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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 October 2024

Aena bids for €500-million airport expansion project in Cali

Aena, together with two local partners, has presented the project to expand Cali airport (Colombia), which would involve an investment of €500 million. The Spanish operator is currently the concessionaire of this infrastructure, although the Colombian government is expected to put the airport out to tender next year. Aena thus opts to continue as operator, while maintaining its 50% stake and consolidating the concession by the equity method. The project…

In Spain 8th October 2024

BBVA CEO insists offer is solid, backs Sabadell’s value; Sabadell CEO says valuation insufficient

Link Securities | The CEO of BBVA (BBVA), Onur Genç, said that the merger between the bank and Banco Sabadell (SAB) ‘is a textbook operation, ideal for everyone’, according to the Bolsamanía portal. Genç explained that the strong correlation between the share prices of the two banks reflects that the offer is solid and supports the value of Sabadell. He said this during his participation in the 15th Financial Forum…

In the World 8th October 2024

China to implement new fiscal stimulus package of around $28bn to ensure growth reaches 5% target

Bankinter: The Development and Reform Commission has announced a new fiscal stimulus package of CNY 200 billion (approx. $28 billion) to ensure that growth reaches the 5% target. The measures will be structured in two tranches. In the first, CNY 100bn ultra-long bonds will be issued to develop as yet unspecified projects, and in the second, the same amount will be earmarked for a series of strategic investments, of which…

Spanish economy 8th October 2024

Bankruptcy proceedings up to September number 6,268, up 26%

Informa D&B | A total of 6,268 insolvency proceedings and 20,731 dissolutions have been registered in Spain in the three quarters to September 2024, according to data on insolvency proceedings and dissolutions extracted by Informa D&B (a subsidiary of Cesce), a leading provider of Commercial, Financial, Sectorial and Marketing Information. Bankruptcy proceedings are up 26% compared to those accumulated in the same nine months in 2023, while dissolutions are down…

Spanish economy 8th October 2024

Cox, which was awarded the remains of Abengoa, to go public valued at more than €1,000 million

COX, the water and energy treatment facilities services group, will be listed on the Continuous Market and aims to raise €300 million from institutional investors. The Cox group, known for having acquired Abengoa’s assets last year, has announced its intention to list on the continuous market in Spain with a placement of new shares, via a capital increase, with which it intends to raise at least €300 million. Taking into…

In the World 8th October 2024

“Golden week” in China: international travel estimated to have grown 19% year-on-year, surpassing pre-covid levels

Bankinter: First data on Golden Week spending: international daily travel is estimated to have increased +19% year-on-year, surpassing pre-covid levels. On the first day of this holiday week, foreign travel increased 40%, according to Trip.com (up 30% to Europe) and rail travel reached record highs. According to Alipay, tourists who have travelled abroad have spent 120% more than last year. Other indicators, however, such as travel to Hong Kong showed…

In Spain 8th October 2024

Basque Government negotiates with Spanish government to acquire stake in Talgo’s share capital

Link Securities | The Government of the Basque Country is negotiating with the Spanish Government its entry into the capital of Talgo (TLGO) to offer a financial solution to the company and safeguard its Spanishness, according to the newspaper elEconomista. However, the Basque government’s offer is subject, as with CriteriaCaixa, to the appearance of an industrial partner capable of offering space to increase production. Although talks are at a preliminary…

In Europe 8th October 2024

Turkish government mandates BBVA to lead historic dollar refinancing operation

Link Securities | The Turkish government has chosen BBVA and JPMorgan to lead a refinancing operation of the country’s historic debt, Expansión reports today. Turkey has decided to take advantage of the increased appetite for Turkish debt shown by large international investors to shore up its finances with a buyback transaction and new bond issuance registered with the US SEC. BBVA has launched an offensive to strengthen its investment banking…

Spanish economy 7th October 2024

Drop in Euribor causes downward revision of expected profits in Spanish banking sector

Morgan Stanley | Our analyst expects the NII of Spanish banks to fall by 0.9% quarter-on-quarter on average due to seasonality, while the growth in deposits will offset lower rates in the short term. He believes that the guidance for 2024 will remain unchanged. Looking ahead to the numbers for 2025/26 and following the downgrade of the sector this week, he reduces the Euribor estimate from 2.5% to 2.25% on…

Spanish economy 7th October 2024

Europastry goes public with a valuation of €1.3-1.5 billion

The Spanish frozen dough giant, Europastry, will debut on the stock market on October 10, at a price that is expected to be set tomorrow, with a range between €15.85 and €18.75 per share. This will help boost its growth strategy and reduce debt. After several attempts in the past, the IPO process now includes a Public Offering of new shares (OPS) and a Public Sale Offering (OPV). The valuation…

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