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Spain on Tuesday approved a year-long extension, until the end of 2022, to restrictions on foreign takeovers of Spanish ...
24/11/2021

Spain on Tuesday approved a year-long extension, until the end of 2022, to restrictions on foreign takeovers of Spanish companies it regards as strategic.

As part of measures to protect Spanish firms in the face of the coronavirus pandemic, Madrid imposed a process of authorization for the acquisition by a foreign company of stakes larger than 10% in companies considered to be strategic. The decision to extend the potential veto comes after U. S. firm KKR offered to buy Telecom Italia for 10.8 billion euros ($12.2 billion) in what would be Europe’s biggest private equity buyout.

Shares in TIM’s Spanish rival Telefonica rose 6.4% on Monday on speculation it could also become a target, although they pared most of those gains on Tuesday as the government looked set to extend the restrictions. «It is a question of providing legal certainty and continuing to support companies so that they can progress in economic recovery," government spokesperson Teresa Rodriguez told a press briefing after a weekly cabinet meeting.

The extension applies to listed and unlisted companies if a potential investment exceeds 500 million euros ($562 million), Spain’s Economy Ministry said in a statement. The government has used the measure to delay a partial takeover attempt earlier this year of power utility Naturgy by Australian investment fund IFM.

Its extension indicates that Madrid would not back a bid for Telefonica, which is considered a strategic asset, Caixabank BPI said in a note to clients. The extended restriction, which also applies to bids from EU-based companies, is part of a series of wider measures announced on Tuesday.

These include the extension until June of a programme of around 100 billion euros in state-backed loans and 40 billion euros in investments to help Spanish companies and households to through the crisis.

The measures follow the EU’s decision to prolong temporary state aid until June 2022 and investment support measures until the end of 2022. Among others being rolled over in Spain are the extension of a moratorium on forced bankruptcy proceedings on companies.

Spain on Tuesday approved a year-long extension, until the end of 2022, to restrictions on foreign takeovers of Spanish companies it regards as strategic. As part of measures to protect Spanish firms in the face of the coronavirus pandemic, Madrid imposed a process of authorization for the acquisiti...

There are several reasons why Evergrande’s problems are serious.Firstly, many people bought property from Evergrande eve...
08/11/2021

There are several reasons why Evergrande’s problems are serious.

Firstly, many people bought property from Evergrande even before building work began. They have paid deposits and could potentially lose that money if it goes bust.

There are also the companies that do business with Evergrande. Firms including construction and design firms and materials suppliers are at risk of incurring major losses, which could force them into bankruptcy.

The third is the potential impact on China’s financial system. The financial fallout would be far reaching. Evergrande reportedly owes money to around 171 domestic banks and 121 other financial firms. If Evergrande defaults, banks and other lenders may be forced to lend less. This could lead to what is known as a credit crunch, when companies struggle to borrow money at affordable rates.

A credit crunch would be very bad news for the world’s second largest economy, because companies that can’t borrow find it difficult to grow, and in some cases are unable to continue operating. This may also unnerve foreign investors, who could see China as a less attractive place to put their money.

The world's most indebted real estate developer is facing a series of deadlines for bond interest payments, totaling tens of millions of dollars. The company has been taking steps in recent weeks to raise the money it owes to customers, investors and suppliers. The very serious potential fallout of....

The International Monetary Fund is now less optimistic about the global economy for 2021, but still sees reasonable grow...
22/10/2021

The International Monetary Fund is now less optimistic about the global economy for 2021, but still sees reasonable growth over the medium term.

In its World Economic Outlook, published yesterday, the Fund said it expects global gross domestic product to grow by 5.9% this year — 0.1 percentage point lower than its July estimate. For next year, the IMF has kept its global growth projection at 4.9%.

The revised outlook for this year comes amid supply chain issues in advanced economies and a worsening health situation in emerging countries. This modest headline revision masks large downgrades for some countries. The outlook for the low-income developing country group has darkened considerably due to worsening pandemic dynamics. The downgrade also reflects more difficult near-term prospects for the advanced economy group, in part due to supply disruptions.

The United States is one of the countries in this position; the IMF has cut its growth estimates for the country this year by 1 percentage point to 6%. The growth outlooks for Spain and Germany were also cut by 0.5 percentage points each, and Canada’s was reduced by 0.6 percentage points.

