Spain

According to LSEG's forecasts, published Thursday to coincide with the start of reporting season, a surge in energy sector profits will help European blue-chip companies to post their highest earnings growth in more than three years. LSEG IBES data predicts that companies in Europe's benchmark STOXX 600 index will report earnings growth of 16.7% during the second quarter. This is based on?results from 28 companies, and market estimates for those whose results are not yet in. The rate of growth excluding energy companies is a modest 6.4%. The European energy'majors' are reportedly?posting profits that are more than 125% greater year-on-year....

The Portuguese Environment Minister said that Moeve and Galp, Spain's refiners, should?invest and commit to the viability of Sines as part of a planned merger of their operations. Moeve has been in talks with Galp since January to create two joint ventures. One will operate 3,500 fuel stations in the Iberian Peninsula. The other will combine Galp's refinery located in southern Sines, Spain, with Moeve refineries located in Huelva, Spain, and Algeciras, in southwest Spain. Moeve will hold the majority of shares in Europe's largest refining company, while Galp retains a mere?over 20 percent. Environment Minister Maria da Graca Carvalho...

Rescuers spent the night on Friday searching for thousands of missing Venezuelans and hundreds trapped under rubble after two of the largest earthquakes to hit Latin America in modern history shook areas around Caracas. The government did not provide a total estimate of casualties from the magnitude 7.2 to 7.5 earthquakes that struck 160 km (100 mi) west of Caracas, on Wednesday. The U.S. Geological Survey predicts more than 10,000 deaths. A website designed to track missing persons and shared by leaders of the opposition in the politically polarized country listed more than 49.600 people who were unaccounted for. The...

After two powerful earthquakes in?Venezuela on Wednesday, governments and humanitarian groups have started sending cash, teams of rescuers, and other aid. The death toll is expected to increase. According to the latest statistics, the back-to-back earthquakes, measuring 7.2 & 7.5 in magnitude, struck roughly 160 km (100 miles), west of Caracas. They damaged at least 250 buildings, and trapped about 200 people. U.N. HUMANITARIAN AFFAIRS OFFICE Tom Fletcher, the U.N.'s chief of aid, said that the office for humanitarian affairs was in charge of coordinating the deployments by international teams to search and rescue urban areas. He said that "the...

After two powerful earthquakes in Venezuela on Wednesday, governments and humanitarian groups around the world have started sending cash, teams of rescuers, and other types of aid. The number is expected to rise. At least 250 buildings were damaged by the two quakes that struck Caracas in a distance of?160km (100miles). The latest count shows 200 people still trapped under debris. U.N. HUMANITARIAN AFFAIRS OFFICE Tom Fletcher, the U.N.'s chief of aid, said that the office for humanitarian affairs was responsible for coordinating the deployment international search and rescue teams. He said that "the coming days will need a massive...

Spanish renewable energy company, 'Audax Renovables' announced on Thursday that it plans to make a voluntary takeover bid for Norway's Elmera Group. The bid is valued at 4.5 billion Norwegian crowns (US$456 million). Elmera also said that another strategic player had made a non-binding offer with a "significantly" higher price. Early trade saw Elmera's shares up by about 43% while Audax's shares fell 1.4%. The Norwegian 'company' said in a press release that it had entered into an?exclusive agreement and due diligence agreement? with the unnamed interested party, adding that this process has been ongoing for several weeks. * Elmera...

Officials from Venezuela's PDVSA state oil company and Spanish energy group Repsol have signed a "crude and gas agreement" to boost production in the northwestern part of Venezuela. Hector Obregon, PDVSA president, said that at an event held at the Government Palace, the deal offers "exploration" opportunities on the eastern shores of Lake 'Maracaibo where the two companies already operate the Petroquiriquire Joint?Venture, which could add 20,000 barrels of light crude per day to the current average production of around 40,000?bpd. In comments broadcast by state television, he said that the additional crude would supply the Paraguana Refining Center, which...

Santos, Australia’s No.2 oil &?gas producer said on Monday that it had?reached first oil in its Pikka project, located in Alaska, U.S.A. Shares of the Adelaide-headquartered company rose as much as 3.1% to A$8.12, their highest ?since April 13, while the broader S&P/ASX 200 benchmark index ?was down 1.4% by 0450 GMT. Stocks of the Adelaide-based company rose as much as 3.1% to A$8.12, their highest level?since April 13, while the broader S&P/ASX 200 benchmark index?was down 1.4% by 0450 GMT. Craig Sidney is a senior investment advisor at Shaw and Partners. He said, "This announcement is positive in light...

