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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.

Spanish economy 9th November 2024

Telefónica España Filiales and Vodafone ONO create company to commercialise fibre optic network

Link Securities | Telefónica informed the Nattional Securities Market Commission (CNMV) that its subsidiary, S.A.U. has reached an agreement with Vodafone ONO, S.A.U. (Vodafone España) for the establishment of a joint venture company, whose main corporate purpose is the commercialisation of a fibre-to-the-home (FTTH) network for the benefit of its partners, Telefónica España and Vodafone España, so that they can in turn provide retail and wholesale broadband access services. The…

European economy 9th November 2024

Central banks: BoE cuts rates 25 b.p. to 4.75%, Riksbank by 50 b.p. to 2.75%, Norges Bank sticks on 4.50% b.p.

Bankinter : The BoE has cut the policy rate by -25bp, as expected, to 4.75%, but sends a slightly more cautious message about the next moves. Analysis team’s view: Our central scenario pointed to a cut at this meeting. We do not expect any further moves for the rest of the year, especially given the expected pick-up in inflation in the last three months of the year and the level…

Spanish economy 9th November 2024

House sales in Spain increase 12.5% year-on-year, square metre up by 4.2%

Link Securities | According to data published by the General Council of Notaries and reported by the newspaper Expansión, 55,033 home sales and purchases were signed in September, representing an increase of 12.5% year-on-year. By type of property, sales of flats increased by 11.4% in September in year-on-year terms, reaching 41,712 units, while sales of single-family homes increased by 16.2% in year-on-year terms, to 13,321 units. The average price per…

World economy 8th November 2024

US Federal Reserve announces second interest rate cut of year

Julian Marx (Flossbach von Storch) | The US Federal Reserve has just announced the second interest rate cut of the year. It is going down by 25 basis points to a new range of 4.5 to 4.75 per cent. The Fed’s confidence in today’s interest rate move may also have been drawn from the latest ‘Beige Book’, which is considered a barometer of the US economy and is published two…

In Spain 8th November 2024

Spain sets population record due to immigration (6.7 million) and nears 49 million inhabitants

The resident population in Spain stood at 48,946,035 as of October 1, 2024, the highest value in the historical series. This population growth was due to the increase in people born abroad, as the number of people born in Spain decreased. In the third quarter, the number of foreigners increased by 101,568, reaching 6,735,487, while the population of Spanish nationality grew by 33,322. During that period, the population grew in…

Spanish economy 8th November 2024

Ferrovial’s second interim dividend of €0.4597 payable as of 13 December next

Link Securities | With reference to Ferrovial’s second interim dividend of €330 million, the company announces that the interim dividend amounts to €0.4597 per existing Ferrovial share of €0.01 par value. As indicated by Ferrovial in the announcement of 28 October 2024, the dividend will be payable in shares or cash at the option of the company’s shareholders. If no election is made during the relevant period, the stock dividend…

European economy 8th November 2024

Colonial looking at merger with French subsidiary Société Foncière Lyonnaise

Link Securities | The Boards of Directors of Colonial (COL) and its 98.24% owned subsidiary, Société Foncière Lyonnaise (SFL), have agreed to initiate a detailed analysis for their potential merger, whereby COL would absorb SFL. The potential merger would be in line with the group’s strategy of simplifying its structure, one of the key points of which was the takeover bid launched by COL for all SFL shares in August…

Spanish economy 7th November 2024

Cox, former Abengoa, to go public at €10.23 -€11.38 per share on November 14

This will be the second IPO in the Spanish market in 2024. Cox has just published the prospectus for its IPO and will debut on the Continuous Market on November 14. The price range for the Public Subscription Offering (PSO) will be between €10.23 and €11.38 per share. The final price will be set and announced on November 12.With this range, the company’s valuation would be between €837 million and…

In Europe 6th November 2024

Preview ArcelorMittal 3Q24 Results: 8% deterioration in net income expected to reach €470 million

Renta 4 : The company announced that it was changing the way it publishes results as of 2024. The main changes are: 1) New “sustainable solutions” division, whose results come from the Europe division (which is revised), 2) inclusion of the contribution of the net results of the JVs, mainly India, Calvert (USA), China and others, which were previously in the results of investees and 3) ACIS (Eastern Europe, South…

In Spain 6th November 2024

Government imposes conditions on Blackrock to enter Naturgy

Bankinter | The Government has taken advantage of the operation of purchase of Global Infrastructure Partners (GIP) by BlackRock, to raise again a series of shields on the company. In January this year, BlackRock, the largest private equity fund manager in the world, announced an agreement to buy GIP, which has been a shareholder of Naturgy since 2016. As a result, BlackRock has become the indirect holder of 20.641% of…

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