ICEX- Invest in Spain | Ilsa, a consortium managed by the Valencian firm, Air Nostrum and Italy’s Trenitalia, will be launching the train in the second half of 2022. This will be competition for Renfe and Ouigo in terms of high-speed travel, accounting for 30% of train journeys. In the medium term, it will run along the three corridors where rail liberalisation first began in Spain: Madrid-Barcelona, Madrid-Valencia and Madrid-Seville.
Renta 4 | NAS has announced a new price hike in the US, effective from Jan 1, 2022. The amount of the increase is equivalent to 70-80 dollars/mt for the stainless steel in the 300 series. Valuation: Very positive news for Acerinox (ACX) because it confirms the strength of the demand for stainless steel in the US. It is also very positive given that it is the first rise of…
Alphavalue |Indra has won an over 180 million euros contract to provide cutting edge technology for the new Eurofighter planes for the country’s airforce. It will also maintain the existing fleet, the company said on Wednesday. Specifically, the Spanish IT services and consulting company will equip the 20 new Eurofighters in the Halcón Programme with the ESCAN radar with electronic scanning and the DASS (Defensive Aids Sub-System).
The International Monetary Fund (IMF) has substantially cut its growth expectations for the Spanish economy in 2021 and 2022, reducing the expected expansion of GDP this year to 4.6% from the 5.7% anticipated last October. For next year it forecasts that the rebound in activity will be limited to 5.8%, six tenths of a percentage point lower than previously expected. So the IMF’s forecasts are close to those recently published…
ICEX-Invest in Spain | The Spanish Government has passed a bill to encourage an ecosystem for new companies, better known as the Startups Act, and by which it hopes to make Spain one of the most attractive destinations for investment, talent, and innovative entrepreneurs. The document includes significant tax breaks, eliminates red tape and makes procedures more flexible to encourage the creation of and investment in tech startups. It also…
Bankinter | Lebrikizumab is a new treatment being developed for atopical dermatitis licensed by Eli Lilly to Almirall (ALM). In the third study in Phase III, it has shown to have had a significant improvement on the skin, relieving itching for people with this ailment when combined with topical corticosteroids. The study has met all the primary valuation criteria and the principal secondary ones, and has a security profile consistent…
Intermoney | Acciona (Buy, TP 200 euros/share) has won the contract to build and maintain a waste treatment and energy generation plant in north London, with an investment of 800 million euros. The new installation will have the capacity to treat 700,000 tonnes, as well as to supply electricty and heating to 50,000 homes. The plant will be able to treat up to 135 tonnes of recyclable material and it…
King Felipe VI and the Prime Minister, Pedro Sánchez, today make the AVE to Galicia’s inaugural journey. The high-speed train will connect Madrid with this region after more than 16 years of planning and works and an investment of 9 billion euros for 440 km of track. Today sees the opening of the section between Pedralba de la Pradería (Zamora) and Ourense, which is 119.4 kilometres long and has involved…
Oriol Carreras Baquer & Eduard LLorens i Jimeno (CaixaBank) | The price of electricity, something that would usually barely catch the reader’s attention, has populated the headlines and been a topic of dinner conversations since the middle of the year. This change is not a trivial one: the price of electricity soared beginning in July, and by October it had almost quadrupled the average for 2018-2019. What is the reason for this increase and what impact will it have on the economy? These are the questions that this article attempts to answer.
Renta 4 | UniversalPay, EVO Payments’ Spanish affiliate and former partner of Popular in paying services by credit card, is claiming 1 billion euros from Santander in compensation, after both parties failed to reach an agreement. UniversalPay lodged the claim (which was admitted to proceedings before the summer) against Santander for a breach of the terms in its contract with Popular referring to the exclusivity of the paying services by…