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☆ Spain's BBVA announces $13 billion hostile takeover bid for Sabadell
▼ + stars: | 2024-05-09 | by ( ) www.cnbc.com time to read: +1 min

The headquarters of the Spanish bank BBVA are seen in Madrid, Spain. Spanish bank BBVA on Thursday presented a 12.23 billion euro ($13.11 billion) takeover bid for rival Sabadell directly to shareholders, even though Sabadell's board this week already rejected the proposal on the same terms. BBVA's decision follows Sabadell's board on Monday saying the unsolicited bid significantly undervalued the bank's potential and growth prospects. BBVA, Spain's second-biggest bank by market value after Santander, offered an exchange ratio of 1 newly issued BBVA share for every 4.83 Sabadell shares, a premium of 30% over April 29 closing prices. Spanish banks have been looking for ways to increase revenue as a boost from high interest rates begins to fade.

Persons: Carlos Torres Vila Organizations: BBVA, Sabadell, Banco, Hostile, UBI Banca, Spain's, Santander Locations: Spanish, Madrid, Spain

☆ A rare hostile takeover bid in Europe's banking sector has shocked markets
▼ + stars: | 2024-05-09 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

A logo outside the Banco Sabadell SA offices at the Banc Sabadell Tower in Barcelona, Spain, on Wednesday, May 1, 2024. Spanish bank BBVA caught markets by surprise on Thursday after it announced a rare hostile takeover bid for domestic rival Banco Sabadell, with one investment firm describing the situation as "very strange." The move comes shortly after a separate 12 billion euro ($12.87 billion) takeover offer from BBVA to Sabadell's board was rejected earlier in the week. BBVA said its takeover offer has the same financial terms as the merger offered to Sabadell's board. Shares of BBVA fell 6% at around midday London time on Thursday, while Sabadell's stock price rose more than 3%.

Persons: Carlos Torres Vila Organizations: Banco Sabadell SA, BBVA, Banco Sabadell, Banco Locations: Banc, Barcelona, Spain, Spanish

☆ Spanish bank Sabadell rejects $12.9 billion BBVA merger proposal
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: +3 min

Sabadell's board rejected a merger proposal by larger rival BBVA for a 12 billion euro ($12.93 billion) all-share merger, the Spanish lender said on Monday. Last week, BBVA had offered an exchange ratio of one newly issued BBVA share for every 4.83 Sabadell shares, a premium of 30% over April 29 closing prices. Since the indicative offer was announced by BBVA, Sabadell have risen 8.8% while shares in BBVA have fallen 9.7%. Taking into account Monday's closing share price, the premium would just be equivalent to 7.8%, valuing Sabadell at around 11 billion euros. The combined entity would also overtake Caixabank as the biggest domestic lender in Spain with over 625 billion euros in assets in the country, compared with Caixabank's just over 574 billion euros.

Persons: Sabadell's, Carlos Torres, Caixabank, Caixabank's Organizations: BBVA, Banco Sabadell, Sabadell, Santander Locations: Spanish, Madrid, Spain, Sabadell

☆ Spain's BBVA takes aim again at $10 billion Sabadell
▼ + stars: | 2024-05-01 | by ( ) www.cnbc.com time to read: +2 min

The headquarters of the Spanish bank BBVA are seen in Madrid, Spain. Talk of a tie-up between Spain's second and fourth-largest banks comes almost four years after previous negotiations collapsed. The potential merger follows a period of consolidation in the sector as Spanish banks seek to cut costs and boost scale. For BBVA, a tie-up would boost its domestic business and increase lending to small and medium-sized companies, where Sabadell is strong. Spain's Economy Minister Carlos Cuerpo told Spanish news agency EFE that it was essential to preserve a competitive landscape in the financial sector.

Persons: BBVA's, Onur Genc, Carlos Torres, Joaquin Robles, JP Morgan, Carlos Cuerpo, EFE Organizations: BBVA, Sabadell, XTB, Unicaja, UBS, JPMorgan Locations: Spanish, Madrid, Spain, Santander's

☆ BBVA chair: Will have rate decreases toward the end of the year
▼ + stars: | 2024-01-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBBVA chair: Will have rate decreases toward the end of the yearBBVA Chair Carlos Torres Vila says rate cuts in the second half of the year will hit growth in net interest income.

