Category: 3. Business

Executive Summary 

Spain has set a clear goal of generating 81% of its electricity from renewable sources by 2030. This requires a robust, modernised and future-proof transmission network. Enhancing interconnection capacities will also be essential as Spain contributes to EU energy affordability and security. At the centre of this transformation is Red Eléctrica de España (REE), Spain’s electricity transmission system operator. REE is a subsidiary of Redeia Corporación S.A., a listed company in which the Spanish government has a 20% stake. Spain offers a critical case study of how a transmission system operator should align business strategy, asset split, investment planning and financial management with broader climate and energy goals.

REE’s transmission assets are strategically distributed to manage Spain’s diverse generation and consumption patterns. However, grid congestion remains a key barrier to the rapid deployment of renewable energy, as generation growth often outpaces the availability of transmission capacity in many regions. This underscores the urgency for REE to accelerate investments in grid strengthening and to lead on enabling green hydrogen development and digitalisation.

Redeia has taken a positive step by sharpening its strategic focus on grid infrastructure, notably through the sale of its satellite business for €725 million. Still, REE’s investment will need to rise significantly during the upcoming 2026-2030 strategic plan to meet future system needs and address any shortfalls from the current 2021-2026 national planning period. In the next planning period, Spain has proposed to increase grid investment to €13.6 billion between 2025 and 2030.

Redeia has a diversified funding base and receives support from public sources, which is essential for its accelerating investment programme. The Spanish National Commission for Markets and Competition’s regulatory framework has underpinned REE’s earnings visibility, but upfront capital expenditure will continue to drive negative free cash flow and rising debt. To ensure continued access to funding, it is vital for the company to maintain sound environmental, social and governance practices, and commit to its investment-grade credit ratings. While the National Commission for Markets and Competition’s proposed remuneration rate increase to 6.58% from 5.58% is lower than industry demands, relatively modest country costs of borrowing could offer some buffer for Redeia. Over the long term, REE’s earnings are likely to grow through expansion of its regulated asset base and disciplined financial and cost management, which could support gradual deleveraging. 

To further strengthen its access to funding, Redeia should improve transparency and accountability in its sustainable finance programme. For example, adopting the European Green Bond Standard, as peers in Italy, Germany, and Belgium have done, would boost credibility. Redeia could also consider integrating sustainability-linked features into its green financing instruments. Embedding performance-linked metrics — such as kilometres of power lines upgraded, renewable integration levels or system resilience improvements — into its debt structure would align financing closely with Spain’s National Integrated Energy and Climate Plan. Such instruments could also help investors manage risks of underinvestment, delays or underperformance, while potentially lowering Redeia’s cost of borrowing. 

Anders Kottenauer, CEO at Epishine

Launch of a new Google TV™ remote control

Linköping, Sweden, Nov. 18, 2025 (GLOBE NEWSWIRE) —
For the launch of a new Google TV™ remote control, Epishine’s light-power technology has been selected through Ohsung Electronics, an official Google reference remote control supplier. By powering the remote with ambient indoor light instead of disposable batteries, it never runs out of power. The collaboration marks a shift towards more sustainable product design and smarter energy solutions. 
 
Each year, billions of batteries are discarded, underscoring the urgent need for scalable and sustainable power alternatives. In the new Google TV remote control, Epishine provides the indoor solar cell technology that replaces disposable batteries. Made with organic materials and printed at industrial scale, these cells capture the ambient light already present in every room and convert it into continuous, maintenance-free power.

“This collaboration marks an important milestone that shows how our light-power technology can support global leaders like Google in their sustainability journey,” said Anders Kottenauer, CEO at Epishine. “We are proud to see our solution enabling everyday electronics, reducing costs, simplifying design, and eliminating the use of disposable batteries.”

Light power has become a key sustainability driver as the number of connected devices continues to grow. Beyond reducing waste, it also enables a new generation of modern, elegant product designs. Epishine’s thin, flexible, bifacial solar cells make electronics lighter and enable the capture of light from both sides to maximize energy output. This means the remote can be placed in any orientation and still charge, simplifying the user experience by enabling a sleek, battery-free design. Powered by indoor light, the Google TV solar remote is self-charging, maintenance-free, and always ready to use. 

About Epishine
Epishine is a Swedish energy impact company, reimagining the capture of light with market-leading printed organic solar cells. Our technology captures indoor light to make electronics self-powered, making cables, disposable batteries, and unnecessary maintenance a thing of the past. 

