F.R.| 77.7% of listed companies in Europe and the US included ESG metrics in their 2022 annual reports on long-term incentive plans, 68% more than the previous year, according to the 2022 Global Report on ESG Metrics in Executive Incentive Plans prepared by Willis Towers Watson (WTW) based on an analysis of 1,073 such reports on both sides of the Atlantic. In the case of Europe, 90% of the sample…
Bankinter| The US Federal Reserve (Fed) met expectations and left the benchmark interest rate unchanged at 5.25%/5.50%. Assessment: The Fed’s statement did not introduce any new developments and the decision met expectations by repeating rates once again. However, the key to the meeting was Powell’s message. In line with the previous meeting, the tone remained cautious. The Fed Chairman once again said that the central bank “will proceed carefully”, avoiding…
Link Securities| Iberia, a member airline of IAG, announced its operations for next summer, with which it aims to expand its leadership in connections between Madrid and Latin America to strengthen its position as the main gateway between Europe and that region, the newspaper Expansión reported. Between April and October, the IAG subsidiary will operate 328 weekly flights to Latin America, with 3.1 million seats, 17.2% more than last year,…
Bankinter| OHLA has been awarded two new civil works contracts in California, United States, worth close to €180 million, according to Europa Press. Specifically, the first contract, awarded by the San Gabriel Valley Council of Governments for nearly €127 million, involves the construction of a bridge at the Union Pacific Railroad crossings at Montebello Boulevard and Olympic Boulevard, creating an underpass. The company said the project will significantly reduce traffic…
Alicia García Herrero | The Bank of Japan (BoJ) is in the spotlight once again. While the crisis in the Middle East deepens, higher oil prices have lifted the US 10-year Treasury yield beyond 5% although it has retrenched a little once again. At the same, the 10-year JGB yield is capped by the BoJ’s Yield Curve Control (YCC) at 1%. On the back of a further widening interest rate…
Bankinter| Sergio Massa has sprung a surprise and won the first round of the presidential elections in Argentina. With 99% of the votes counted and a 78% turnout, the current Minister of Economy and candidate of the current coalition governing Argentina (Unión por la Patria) obtained 36.7% of the votes. Javier Milei (La Libertad Avanza), who until now had been leading the pre-election polls, obtained 30.0% of the votes. The…
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…
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.
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…
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…