Persons: Carlos Torres Vila Organizations: BBVA

James Hoye will be the umpire crew chief for the American League Championship Series between Houston and Texas, and Dan Iassogna will head the group working the National League series between Arizona and Philadelphia. Seven-man crews will work each series, with one umpire off each game, Major League Baseball said Friday. Mark Ripperger will call balls and strikes in Game 2, followed by Hoye, Eddings, Hudson, Baker and Bellino. Carlos Torres will call balls and strikes in the second game, followed by Iassogna, Muchlinski, Barksdale, Gibson and Hamari. Political Cartoons View All 1209 ImagesMike Estabrook, Jeremie Rehak and Chris Segal will be the replay umpires at the video center in the commissioner’s office.

Persons: James Hoye, Dan Iassogna, Stu Scheurwater, Hoye, Doug Eddings, Marvin Hudson, Jordan Baker, Dan Bellino, Mark Ripperger, Baker, Bellino, Andy Fletcher, Iassogna, Mike Muchlinski, Lance Barksdale, Tripp Gibson, Adrian Hamari, Carlos Torres, Gibson, Mike Estabrook, Jeremie Rehak, Chris Segal, ___ Organizations: American League, National League, Major League Baseball, AL, Monday’s NL, Barksdale Locations: Houston and Texas, Arizona, Philadelphia, Eddings, Hudson, Monday’s

Asia's hydropower output fell 17.9% during the seven months through July, data from energy think tank Ember showed, while fossil fuel-fired power rose 4.5%. In India, hydropower generation fell 6.2% during the eight months ended August in the sharpest decline since 2016. In some cases, the hydropower output plunge was a result of efforts to conserve water and alter supply patterns. "This trend of rapidly increasing wind or solar power generation in China could push for hydropower playing this critical regulating function, instead of operating whenever there is water," he added. However, unlike hydro, wind power is harder to forecast and control, as it varies by local weather conditions.

Persons: Carlos Torres Diaz, Rystad, Lauri Myllyvirta, Myllyvirta, Ember, Victor Vanya, Sudarshan Varadhan, Jamie Freed Organizations: REUTERS, Rights, National Bureau, International Energy Agency, Centre for Research, Clean Energy, Air, Thomson Locations: Qiaojia, Yunnan province, Ningnan, Sichuan province, China, Rights SINGAPORE, Asia, India, Vietnam, India's, Philippines, Malaysia, Ember

☆ Latinos who don’t speak Spanish are getting shamed for it
▼ + stars: | 2023-09-20 | by ( Catherine E. Shoichet | ) edition.cnn.com time to read: +10 min

They’re all Latinos who’ve been shamed for the way they speak Spanish. About half of US Latinos who don’t speak Spanish have been shamed because of it, the study says, noting that 54% of Latinos who speak no more than a little Spanish say another Latino has made them feel bad for it. “There’s a subtle but ongoing shift in the share of Latinos who speak Spanish at home,” Lopez says. “I don’t know how he knows what I said on Univision, because he doesn’t speak Spanish.” Cruz fired back – in Spanish – and the debate continued. According to Pew’s study released this week, most US Latinos speak Spanish, but the share of Latinos who do differs by generation.

Persons: Sen, Ted Cruz, Oscar, Ariana DeBose, who’ve, ’, ”, Mark Hugo Lopez, ” Lopez, “, Marco Rubio, Cruz sparred, Rubio, ” Cruz, •, DeBose, Lin, Manuel Miranda, I’m, ” DeBose, Ariana Debose, Jackie Rodriguez, Rodriguez, She’s, Spanish Sin Pena, pena, Sin Pena, Wendy Ramirez, it’s, ” Rodriguez, “ It’s, José Medina, Medina, he’s, Carlos Torres, who’d, ‘ You’ve, You’ve, who’s, Yo Sabo, Torres, Jessica Rosales, sabo, ” Torres, Jessica Rosales Torres, Rosales, Pew’s, Spanish Jess Organizations: CNN, Pew Research Center, Pew, Census, Republican, Univision, Mexico’s CONCACAF, Pew Research, Getty Locations: Spanish, SoFi, Inglewood , California, U.S, Mexico, California

☆ BBVA's chair discusses the company's record profits
▼ + stars: | 2023-02-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBBVA's chair discusses the company's record profitsCarlos Torres Vila, chair of BBVA, discusses its record profits and says he expects lower growth than 2022 "but still growth."

