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European shares recovered on Wednesday from their biggest one-day loss in five months, as a rebound in banking stocks and some positive first-quarter results outweighed weakness in oil and gas stocks.

The pan-European STOXX 600 was up 0.2 percent at its close, after hitting a three-week low on Tuesday.

Britain’s FTSE .FTSE extended the previous session’s losses, dropping 0.1 percent and giving up its year-to-date gains as sterling strength weighed on its constituents, most of which are major exporters after UK Prime Minister Theresa May called for a snap general election.

“While the headline level of the FTSE 100 Index often falls when sterling strengthens, it is important to look at the performance of the index’s underlying constituent companies; those with domestic earnings and foreign costs have generally benefited materially,” Edward Park, investment committee director at Brooks Macdonald asset management, said.

Banking stocks .SX7P snapped a six-day losing streak – their longest run of daily losses for 11 months – to rise 1.8 percent, making them the top sectoral gainers.

Banco Popular (POP.MC) and UniCredit (CRDI.MI) were among top gainers, adding 5.5 percent and 6.1 percent respectively.

Sentiment was helped by Jefferies initiating coverage on Dutch bank ING Group (INGA.AS) with a “buy”, saying ING shares had 18.7 percent upside potential. ING rose 3.8 percent.

Basic resources .SXPP also bounced back, gaining 0.8 percent, while oil and gas stocks fell 0.7 percent as crude prices dipped on bloated U.S. supplies.

Earnings, which began in earnest for European companies, were mixed.

Meal voucher group Edenred (EDEN.PA) was a top gainer, up 5 percent after it posted higher first-quarter revenue growth and maintained its targets, boosted by growth in Latin America.

“Overall, we are encouraged by the strong start to the year and believe it means full year forecasts are well underpinned,” Barclays analysts said.

British luxury group Burberry (BRBY.L) was among the biggest European losers, down around 8 percent after it reported a slowdown in its fourth-quarter comparable sales growth rate, saying tough conditions in the U.S. outweighed an “exceptional” performance in its home market.

German retailer Zalando (ZALG.DE) fell 4.8 percent after it said it was happy with its first-quarter despite margin pressure due to post-Christmas sales discounting.

French media group Vivendi (VIV.PA) was the top CAC-40 faller, down 1.1 percent after Italy’s watchdog ordered the firm to cut its stake in Telecom Italia (TLIT.MI) or Mediaset (MS.MI).

The Italian broadcaster reversed losses to end 1.6 percent higher, while Telecom Italia also ended up 1.4 percent.

“Vivendi is very unlikely to sell down its 23.9 percent TI stake, in our view,” Jefferies analysts said.

Shares in British engineering group Cobham (COB.L) fell 8.7 percent after 683 million new shares were added to trading in its rights issue, raising 512.4 million pounds.

Originally reported by Reuters.

Remember, no issue has a quick fix solution. Thus, always ensure to consult highly knowledgeable group of professionals whom would provide you with a collective advice, never individual advice. This group advice and approach is unique with CWIIL Group and is based on the overall Management Philosophy of all CWIIL Group Companies.

Consulting CWIIL Group of Companies, for any / all investment matters ensures advice based on highest level of knowledge which are given to you by a team of select research-oriented experts whom each will do their own assessment of your matter, and also assess it together, thus ensuring that in case a mistake has been made by one, it will be noticed and corrected even before it is being passed on to you. Receiving incorrect and un-knowledgeable investment advice can be disastrous and thus should be avoided.

CWIIL Group of Companies is a global group of multi-specialised units with diversified interests and activities, wherein each company is a separate legal entity registered under prevailing laws in different parts of the world. CWIIL Group of Companies Products, Services, Project and Solutions are in a multitude of Verticals including, but not limited to, Infrastructure, Power, Oil & Gas, Legal, Media, Technology, ITES, HR, Shipping, Aviation, Real Estate, Hospitals, Health and Medicine, Education, Funding & Investment, Business and Legal Consultancy, and Public Private Partnerships, and other CWIIL Group Units, worldwide, to name a few.

For Further Queries or to Request a Personal Quote Feel Free to Contact :

Mr. Francis Thomas Matthews,
Deputy Global Director, No. 8
Marketing Research & Development Division,
Email : deputy.gd.8@cwiilgroup.eu
Voice : +45.8176.1924
Connect : LinkedIn I Twitter I Facebook I Tumblr

For Queries Specific to the EU Region :
Email : eu@cwiilgroup.com , hq@cwiilgroup.eu
Web : www.cwiilgroup.com , www.cwiilgroup.eu

For Any / All Other Queries :
CWIIL Group Global Regional Headquarters Denmark,
Address : No. 1, Klokkebjergevej, DK6900 Skjern, Denmark
Voice : +45.5148.3608
Fax : +45.7014.1498
Email : corpcomm@cwiilgroup.eu
Web : www.cwiilgroup.eu
Connect : LinkedIn – Twitter – Facebook – Quora

Office Hours :
Monday to Friday : 10.00 – 17.00 CET.
Saturday : 10.00 – 14.00 CET.
Sunday : Closed.

The Corporate Communications Team would require minimum a fortnight for Reviewing & Responding to Queries, which please note.

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El Vedadillo wind farm, 60 kilometres south of Pamplona.

El Vedadillo wind farm is 60 kilometres south of Pamplona. (ABC News: Niall Lenihan)

Enough wind energy is being generated in Spain to power more than 29 million homes every day, according to one of the country’s biggest renewable energy companies.

While Australia debates the future role of renewables after the blackout in South Australia, Spain is determined to remain one of the global leaders in the field.

