Bankinter: ECB minutes of the meeting of 12 September. The focus in the markets has shifted towards economic growth to the detriment of inflation, which has moderated in recent months. Fears of a slowdown in the US economy have raised expectations that the Fed will cut rates more aggressively than the ECB. This approach has carried over to Europe in the face of a somewhat weaker macro picture than in…
Iberdrola plans to announce investments of £24 billion (over €28 billion) between the current fiscal year and 2028 in the UK, double what it was considering a few months ago. This will be communicated by the president of IBE, Ignacio Sánchez Galán, to the British Prime Minister Keir Starmer in the coming hours. The acquisition of the Electricity North West group for €5 billion has prompted this upward adjustment in…
The Financial Conduct Authority (FCA) has fined TSB, the British subsidiary of Banco Sabadell, £10.91 million (around €13.04 million) for “unfair” treatment of customers struggling to meet their loans, primarily mortgages. According to the FCA, TSB Bank “failed to ensure that customers in arrears were treated fairly.” “It also lacked the proper controls and systems to ensure good outcomes,” it adds. The issues occurred between June 2014 and March 2020….
Link Securities | The European Commission (EC) has approved the acquisition of Irish engineering firm Dornan by Turner, a subsidiary of Spain’s ACS, concluding that the deal does not raise competition concerns, digital portal Bolsamania.com reported yesterday. The EC explained that the companies are not active in the same markets or in vertically related markets as it relates to the supply of mechanical and electrical engineering services. It should be…
Intermoney | A rise in Germany’s industrial production in August is likely to do little to counter growing evidence that Europe’s largest economy is stagnating. Industrial production has yet to show a sustained recovery, hit by weak global demand, high energy prices and financing conditions still in tight territory. This will be seen in the year-on-year reading where, despite the slight monthly rebound, we will still see a contraction of…
Link Securities | The Turkish government has chosen BBVA and JPMorgan to lead a refinancing operation of the country’s historic debt, Expansión reports today. Turkey has decided to take advantage of the increased appetite for Turkish debt shown by large international investors to shore up its finances with a buyback transaction and new bond issuance registered with the US SEC. BBVA has launched an offensive to strengthen its investment banking…
Bankinter: The Financial Stability Fund (HFSF) is selling 10.0% of NBG’s capital for €690m, equivalent to a price of €7.55/share. The 8.4% that the HFSF still holds in the bank will be transferred to the Greek sovereign wealth fund. Analysis team’s view: This is good news because it confirms investor interest in the sector, especially for the entities listed at the most attractive valuation multiples. For reference, NGB trades at…
BancaMarch: On Thursday, potential tax hikes in France were discussed, this Friday it is the turn of Italy. In the Gallic country, the Budget Minister has given more details on temporary taxes on higher-income taxpayers and large companies – already announced on Monday by Barnier and on Wednesday by Macron. In the first case, he indicated that they would affect only 0.3% of households, those without children who earn more…
Norbolsa | Leaks continue about the possible fiscal plan to be presented by Prime Minister Barnier. According to Le Parisien, next week he will present a €15-18 billion fiscal consolidation plan, while announcing a two-year delay until 2029 to reach the 3% deficit targets. These plans include extraordinary taxes for high incomes with which it hopes to raise €3 billion, and a further €8 billion to be raised from extra…
Link Securities | Talgo (TLGO) has taken advantage of the Innotrans trade fair in Berlin (Germany) to seal a strategic agreement with the Pesa group, Poland’s largest train manufacturer, according to Expansión newspaper. In the memorandum of understanding signed yesterday, both companies have agreed to carry out exploratory work to prepare future agreements along three main business lines: i) the tender process for the purchase of very high-speed rolling stock…