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In the World 27th September 2024

ArcelorMittal India generates $5.8 billion in cash since acquiring assets and invests same amount in growth

Renta 4 | ArcelorMittal (AM) has organised a visit for analysts to the Hazira plant in India, AM’s main facility in the country. AM created the JV in India (AM/NS India) together with Nippon Steel 60%/40% in 2019. AM/NS India has generated $5.8 billion of cash since the acquisition of the assets and has invested the same amount in its growth, acquisition of mines, ports, power facilities, land. Despite the…

World economy 26th September 2024

Chinese authorities consider injecting capital to tune of $142.39 into large state-owned banks

Bankinter | The authorities are considering injecting capital into large state-owned banks to the tune of up to $142.39 billion (1 trillion yuan). This operation would be financed through the issuance of special sovereign bonds and would be the first time they inject capital into state-owned banks since 2008. Opinion of Bankinter’s analysis team: It is included in the battery of measures presented this week by the government and the…

In the World 26th September 2024

European Union must prepare for much more difficult relationship with China

Alicia García Herrero (Natixis) | The tone of European Union-China relations changed radically in 2019. The EU moved beyond engagement to competition and even rivalry. China has become Europe’s largest competitor in third markets and increasingly even in the EU single market. This aggressive competition is the result of a complicated mix of China’s greater competitiveness, massive Chinese industrial policy underpinned by subsidies, and the Chinese market not offering sufficient…

In the World 25th September 2024

US plans ban on Chinese vehicles over fears of sabotage and potential national security risks

BancaMarch: The US plans to put a ban on Chinese vehicles over fears of sabotage and potential national security risks. The US Department of Commerce has proposed a veto on all internet-connected vehicles with software or hardware from China. The move is justified by growing concerns that cars could be remotely manipulated or collect information on drivers and US infrastructure. As the national security advisor noted: with millions of vehicles…

In the World 25th September 2024

Tesla’s 2X ETF and the betting shops

Julio López (Attitude Gestión SGIIC) | Beyond other considerations, two extremely dangerous trends or thoughts are converging in the market. On one hand, there is the plan of all the politicians and demagogues who are sprouting like mushrooms, believing that everything can be solved by resorting to debt (which belongs to no one). They promise endless tax cuts and public spending without ever explaining what they will do about the…

World economy 24th September 2024

Zara Streaming distribution channel – already operating in China – to start in Europe on Wednesday

Renta 4 | The textile company will launch its Zara Streaming channel on 25 September. Zara began selling clothes via live or streaming internet broadcasts in November 2023 in China. Inditex announced in the presentation of 2Q24 results that it would extend streaming sales to the main European markets in the same month of September. For its launch in Europe, Inditex will count on the participation of the models Cindy…

In the World 24th September 2024

Grenergy buys 100% of a 77 MWp operating project and 923 MWp of solar projects in northern Chile

Grenergy_exit_bagLink Securities | Grenergy (GRE) reported on Sunday its results for the first half of the financial year (1H2024), of which we highlight the following aspects: Revenues: €192.3m (-15.0% year-on-year), of which Energy revenues reached €25.9m (-3.0% year-on-year). Operating cash flow (EBITDA): €31.0 million (+43.0% year-on-year) Net operating profit (EBIT): €22.1 million (+60.0% year-on-year) Net profit: €0.4 million (-89.0% year-on-year) Net financial debt: €736.5m (+27% year-on-year) DFN/EBITDA ratio: 6.6x (times)…

World economy 24th September 2024

Did Powell tame inflation?

J. P. Marín-Arrese | Jerome Powell boasts having curbed the recent inflation flare through resolute tightening of monetary policy. While the need to perform rate hikes seems obvious, it seems far from evident it stood as the paramount driving force. For, as is now clear, the Fed delivered negative rates throughout the inflationary bout and only undertook lukewarm efforts to drain the excess liquidity fearing the danger of a credit-crunch….

In the World 23rd September 2024

Repsol increases exposure to Gulf of Mexico with purchase of additional 16.67% in Block 29 of Salina Basin

Renta 4 | The company has bought an additional 16.67% in Block 29 of the Salina Basin, in the Gulf of Mexico, thus reaching 46.67%. Repsol was the first company to make a deepwater hydrocarbon discovery in this area in 2020, and is currently carrying out preparatory activities for the development of its Polok and Chinwol oil discoveries, which are expected to come on stream around 2028. Both wells confirmed…

In the World 19th September 2024

Maine Public Utilities Commission grants waiver of approval requirements for Avangrid property change

Alphavalue/DIVACONS | Avangrid announced that the Maine Public Utilities Commission, the “Maine PUC”, granted the application for a waiver of approval requirements for a change in Avangrid’s ownership in connection with Iberdrola’s acquisition of the remaining 18.4% of the issued and outstanding shares of Avangrid common stock that it does not currently own. In Maine, this transaction will simply revert to the 100% of Iberdrola’s previously authorised shareholding that it…

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