Spanish firm Acciona gave ABC News access to its control centre in Pamplona where it monitors 9,500 wind turbines around the world on a minute-by-minute basis.

A large screen allows employees to zoom in on specific wind turbines — some up to 17,000 kilometres away in Australia — and determine if the blades are pitched perfectly or if maintenance is needed.

“The important thing is to predict and forecast what is going to happen,” the centre’s director Miguel Ezpeleta said.

‘It’s A Real Situation’

During the night in November last year, wind energy provided 70 per cent of Spain’s electricity needs.

A daytime record was reached in January 2015, when 54 per cent of electricity use was provided by wind.

“It’s incredible. Some years ago people would say we would be crazy people saying these kinds of things, just dreaming but today it’s a real situation,” Mr Ezpeleta said.

But he was adamant the peak of 70 per cent was not the limit.

“I think people are going to tell me we’re crazy but I’m pretty sure we’ll arrive at 100 per cent for one moment for sure,” Mr Ezpeleta said.

The European Union target for 2020 is for Spain to reach 20 per cent of all energy needs, including electricity, heating, cooling and transport using renewable energy.

It is currently at 17.4 per cent — just below that target.

Cradle of Renewable Energy

Every July, thousands of tourists come to Pamplona for the famous running of the bulls.

But the area is also renowned for being the Cradle of Renewable Energy.

It was here the power and possibilities of wind were recognised in the 1980s.

Spain is not rich in oil or gas and has very little coal, so it either imported the resources or began finding other ways to create energy.

Spain’s mix has been very broad. Nuclear power accounts for 20.9 per cent, while natural gas and coal are both just above 15 per cent each.

There is no talk of closing down Spain’s nuclear power stations, but they do want to decrease the amount spent importing fuel from elsewhere.

And that is where wind comes into the picture.

At the El Vedadillo wind farm, 60 kilometres south of Pamplona, the turbine blades spin slowly, casting shadows on the ground.

The nearest village, Falces, earns a third of its yearly budget from the surrounding wind farms.

Its Mayor Valentin Garcia said residents were happy to rely on renewable energy and he could not remember the last time there were any blackouts.

“There’s a very good perception of wind technology because of two reasons,” Mr Garcia said.

“One reason is the economical benefit for the town and the second is we are helping to produce cleaner energies.”

High Power Bills Remain

Critics said renewable energies had not brought down electricity prices in Spain, in fact some suggested they had increased as much as 60 per cent since 2006.

“Every day is getting more expensive. I don’t know if it’s because of the taxes or why,” Falces resident Maria Angeles Verjara said.

One argument is, while wind is cheap, there will always be the need for backups — because wind is unpredictable and keeping other power sources, like Spain’s nuclear power stations, operational is costly.

But Acciona executives disputed those criticisms and director for the Asia-Pacific region Javier Montes said countries should not be discouraged from setting high renewable energy targets.

“Properly managed, there should be no issues with that. The examples in Europe show that,” Mr Montes said.

“The one thing going in Spain’s favour is that the electrical system has been built with the goal of making it very reliable and able to take very heavy knocks with extreme weather events or major technical failures.”

Originally reported by the Australian Broadcasting Corporation (ABC).

Remember, always ensure to consult highly knowledgeable group of professionals whom would provide you with a collective advice, never individual advice. This group advice and approach is unique with CWIIL Group and is based on the overall Management Philosophy of all CWIIL Group Companies.

Consulting CWIIL Group of Companies, for any / all investment matters ensures advice based on highest level of knowledge which are given to you by a team of select research-oriented experts whom each will do their own assessment of your matter, and also assess it together, thus ensuring that in case a mistake has been made by one, it will be noticed and corrected even before it is being passed on to you. Receiving incorrect and un-knowledgeable investment advice can be disastrous and thus should be avoided.

CWIIL Group of Companies is a global group of multi-specialized units with diversified interests and activities, wherein each company is a separate legal entity registered under prevailing laws in different parts of the world. CWIIL Group of Companies Products, Services, Project and Solutions are in a multitude of Verticals including, but not limited to, Infrastructure, Power, Oil & Gas, Legal, Media, Technology, ITES, HR, Shipping, Aviation, Real Estate, Hospitals, Health and Medicine, Education, Funding & Investment, Business and Legal Consultancy, and Public Private Partnerships, and other CWIIL Group Units, worldwide, to name a few.

For Further Queries or to Request a Personal Quote Feel Free to Contact :

Mr. Francis Thomas Matthews,
Deputy Global Director, No. 8
Marketing Research & Development Division,
Email : deputy.gd.8@cwiilgroup.eu
Voice : +45.8176.1924
Connect : LinkedIn I Twitter I Facebook I Tumblr

For Queries Specific to the EU Region :
Email : eu@cwiilgroup.com , hq@cwiilgroup.eu
Web : www.cwiilgroup.com , www.cwiilgroup.eu

For Any / All Other Queries :
CWIIL Group Global Regional Headquarters Denmark,
Address : No. 1, Klokkebjergevej, DK6900 Skjern, Denmark
Voice : +45.5148.3608
Fax : +45.7014.1498
Email : corpcomm@cwiilgroup.eu
Web : www.cwiilgroup.eu
Connect : LinkedIn – Twitter – Facebook – Quora

Office Hours :
Monday to Friday : 10.00 – 17.00 CET.
Saturday : 10.00 – 14.00 CET.
Sunday : Closed.

The Corporate Communications Team would require minimum a fortnight for Reviewing & Responding to Queries, which please note.

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