Contact us to learn more about our company or to explore investment opportunities in our next development phase.  
www.epishine.com

Contact
Lisa Klofsten
Marketing Manager
lisa.klofsten@epishine.com

Google TV is the name of this device’s software experience and trademark of Google LLC. Google and YouTube are trademarks of Google LLC. 

Read the full press release here.

• WeRide has been granted a permit to operate fully driverless commercial Robotaxi services in Abu Dhabi, removing the requirement for an onboard safety driver and making it the first international company to achieve this milestone in the UAE outside the US.

• This regulatory breakthrough enables WeRide to scale its autonomous fleet in the region, supporting significant cost efficiencies and broader expansion plans across the Middle East.

• We’ll examine how the removal of the safety driver requirement enhances WeRide’s investment narrative in international autonomous mobility markets.

Find companies with promising cash flow potential yet trading below their fair value.

For anyone considering a position in WeRide, the story has always been about global first-mover ambition and scaling commercial robotaxi operations across varied regulatory backdrops. Before the recent Abu Dhabi milestone, investor focus revolved around rapid revenue growth forecasts and the company’s ability to manage expanding losses, board renewal, and a share price that’s lagged both industry and market benchmarks. With WeRide now officially cleared to operate fully driverless robotaxis in Abu Dhabi, the first international name to achieve this outside the US, the risk profile and near-term catalysts shift. This approval gives the company a clear commercialization path, potentially improving unit economics by removing safety driver costs, and strengthens the case for regional fleet expansion. However, while the removal of the safety driver is a breakthrough, maintaining momentum in profitability and keeping up with regulatory requirements in new markets remain central risks to watch. But while this regulatory win could change key near-term catalysts, steady profitability is still not assured.

The valuation report we’ve compiled suggests that WeRide’s current price could be inflated.

Within the Simply Wall St Community, 15 retail investors have shared fair value targets for WeRide, with estimates spanning from as low as CN¥0.39 right up to CN¥203.94. Such broad differences reflect how the recent commercial permit news may sharply influence future expectations, especially as the company seeks to address ongoing challenges with profitability and regulatory hurdles. Dip into this wide spectrum of opinions and compare your view against theirs.

Explore 15 other fair value estimates on WeRide – why the stock might be a potential multi-bagger!

Disagree with this assessment? Create your own narrative in under 3 minutes – extraordinary investment returns rarely come from following the herd.

Our top stock finds are flying under the radar-for now. Get in early:

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include WRD.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

(Bloomberg) — A global selloff in stocks extended into a fourth day as investors, wary of lofty tech valuations, turned cautious ahead of Nvidia Corp.’s earnings and a key US jobs report later this week.

A gauge of global stocks hovered around a one-month low, while Asian shares fell 1.6% — led by technology firms — and are on track for a third straight day of losses. Almost four stocks fell for every one that rose in the MSCI Asia Pacific Index, which slipped below its 50-day moving average for the first time since April.

Futures indicated more losses for European and US equities. As sentiment weakened, Bitcoin briefly slid below $90,000 for the first time in seven months. Bonds rose, with the yield on the benchmark Treasury 10-year falling two basis points to 4.12%.

The moves highlighted lingering uncertainty over interest rates and tech earnings, with Nvidia’s Wednesday report set to test investor nerves over lofty valuations surrounding the artificial intelligence sector. Attention will then shift to the delayed September jobs report due Thursday, which will provide investors with clues on the Federal Reserve’s policy outlook.

“The monthly jobs report would normally dominate this week’s economic calendar, but with the AI trade struggling the past couple of weeks, Nvidia’s earnings are once again looking like a key piece of the market’s momentum puzzle,” said Chris Larkin at E*Trade from Morgan Stanley.

Alarm bells are ringing for analysts who study chart patterns in the US stock market, fueling concern that the latest dip could swell into a full-blown correction of at least 10%.

A sharp selloff in the S&P 500 on Monday extended the decline from its last record on Oct. 28 to 3.2%. The benchmark index closed below its 50-day moving average for the first time in 139 sessions, breaking the second-longest stretch of this century above the closely watched trend line.

The Nasdaq Composite Index is also flashing some “ugly” signals, according to John Roque, head of technical analysis at 22V Research. More of the index’s 3,300-some members trade at 52-week lows than highs, he said, a sign of internal market weakness that makes a further rally unlikely.

“It has been a great year in general for investors, however nerves are clearly increasing into the year end,” said Nick Twidale, chief market analyst at AT Global Markets in Sydney. “We may see further volatility in the next few weeks as we hit the Christmas trading period.”

