Spain allows Saudi Arabian STC to increase its stake in Telefonica from 9.9% to a reported -
El Pais reported that the Spanish government had given green light to Saudi Arabia’s largest telecoms company, STC Group to increase its stake in Telefonica from 5% to 9.9%. A spokesperson from the Economy Ministry declined comment. STC announced last year that it was aiming to acquire a 9.9% stake in the Spanish Telecoms Company, worth approximately 2.4 billion Euros ($2.53 billion), and become a major shareholder. The Saudi group claimed at the time that it held a 4,9% stake in Telefonica, and that financial instruments gave it an additional 5% of what it called "economic exposure" to the company.
UN chief warns at COP29 that if you don't pay up, the climate will lead to disaster for humanity.
At the COP29 Summit on Tuesday, United Nations Secretary General Antonio Guterres urged world leaders to "pay up", in order to prevent climate-driven humanitarian disasters. He also said that time was running short to limit a destructive increase in global temperatures. Nearly 200 countries have gathered in Baku for the annual U.N. Climate Summit. This year, the summit is focused on raising hundreds and billions of dollars so that the world can transition to cleaner sources of energy while limiting the damage to the climate caused by carbon emission.
Alcoa and Ignis are close to signing a joint funding agreement for Spain's aluminium plant
Alcoa announced on Wednesday that it is "progressing", towards a strategic agreement of cooperation with the Spanish renewable energy company Ignis, to fund the operations of the U.S. Metal Producer's aluminum plant in northwest Spain. Alcoa announced that the proposed agreement would see Alcoa contribute 75 million Euros ($81 million), and Ignis make an initial 25 million Euro investment, giving Ignis 25% ownership of San Ciprian in Galicia. Alcoa, based in Pittsburgh, Pennsylvania, said it would provide up to 100 million more euros if needed, prioritizing future cash flows.
Spanish PM calls on EU to reconsider tariffs against Chinese EVs
The Spanish Prime Minister Pedro Sanchez stated on Wednesday that the European Union should reconsider its proposed import tariffs for Chinese-made electric cars, and urged Brussels to avoid a trade conflict. Sanchez's remarks during a trip to China indicate a shift in Spain's stance, which had previously supported the tariffs. He also expressed concern over the potential impact of the EU-China Trade Spat on Spanish industry. "I must be honest, we all have to rethink our position. Sanchez, speaking at an event held in an industrial park of the Chinese city Kunshan…
SENER Group Reports Continued Growth
Turnover increased by 8 percent to reach 1.315 billion Euros, with net profit rising by 66 percent to reach 57.8 million Euros. The engineering and technology group SENER ended 2014 with a turnover of 1,315.7 billion Euros; an increase of 8.02 percent over the previous year. The group’s operating result came to 73.3 million Euros, representing an increase of 54.7 percent compared to 2013, and the holding company’s profit reached 57.8 million Euros (an increase of 66.1 percent). The number of people working at SENER has remained almost constant at 5,541 (a decrease of 0.52 percent).
Spain: Repsol Cleared for Canary Islands Drilling
The Spanish government has given Repsol the green light to begin a $7-billion oil exploration project off the Canary Islands. Industry Ministry Jose Manuel Soria said last month that Repsol would start prospecting three months after approval was granted. In 2012, the government granted permits for exploration off the coasts of the islands of Fuerteventura and Lanzarote, but they were frozen while courts heard a number of appeals following widespread opposition over the potential environmental damage. Despite protests by political parties, unions and environmental groups, Spain's Supreme Court rejected appeals against the ruling in June.
Spain-Date fund created to promote energy efficiency
The Spanish government on Friday approved the creation of a fund with an annual budget of EUR 370 million to promote energy efficiency in buildings, industry and transport. The National Fund for Energy Efficiency, which will draw on contributions from energy companies (200 million) and European funds (170 million), is within the actual broad decree measures to enable the Spanish economy was adopted Friday by the Council of Ministers. directive that sets efficiency targets to 2020 - mobilize investment associated by some 2,450 million euros.
Spain Launches Reform of Gas to Tackle Deficit
The Spanish government on Friday took the first step to reform the gas sector with the main objective to prevent the emerging imbalance between costs and revenues will become the financial head pain ensued in the electricity sector. "Measures to ensure economic and financial sustainability of the system are established, and the emerging problem of the tariff deficit is addressed to prevent problems like those in which we solve in this term," said the vice president Soraya Sáenz de Santamaría on Friday press conference after the Council of Ministers.
Iberdrola Probed over Price Manipulation
Spanish markets and competition regulator CNMC said on Tuesday it was opening an investigation into power firm Iberdrola over possible electricity price manipulation at its generation business. In a separate statement, Iberdrola said the CNMC probe was limited to activity from certain hydraulic installations between Nov. 30 and Dec. 23 and denied any wrongdoing. The Spanish government annulled wholesale power auctions in December after a sharp jump in prices that would have led to a painful rise in electricity bills. (Reporting by Tracy Rucinski; editing by Keiron Henderson)
