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In the World 25th September 2023

Saudi railway operator could execute extension of contract for AVE to Mecca, potential benefit for Talgo

Banc Sabadell | The Saudi Arabian rail operator (SAR) has reportedly sent a letter to the AVE to Mecca consortium, of which Talgo (TLGO) is the member in charge of the manufacture and maintenance of the trains, indicating that it could soon execute the option to purchase an additional 20 Talgo trains (part of the original 36-unit contract), a contract that could amount to ~€700 million (~16% of Talgo’s portfolio)….

In the World 22nd September 2023

Técnicas Reunidas reaches agreement for green hydrogen project in Australia

Renta 4 | Técnicas Reunidas (TRE) has announced that it has reached an agreement with the Australian company, Allied Green Ammonia, to begin the basic engineering and design phases of a hydrogen and green ammonia production facility. If financing for this project of around $8.5 billion is secured, the detailed engineering and construction phases of the plant will begin and the plant will come on stream in 2028. Assessment: Positive…

World economy 22nd September 2023

Rate hikes cannot curb inflation

J.P. Marín-Arrese | The Fed kept rates on hold this week. Yet, Jerome Powell shattered hopes they had reached a ceiling, announcing in the press conference that an extra hike was in the pipeline before the year-end. Inflation is still running too high and will likely take much longer than expected to match its medium-term goal. Powell was at odds in justifying why rate stiffening has neither cooled the economy…

In the World 20th September 2023

Iberdrola reach final stretch in Maverick project: sale of 49%-50% of Avangrid’s renewables portfolio worth €6-7 billion

Link Securities| Iberdrola’s Maverick Project, an operation that consists of the search for a partner to support it financially in the development of renewables in the US, is entering its final stretch, as highlighted in today’s edition of Expansión newspaper. The candidates are the state funds Norges, from Norway; Masdar, from the emirate of Abu Dhabi; and GIC, from Singapore; as well as the American fund GIP. The finalists aim…

World politics 19th September 2023

US and China one step closer to strengthening diplomatic ties

White House National Security Advisor Jake Sullivan and Chinese Foreign Minister Wang Yi met this weekend in Malta. The aim is to pave the way for a meeting between Presidents Joe Biden and Xi Jinping expected to take place in November. The two governors may have the opportunity to meet at the Asia-Pacific Economic Cooperation Forum in San Francisco. The Chinese minister said the two sides had agreed to hold…

In the World 18th September 2023

Iberdrola, via Avangrid subsidiary, to boost revenues by $1.36 billion due to new tariffs in New York

Link Securities| Avangrid, Iberdrola’s US subsidiary, expects to obtain almost $1.36 billion in additional revenues from the increase in its electricity and gas rates in New York, according to elEconomista.es today. The company’s new tariff plan, which covers the period 2023-2026, includes double-digit increases and is expected to come into effect next month. The extra revenue, regulated by the state of New York, will be spread over three fiscal years:…

World economy 18th September 2023

Signs of stabilisation in China: consumption and industrial production pick up

BancaMarch : China is showing signs of stabilising. The battery of indicators published on Friday morning has been favourable, with a rebound in consumption and also in industrial production. In contrast, the real estate market continues to deteriorate. Starting with consumption, retail sales rebounded more than expected in August, growing at +4.6% year-on-year, above the previous 2.5% and exceeding the +3% forecast. Thus, for the first eight months of the…

In the World 15th September 2023

ACS wins €600 million expansion of New York hospital to be completed by 2027

Intermoney| The company, through its US subsidiary Turner, has been awarded the contract for the expansion of a hospital in the city of Rochester, located in the state of New York, according to Cinco Días newspaper. This initiative has a planned investment of €600 million. The ACS firm will undertake the hospital refurbishment works in consortium with Pike Construction Services; Ballinger is in charge of the design work and Hammes…

In the World 14th September 2023

WTO forecasts weakening of international merchandise trade (1.7% in 2023 vs. 2.7% in 2022)

BancaMarch: The World Trade Organisation (WTO) forecasts a weakening of international merchandise trade. The World Trade Report 2023 reveals world trade volume growth of 2.7% in 2022 and the forecast for 2023 is 1.7%, below the average between 2010 and 2022. The slower increase this year is due to high inflation and rising interest rates undermining global GDP growth and reducing demand for goods from major economies. The report also…

In the World 14th September 2023

Google trial opens in US for abuse of dominant position in online search business

Alphavalue / Divacons| The trial against Google began in the US on Tuesday, a legal battle that will last at least 10 weeks. The case is about whether Google is considered a monopoly in the online search business. This is the first antitrust case against Big Tech in the US in more than 20 years. In October 2020, the Department of Justice decided to take Google to court, in a…

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