Spain

Sixth Street, a U.S.-based investment firm, announced on Monday that it had purchased 38% of Sorgenia. The deal values Sorgenia at $4.65 billion. Asterion Industrial Partners, a Spanish infrastructure fund, can now exit Sorgenia’s capital. F2i, Italy’s main infrastructure fund with a 62% share, remains the largest shareholder of Sorgenia. F2i has agreed to transfer its assets for wind and solar energy generation in Italy and Spain, including EF Solare and Renovalia Tramontana, to Sorgenia. Asterion invested its first money in Sorgenia in 2020, supporting the company's efforts to become a major player in Europe’s green energy transformation. Richard Sberlati,...

Iberdrola, Spain's largest power utility, said that it does not expect to be affected financially by any potential compensation claims relating to the blackout which hit Spain and Portugal in April 28. The grid operator REE, owned by Redeia, has acknowledged that the blackout was caused by an increase in voltage. However it has blamed the power utilities and the grid for the chaos in the cities. The company stated that both internal and external experts had analysed the event. They concluded that the companies in the Iberdrola Group were not responsible for the blackout. "Nor did they play any...

The U.S. Government sided with Argentina in its effort to temporarily suspend a court order requiring it to turn over its 51 percent stake in the oil and gas company YPF as part of a $16.1-billion judgment won by two investors. In a late-night filing, the U.S. government informed the 2nd U.S. The 2nd U.S. Circuit Court of Appeals stated that it is in the public's interest to resolve the dispute on its merits "free of the rushed compulsion of a non-stayed turnover order, and any negative impact on U.S. Foreign Relations with Argentina." Petersen Energia Inversora, Eton Park Capital...

The U.S. Court of Appeals on Tuesday temporarily suspended an order by a judge that Argentina hand over its 51% share in the oil and gas company YPF as partial satisfaction for a $16.1-billion judgment. The 2nd U.S. The 2nd U.S. The appeals court stated that Argentina had until July 22nd to respond. The dispute arose from Argentina's 2012 acquisition of the YPF stake by Repsol, a Spanish company, without making a bid to Petersen or Eton Park. Both were minority shareholders. Burford Capital is representing these shareholders. Burford Capital has stated that it expects to receive between 35% and...

A U.S. Judge on Monday temporarily halted the enforcement of her order requiring Argentina's 51% stake in the oil and gas company YPF as partial satisfaction of a $16.1 Billion court judgment. The U.S. District judge Loretta Preska, while criticizing Argentina's actions and extending the deadline for the completion of the turn-over by three days until July 17, has pushed back Monday's deadline. She stated that the delay was only to allow Argentina to file a complaint with the 2nd U.S. Circuit Court of Appeals of Manhattan. Argentina filed an Emergency appeal On July 10, the court heard a case....

A U.S. Judge on Monday temporarily halted the enforcement of an order requiring Argentina's 51% stake in oil company YPF as partial satisfaction of a $16.1 Billion court judgment. The U.S. District Court Judge Loretta Preska's decision in Manhattan provides temporary relief for the cash-strapped South American nation, which warned that its economy would be unstable if it was forced to give up YPF's stake. Preska had originally scheduled a turnover for Monday but extended the deadline until July 17 in order to give time to appeal. Argentine president Javier Milei is trying to boost foreign currency reserves, rein in...

Brazil's stock exchange fell on Thursday. However, the real recovered the next day, after U.S. president Donald Trump shocked the world by imposing 50% tariffs instead of the 10% originally indicated. Trump cited political disagreements as the reason for his shock decision. The currency volatility gauges reached their highest level since April's tariff announcements. After the real fell as much as 2,8% on Wednesday, in response to what Deutsche Bank called an escalation in tensions. The currency fell 2.3% on Wednesday, but rebounded on Thursday to be up 0.5% against the dollar. U.S. listed shares of Brazilian companies dropped, with...

According to a Thursday court filing, Argentina has filed notice of its appeal against a U.S. ruling ordering the country to surrender the 51% stake in the state energy company YPF. The notice was filed at the U.S. District Court for the Southern District of New York and appeals a Judge Loretta Preska's decision requiring Argentina hand over shares in partial satisfaction of a $16.1 billion judgment over the state takeover in 2012 of YPF. The case revolves around Argentina's seizure by Repsol of a 51 percent stake in YPF without making a bid to minority shareholders Petersen Energia Inversora...

