Articles by The Corner

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.
Nuclear energy in Spain

Even In Gas Crisis, Germany Refuses Nuclear Power

Nick Ottens (Atlantic Sentinel) | Germans are urged to ration gas. “We are in the midst of a gas crisis,” according to economy and climate minister Robert Habeck. “From now on, gas is a scarce asset.” Russia has reduced supplies to what is its largest customer in the EU in anger over the bloc’s support for Ukraine. All consumers, whether in industry, in public institutions or private households, should reduce…


Germany, Canada negotiate investing €2 B in Repsol’s Saint John LNG plant

Renta 4 | Germany and Canada are negotiating an investment of 2 billion euros in the Saint John LNG regasification plant, owned by Repsol. The aim is to be able to export gas to Europe to reduce dependence on Russia, according to press reports. The Canadian Environment Minister has indicated that Repsol’s plant would be the one which could most quickly make the deployment, as it already has the infrastructure…

employment office inside

Spain: Unemployment Falls By 42,409 In June

The number of unemployed registered in the offices of the public employment services (formerly Inem) fell by 42,409 in June (-1.4%). This brings the total number of unemployed below 2.9 million for the first time since autumn 2008. Specifically, June closed with 2,880,582 unemployed, its lowest figure since October 2008, at the beginning of the financial crisis, according to data published Monday by the Ministry of Labour and Social Economy….


Repsol and Ardian bid for majority stake in PLT Energía

Renta 4 | Repsol would be interested in buying Italian renewables company PLT Energía. Repsol and the French fund Ardian are bidding for a majority stake in the Italian firm valued at 1 billion euros, according to press reports. In the event the possible purchase happens at some point in the future, it would mean Repsol disembarking in the Italian energy market. Swedish fund EQT would also be interested in…


Sánchez: There Is A “Conspiracy Of Dark Powers” That Wants To “Overthrow” The Government

In Spain “there are dark powers” that try to boycott the government because it is “annoying”, “uncomfortable”. These powers “yearn for an old order”. And they have “media and political terminals”, which they do not hesitate to use to “demobilise the electorate” and “strike” at the coalition government, until “the progressives give up”. We do not know their faces, but they are “gentlemen with cigars” meeting in the “cenacles of…


Iberdrola commits to maintaining its €3.5 B investment in the UK despite new regulatory framework

Link Securities | Iberdrola has committed to maintaining its planned 3 billion pounds (some 3.5 billion euros) investment in the UK. This is despite the new regulatory framework proposed for network operators in the country which limits profits, according to a report in Expansion. The Spanish electricity company explained on Thursday that it plans to continue to drive energy transformation in the UK as part of its transition towards an…

Spain consumption

Spaniards Start To Use Savings To Make Ends Meet

Spanish households placed their savings rate in the first quarter at -0.8% of their disposable income, thus registering their first negative rate since the first quarter of 2019. In the previous quarter, the household savings rate was 8.3%, the National Statistics Institute (INE) reported on Thursday. The fall in the household savings rate to -0.8% is due to the fact that they spent more than they earned. Thus, their disposable…


Exposure to the US, sensitivity to inflation and protection against the upticks in IRRs:Overweight Ferrovial (T.P. 34 eur/share)

Morgan Stanley | After it being the principal motive for criticism from investors, the recent recovery in traffic on the 407-ETR (-19% vs 2019 en Q2’22; -34% vs 2019 in Q1’22) is driving Ferrovial’s momentum in the short-term. And it also provides support for a return to dividend payments mid-July 2022. In Heathrow, increased traffic, more inflation-linked in the short-term and lower CAPEX more than offset cost expectations. Meanwhile, in the…


Safeguarding Supplies Of Raw Materials: Urgent Action Required For Nine Minerals (Cobalt, Boron, Silicon, Graphite, Magnesium, Lithium, Niobium, Rare Earths, Titanium)

IFO Institute | For many key technologies, such as battery technology, robotics, and renewables, Germany is dependent on imports of raw materials – often from individual supplier countries like China. “Urgent action is required to ensure that the supply chains for nine critical minerals – cobalt, boron, silicon, graphite, magnesium, lithium, niobium, rare earths, titanium – are crisis-proof. Additional sources of supply are needed to make the supply chains more…


Grifols could be negotiating €2 B capital hike; debt rose to 5.4x NFD/Ebitda end-2021

Bankinter | Grifols could be negotiating a 2 billion euros capital hike (c. 18% of its current capitalisation) with various funds. The objective is to cut its debt which is equivalent to 6.9x EBITDA, according to a daily newspaper. Grifols’ share price took a hit this morning on the IBEX 35, falling as much as 13%. Bankinter analyst team’s view: Negative news. If this rumour is correct, the capital increase…