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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.
Hydrogen Spain

Spanish economy 11th September 2024

China’s Envision to invest $1 billion to build hydrogen electrolyzer factory in Spain

Taking advantage of the visit of the Spanish Prime Minister, Pedro Sánchez, to Beijing, China’s Envision announced on Tuesday an investment of $1 billion (just over €906 million) for the construction of a hydrogen electrolyzer factory in Spain, strengthening the country’s position in this market through the development of the first industrial park for green hydrogen and net zero technologies in Europe. Construction of the facilities is expected to begin…

talgos

In Spain 11th September 2024

Talgo case, a story of a state hijacking

Aurelio Medel (5 Días) | The declaration of Talgo as a “strategic company within a key sector for the economic security, territorial cohesion and industrial development of Spain” is a trap for the company and constitutes a dangerous precedent for other companies, which can fall under the same qualification only with arguments contained in a report declared secret. The course of Talgo’s stock shows how the pompous label of strategic…

telefonica letrero entrada 1024x648 1

Spanish economy 10th September 2024

Goldman Sachs reduces stake in Telefónica to 5.533% from 8.081%

Alphavalue/DIVACONS | Goldman Sachs has reduced its stake in Telefónica to 5.533%, down 2.5 percentage points from the 8.081% it previously held in the company chaired by José María Álvarez-Pallete, according to filings with the National Securities Market (CNMV). Telefónica: Buy, Target Price 6.23 euros/share.

Talgo diferente

In Spain 10th September 2024

Senate recognises Talgo’s strategic character and vetoes Hungary’s Ganz-Mavag for links to Russia

Link Securities | The Senate on Monday approved a PNV motion, which recognises the strategic character of Spanish railway manufacturer Talgo (TLGO) for the European railway sector as a whole, according to Expansión newspaper. The political parties in the Senate supported the veto to the Hungarian Ganz-Mavag because of its links with Russia, and the newspaper indicates that the pressure of the Basque parties opens again the option of a…

china yuanesCM

World economy 10th September 2024

China’s price benchmarks show lack of inflationary pressures and encourage deflation risk

Bankinter | August CPI rises to +0.6% year-on-year from +0.5% previously, however, it is a tenth of a percentage point lower than expected. The Underlying Rate rose +0.3% year-on-year in August (up from +0.4% average) and registers the lowest rate since March 2021. (2) August Industrial Prices declined -1.8% year-on-year from -0.8% pre and worse than the expected -1.5% year-on-year. Bankinter’s analysis team’s opinion: The two price references show the…

ROVI MODERNA

Spanish economy 10th September 2024

Laboratorios Rovi negotiates sale of third-party manufacturing business, valued at over €3 billion, with CVC

Bankinter | Laboratorios Rovi (ROVI) is negotiating with the CVC fund the sale of its third-party manufacturing business. The valuation of 100% of this business could exceed €3,000 million. Antin, Cinven, KKR and Permira have dropped out of the bidding. Opinion of Bankinter’s analysis team: Positive news that opens the possibility for Rovi to value its assets, the first glimpses of which we saw in March. Sales of the manufacturing…

Draghi tranquis 1

In Europe 10th September 2024

Draghi calls for Eurobonds for investment in defense and energy networks

The report prepared at the request of the European Union (EU) by former ECB President Mario Draghi on economic competitiveness in the region states that the EU needs a much more coordinated industrial policy, faster decisions and massive investments if it is to keep up with the economic pace of its rivals the US and China. Moreover, Draghi told the conference at which he presented the report, Europe is the…

redeia fachada

Spanish economy 9th September 2024

Redeia’s possible transfer of Hispasat satellites to Indra could be largest operation of listed companies State has a stake in

Link Securities | The possible transfer of the Spanish satellite group Hispasat to Indra (IDR) by Redeia (RED) could become the largest transaction so far carried out by state-owned companies, which in turn are listed on the stock exchange, according to Expansión newspaper on Monday. This means that, according to legislation (Ley de Sociedades de Capital and other regulations), it could be considered a related-party transaction. This opens the door…

Puig

Spanish economy 9th September 2024

Puig reports 26% drop in profits and falls 13% in Friday’s trading session

Norbolsa | On Friday the company reported results below expectations for the first half of the year, with sales 2% below expectations, net profit falling 26% and an operating margin of 14.4% vs. 15.3% previously. The company justified this, among other reasons, by higher IPO costs and higher employee bonuses. It is worth highlighting the poor performance of its make-up division, affected by the Asian markets. The company maintains its…

car makers europe

Spanish economy 9th September 2024

Plug-in car sales exceed diesel for first time in first half of year

El Economista | The share of sales of new plug-in vehicles (10.4%) exceeded that of diesels (10.3%) for the first time during the first half of 2024, although they only represent 1.4% of the vehicle fleet, according to the IV Report on electric mobility in Spain. Gasoline vehicles topped sales (40.6%), followed by hybrids (35.7%), in a ranking that also includes those running on alternative fuels (2.9%). The study, led…