank (ECB), so that the entity…
Link Securities | Telefónica today presented its results for the 2021 financial year, as outlined below: The company’s January-December 2021 results have achieved the upwardly revised annual financial targets in Q2’2021. o Revenue and OIBDA; “stable or slight growth (year-on-year organic)”. Revenues +2.0% and OIBDA +1.4% in 2021. o Return to normalized level of CapEx to sales ratio ex-spectrum of up to 15%. CapEx to sales to reach 14.2% in…
The Council of Ministers has authorised the state to hike its stake in Indra (IDR) through SEPI. It will increase its control from the current 18.7% to 28%. “The motive behind the government’s reasoning is greater control in a key company for the country’s defence system”, says Renta 4. At current prices, the increase in its stake would mean an investment of just over 150 million euros. According to press…
ACS has decided to make a move to undertake a corporate operation. Thus, the company chaired by Florentino Pérez has decided, through the German construction company Hochtief, to launch a bid for its Australian subsidiary Cimic and is offering its shareholders 22 Australian dollars per share (14 euros) in cash for the 21.4% of the capital it does not own, which would mean a total outlay of around 940 million…
Helped by increased investments and international expansion, in 2021 the company posted €3.88 billion net profit, up by 8%. The positive growth in the United States and Brazil has offset the negative performance of the generation and supply business, affected by high energy prices in Spain and the United Kingdom. Ebitda exceeds €12 billion (+20%). The company has delivered its gross operating profit forecast for 2022 one year early Improved…
Aristóbulo de Juan | The Spanish system lends itself to great confusion. It is therefore difficult to diagnose. This situation has been dragging on since the recent real estate bubble and the poor handling of the ensuing crisis. Perhaps as a consequence of the doctrine of deregulation. But this situation continues to be favoured by the existence of an ineffective regulatory framework, based on the elusive principle that it is…
Santander Corporate & Investment | S&P has put Naturgy Energy Group (Baa2e, BBB*-, BBBe) on credit watch negative. The decision comes in the wake of Naturgy’s announcement on February 10 that it will split into two groups (NetworksCo and MarketsCo). The ratings agency considers that this third strategy change by Naturgy in 18 months indicates that “the governance is inferior to the average and that the company is totally focused…