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naturgy

World economy 11th January 2024

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…

Banco Mundial 1 1 750x375 1

World economy 10th January 2024

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…

Airbus 320

World economy 9th January 2024

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

World economy 22nd December 2023

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

World economy 19th December 2023

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

World economy 14th December 2023

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…

Milei

World economy 13th December 2023

Milei’s first measures in Argentina: 54% devaluation of peso and massive cuts in public spending (2.9% of GDP)

In Argentina we have the first measures with Milei at the helm: devaluation of the peso by 54%, which takes it from 366 to 800 pesos per USD, forecast monthly devaluations of 2% from now on, and massive cuts in public spending (2.9% of GDP) with the aim of eliminating the primary fiscal deficit by 2024. The IMF welcomes the measures, which it believes will help stabilise the economy and…

oil rig platform

World economy 12th December 2023

US to buy up to 3m bpd for Strategic Petroleum Reserve for delivery in March 2024

Link Securities | The US Department of Energy has announced that it wants to buy up to 3 million barrels of oil per day (mbd) for the Strategic Petroleum Reserve (SPR) for delivery in March 2024, taking advantage of lower prices to start replenishing reserves. It should be recalled that last year the US administration conducted the largest SPR sale to date of 180 million barrels to try to limit…

CAF factory

World economy 5th December 2023

CAF consolidates alliance with Mitsubishi with award of new €150M contract in Philippines for North-South commuter line

Intermoney: The company informed the CNMV (National Securities Market Commission) on Friday that it has been chosen by Mitsubishi as subcontractor for the design and supply of seven electrical units in the Philippines. Specifically, the units are for the new North-South commuter rail line that will connect Clark International Airport, northeast of Manila, with the province of Laguna in the south of the island of Luzon. The project is expected…

eeuu madeinCM

World economy 13th November 2023

Moody’s maintains US debt rating, but downgrades outlook

Bankinter | Moody’s has maintained its US debt rating, but worsened the outlook. The credit rating agency maintains the rating at AAA, but changes the outlook to “negative” from “stable”. In its report Moody’s refers to the worsening fiscal situation and the polarisation of politics as long-term concerns for the US economy. Assessment: Rising interest rates, the sharp increase in public debt and a polarised Congress that is unable to…