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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.
OPEC post mortem

World economy 5th April 2024

OPEC+ reconfirms continuation of voluntary 2.2m bpd oil production cuts until mid-year

Banca March: The production cap was introduced in November and is valid until the first quarter of 2024 and, last month, it was extended until mid-year. The agreement is paying off for the cartel, with the price of Brent crude oil reaching $90 per barrel yesterday, helped by other factors such as tensions in the Middle East and the attacks on Russian refineries. At yesterday’s session they decided to maintain…

Talgo

Spanish economy 5th April 2024

Hungarian group Magyar Vagon launches €620-million takeover bid for Talgo

Ganz Mavag, the Hungarian consortium formed by state and private capital, today presented the prospectus of the takeover bid for 100% of Talgo at five euros per share with a maximum cost of €620 million. Talgo is currently trading at €4.3 per share. The Magyar investors remain committed to strengthening Talgo’s industrial capacity despite resistance from the Spanish government, which is reluctant to see the train manufacturer pass into the…

BankinterIn1

Spanish economy 5th April 2024

Bank of America regains 5.32% stake in Bankinter

Link Securities| Bank of America has raised its stake in Bankinter’s capital back to 5.32%, after reducing it to zero at the end of March, according to National Securities Market Commission (CNMV) records, Expansión reports today. The US bank clarifies that it has notified this stake because it has exceeded the exemptions provided by law and has specified that the purchases are not made on its own behalf, but on…

UE gas

European economy 5th April 2024

EU ends the winter with record gas storage levels

BancaMarch: The European Union ends the winter season with record levels of gas storage. Gas stocks in March recorded values of up to 58.72% of storage capacity, 3 p.p. higher than the previous peak, which took place last year. The energy crisis is behind us. Despite the reduction in Russian gas supplies, the mild winter and the targets set by the EU to reduce gas use have contributed to this…

precios inflacion

European economy 4th April 2024

Eurozone: March inflation flash estimate points to decline to 2.4% vs. 2.6% in February

CdM: According to a preliminary estimate by Eurostat, the statistical office of the European Union, annual inflation in the euro area is expected to be 2.4% in March, down from 2.6% in February. Regarding the main components of eurozone inflation, services are expected to register the highest annual rate in March (4%, stable compared to February), followed by food, alcohol and tobacco (2.7%, compared to 3.9% in February), non-energy industrial…

airbus A320

European economy 4th April 2024

Airbus reportedly delivered 65 aircraft in March, bringing 1Q24 deliveries to 144, in line with 2024 target

Banc Sabadell: According to Bloomberg, Airbus (AIR) is reported to have delivered 65 aircraft in March (against 49 in February 2024 and 61 in March 2023), bringing total 1Q24 deliveries to c. 144 aircraft (against 127 in 1Q23, an increase of 13%). Assessment: Bloomberg’s anticipated figure (which is usually very close to the final) is positive, as it would indicate that the company continues to show some sequential improvement in…

Montero

Spanish economy 4th April 2024

Treasury expects to receive 12.2% more in income tax campaign now under way

Yesterday, Wednesday 3 April, the window for filing online personal income tax returns for 2023 opened. The campaign will run until 1 July and 23,281,000 returns are expected to be filed, 1.2% more than last year. Of these, almost 63% – 14.6 million, 3% less – are expected to be entitled to a refund, for an estimated amount of €11.65 billion. On the other hand, the Treasury estimates that more…

RepsolCombustibleRenovable

Spanish economy 4th April 2024

Repsol begins large-scale production of renewable fuels at first plant on Iberian Peninsula

The new plant in Cartagena (Murcia), in which €250 million have been invested, has a production capacity of 250,000 tonnes per year, processing some 300,000 tonnes per year of organic waste, such as used cooking oil and food waste, among others. It can produce renewable diesel and sustainable aviation fuels (SAF), which can be used in any means of transport: cars, trucks, buses, ships or planes, taking advantage of existing…

melia hotel las arenas

Spanish economy 3rd April 2024

Tourism remains well ahead of 2019 and 2023

Intermoney| The INE (National Institute of Statistics) published the data on tourist arrivals in Spain in the month of February on Tuesday, with more than 5 million international tourists, exceeding by +16% the data of 2023 and +14.4% those of 2019. Moreover, the average expenditure per tourist increases by +8.5% vs. Feb ́23 and +27% vs. Feb ́19. The main countries of residence of tourists visiting Spain in January were:…

telefonica logo nuevo

European economy 3rd April 2024

Telefónica and VM02 face reopening of anti-competitive proceedings in UK

Link Securities| Telefónica (TEF) and its subsidiary VMO2, which it controls 50/50 with Liberty, are facing the reopening of proceedings in the United Kingdom for possible anti-competitive practices, according to Telefónica on Wednesday. Also involved in the case are Everything Everywhere (EE, now a subsidiary of British Telecom (BT-GB)), Deutsche Telekom (DTE-DE), Vodafone (VOD-GB) and Orange (ORA-FR). The administrators of Phones4U, a company that went into receivership almost a decade…