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Companies, In the World 21st March 2023

Iberdrola begins work on photovoltaic plants in Texas and Ohio, combined capacity 523.5 MW

Link Securities | The company, through its US subsidiary Avangrid, has begun construction of two of its largest photovoltaic plants in the country, located in Texas and Ohio. These are the True North and Ohio Powell Creek projects, with a combined capacity of 523.5 megawatts (MW). The Ohio Powell Creek farm, which is being built in Putnam County (Ohio), will have a capacity of 202.5 MW and will generate enough…

In the World, World economy 17th March 2023

Fed to consider stricter regulation for medium-sized banks

Banca March | The collapse of SVB and Signature Bank has prompted the Fed to consider extending regulatory restrictions that so far only apply to large Wall Street banks. This would include stricter capital and liquidity requirements, as well as annual stress tests. Specifically, according to Reuters, the institution is currently reviewing the capital and liquidity requirements it imposes on banks, especially those with assets of between $100 and $250…

World economy 16th March 2023

IEA insists on rising oil demand this year: expects 710,000 barrels per day increase in 1Q2023

Link Securities | In a new monthly report, the International Energy Agency (IEA) has once again insisted on the growing demand for oil this year, driven mainly by increased demand from China, according to the newspaper elEconomista.es. The IEA also indicates that there has been a decrease of half a million barrels per day in oil exports from Russia, which will begin to weigh on the supply surplus expected in…

Companies, In the World 15th March 2023

HSBC buys UK subsidiary of Silicon Valley Bank for £1

Singular Bank | HSBC has bought the UK subsidiary of Silicon Valley Bank (SVB) for £1 following the collapse of the regional bank. The purchase has been made through a private rescue provided by the UK government and the Bank of England. HSBC, Europe’s largest bank operating mainly in the Asian market, estimates the tangible equity of SVB’s UK subsidiary at around £1.4 billion. The money of all SVBUK depositors…

In the World, World economy 15th March 2023

Litmus test for American and European inflation will be between April and July, when March-June data is published

Bankinter | The US inflation published today is for February, so we should not expect it to ease because it still compares with months in 2022 before the invasion of Ukraine and, therefore, before the sharp price rises. That means that the real litmus test for inflation (both American and European) will take place between April and July, when the March-June records are published. It was in those months that…

World economy 13th March 2023

SVB: everything everywhere all at once?

By Greg MA Hirt, Global CIO, Multi Asset, AllianzGI | Last week Silicon Valley Bank (SVB), a bank that specialized in the financing of technology start-ups, came under tremendous difficulties due to massive mark-to-market losses on its portfolios of long-duration bonds, triggering a wave of deposit outflows. This was followed by high market volatility – especially in the US banking sector – with S&P 500 banks shedding more than 15%…

In the World, Relevant News Item 13th March 2023

New Chinese Premier Li Qiang believes 5% growth target ‘will not be easy’

Link Securities | In his first press conference after becoming China’s new premier, Li Qiang said it will not be easy for China to reach the 5% growth target, and that it will require redoubled efforts. Li reiterated the specific policies developed last December at the Central Economic and Labour Conference (CEWC) and prioritised stability in growth, prices and employment. In addition, Li said China will coordinate macroeconomic policies by…

World economy 12th March 2023

US and EU initiate steps to resolve Inflation Reduction Act dispute

Banca March | As part of today’s meeting between Von der Leyen and Biden at the White House, the two leaders are to discuss a plan to reduce dependence on China, including an agreement on the extraction of critical minerals such as lithium and nickel. While the arrangement would not be a free trade agreement, it would allow the EU to meet the standards required to qualify for Inflation Reduction…

World economy 10th March 2023

Kuroda’s farewell

The Bank of Japan (BoJ) early this morning left its key short-term interest rates unchanged at -0.1% and its 10-year bond yields near 0% by a unanimous vote at its March meeting. The central bank also made no tweaks to its yield control curve, which includes a 0.5% cap on bond purchases, tempering views that monetary policy side effects need to be addressed soon. Meanwhile, BoJ board members signalled their…

Companies, In the World 10th March 2023

Breaking with rapper Kanye West and drop in Chinese sales cause Adidas to lose €724M in 4Q22

Norbolsa : The company publishes pre-announced results. It registers an operating loss in Q4 of €724M due to the effect of breaking the agreement with the rapper Kanye West and with sales in China falling by 50% in the quarter. Gross margin was 39.1%, affected by higher supply costs and higher discounts. It estimates an operating loss of €700m in 2023 due to inventory provisions and extraordinary costs. It considers…

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