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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.
tecnicas reunidas 777x400 1

World economy 3rd September 2024

Técnicas Reunidas aims to build new gas conversion plant in Kazakhstan for an estimated €2.7 billion

Alphavalue / Divacons | The Spanish oil services company is in advanced talks to build a new gas development project in Kazakhstan, one of the world’s largest oil and gas producers, with an investment budget of up to $3 billion (around €2.7 billion), reports Expansión. According to energy sources, state-owned KazMunayGaz (KMG) is negotiating the contract with the Spanish company as part of a programme to modernise the Tengiz oil…

tsb takeover

European economy 2nd September 2024

Banco Sabadell moves ahead with restructuring plan for UK subsidiary and makes 250 redundancies

Alphavalue/ Divacons | The bank chaired by Josep Oliu has carried out the 250 redundancies included in its restructuring plan in the first half of 2024. According to its latest financial report, TSB had a workforce of 4,990 employees at the end of June, 436 fewer than at the end of 2023. It was on 8 May, a week after BBVA announced its interest in taking over Sabadell, when TSB…

Avangrid 2

World economy 2nd September 2024

US Federal Energy Regulatory Commission authorises Iberdrola to purchase the 18.4% of capital it does not already own in its subsidiary Avangrid

Santander Research |According to the Spanish press, the US Federal Energy Regulator (FERC) has given its approval for Iberdrola (Baa1 e, BBB+ e, BBB+ e) to buy the minority stakes in its US subsidiary Avangrid. On 17 May, Iberdrola had announced its intention to acquire 18.4% of Iberdrola shares held by minority shareholders to take full control of the group for a cost of approximately $2.55 billion. The US Securities…

Solaris CAF

European economy 2nd September 2024

CAF hydrogen bus subsidiary Solaris consolidates position in Europe with three new orders in Germany, Czechia and France worth €30 million

Link Securities | CAF subsidiary Solaris has announced three hydrogen bus deals for cities in Germany, the Czech Republic and France, with the overall volume awarded exceeding €30 million, Bolsamania.com reported yesterday. In this way, the company continues to consolidate its leadership in the European market as the largest manufacturer of hydrogen buses. In Germany, the operator REVG Kerpen has chosen CAF to supply a total of 26 Solaris Urbino…

Repsol's bet on alternative energies

Relevant News Item 2nd September 2024

Repsol cancels €1 billion sale of Norwegian subsidiary announced six months ago

Link Securities | The Spanish oil company has cancelled the sale of its Norwegian business, so the firm discards an operation that was valued at approximately $1,000 million after six months looking for a buyer, according to Reuters. The sources consulted by the British agency assure that the firm is now focused on selling other assets, while it plans to merge its operations in the North Sea with NEO Energy….

bbva sabadell

Spanish economy 2nd September 2024

Bank of Spain gives approval to BBVA’s takeover bid for Sabadell, which BBVA accuses in SEC of “hindering” operation

The Bank of Spain has informed the ECB of its approval of BBVA’s takeover bid for Sabadell in a document characterized as a “non-opposition” opinion, which indicates that financial stability would be safeguarded. Although it is non-binding, i.e. it does not oblige the ECB to follow the recommendation, the ECB tends to align itself with the views of national authorities. The report in question was drawn up by the internal…

telefonica telxius

European economy 2nd September 2024

Cellnex buys six new NOS telecom tower sites in Portugal, bringing total to 6,400

Norbolsa | The company has strengthened its presence in Portugal by acquiring six new telecommunications tower sites from NOS, extending its partnership initiated in 2020. Through its subsidiary On Tower Portugal, Cellnex already manages some 6,400 sites across the country. The transaction is pending approval by the Portuguese Competition Authority. Under the agreement, Cellnex and NOS have signed an initial 15-year contract, extendable to successive additional 15-year periods, under which…

Talgo

In Spain 2nd September 2024

Magyar Vagon withdraws takeover bid for Talgo at CNMV, but intends to appeal bid’s legitimacy in Spanish and European courts

Renta 4 | Magyar Vagon has decided to withdraw its takeover bid for 100% of Talgo at the request of the National Securities Market Commission (CNMV) in view of the Spanish government’s refusal to authorise the operation. Magyar reiterates its intention to appeal the legitimacy of its bid before the Spanish and European courts, and does not rule out the launch of a new takeover bid if it obtains the…

Alemania IPC

In Europe 30th August 2024

German headline inflation in August at 1.9% vs. 2.3% in July, core at 2.8% vs. 2.9% previously

Singular Bank: According to the preliminary reading from Destatis, the year-on-year rate of change in Germany’s headline CPI for August came in at 1.9% (vs. 2.3% in July), below the analysts’ consensus estimate (2.1%) and registering its lowest level since March 2021. This is a trend that has been accelerated by the reduction in the cost of energy. On a monthly basis, prices fell by 0.1% in August (vs. 0.3%…

Fed Atlanta

World economy 30th August 2024

Atlanta Fed urged not to take any decision on September rate hike before PCE, CPI and employment data released

Bankinter | Atlanta Fed President Bostic said that with inflation moving back towards target and unemployment levels slightly above what they anticipated, it makes the most sense to implement the first rate cut at the September 18 meeting. However, he added that before taking any decision, the two remaining inflation data until the meeting (PCE and CPI) and above all the employment data (6 Sept.) will be crucial. Under this…