☆ Execs at Davos are more optimistic than they would have been a month ago, says BBVA chair
▼ + stars: | 2023-01-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExecs at Davos are more optimistic than they would have been a month ago, says BBVA chairChairman of Spanish bank BBVA, Carlos Torres Vila, says the normalization of the interest rate environment in 2023 will support European banks. He also discussed how recent data was fueling optimism and an increase in non-performing loans was not materializing.

☆ Morning Bid: Let it go
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Anshuman DagaThe land of rising yields is the No. 1 focus of investors on Monday, as Japan's central bank may again let its bond-market peg go higher. Global inflation data due this week could underscore investors' expectations that the worst of the global price squeeze is over. A final read of euro zone inflation for December, as well as readings from Britain, Canada and Japan are due. Core inflation in all four regions is mostly rising and above target but the worst may have passed.

☆ Spain's BBVA sees significant rise in 2022 dividend, Chairman says
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: +1 min

MADRID, Jan 16 (Reuters) - Spain's BBVA (BBVA.MC) expects its 2022 dividend to significantly top the 0.31 euros dividend per share paid out in 2021, Chairman Carlos Torres said in a post on the Spanish bank's website on Monday. In October, BBVA paid an interim cash dividend of 0.12 euros ($0.1160) per share from its 2022 results, a 50% increase compared with the interim dividend paid in October 2021. The interim dividend was backed by a net profit of 3 billion euros in the first half of 2022 lifted up by a strong performance in income from lending and its main market Mexico. Analysts expect BBVA's 2022 net profit to rise to 6.2 billion euros, according to data from Refinitiv. In 2021, Spain's second-biggest lender by market value reported a net profit of 4.65 billion euros.

☆ Europe’s Energy Risks Go Beyond Gas
▼ + stars: | 2022-11-17 | by ( Mira Rojanasakul | ) www.nytimes.com time to read: +14 min

In terawatt hours of energy per month Gas Coal 80 80 60 60 2022 40 40 20 20 Previous years since 2015 Jan. Dec. Jan. Dec. In terawatt hours of energy per month Wind Solar 60 60 40 40 2022 20 20 Previous years since 2015 Jan. Dec. Jan. Dec. In terawatt hours of energy per month Gas Coal 80 80 60 60 2022 40 40 20 20 Previous years since 2015 Jan. Dec. Jan. Dec. In terawatt hours of energy per month Wind Solar 60 60 40 40 2022 20 20 Jan. Dec. Jan. Dec. In terawatt hours of energy per month Gas Coal 80 60 2022 40 20 Previous years since 2015 Jan. Dec. Jan. Dec.

☆ Europe has enough energy to survive the winter. Next year might be different
▼ + stars: | 2022-10-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +8 min

Cornelius Poppe/NTB/AFP/Getty ImagesBut success has come at a heavy cost to the economy: the scramble for alternative sources has sent energy prices soaring. Alexei Miller, CEO of Russian state energy giant Gazprom, said on Wednesday that there was “no guarantee” that Europe would survive the winter with its current reserves. “Adopting policies that prevent the pass-through of high energy prices to consumers is an expensive gamble that is doomed to fail if wholesale energy prices will stay high in the future,” he added. Carlos Torres Diaz, head of power analysis at Rystad Energy, told CNN business that Europe’s energy transition “has been put on hold” as it prioritizes energy security. “These sources of energy also help reduce the dependency on energy imports,” Torres Diaz added.

☆ Google Cloud plans to unfreeze hiring by October, leaked memo says
▼ + stars: | 2022-09-16 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +4 min

A leaked email shows the firm plans to unfreeze hiring by October, reversing a pause that was set in motion in July. A leaked memo shows Google Cloud plans to unfreeze hiring. In an email sent to staff and obtained by Insider, Brad Calder, Cloud's vice president of technical infrastructure, said leadership is aiming to unfreeze hiring by October. The news comes months after Google announced plans to pull back on hiring due to uncertain economic conditions (though the firm has been hiring for critical roles across certain teams). Calder also said Google Cloud must hone its priorities for 2023, and that there are "too many Code Yellows and Purples."

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