The Spanish government unveiled on Tuesday a draft law aimed at encouraging sustainable consumption and reducing costs. It would prohibit practices like reselling concert ticket for profit, and advertising fossil fuels or cars powered by these. Reporters were told that the government's goal is to encourage industries' transition to more sustainable and accessible models. This will lower prices for consumers, and make significant progress in protecting the environment. The bill also prohibits "advertising that is based on fear of crime or natural catastrophes" and stops companies from making false claims or misleading statements about their environmental credentials. This practice, known...

A U.S. court judge ordered Argentina on Monday to give up 51% of its stake in the oil and gas company YPF to satisfy a $16.1-billion judgment against it. U.S. District Court Judge Loretta Preska, in Manhattan, said Argentina had to transfer its YPF share within 14 days into a BNY Mellon account and instruct this bank to transfer those shares to the plaintiffs within one business day. Argentina appealed Preska's decision of September 2023 to award $16.1 billion to Petersen Energia Inversora, Eton Park Capital Management and litigation funder Burford Capital. Preska's ruling came the same day Argentina requested...

Mexico's telecoms regulator fined America Movil subsidiary Telcel 1,78 billion pesos (93.61 millions dollars) on Tuesday for signing exclusive deals with convenience-store chain Oxxo in order to sell its SIM card. America Movil, a telecommunications company controlled by the Mexican billionaire Carlos Slim's family, has denied the findings of the regulator and vowed to contest the investigation and fine. The fine is the result of an investigation that was launched by the Federal Telecommunications Institute in 2021 at the request from a competitor regarding the alleged monopolistic practice by Telcel. IFT fined Oxxo, Mexico’s ubiquitous Femsa convenience chain, as well...

A person familiar with the proceedings said that the Norwegian parliament is set to reject the campaigners' call to instruct its $1.8 trillion fund to boycott companies selling products or services in the occupied Palestinian Territories. The person stated that a majority of the finance committee in the Norwegian Parliament decided to exclude from the fund only those companies which can be connected with the violation international law, and not simply any company that has a presence in such areas. The International Court of Justice ruled last year that Israel's occupation of Palestinian territory was illegal, and that it should...

T housands firefighters battled through the night to extinguish a dozen fires that raged in central and northern Spain and Portugal. This is the biggest wave of fires on the Iberian Peninsula this year, after weeks of intense heat. Since Monday, the largest wildfire in the Arouca region, which is a wooded mountainous area, has been burning. This is about 300 km (185 mi) north of Lisbon. It has led to the closure scenic trails, Passadicos do Paiva. The fire was tackled by 800 firefighters, seven waterbombing planes and other aircraft. Helder Silva, the Civil Protection Commander, told reporters that...

Firefighters fought multiple wildfires in Turkey and Cyprus Thursday, which scorched large areas of land and forced the evacuations of villages and towns. Ten firefighters were killed by a heatwave that swept across the Mediterranean. Six separate wildfires are burning in Turkey. Turkish Agriculture and Forestry minister Ibrahim Yumakli has warned of the dangers of strong winds and scorching heat. Yumakli reported late on Wednesday that 10 firefighters died while fighting a fire in central Eskisehir Province. Yumakli also said 14 other firefighters were injured. The fire was fanned by strong wind and spread to Afyonkarahisar, another province in the...

The Spanish authorities ordered that more than 18,000 residents in the Tarragona Province, located in northeastern Spain, remain inside on Tuesday. Several dozen people were evacuated when a wildfire, which was out of control and consumed almost 3,000 hectares (7.413 acres) worth of vegetation, spread. After Spain experienced the hottest June ever recorded, large parts of Spain have been placed on high alert. On July 1, two people were killed in a fire in the region where Tarragona, Catalonia is located. Authorities said that the latest fire started early on Monday morning in a remote location near the village Pauls....

