World economy

Grenergy

Grenergy signs strategic agreement with China’s BYD to supply batteries with 1.1 GWh capacity in Chile

Alphavalue / Divacons | The renewable energy group has signed a strategic agreement with China’s BYD for the supply of large-scale storage systems through batteries with a capacity of 1.1 gigawatt hours (GWh) for its Oasis de Atacama project in Chile. As part of this collaboration, BYD will supply Grenergy with a total of 2,136 installations of its MC Cube ESS model. This storage system is equipped with Blade batteries,…


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US producer prices fall again in December for third month in a row

BancaMarch : In the United States, producer prices fell again in December, showing subdued cost inflation. On a monthly basis, the index shows a decrease of -0.1%, below the expected 0.1% and equal to the -0.1% of the previous month. Thus, the index remains in negative territory for the third consecutive month, a fact that has not been recorded since 2020. On the other hand, the underlying rate repeats the…


Galp

Galp Energia discovers oil field in Namibia, but total reserves to be exploited not known

Singular Bank | The Portuguese energy company has risen 8% following news of a bumper offshore oil discovery in Namibia. Galp is the operator and holds an 80% stake. In addition, the Namcor (10%) and Custos (10%) companies are participating in the discovery, the total reserves that may be exploited in the field are unknown. Galp has carried out several well drilling projects offshore Namibia since 2019. In fact, the…


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China Data Flash: regulatory tightening on real estate financing dampens investment sentiment; stability now the key word which accompanies growth in official statements

Alicia García Herrero (Natixis)| Investment sentiment has declined significantly in the last two months of 2023, mainly due to negative sentiment regarding real estate. In December, regulatory fines were issued to multiple financial institutions, including two large AMCs and a few banks, for the illegal granting of funds to developers. Despite numerous stimuli aimed at encouraging financial institutions to provide financing channels for developers, it is anticipated that only those…


naturgy

Naturgy begins construction of second large photovoltaic facility in US, in Texas, with €285-million investment

Link Securities | Naturgy (NTGY) has begun construction of its second large photovoltaic facility in the United States, the Grimes plant, which will have a capacity of 210 MW and will involve an investment of more than €285 million, according to Europa Press. This new renewable generation plant will be located in the state of Texas and will generate enough emission-free electricity to supply approximately 140,000 homes. With the start-up…


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World Bank forecasts bring forward worst five-year period (2020-2025) for growth in 30 years

The world economy is expected to grow by just 2.4% in 2024 (vs. 2.6% in 2023), indicating weak growth for the third year in a row, before rebounding to 2.7% in 2025. These levels are below the 3.1% average growth of the previous decade. This year, real GDP growth is projected to weaken in both advanced economies – 1.2% in 2024 compared to 1.5% in 2023 – and emerging economies…


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Boeing 737 Max model, involved in last week’s Air Alaska incident, is in direct competition with Airbus’ A320

Banco Sabadell : The FAA (Federal Aviation Administration) decided to order a flight ban on the 737 Max model 9 (the longest-range variant of the single-aisle models) following the Alaska Air incident on the night of 5 January last. Specifically, the incident was caused by the loss of part of the fuselage during flight -its plugged exit door exited the airframe shortly after departure from Portland International Airport- which resulted…


OPEC post mortem

Angola exits OPEC, reflecting lack of consensus among members

Bankinter: Angola is leaving OPEC. As a reference, it produces around 1.1Mbd (OPEC+ approx. 38.5Mbd). Opinion of the analysis team: Negative news for oil (Brent $79.4; -0.4%), which is positive for the market and the cycle. Once again, the lack of consensus among cartel members is evident. At the last meeting they were slow to reach an agreement precisely because the main producers refused to introduce cuts. On the other…


USsteel Nipponsteel

Nippon Steel set to become world’s second-largest producer after acquisition of US Steel for $14.1bn

Bankinter | Nippon Steel agrees to buy US Steel for $14.1bn ($55/share). The deal contemplates a cash payment of $14.1bn ($55/share), a 40% premium to US Steel’s closing price last Friday and 142% over August this year, when Cleveland Cliff announced a first offer (at $35/share). The valuation including debt amounts to $14.9 billion. The combined company will be the world’s second largest producer with 88M tn (66MTn NSC and…


Acciona energia

Acciona Energía bids to develop 800 MW in Morocco

Intermoney| Acciona Energia (Buy, €34) is among the pre-qualified bidders in the tender for the development and operation of 800 MW in Morocco, a phase included in the overall plan to promote a total of 1,600 MW. The company is participating in this tender with a local partner, while Iberdrola, also pre-qualified, has presented itself alone. The other participants include Vinci, which is represented by Cobra, acquired two years ago…