Top Stories

Articles by The Corner

About the Author

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.
telefonica letrero entrada 1024x648 1

In Spain 3rd October 2024

Telefónica and Inveready compete to purchase Avatel for around €700 million

The sale of Avatel, a key operator in medium-sized towns, is moving forward with fewer candidates on the table. The entry of a majority partner in the company, which originated on the Costa del Sol, is currently being decided between Telefónica and the Spanish management firm Inveready. The number of contenders has decreased following the withdrawal of three international funds that were invited to participate in the process: PAI Partners,…

naturgy

Relevant News Item 3rd October 2024

Australian fund IFM reaches 16.023% in Naturgy capital, consolidates position as largest shareholder

Bankinter : In January of this year, its stake was 15%. In the last nine months it has acquired an additional 1% of the capital. IFM consolidates its position as the fourth largest shareholder in Naturgy, after La Caixa, which through Criteria holds 26.7%; CVC which, in its latest communication in June, states that it holds 20.715%; and GIP, with just over 20%. Part of the shares held by CVC…

employment office

In Spain 3rd October 2024

Number of unemployed rises by 3,170 in September, below historical average

Bankinter : The number of unemployed increased by 3,170 people in September (after going up 21,884 in August and with 12,000 expected). The number of unemployed now stands at 2.58M (up 0.1% month-on-month and down 5.4% year-on-year). Seasonally adjusted Social Security enrolled increased to 21.2m (22,220 workers, up 0.1% month-on-month and 2.3% year-on-year). Opinion of Bankinter’s analysis team: The number of unemployed increased below expectations in September, and below its…

Francia economia

In Europe 2nd October 2024

France to present fiscal consolidation plan of €15-18 billion and postpone reaching 3% deficit targets until 2029

Norbolsa | Leaks continue about the possible fiscal plan to be presented by Prime Minister Barnier. According to Le Parisien, next week he will present a €15-18 billion fiscal consolidation plan, while announcing a two-year delay until 2029 to reach the 3% deficit targets. These plans include extraordinary taxes for high incomes with which it hopes to raise €3 billion, and a further €8 billion to be raised from extra…

ACS novisimo

Relevant News Item 2nd October 2024

Dragados (ACS), selected for design and construction of new passenger tunnels at Elephant & Castle Underground Station

Link Securities | ACS (ACS), through its subsidiary Dragados, has increased its presence in Transport for London projects, according to Expansión newspaper. Transport for London (TfL) has selected the Spanish group’s proposal for the design and construction of new passenger tunnels at Elephant & Castle Underground station. The project involves the excavation of around 135 metres of pedestrian tunnels linking the new station with the platforms and the existing bridge….

bancos 4grandes

In Spain, Spanish economy 2nd October 2024

Bank of Spain sets up countercyclical capital buffer to strengthen solvency, shareholder remuneration policy not affected

Bankinter : The Bank of Spain (BdE) is to establish a countercyclical capital buffer (CCB) to strengthen the solvency of the sector. The CCB will be 0.5% of Risk Weighted Assets (RWAs) from 4Q 2024 and may reach 1.0% in 4Q 2025 (standard level for systemic risks). Bankinter’s research team’s opinion: Increasing capital requirements is not good news for the sector, but the impact is limited because: (1) The BdE…

People’s Bank of China

In the World 1st October 2024

China announces new stimulus measures to counter weak PMIs

Norbolsa | New stimulus measures to counteract the weakness of the PMIs. The central bank set the date of early October to cut rates on existing mortgage loans by an average of 50 bps. The market reacted with strong rallies to the news, and buying piled up ahead of the ‘Golden Week’ holiday period that China is celebrating this week. The disappointing PMI data for September, which did not reflect…

Grifols nueva

Relevant News Item 1st October 2024

Brookfield fund asks Grifols for more time to analyse takeover bid and complicates bidding process

Bankinter: The fund has sent a letter to the Board asking for an extension to be able to continue analysing this possible offer. Opinion of the analysis team: Negative news. On 8 July we learned that Brookfield was analysing a takeover bid for Grifols. Almost three months have passed since then and, possibly, a deadline agreed between both parties will expire, which justifies the fund’s request for an extension. The…

bbva sabadell

In Spain 1st October 2024

UBS, advisor to BBVA, announces during takeover bid that it holds more than 3% of Sabadell

UBS, which is acting as an advisor to BBVA in the takeover bid for Banco Sabadell, has declared to the National Securities Market Commission (CNMV) that it holds a 3.15% stake in the capital, mostly through various financial instruments. However, according to the newspaper La Información, this seems to be just the tip of the iceberg. UBS is reportedly in a position to add more than 7% of Sabadell’s shares…

Tubos Reunidos' share price declines by 40%

Relevant News Item 1st October 2024

Tubos Reunidos sales fall sharply by 63.6% to €172.7m due partly to 15% drop in number of active rigs

Renta 4: Negative / Neutral. Tubos Reunidos published its 1H24 results, which showed a weak but expected performance, justified by: 1) a decrease in the number of active rigs (drilling platforms) of approximately 15% versus the previous year, 2) lower demand due to excess inventories and uncertainty before the US elections, 3) downward pressure on prices due to high inventories, 4) higher Asian imports due to weak demand in China,…