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27/9/2023 Research EN
Credit Lines: European companies need to readjust to high real rates as disinflation sets in
Poor business sentiment in Europe has led to a rapid worsening in growth forecasts as companies grapple with higher borrowing and wage costs. Disinflation provides some relief, but the reality is that firms have yet to fully adjust to higher real rates.

21/9/2023 Research EN
Italian NPL collections: July volumes down 11% over June
Italian NPL collections fell 11% month over month and were 22% and 15% lower than those registered in July 2022 and 2021. Low volumes partly reflect seasonality effects but also the relatively muted activity already observed in the first half of the year.

14/9/2023 Research EN
BP: a new CEO will inherit a financially sturdy company, with strategic challenges to meet
BP PLC is in rude financial health notwithstanding Bernard Looney’s unexpectedly shortened tenure as CEO, but his successor may have to revisit vexatious questions about the oil and gas giant’s long-term strategy for addressing the energy transition.

7/9/2023 Research EN
The Wide Angle: Mandatory sustainability disclosure should not run ahead of corporate reality
The EU is in the vanguard of the global push to achieve net-zero by 2050. It has achieved this position while reining in excessive political zeal around climate change. Mandatory disclosure should not run too far ahead of on-the-ground corporate realities

7/9/2023 Research EN
STC invests in Telefonica in politically sensitive move as cross-border synergies remain elusive
In a European telecoms industry still dominated by former national monopolies such as BT, Deutsche Telekom, Orange and Telecom Italia, nationality remains important – which is why Saudi Telecom Co’s investment in Spain’s Telefónica raises many questions.

4/9/2023 Research EN
Government proposal could inflict significant collateral damage on Italian NPL market
Italian government proposal AC 843, aimed at supporting borrowers in financial difficulty by giving them the option to buy back exposures already sold to third parties through ABS or loan disposals, has created significant turbulence in the NPL market.