The heads of the two largest MDBs from Asia and Europe said that they need to focus more on climate action, and empowering women. They are being urged to be bolder and more inclusive. Nadia Calvino and Jin Liqung are the presidents of the European Investment Bank (EIB) and the Asian Infrastructure Investment Bank (AIIB), respectively. They spoke at the United Nations Development Financing Summit, which takes place every decade in Seville. The event has been overshadowed both by criticisms that it showed a lacklustre ambition, and by the United States' absence. They were the largest international donor of aid...

The Spanish Ministry of Economy announced on Tuesday that the two countries have teamed up to "swap" debts to free money for conservation and development in poorer nations. The Ministry of Economy in Spain announced on Tuesday that the country has partnered with the World Bank to help poorer countries free up money to spend on development and conservation via debt "swaps". The Spanish government announced that the Global Hub for Debt swaps for Development will provide financial and technical assistance to countries looking at debt swaps for climate change and food security. In recent years, nations from Barbados to...

On Monday, a once-in-10-year summit began in Seville as world leaders are under increasing pressure to speed up progress on poverty reduction. Climate change The Sustainable Development Goals are at greater risk of failing. The U.N. Chief, Antonio Guterres said that the event was intended to "repair and rev up" an existing system of cooperation in which "trust is fraying, and multilateralism has been strained." The U.S. president Donald Trump was notably absent from the summit, which had been attended by more than 50 leaders of the world. This is because the leader of the largest economy in the world...

On Sunday, activists marched through Seville, southern Spain, in scorching heat, demanding debt cancellation, climate justice, and taxing super-rich people on the eve a UN summit about financing development, which critics claim lacks ambition. The four-day summit, held every ten years, promises to tackle poverty and disease by defining the global framework for sustainable development. The United States' decision not to attend the summit and the shrinking appetite of wealthy countries for foreign aid has dampened expectations that it will lead to significant changes. Greenpeace members sat on a globe and carried a float that depicted Elon Musk, the billionaire,...

Barbados issued a bond to help pay off its IMF loan, and free up some money. It also gives it two years fiscal breathing room if the country is hit by severe hurricanes, floods, or even an epidemic of COVID proportions. If it is well received, this could set a precedent for normalising the so-called climate resilient clauses in debt that have been lukewarmly accepted since they were introduced in recent years due to a perception that they might increase borrowing costs. Barbados' $500 million bond replaced an existing one. It is the first international bond of a "benchmark" size...

The European Investment Bank announced on Monday that it would invest 1.6 billion euro ($1.84 billion) in a power interconnector planned between Spain and France. This comes after the governments of Spain and Portugal sought EU assistance to improve their electricity links following an April blackout. The European Investment Bank announced on Monday that it would invest 1.6 billion euros ($1.84 billion) in a planned power interconnector between Spain and France. This comes after the governments of Spain and Portugal sought EU help to improve their power links following a massive blackout in April. The EIB (the European Union's lending...

The UK's energy regulator announced on Monday that it would increase investment by 4 billion pounds ($5.19billion) to accelerate the development of the electricity grid in the country and improve the chances of meeting the country’s clean energy targets. Ofgem, the regulatory body for companies that build and run the transmission network, stated the funding would allow them to overcome difficulties in the supply chain by providing financial flexibility. Akshay Kaul of Ofgem, director-general for Infrastructure, said that there is unprecedented pressure on global supply chain as many nations increase their efforts to decarbonise energy systems. Kaul stated that it...

BBVA announced on Monday that it has increased the target amount for lending to sustainable businesses to 700 billion Euros ($732.7 billion). The lender had previously set an initial target of 300 billion euro for the period between 2018 and 2025. Javier Rodriguez Soler is BBVA’s global head for sustainability, corporate and investment banking. He said that the business opportunity in the second half of the decade would be driven by a solid investment in infrastructure, and the maturity of new clean technologies. The growing public pressure to act to curb climate change has prompted countries and companies alike to...

According to a Friday statement, a powerful Brazilian soy-growing lobby recommends that farmers reject the inclusion of the European Union's anti-deforestation laws in contracts for the purchase and sale of soy. After December 2020, Europe's landmark legislation prohibits the importation of beef, soybeans and other goods that are linked to forest destruction. Aprosoja Brasil's spokesperson revealed that global traders had tried to impose this rule on contracts with farmers in the state of Goias. The group decided then to tell farmers across Brazil not to comply. The group's position highlights the growing opposition in Brazil against measures imposed by other...