What Bloomberg Strategists say…

Risk appetite has dried up as concerns about an overheated AI boom combine with investors’ apparent shock that the Fed might delay a 25 basis point interest-rate cut for a month or so. However, given the likelihood that the US economy will remain resilient, aided by a central bank eager to ease should it show signs to the contrary, that makes it probable that US and global equities will rebound out of their current funk.

— Garfield Reynolds, MLIV Team Leader. For full analysis, click here.

In other corners of the market, a gauge of the dollar held its gains from the prior session. Gold posted a fourth day of losses to trade just above $4,000 an ounce, underpinned by fading expectations of a Federal Reserve interest-rate cut next month. Lower rates typically make non-yielding bullion more appealing to investors.

Nvidia’s shares also fell in US trading after a filing showed Peter Thiel’s hedge fund sold its stake in the chipmaker during the third quarter.

“While we should expect an eventual reckoning for blindly throwing trillions of dollars at AI capital expenditures with no clear path to profitability, markets are unlikely to tip over while the Fed is still in easing mode and the economy is still strong,” said Dennis Follmer at Montis Financial.

The path for rate cuts is the other major theme investors are concerned about amid conflicting views from central bank officials.

Fed Vice Chair Philip Jefferson said he sees risks to the labor market as skewed to the downside, but warned policymakers need to proceed slowly. Fed Governor Christopher Waller is backing a cut in December, citing weak jobs. Traders are pricing in about a 40% chance of a rate cut next month.

“Fed officials continue to voice concerns over sticky inflation, emphasizing that the current information vacuum makes it difficult to assess the economy’s true momentum,” Dilin Wu, a strategist at Pepperstone Group Ltd., wrote in a note.

Corporate News:

Xpeng Inc.’s fourth-quarter revenue forecasts trailed expectations, raising concerns about its plan to break even next year. Akzo Nobel NV is in advanced talks to combine with rival paintmaker Axalta Coating Systems Ltd., according to people familiar with the matter. Shares of Baby Shark creator Pinkfong Co., jumped as much as 62% on its trading debut as investors snapped up the studio behind YouTube’s most-viewed jingle, following strong demand for the small initial public offering. Amazon.com Inc. raised $15 billion in its first US dollar bond offering in three years, adding to a spree of jumbo debt sales by technology firms. Gina Rinehart, Australia’s richest person, has become the biggest shareholder in US rare-earths producer MP Materials Corp., boosting her global bet on strategic minerals. Rio Tinto Group will almost halve production at its Yarwun Alumina refinery in Australia as a waste stockpile reaches capacity and the company seeks to cut costs. Some of the main moves in markets:

Stocks

S&P 500 futures fell 0.2% as of 12:41 p.m. Tokyo time Japan’s Topix fell 2% Australia’s S&P/ASX 200 fell 1.9% Hong Kong’s Hang Seng fell 1.4% The Shanghai Composite fell 0.6% Euro Stoxx 50 futures fell 0.9% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1593 The Japanese yen was little changed at 155.18 per dollar The offshore yuan was little changed at 7.1129 per dollar Cryptocurrencies

Bitcoin fell 1.3% to $90,654.2 Ether rose 0.3% to $3,016.25 Bonds

The yield on 10-year Treasuries declined two basis points to 4.12% Japan’s 10-year yield advanced 2.5 basis points to 1.750% Australia’s 10-year yield declined three basis points to 4.44% Commodities

West Texas Intermediate crude fell 0.5% to $59.62 a barrel Spot gold fell 0.6% to $4,021.31 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Winnie Hsu and Richard Henderson.

©2025 Bloomberg L.P.

(Bloomberg) — A global selloff in stocks extended into a fourth day as investors, concerned about lofty tech valuations, shifted away from riskier assets in the run-up to Nvidia Corp.’s earnings and a key US jobs report later this week.

A gauge of global stocks hovered around a one-month low, while Asian shares fell 1.3% — led by technology firms — and are on track for a third straight day of losses. More than two stocks fell for every one that rose in the MSCI Asia Pacific Index, which slipped below its 50-day moving average for the first time since April. Amid the weak sentiment, Bitcoin slid to trade around $91,500 — levels last seen in April.

In other corners of the market, a gauge of the dollar held its gains from the prior session, while gold posted a fourth day of losses, underpinned by fading expectations of a Federal Reserve interest-rate cut next month. Lower interest rates typically make non-yielding bullion more appealing to investors.

The moves highlighted lingering uncertainty over interest rates and tech earnings, with Nvidia’s Wednesday report set to test investor nerves over lofty valuations surrounding the artificial intelligence sector. Attention will then shift to the delayed September jobs report due Thursday, which will provide investors with clues on the Fed’s policy outlook.

