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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.
Avangrid

In the World 19th September 2024

Maine Public Utilities Commission grants waiver of approval requirements for Avangrid property change

Alphavalue/DIVACONS | Avangrid announced that the Maine Public Utilities Commission, the “Maine PUC”, granted the application for a waiver of approval requirements for a change in Avangrid’s ownership in connection with Iberdrola’s acquisition of the remaining 18.4% of the issued and outstanding shares of Avangrid common stock that it does not currently own. In Maine, this transaction will simply revert to the 100% of Iberdrola’s previously authorised shareholding that it…

fed powell nov 2023

World economy 18th September 2024

Fed cuts interest rates by 0.5 points

The Fed has lowered interest rates by 0.5 points, thus aligning with the market, which anticipated a roughly 70% probability of a 50 basis point cut. As a financial institution noted this morning, “the risk for credit markets is that a 50 basis point cut may be interpreted as an emergency measure. Consequently, the gradual approach and soft landing that have benefited this type of asset could be disrupted. On…

Iberdrola edificio

Relevant News Item 18th September 2024

Iberdrola enters data centre business with launch of subsidiary to mobilise €10bn, develop 5 GW and become European hub

Bankinter | Iberdrola is finalising an agreement with a large investment fund or group of funds to launch a subsidiary specialising in the data centre business. It intends to turn this subsidiary, which it has initially christened CPD4Green, into the largest European hub to house data centres and processing for Artificial Intelligence (AI). Its intention is to close the operation of incorporating a partner before mid-2025. Iberdrola’s objective, unlike other…

comercio cm 2

European economy 18th September 2024

Eurozone generates trade surplus of €21.2 billion in July, well above July 2023’s €6.7 billion

Link Securities | According to the preliminary estimate of the data, released on Tuesday by Eurostat, the Eurozone generated in July a trade surplus with the rest of the world amounting to €21.2 billion (€21.7 billion in June), much higher than the €6.7 billion reached in July 2023 and the €18 billion expected by FactSet’s consensus analysts. In the month of July, exports of goods from the Eurozone to the…

bbva sabadell

Relevant News Item 18th September 2024

BBVA’s takeover bid for Banco Sabadell “has derailed” and “makes no sense”, says Catalan bank’s CEO

Alphavalue / Divacons | The CEO of the Catalan bank, César González-Bueno, said yesterday that BBVA’s takeover bid for the bank “has derailed” and “makes no sense”. At the VII Foro de Banca (Banking Forum) organised by El Economista, he declared that the chances of the merger are “very low” and that he sees no justification for the operation. However, he acknowledged that it is possible that the National Markets…

Bank of spain new

Spanish economy 18th September 2024

Bad business? Spain increases public debt by 3.8% in twelve months, reaching 108% of GDP, in order to grow by 2.8% in 2024

The Bank of Spain (BdE) raised its growth forecast for this year by five tenths to 2.8% yesterday, while calling for transparent and prompt fiscal consolidation. It also announced that the total public debt of Spain’s administrations decreased by €8.931 billion in July compared to June (-0.5%), reaching €1.616 trillion, the second-highest figure in historical series. This is slightly less than 108% of GDP. The decrease in public debt in…

port valencia

Spanish economy 17th September 2024

Weight of exports in Spain’s GDP rises from 26% to 39% between 2008 and 2023, according to Bank of Spain

Alphavalue / Divacons | Between 2008 and 2023, Spanish exports have grown by almost 50% in real terms and their weight in the GDP has increased by 13 percentage points, from 26% to 39%, an “extraordinary growth” which has been generalised by products and destinations and which has been higher than that of other large Eurozone economies, according to the latest blog published by the Bank of Spain. Thus, in…

IAG new

European economy 17th September 2024

IAG: new merger options with TAP Portugal after failure with Air Europa

Banco Sabadell: After failing to go ahead with the purchase of Air Europa (AE) in the short term, there is TAP Portugal, which IAG has already winked at. We believe it makes strategic sense mainly because of its positioning in LatAm (market share close to 7%; with less overlap than AE) and because it deepens the concentration of the sector and also generates synergies (between €250-600 million according to our…

Prisa

In Spain 17th September 2024

Former El País Journalist Explains Pedro Sánchez’s Pressures on Newspapers on Same Day Cabinet Approves “Action Plan for Democracy” to Harass Critical Media

David Alandete, currently a correspondent in Washington, says on X: “Pressures on journalists, like when the current president called me, shouting to change a headline? Or when his press chief already knew in advance the headlines we were going to publish in El País (years ago, I assume this no longer happens) and called to modify them? Or like when one of his ministers informed us of layoffs before they…

santander brasil

Spanish economy 17th September 2024

Santander, BBVA, and CaixaBank Join BIS ‘Agora Project’ to Develop New Cross-Border Payment Methods Using Blockchain Technology

Santander, BBVA, and CaixaBank have been selected by the Bank for International Settlements (BIS) to participate in an initiative launched by the Basel-based institution to develop new cross-border payment methods using technologies similar to cryptocurrencies. Named the Agora Project, this BIS initiative aims to “explore how tokenization can strengthen cross-border payments,” according to the organization, which is considered the central bank of central banks, based in Basel, Switzerland. Specifically, the…