Moeve, the Spanish energy company, reported on Thursday a 7% rise in its first-quarter earnings. The company cited strong performance across its core businesses and soaring profits in its energy division due to the Iran War which caused a spike in oil and fuel prices globally. The?company that was formerly Cepsa, one of Spain's biggest refiners, booked a net profit of 147 million euros ($173million) in the third quarter. This compares to 138 million euro a year earlier. In a press release, CEO MaartenWetselaar stated that "Moeve delivered a solid quarter of results shaped by heightened geopolitical uncertainties?and volatile oil...

Portugal's Finance Minister Joaquim Mirando Sarmento announced on Tuesday that the government would ask parliament for approval to impose a "windfall tax" on energy companies who benefited from an increase in energy prices due to the Iran War. Portugal, Germany, Italy and Spain, as well as Austria, wrote to the European Commission in April to ask for a similar tax on a "European" level. However, Brussels let individual countries decide. Miranda Sarmento, the Portuguese Minister of Foreign Affairs, said that Portugal would "seek to achieve the highest level of coordination possible" with other countries. Miranda Sarmento, speaking to reporters in...

Eni said on Monday that it would resume lifting Venezuelan crude in April as payment-in kind for gas produced?in Venezuela. The Italian energy group added?that?the move?would?allow?it to?recover?old receivables?from Caracas. Payments stem from an agreement between Venezuelan oil firm PDVSA, and Cardon IV - a joint venture owned equally by?Eni and Spain’s Repsol - that produces gas in the Perla field. The deal was signed in March. Eni stated that payments for gas are made in kind, and the first shipment from Venezuelan crude oil was lifted in April. Eni announced that the lifting of oil cargoes has resumed as U.S....

Josu Imaz, the chief executive of Repsol, said that the company is not in a hurry to list the oil and gas production unit it has in the United States. This will temper expectations for a 'initial public offering' or reverse merger. Imaz said in late 2018 that its upstream unit is preparing for a liquidity event by 2026. This could be an IPO, or a reverse merge with a listed company?in the U.S. He said that while the unit is technically "ready to go to the American market", it would be better if the fundamentals of the upstream sector...

Wildfires raged uncontrollably in Spain's central province of?Guadalajara on Monday. They burned for a fifth day and became the largest fire of the year. Forecasters warned that an approaching heatwave could increase?fire risk?across the country. Scientists have linked the trend to climate change. Spain and southern Europe face increasingly severe wildfire season. This fire occurs less than two week after a deadly wildfire in Almeria province near Bedar killed 13 people. It was one of Spain's most devastating fires in recent decades. As the La Mierla fire in Guadalajara Province expanded to over?26,000 acres, authorities evacuated an additional three municipalities...

Local authorities reported that a wildfire spread rapidly through several towns near Frejus, France, on Sunday. It threatened homes and forced the evacuation of several hamlets due to'strong winds' and drought conditions. BFM TV reported that local prefect Simon Babre said, "The fire spread very quickly in this heatwave and extreme dryness." Prefect's Office said that the fire had burned about 180 hectares (445 acres), by Sunday evening. Television images showed large flames behind hillside villas that are typical of the French Riviera. Thick black smoke billowed over pine and cypress trees. The fire forced the suspension of train services...

F irefighters, backed by 30 planes, struggled to contain a fire in northeastern Spain that has destroyed an area as large as San Francisco. The wildfire forced the evacuation of over 1,000 people. Recent heatwaves have left the vegetation tinder dry across most of Europe. The recent heatwaves in Europe have caused temperatures to reach unprecedented levels, which scientists attribute to climate change. They are also causing crop damage, wildfires and thousands of deaths. According to Climate Monitor, on Friday the average high temperature across Western Europe was predicted to be 28.5 degrees Celsius (81.5 degree Fahrenheit), a 4.2 C...

Authorities announced on Monday that six victims of one of Spain's most deadly wildfires in recorded history have been identified. Meanwhile, forensic teams continued to work on confirming the identities of six other people through DNA analysis. Authorities said that the victims included a married Spanish and British couple. Other victims identified include a British woman and man, a French woman, and a Belgian. All of the victims were adults. The death toll now stands at 13. A 93-year old British woman died from burn injuries in hospital Sunday. Seven people were also?injured by the fire, which scorched approximately 7,000...

