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Companies, Ibex, World economy 22nd October 2022

Grifols Facing A Class Action In The US Related To The Biometric Privacy Law

Renta 4 | Grifols would be facing a class action on the part of 54.000 donors in the state of Illinois, in the United States. The plaintiffs are arguing that Grifols has not complied with the state’s Biometric Privacy Law, since they have demanded that donors provide their fingerprints, not destroy this information and exceed the specific objective for which it was registered. According to the plaintiffs this violated their…

spain tax collection

World economy 20th October 2022

Spain, At The Bottom Of The OECD In Terms Of Tax Competitiveness

Spain is amongst the countries with the least competitive tax system in the OECD. This is according to the new edition of the tax competitiveness ranking prepared by the Tax Foundation, in which Spain appears in 34th place out of a total of 38. This position, which represents a loss of two places compared to the 2021 edition and eight compared to 2020, leaves Spain ahead of only Ireland, Portugal,…

Xi Jinping

World economy 18th October 2022

China’s Party Congress: doubling down on the direction of travel

Alicia García Herrero (Natixis) | After months of preparation and concerning sentiment stemming from a deteriorating external environment, Covid-related restrictions and the plummeting real estate sector, the Communist Party’s 20th Congress has started with President Xi Jinping delivering the work report. Below are some key take-aways: 1. Dynamic zero Covid policies remain in place, sealed by the success in saving lives during the past few years. No clear exit strategy has been…

Brazil elections: Whoever wins, debt reigns

World economy 14th October 2022

Brasil: A Tight Presidential Run-Off Election Among High Inflation And Fiscal Policy Issues

Crédito y Caución (Atradius) | On October 2, general elections were held in Brazil in order to elect all seats in the lower house of Congress, one-third of seats in the Senate, all 27 state governors and the president. The race for president will be decided in a run-off on October 30, featuring incumbent far-right Jair Bolsonaro and left-wing former President Luiz Inacio Lula da Silva. In a polarised first…

Santander-brasil

Companies, Ibex, World economy 3rd October 2022

Lula da Silva’s victory does not change Santander’s risk profile, for the time being

Bankinter | Lula da Silva’s victory in the first round of Brazil’s presidential elections does not significantly alter Banco Santander’s risk profile, at least for the time being. Lula, Brazil’s president between 2003 and 2010, has obtained 48.4% of the votes vs current president Bolsonaro with 43.2%. The second round of voting takes place on 30 October. Bankinter analyst team’s view: Brazil is the main source of Santander’s results with…

ACS

Companies, Ibex, World economy 30th September 2022

ACS participating in two consortiums for Canada tram line contract; investment of €3.7 Bn

Intermoney | ACS is participating in the two consortia which will bid for the contract to build a tram line in Calgary (Canada). The investment required will be 3.7 billion euros, according to the daily Expansion. One of the offers includes ACS’ US afffiliate Flatiron, while Dragados is participating in the other bid, along with Acciona and other Canadian contractors. It is foreseen that the best provisional offer will be…

ACS

Companies, Ibex, World economy 29th September 2022

Cimic (ACS) has been selected by Victoria’s government to contribute a significant batch of works for Melbourne airport’s railway

Link Securities | ACS’ Australian subsidiary, Cimic, has been selected by the government of Victoria as part of the preferred consortium to supply a significant construction works package for the railway project at Melbourne (Australia)’s airport, according to the digital portal Invertia.com CPB Contractors, which belongs to Cimic, is the specific company which has been selected. And its travel companions are a consortium including John Holland Group and partners Alliance,…

OCDE recurso TC

World economy 27th September 2022

OECD Cuts World Growth To 2.2% In 2023 (1.5% For Spain)

The Organisation for Economic Co-operation and Development (OECD)’s analysts, in their new economic growth projections for 2022 and 2023, have revised Spain’s gross domestic product (GDP) growth for 2022 upwards by three tenths of a percentage point to 4.4% compared with their June estimate. Meanwhile, they have lowered their projection for Spanish GDP growth in 2023 by seven tenths of a percentage point to 1.5%. With regard to inflation, the…

Jerome Powell baffled both the experts and the markets

World economy 22nd September 2022

Is Powell Ready To Do Whatever It Takes?

J.P. Marín-Arrese | While markets mildly reacted to the widely discounted rate hike and the prospect of protracted high-interest levels, the stern message delivered by Jerome Powell unsettled them. Stocks tumbled as he emphasised the Fed’s commitment to tighten its policy as long as inflation remains unabated, flying high above its 2% medium-term target. In short, he sounded ready to do ‘whatever it takes’ to curb the current price spiral….

Stock Markets

Companies, Markets, World economy 21st September 2022

Volumes of Buybacks easing this year to $870 B

Morgan Stanley | In 2021, we saw record volumes of buybacks ($882 billion). And while we estimate that volumes will remain in a range of $850-1 trn, the pressure on margins derived from the uptick in costs could start to put pressure on EPS as well as on future buybacks. To find out whether companies are going to continue with buyback programmes…or if they will adopt a policy of keeping…