“The monthly jobs report would normally dominate this week’s economic calendar, but with the AI trade struggling the past couple of weeks, Nvidia’s earnings are once again looking like a key piece of the market’s momentum puzzle,” said Chris Larkin at E*Trade from Morgan Stanley.

Alarm bells are ringing for analysts who study chart patterns in the US stock market, fueling concern that the latest dip could swell into a full-blown correction of at least 10%.

A sharp selloff in the S&P 500 on Monday extended the decline from its last record on Oct. 28 to 3.2%. The benchmark index closed below its 50-day moving average for the first time in 139 sessions, breaking the second-longest stretch of this century above the closely watched trend line.

The Nasdaq Composite Index is also flashing some “ugly” signals, according to John Roque, head of technical analysis at 22V Research. More of the index’s 3,300-some members trade at 52-week lows than highs, he said, a sign of internal market weakness that makes a further rally unlikely.

“It has been a great year in general for investors, however nerves are clearly increasing into the year end,” said Nick Twidale, chief market analyst at AT Global Markets in Sydney. “We may see further volatility in the next few weeks as we hit the Christmas trading period.”

What Bloomberg Strategists say…

Risk appetite has dried up as concerns about an overheated AI boom combine with investors’ apparent shock that the Fed might delay a 25 basis point interest-rate cut for a month or so. However, given the likelihood that the US economy will remain resilient, aided by a central bank eager to ease should it show signs to the contrary, that makes it probable that US and global equities will rebound out of their current funk.

— Garfield Reynolds, MLIV Team Leader. For full analysis, click here.

Nvidia’s shares also fell in US trading after a filing showed Peter Thiel’s hedge fund sold its stake in the chipmaker during the third quarter.

“While we should expect an eventual reckoning for blindly throwing trillions of dollars at AI capital expenditures with no clear path to profitability, markets are unlikely to tip over while the Fed is still in easing mode and the economy is still strong,” said Dennis Follmer at Montis Financial.

The path for rate cuts is the other major theme investors are concerned about amid conflicting views from central bank officials.

Fed Vice Chair Philip Jefferson said he sees risks to the labor market as skewed to the downside, but warned policymakers need to proceed slowly. Fed Governor Christopher Waller is backing a cut in December, citing weak jobs. Traders are pricing in about a 40% chance of a rate cut next month.

“Fed officials continue to voice concerns over sticky inflation, emphasizing that the current information vacuum makes it difficult to assess the economy’s true momentum,” Dilin Wu, a strategist at Pepperstone Group Ltd., wrote in a note.

Corporate News:

Xpeng Inc.’s fourth-quarter revenue forecasts trailed expectations, raising concerns about its plan to break even next year. Akzo Nobel NV is in advanced talks to combine with rival paintmaker Axalta Coating Systems Ltd., according to people familiar with the matter. Shares of Baby Shark creator Pinkfong Co., jumped as much as 62% on its trading debut as investors snapped up the studio behind YouTube’s most-viewed jingle, following strong demand for the small initial public offering. Amazon.com Inc. raised $15 billion in its first US dollar bond offering in three years, adding to a spree of jumbo debt sales by technology firms. Gina Rinehart, Australia’s richest person, has become the biggest shareholder in US rare-earths producer MP Materials Corp., boosting her global bet on strategic minerals. Rio Tinto Group will almost halve production at its Yarwun Alumina refinery in Australia as a waste stockpile reaches capacity and the company seeks to cut costs. Some of the main moves in markets:

Stocks

S&P 500 futures were little changed as of 11:57 a.m. Tokyo time Japan’s Topix fell 1.5% Australia’s S&P/ASX 200 fell 1.6% Hong Kong’s Hang Seng fell 1.1% The Shanghai Composite fell 0.5% Euro Stoxx 50 futures fell 0.7% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was unchanged at $1.1592 The Japanese yen was little changed at 155.22 per dollar The offshore yuan was little changed at 7.1106 per dollar Cryptocurrencies

Bitcoin fell 1% to $90,898.26 Ether fell 0.2% to $3,000.53 Bonds

The yield on 10-year Treasuries declined two basis points to 4.12% Japan’s 10-year yield advanced two basis points to 1.745% Australia’s 10-year yield declined three basis points to 4.45% Commodities

West Texas Intermediate crude fell 0.5% to $59.60 a barrel Spot gold fell 0.7% to $4,015.96 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Winnie Hsu and Richard Henderson.

©2025 Bloomberg L.P.