World News | Page 53 of 345

In the World

World economy 22nd October 2023

ArcelorMittal to supply steel to alliance of several oil companies to develop two clean hydrogen hubs in USA

Link Securities| Two consortiums participated by ArcelorMittal and EDP Renovables have been awarded €2 billion for the development of two clean hydrogen hubs in the USA. The steelmaker and its partners will receive €950 million in government aid, while the alliance in which the renewable energy company has a stake will receive more than €1.1 billion. The MTS consortium, called the Midwest Clean Hydrogen Alliance (MachH2), includes other oil industry…

World economy 21st October 2023

CAF wins €150-million contract with Mitsubishi in Philippines to build 56 commuter trains for Manila

According to press reports, the Philippine Transport Authority has selected the alliance of CAF and Mitsubishi for the supply of 56 commuter trains for Manila for an amount of €150 M (1.2% of the current portfolio). The contract is still pending signature. Assessment: Positive news, although its impact is limited due to its insignificant size for the Company as a whole and because it is still pending signature.

In the World 20th October 2023

Potential implications of conflict in an environment of geopolitical uncertainty: increased security spending, oil disruption and rising risk premia

Morgan Stanley’s Michael Zezas (Head of US Policy) discusses the potential implications of an environment of geopolitical uncertainty, and where there is the potential for more countries to become involved in the recent open conflict in the Middle East. Although he acknowledges that there may be further consequences that are very difficult to predict, he highlights three conclusions where conviction is highest: 1.- Increased spending on Security => European and…

In the World 19th October 2023

Texas compensates ACS $380 million for Harbour Bridge cost overruns

The Texas Department of Transportation (USA) and ACS have reached an amicable settlement to close years of confrontation in the courts over the construction of the Harbour Bridge over the port of Corpus Christi (Texas), the largest in the USA in terms of tons handled. According to local authorities, the consortium formed by Dragados and Flatiron will be compensated with $380 million (about €380 million) for cost overruns incurred on…

ntermoney | El Gobierno italiano ha decidido no oponerse a la OPA lanzada por los Benetton y Blackstone sobre la concesionaria Atlantia, según informa el diario Cinco Días; en teoría, el ejecutivo transalpino podía haber invocado poderes especiales que mantiene sobre Atlantia y otros sectores estratégicos, algo que ha renunciado a hacer. La oferta tiene un precio de 23 euros en efectivo, lo que valora la concesionaria en unos 19.000 millones de euros. Los Benetton, a través de su vehículo Edizione, ya poseen más de un 30% del accionariado originalmente. Atlantia posee un 15% de Hochtief, de la que ACS (Comprar, Precio Objetivo 40 euros) mantiene un 53%; la concesionaría consolida globalmente Abertis, al detentar un 50% del capital, mientras que ACS mantiene el resto, del que un 20% lo hace a través de la propia Hochtief. Valoración: Esta noticia no es ninguna sorpresa, pues nos parecía que, claramente, los Benetton nunca hubiesen lanzado la OPA sin, al menos, una autorización siquiera tácita del Gobierno italiano. Pensamos que la operación tendrá éxito, por lo que hay que pensar en los pasos siguientes de la relación entre Atlantia y ACS. Creemos que uno de los acuerdos ine

In the World 18th October 2023

Abertis wins four toll roads in Puerto Rico for $2.85 billion

Abertis has been chosen by the Puerto Rico Public-Private Partnerships Authority for the contract to rehabilitate, maintain and operate four free-flow toll roads. The ACS and Mundys-owned company’s bid has reached $2.85 billion (almost €2.691 billion at the current exchange rate) for the four highways: PR-52, between San Juan and Ponce, PR-53, between Humacao and Fajardo, PR-66, between Carolina and Río Grande, and PR 20, between San Juan and Guaynabo….

In the World 17th October 2023

Indian assets shine even as higher rates and geopolitics rattle global risk assets thanks to investors’ appetite for portfolio investment

Trinh Nguyen (Emerging Asia, Natixis) | Once known for its fragility, India stands tall as not only for its best economic growth in Asia in H1 2023 but also robust asset performance year-to-date, from equity to fixed income. The resilience of its economy and financial markets, amidst the global sell-off from markets’ indigestion of the Fed’s “higher-for-longer” reflects not just India’s economic fundamentals and external balance resilience but also investors’…

In the World 12th October 2023

Conflict adds to Middle East uncertainty

Gregor MA Hirt (Global CIO Multi Asset Allianz GI) | A sudden flare-up in violence between Israel and Hamas has left more than 1,500 people dead and re-ignitedthe longest-running conflict in the Middle East. The resulting geopolitical uncertainty may spark higher oil prices. Palestinian Islamist group Hamas on 7 October launched the largest military assault on Israel in decades, killing hundreds of Israelis and sparking retaliatory air strikes on Gaza…

In the World 11th October 2023

How might China hit back over EU probe into EV subsidies?

Alicia García Herrero (Natixis) | During her State of the Union address on 13 September, European Commission President Ursula von der Leyen announced that the European Union would undertake an anti-subsidy probe against the Chinese electric vehicle (EV) sector. This signalled a major step in the EU’s shift to a more aggressive trade defence against China and raises the question of how China will react, given the importance of the…

In the World 10th October 2023

CAF’s two projects in Israel account for 7% of portfolio, current situation to have limited impact

Banc Sabadell : In the context of the new scenario of armed conflict in Israel, it should be noted that CAF (CAF) has two projects underway in the country. These are the Jerusalem light rail project and the Purple Line project of the Tel Aviv light rail, which together account for ~7% of the company’s portfolio. Assessment: News with a negative bias although with limited impact for now as the…

In the World 9th October 2023

Bank of Israel announces sale of $30bn of foreign currency and an additional $15bn in swaps

BancaMarch : The Bank of Israel has announced the sale of $30bn of foreign currency – 5.5% of Israeli GDP – and an additional $15bn in swaps. The shekel-dollar pairing is down -2% to 3.92 in the wake of the Gaza attack, values not seen in almost eight years. The Israeli central bank plans to intervene in the markets in order to provide liquidity and stabilise the currency. Since 2008,…

« 1 … 51 52 53 54 55 … 345 »