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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.

In the World 27th October 2024

Sacyr, Acciona and CAF get Multilateral Bank and Empresa Metro de Bogotá to rule out two Chinese consortia bidding for Bogotá Metro

Link Securities | The consortium formed by Sacyr (SCYR), Acciona (ANA) and CAF have managed to get the Multilateral Bank and Empresa Metro de Bogotá to disqualify two of the three Chinese consortia bidding for the the contract for the project of the construction and operation of the second line of the Metro de Bogotá (Colombia), the largest project in Latin America by investment budget, about €6,500 million, according to…

In Spain 25th October 2024

Unemployment rate improves to 11.21% in 3Q2024

Bankinter | The unemployment rate has improved to 11.21% in 3Q2024 (down 0.07pp in the quarter, at 2008 levels). The Activity Rate continues to increase in the year to 59.04% (up 137.1 thousand in Q3), with an increase in the number of employed to 21.8 million (up 138.3 thousand), while the number of unemployed remains fairly stable at 2.75 million (down 1,200 people). The number of Employed rises to 21.8M…

In Spain 25th October 2024

Oil companies and financial entities gain support of Junts and PNV to stop Government plans to make extraordinary tax permanent

In light of the evident opposition from PNV and Junts to maintaining the ‘impuestazo’ on energy companies and banks, the First Vice President and Minister of Finance, María Jesús Montero, admitted this Thursday that if the Government does not have ‘sufficient’ support in Congress, it will not be able to continue with these extraordinary taxes approved during the pandemic. Therefore, the ministry is working on reformulating the tax: it wants…

Relevant News Item 25th October 2024

Overnight stays in hotels in Spain grow 2.8% in September compared to same month in 2023, passing 39-million mark

Link Securities | According to the Hotel Tourism Situation Report (EOH/IPH/IRSH), released yesterday by the National Statistics Institute (INE), overnight stays in hotel establishments in Spain increased by 2.8% in September compared to the same month in 2023, exceeding 39 million. In September, overnight stays by travellers resident in Spain fell by 0.7%, while those by non-residents grew by 4.4%. In the 9M2024 period, overnight stays increased by 5.2% compared…

In the World 25th October 2024

Inditex launches second-hand clothing platform in US, first market outside Europe for this initiative

Alphavalue / Divacons | The Spanish fashion company launches Zara ‘Pre Owned’, the brand’s second-hand, garment repair and donation platform, in the United States, the first market outside Europe where it is launching this initiative, company sources told Europa Press. Thus, it joins the 16 European markets where it already offers repair, donation and sale between individuals: Germany, Austria, Belgium, Croatia, Slovakia, Slovenia, Spain, Finland, France, Greece, Ireland, Italy, Luxembourg,…

In Europe 24th October 2024

BBVA: 580,000 customers in Italy in retail segment after entering market in 2021, closing in on 600,000 target by end 2024

Link Securities | The Spanish bank has already attracted 580,000 customers in Italy in the three years it has been operating in the country’s retail segment, on its way to achieving the target of 600,000 customers it had set itself for the whole of 2024, Expansión newspaper reported yesterday. The bank arrived in Italy in 2021 with a digital model and a five-year growth plan that set a target of…

Relevant News Item 24th October 2024

Iberdrola net profit, excluding capital gains from assets sales in Mexico, up 18% against 13% estimated, and with capital gains up 50% to €5,471 million

Bankinter : Iberdrola’s 9M 2024 results beat consensus estimates. Earnings excluding capital gains from the sale of assets in Mexico increased by 18% versus 13% estimated. Positive factors: (i) Growth in the regulated asset base in networks and tariff revisions; (ii) Improvement in the commercialisation margin and (iii) Record hydroelectric generation and new capacity in renewables. These factors more than offset the lower contribution from the gas business and the…

In the World 24th October 2024

US second-hand home sales fall to 14-year low in September

Banca March : In the United States, second-hand home sales fell to a 14-year low in September. With a 1% monthly decline, the US housing figures disappointed the market, which had expected a 0.5% rise. On an annualised basis, units sold came in at 3.84 million, slightly below the 3.88 million expected. This bad moment for the sector is explained, among other things, by the fact that buyers are opting…

In Spain 24th October 2024

Feijóo formally requests Sánchez’s resignation, ‘the number one of the corrupt plot,’ in light of ‘situation of decay’ surrounding Government

The president of the PP, Alberto Núñez Feijóo, has formally requested this Wednesday in Congress the resignation of the head of the Executive, Pedro Sánchez, asserting that the reasoned exposition from the judge of the National Court confirms that he was ‘the number one of the corrupt plot.’ In his view, they cannot get used to ‘living in this situation of decay of the Presidency of the Government.’ ‘I come…

Relevant News Item 24th October 2024

OHLA approves capital increase of up to €150 million to facilitate refinancing of debt of almost €550 million

Link Securities | OHLA’s Extraordinary Shareholders’ Meeting yesterday approved the Board’s proposal to launch this year a capital increase of up to €150 million to facilitate the refinancing of the company’s debt of almost €550 million, between bonds and bank debt, Expansión reported. ‘The company will be strengthened with greater resources,’ said Luis Amodio, president of the construction company. OHLA will repay €140 million to bondholders with the increase approved…

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