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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.
aena barajas3CM

Spanish economy 19th May 2025

Aena passenger numbers accelerate to 6.3% in April, 5.2% increase accumulated so far this year

Bankinter | Passenger numbers accelerate to 6.3% in April (year-on-year) compared to 4.2% previously, supported by the ‘Easter effect’. Aena airports recorded 27.2 million passengers in April. This represents an increase of 6.3% year-on-year, compared to 4.2% in the previous month. This brings the cumulative increase for the year to date to 5.2%, compared to 4.7% previously. Bankinter analysis team’s opinion: Good news for Aena. Airport traffic continues to break…

Talgo new

Spanish economy 16th May 2025

Basque consortium postpones entry into Talgo by one month to unblock financing of €116 million fine imposed by Renfe

Renta 4 | According to press reports, the Basque consortium formed by Sidenor, the Basque government and the BBK and Vital foundations has not formalised its entry into Talgo’s capital within the deadline set, opening a one-month extension to close the deal. The main problem is obtaining financing to structure the operation since Renfe imposed a €116 million fine on Talgo for delays in the delivery of AVRIL trains. The…

eeuu capitolioCM

World economy 16th May 2025

Trump’s fiscal plan includes proposal to increase debt by $4 billion

Norbolsa | Republicans introduce the fiscal plan in Congress, which includes the tax cuts promised by Trump during his campaign (making the tax cuts from the first term permanent; tax exemptions for tips, overtime, private education payments, pensions and local tax cuts). No estimate of the cost (revenue shortfall from the plan) has been provided, which they hope to offset with cuts to the Medicaid healthcare programme, other spending cuts…

Companies restructuring

Spanish economy 16th May 2025

‘Creditors’ contests grow by 12% up to April

According to the monitoring of insolvency proceedings published in the Official State Gazette (BOE) carried out by Iberinform, the business fabric registered a year-on-year decrease of -3.5% in business insolvencies in April. For the year as a whole, they accumulate an increase of 12% compared to the same period in 2024. A creditors’ contest is a judicial procedure designed to manage and administer the assets of a company that cannot…

Alemania Eurozona

European economy 16th May 2025

Economic sentiment in Germany improves again, perception of Europe stands at 11.6 points

CdM | Economic sentiment has improved again in Germany. In the May survey, the ZEW indicator shows that, at 25.2 points, it is 39.2 points higher than in the previous month, thus clearly in positive territory. ‘With the arrival of the new government, some progress in the tariff disputes and a stabilising inflation rate, optimism has increased.’ This is according to ZEW President Professor Achim Wambach, who adds that ‘expectations…

IPC carburantes

Spanish economy 16th May 2025

Spain’s final April CPI confirmed at 2.2% year-on-year, 1/10 less than March, underlying rate at 2.4%

Bankinter | The final CPI for April confirms 2.2% year-on-year, one tenth below the previous month. The underlying rate confirms the rise to 2.4% year-on-year from 2.0% previously. In month-on-month terms, the general rate rose 0.6% (versus 0.1% previously) and the underlying rate rose 1.0% (versus 0.4% previously). Analysis team opinion: Moderate fuel and electricity prices contributed to the moderation of the overall CPI in April. However, the core rate…

ferrovial carretera

Spanish economy 14th May 2025

Ferrovial revenues up 10% in Q1 2025 to over €2.05 billion for Construction

Intermoney | Ferrovial (Hold, PO 39) announced its results for March 25 yesterday after the close of the New York market, holding a conference call today at 3 p.m. The main figures from the results, together with our estimates, are shown in the attached table. Overall, EBITDA rose by 22% to €309 million in Q1 2025, compared to Intermoney’s estimate of 24%, confirming the improvements in margins in construction, combined…

ERTES extension

In Spain 14th May 2025

Labour Ministry acknowledges reduction of workday increases business costs by up to 6%

The final version of the economic report accompanying the draft Law for the reduction of the maximum legal working hours to 37.5 hours per week acknowledges that the measure will increase the costs borne by companies by up to 7%. In black and white, the document prepared by the Ministry of Labour – which the newspaper El Mundo has accessed – not only admits the increase in the wage bill…

Naturgy edificio 640x420

Spanish economy 14th May 2025

Naturgy to issue two series of bonds with maturities of 6 and 10 years for €1 billion

Link Securities | Naturgy (NTGY) agreed on Monday to issue two series of senior unsecured fixed-rate bonds maturing in 6 and 10 years, respectively, under its €12 billion Euro Medium Term Note Programme. The 6-year bond, maturing on 21 May 2031, has a fixed annual coupon of 3.375% and a principal amount of €500 million. The 10-year bond, maturing on 21 May 2035, has a fixed annual coupon of 3.875%…

Airbus nuevo

European economy 14th May 2025

Airbus production totals 217 units through April, year-to-date increase of 7%, in line with guidance for full year

Morgan Stanley | Although April deliveries (56) represent a slowdown in annual delivery growth (192, down 5%), if we take into account the 25 aircraft that management pointed out at the AGM in mid-April, production totals 217 units, representing 7% growth year-on-year and in line with guidance for the full year. Regarding tariffs, management’s message that the current guidance may already be reflecting the direct impact of tariffs (i.e., returning…