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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.
bbva sabadell fusion 2

Relevant News Item 17th October 2024

BBVA to have to sell part or all of Sabadell stake if takeover bid succeeds but CNMC does not authorise merger

Link Securities | BBVA (BBVA) will have to sell part or all of its stake in Banco Sabadell (SAB) if the takeover bid succeeds but the National Markets and Competition Commission (CNMC) decides not to authorise the merger and its ruling is known after the end of the acceptance period, according to the updated prospectus for the deal submitted on Tuesday to the US regulator SEC, reports Expansión on Thursday….

talgos

In Spain 17th October 2024

Sidenor, Sepi, and Basque Government propose purchase of 40% of Talgo without launching takeover bid

The multi-faceted operation sponsored by the Government to replace the British fund Trilantic in Talgo’s shareholding is taking shape. This was confirmed by the company late yesterday, when it sent an announcement to the National Securities Market Commission (CNMV) informing of the receipt of a ‘manifestation of interest’ from the industrial group Sidenor, in which it expresses its intention to carry out ‘the total or partial acquisition of the share…

IAG nuevita

In Europe 16th October 2024

IAG: British Airways readjusts long-haul capacity due to delays in delivery of Rolls-Royce engines and parts

British Airways (BA; 52% of IAG 2024 BS(e) capacity) is readjusting its long-haul capacity schedule in the face of delays in the delivery of Rolls-Royce engines and parts, particularly the Trent 1000 engines installed in B-787s. They do not expect the problem to be solved in the short term. In any case, the company has said it can offer the vast majority of those affected a same-day flight with British…

China 3

In the World 16th October 2024

China takes some fiscal measures, but remains hesitant to move decisively on measures to boost domestic consumption

Banca March | Finally, China is finalising certain fiscal measures, although it is still not taking a decisive step. The main novelty of Finance Minister Lan Fo’an’s plan is that local entities will be allowed to issue special bonds – normally focused on infrastructure development – to buy empty homes, although no details were given on the amounts available for this purpose. In addition, the ¥2.3 trillion or $325 billion…

Aena nuevita

In Spain 16th October 2024

Passenger numbers at Aena airports up 8% in September, year-to-date traffic up 10% to €237.8M

Intermoney | Aena (Buy, PO €205) announced on Monday its monthly traffic data for September. During last month the number of passengers in Spain rose year-on-year by 8% to 29.6 million. Both Barajas and El Prat grew by close to 10%, a figure that was not out of line with the rest of the relevant airports, outperforming for example Palma (up 5%) and Ibiza (0%). The national total in September…

arcelormittal 655x368 1

In the World 16th October 2024

ArcelorMittal agrees to buy 50% of Nippon Steel’s JV in Calvert for $1, only if Japanese company eventually acquires US Steel

Renta 4 : The European steelmaker has reached an agreement with Nippon Steel to buy 50% of its stake in the Calvert mill. ArcelorMittal holds the remaining 50%. AM will pay $1 and Nippon Steel will also inject cash and forgive loans totalling about $900 million. This deal is subject to Nippon Steel securing regulatory approvals allowing it to acquire US Steel. ArcelorMittal and Nippon Steel created the Calvert JV…

scottish power reuters

In Europe 16th October 2024

Iberdrola doubles UK investment plan to €28bn on back of strong growth prospects for energy demand

Banco Sabadell: According to press reports, the company will revise upwards its investment forecasts in the UK until 2028, to £24,000 million (approximately €28,000 million) compared to the €14,000 million planned so far. This update is due to the significant growth prospects for energy demand in the UK and energy policies aimed at electrification; two thirds of the investment will be in networks. Assessment: Positive news with limited impact, highlighting…

bce lagarde a bril 2024 1

In Europe 16th October 2024

Lagarde should act now

j.P. Marín-Arrese | Headline inflation is markedly dropping in Europe, even if the core one trails behind. Plummeting energy costs have played a key role in reining in prices. Yet, the ongoing Middle East crisis could derail this process. Later this year, the unfolding of tax rebates to relieve consumers badly hit by the inflationary bout will feed fresh pressures. Thus, unless the ECB resolutely cuts rates in the October…

santander edificio

In Europe 15th October 2024

Banco Santander acquires CLM Fleet Management in UK, specialist in passenger car and commercial vehicle leasing management

Link Securities | Banco Santander (SAN) has taken new steps to grow in the leasing business, which has become one of its strategic priorities and where it aims to stand out among the leaders in Europe, reports elEconomista. The subsidiary Santander Consumer Finance has acquired CLM Fleet Management in the UK, a specialist in the integrated management of leasing for fleets of passenger cars and commercial vehicles for corporate clients,…

inflacion precios

In Spain 15th October 2024

Spain’s CPI moderates to 1.5% in September, core remains at 2.4%

Bankinter | September’s final CPI confirms 1.5% year-on-year preliminary and moderation from 2.3% in August. Month-on-month also confirms preliminary down 0.6% month-on-month (0% month-ahead). Core CPI at 2.4% year-on-year same as preliminary and from 2.7% previously); -0.4% month-on-month. Bankinter analysis team’s view: Final data confirm a better-than-anticipated performance through September. In fact, EMU CPI came in at 1.8% year-on-year (preliminary), which gives the ECB room to move below its target….