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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.
bbva sabadell

Spanish economy 13th November 2024

Competition Commission further complicates BBVA’s Sabadell takeover bid, extends it until summer 2025

The National Commission on Markets and Competition (CNMC) has moved BBVA’s takeover bid for Sabadell to Phase 2. The agency will continue analyzing the operation while extending the analysis period by another three months to allow new stakeholders to voice their opinions. The government will now have the authority to demand additional conditions based on the general interest or even veto the merger. This decision comes despite BBVA offering a…

Spain’s real estate sector: from recovery to expansion

In Spain 13th November 2024

Government wants to remove tax advantages Spanish REITs have across Europe… and they are sinking on stock market

Merlin and Colonial led the losses on the Ibex yesterday, losing €590 million in the stock market, due to the Executive’s plans to eliminate the tax exemption for REITs. The PSOE proposal would involve raising the Corporate Tax from 1% to 25%. According to analysts at Jefferies: PSOE and Sumar have reached an agreement to reduce or remove tax benefits for REITs. If approved, this proposal could reduce FFOs for…

iberdrola renovables

In Europe 12th November 2024

Iberdrola among utilities driven by 7-10% CAGR in distribution in Northern Europe and 15-20% in transmission in Germany and UK

Morgan Stanley: Our analyst Rob Pulleyn thinks it is too early to move away from the utilities theme, as he believes the market is not fully discounting the outlook: the market does not yet seem to have digested the shift in regulated utilities from “low growth dividend” companies to “quality growth” companies. In more detail, Pulleyn estimates an average CAGR of 6% in EPS by 2024-27 (versus 3% consensus) in…

BankinterIn1

Spanish economy 12th November 2024

JPMorgan Chase overtakes Fidelity in Bankinter’s shareholding with emergence of stake of more than 3%

Link Securities | JPMorgan Chase has emerged with a stake of more than 3% in Bankinter, as reflected in the records of the National Securities Market Commission (CNMV). Specifically, the US bank holds a 3.019% stake in the bank, of which 1.947% is a direct holding and another 1.072% through financial instruments.financial instruments. The bank thus surpasses Fidelity, which holds 2.83%, and is slightly below Lazard, with 3.032% of the…

china yuanesCM

In the World 12th November 2024

China announces $840 billion allocation to local governments to tackle hidden debt problems

Link Securities | Last Friday, as reported by CNBC, Chinese authorities announced that the central government will allocate an additional CN¥6 trillion ($840 billion) to local governments to address hidden debt problems. The programme will take effect this year and run until the end of 2026, China’s finance minister Lan Fo’an told reporters. The aid will be spread over about CN¥2 trillion a year. Lan added that starting this year,…

The Bank of Spain

In Spain 12th November 2024

Former Bank of Spain governor Hernández de Cos appointed new managing director of Bank for International Settlements

Pablo Hernández de Cos, the former governor of the Bank of Spain, has been elected as the managing director of the Bank for International Settlements (BIS). He will succeed the Mexican Agustín Carstens and will take office on July 1, 2025, with a five-year mandate.The BIS, the international institution responsible for coordinating and establishing global regulatory standards for banking and finance, is the author of the regulatory frameworks known as…

bbva sabadell fusion 2

Spanish economy 12th November 2024

BBVA’s takeover bid limits Banco Sabadell’s potential until outcome known

Bankinter: BBVA’s (BBVA) takeover bid limits Banco Sabadell’s (SAB) potential until the outcome is known, in 1Q2025? Bankinter’s analysis team’s opinion: Sabadell surprises positively in results, with excess capital and an interesting shareholder remuneration plan (€2.9bn in 2024/2025 via dividends and share buybacks). We revise our Target Price to €2.25/share (vs. €2.20/share b.y.), but we maintain our recommendation to Neutral because BBVA’s takeover bid limits Sabadell’s potential until we know…

fitch

In Spain 11th November 2024

Fitch maintains Spain’s long-term rating at A- and upgrades outlook to positive (from stable)

On Friday, Fitch maintained Spain’s long-term rating at A- and upgraded its outlook to positive (from stable). This decision is based on the improvement of structural factors that have increased GDP growth potential, with a labor market showing positive trends, improved competitiveness, and the absence of macro-financial imbalances. Fitch projects a real GDP growth of 2.9% for Spain in 2024 and an average growth of 2.2% in 2025-2026, compared to…

IAG

European economy 11th November 2024

IAG clashes with UK tax authority over £700 million

London is claiming VAT from the airline group on the redemption of points for flights in the loyalty program. The holding company has already paid £103 million, although it disagrees and does not rule out going to court.IAG, the parent company of Iberia, British Airways, and Vueling, is clashing with the British tax authority (HMRC) over the VAT of IAG Loyalty, its loyalty subsidiary that allows the redemption of points…

Banco Santander Fachada 720x320 1

Spanish economy 10th November 2024

Banco Santander reduces stake in Quasar to less than 10%

Alphavalue / Divacons | The US Securities and Exchange Commission launched an investigation into the Cantabrian bank in relation to the unauthorised use of the Whatsapp application among its investment bankers, according to Expansión yesterday. In other news, Banco Santander has reduced its stake in Quasar, the company it created in 2017 to dispose of Banco Popular’s real estate assets after taking over the bank, to below 10%. According to…