Beyond 2022, however, the IMF forecasts a moderate global growth level of 3.3% over the medium term.
The IMF said it was particularly concerned about the different paces of recovery in advanced and emerging economies. Its estimates show that while advanced economies could exceed their pre-pandemic levels in 2024, developing countries, excluding China, could remain 5.5% below their pre-pandemic forecast. These divergences are a consequence of the ‘great vaccine divide' and large disparities in policy support.

While over 60% of the population in advanced economies are fully vaccinated and some are now receiving booster shots, about 96% of the population in low-income countries remain unvaccinated.

Consumer prices have risen substantially over the last couple of months on the back of supply chain disruptions and higher commodity prices, notably gas.

In the U. S., consumer prices rose 5.4% in July from a year earlier — matching the largest jump since August 2008 — before easing slightly in August. Meanwhile, in the euro zone, inflation reached a 13-year high in September.

This rising inflation has ramped up the pressure on central banks to ease off their monetary stimulus programs quicker than anticipated. Inflation risks are skewed to the upside and could materialize if pandemic-induced supply-demand mismatches continue longer than expected," the Fund warned in its report.

As a result, the IMF warned that, «although central banks can generally look through transitory inflation pressures and avoid tightening until there is more clarity on underlying price dynamics, they should be prepared to act quickly if the recovery strengthens faster than expected or risks of rising inflation expectations become tangible.»

In its World Economic Outlook, published yesterday, the Fund said it expects global gross domestic product to grow by 5.9% this year — 0.1 percentage point lower than its July estimate. For next year, the IMF has kept its global growth projection at 4.9%. This rising inflation has ramped up the pr...

Looking at insolvency levels, governments succeeded in helping companies face the crisis: massive state intervention pre...
21/10/2021

Looking at insolvency levels, governments succeeded in helping companies face the crisis: massive state intervention prevented one out of two insolvencies in Western Europe and one out of three in the US in 2020. Their extension will keep insolvencies at a low level in 2021, but what happens next depends on how governments act in the coming months?

Business insolvencies are set to rise in 2022 as governments withdraw support measures that have helped companies stay afloat during the Covid-19 pandemic. Business insolvencies are expected to jump 15% on year in 2022. That projected increase follows two consecutive years of decline: insolvencies d...

Deal-making activities worldwide could hit a record $6 trillion by the end of the year as businesses continue to embrace...
20/10/2021

Deal-making activities worldwide could hit a record $6 trillion by the end of the year as businesses continue to embrace cheap financing and the pandemic recovery.
Global mergers and acquisition volumes have so far surpassed $4.3 trillion this year, according to Refinitiv data, moving closer to the all-time high of $4.8 trillion set in 2015.
It marks a surge from a total of $3.6 trillion reached in 2020. With “pent-up energy” from pre-pandemic fundraising still in full swing, there is no sign of it slowing down.

​Deal-making activities worldwide could hit a record $6 trillion by the end of the year as businesses continue to embrace cheap financing and the pandemic recovery. Global mergers and acquisition volumes have so far surpassed $4.3 trillion this year, according to Refinitiv data, moving closer to t...

As the Covid-19 crisis continues and the full brunt of its economic impact becomes clear, merger and acquisition activit...
10/03/2021

As the Covid-19 crisis continues and the full brunt of its economic impact becomes clear, merger and acquisition activity is expected to ramp up.

Weaker players that had relied on government support or cash reserves are likely to experience more financial stress, leaving them ripe for takeover, while stronger firms will find new avenues to bolster their positions, acquire new or complementary skills, technologies, and products, or simply grab some valuable market share.

As the Covid-19 crisis continues and the full brunt of its economic impact becomes clear, merger and acquisition activity is expected to ramp up. Weaker players that had relied on government support or cash reserves are likely to experience more financial stress, leaving them ripe for takeover, whil...

At least 1,100 companies in Japan have gone bankrupt as the COVID-19 pandemic batters the world’s third-largest economy.
09/03/2021

At least 1,100 companies in Japan have gone bankrupt as the COVID-19 pandemic batters the world’s third-largest economy.

At least 1,100 companies in Japan have gone bankrupt as the COVID-19 pandemic batters the world's third-largest economy, local media reported on Wednesday. 1,100 companies had "completed or were preparing" for legal liquidation.

How was 2019?
13/01/2020

How was 2019?

​A wave of U.S. “super mega” mergers in the U.S., each worth more than $10 billion, drove corporate deal-making to its fourth strongest year on record in 2019 despite the economic jitters that roiled global trade. While merger and acquisition activity lagged 2018 for much of the year, a surge ...

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