Officials said that strong winds will exacerbate the fires. The European Union announced on Monday that it would be sending four waterbombing planes from Sweden and Cyprus to France, as well as more than 100 firefighters to assist emergency teams near Perpignan. Ursula von der Leyen, President of the European Commission, said on X that "Europe stands with France". In a post to?X, Pierre Regnault de la Mothe, the local prefect, said that the fire had injured 16 people including four firefighters and burned 4,600 hectares (11,367 acres) of land in the foothills near the French Pyrenees. The early summer...

Luis Montenegro, the Prime Minister of Portugal, said on Friday that Portugal had asked the EU and Morocco for extra firefighting aircraft in case wildfires grew during the current heatwave. He explained that the unusual decision was not prompted by a lack of resources but rather by an "exceptional" situation in the near future, when "the entire country faces a high risk of wildfires." He told a press conference that it was better to have support from our EU allies, and neighbours, than divert resources away from the parts of the country they were currently deployed in. This is why...

Barcelona has begun giving out heat-monitoring wristbands to outdoor workers as an early warning system of health risks. Around 1,400 bracelets have been distributed by the?city to staff who work outdoors. This includes street cleaners and lighting crews as well as park workers, waste management staff, and employees of street cleaning companies. Pep Llimona is the prevention coordinator for the city's Parks and Gardens service. The bracelet detects the worker's body temperature, and will emit a vibration and sound if the wearer is in danger. The workers must stop working if this happens. As temperatures soared in Spain, a number...

Ulysse Zackary, a 21-year-old Parisian woman who lives in an attic apartment beneath zinc roofs, has melted soap bars and the pressure inside wine bottles is pushing the corks out. She sleeps with wet towels in order to deal with the record-breaking heatwave. He said that the 9-square metre (97-square foot) apartment became "an oven" within a few sunny hours. This highlights the challenges facing residents in Paris and London, as rising temperatures reveal the shortcomings of homes designed to retain heat rather than reflect it. Western Europe is gripped by a heatwave which has caused power outages, closed schools...

H&M's CEO Daniel Erver announced on Thursday that the retailer is adapting its clothing and marketing calendar in order to account for longer, warmer summers. This comes as Europe was gripped by a deadly heatwave for the fourth day. Erver said that H&M will design autumnal collections using lighter materials in order to appeal to shoppers as temperatures continue to rise until September. In an interview, Erver said that "we see the trend that summer is longer." "If it's 35 degrees in August (Celsius) or even 35 degrees in September, you want to update your wardrobe." The unseasonably warm weather...

On Thursday, the mayor of Paris warned busy Parisians that they should slow down as large parts Western Europe remain in the grips of a deadly, heatwave which has killed dozens of people, caused power outages, and closed schools and cultural landmarks. In the face of a heatwave in France, Sebastien lecornu activated the highest health service mobilisation level. This meant that non-urgent procedures could be cancelled so as to concentrate on those who are affected by the weather. Paris experienced another scorching day on Wednesday after temperatures in France's capital reached a record high of 40.9 degrees Celsius (105.6...

Children at the Harris Primary Academy Mayflower, located in Chafford Hundred just east of London cooled off by slurping ice lollies and splashing in paddling pools. Advikhaa said, "I feel cooler and airier" about the special measures. These include allowing the children to swap their school uniforms with lighter clothing. The aim is to make it easier for the children to cope with the high temperatures. Thousands of schools across Europe sent their pupils home because they couldn't find a short-term solution to the record-breaking heat. Many schools cannot protect their students from heat because such incidents are becoming more...

OVER 100 COMPANIES, INCLUDING UBER AND NESTLE?URGE GOVERNMENTS?TO MAKE ELECTRIFICATION CENTRAL IN ECONOMIC STRATEGY 'Nestle' and Ikea, among others, urged government officials to put electrification at the forefront of their economic strategies to reduce exposure to volatile fuel prices and boost energy security. They said that exposure to fossil fuel price shocks undermined their competitiveness. With combined revenues of $1.5 trillion annually, the group also included Iberdrola and Volvo Cars, Mahindra Group and Uber, Nikon Corporation and Levi Strauss. The statement was coordinated by the Global Renewables Alliance and the We Mean Business Coalition. It added that the ability to...