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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.
Acciona Energia

Companies, Ibex, Relevant News Item 6th August 2024

Acciona Energy wins 12-year contract for Promina photovoltaic plant, which will be Croatia’s largest

Link Securities | Acciona Energy (ANE) on Monday announced the award of a 12-year “contract for difference” (CfD) with Croatian energy regulator Hrvatski Operator Trzista Energije (HROTE) for the 189MWp Promina photovoltaic plant, currently under development, according to Bolsamania. According to Acciona Energía, Promina will be built in the province of Sibenik-Knin, in southern Croatia, and will be the country’s largest solar plant when it comes into operation in 2027….

EEUU construccion

In the World, World economy 5th August 2024

US construction spending falls 0.3% month-on-month in June -second consecutive decline- to adjusted rate of $2.148bn

Link Securities | US construction spending fell 0.3% on a monthly basis in June to a seasonally adjusted rate of $2.148 billion, following a revised 0.4% decline in the previous month, and against consensus forecasts for a 0.2% improvement. The reading marks the second consecutive month of falling spending, as private consumption contracted 0.3% in the period, driven by a 0.3% drop in the residential segment, specifically in single-family projects…

Brexit bandera 777x400

European politics, In Europe 5th August 2024

EU calls on Labour government to deliver on Brexit deal

Banca March | Following the arrival in power of Labour’s Keir Starmer, the EU is once again demanding that the United Kingdom fully implement the Brexit agreement for Northern Ireland, as well as respecting the rights of EU citizens with a view to improving relations with its European partners. Thus, the EU’s list of demands to the UK includes the implementation of the agreement designed for Northern Ireland – permanence…

iag aireuropa

Companies, Ibex 5th August 2024

IAG abandons Air Europa takeover due to European Commission demands

Link Securities | The European Commission (EC) explained on Friday morning the reasons why it opposed the purchase of Air Europa by IAG, according to Expansión. Iberia’s parent company announced on Thursday that it was abandoning the operation due to the EC’s demands, as it considered that the acquisition would no longer make sense if it had complied with them. The merger between the two would have adversely affected competition…

Iberdrola Guggenheim

Companies, Ibex 5th August 2024

Iberdrola buys 88% of British distributor ENW for €5 billion

Norbolsa | Iberdrola (IBE) announced that it had agreed to acquire an 88% stake in UK network operator ENWL for €5 billion (€2.5 billion equity value). The closing of the transaction is now subject to obtaining approval from the UK government within an initial three months and a review by the Competition and Markets Authority.

Aena

Companies, Ibex 5th August 2024

UK court embargoes Aena’s Luton shares over Spanish government cuts to renewables

Bankinter | A British court has placed a precautionary embargo on the airport operator’s right of usufruct over Luton Airport (London). The decision affects 26.01% of Luton’s shares, where Aena has a total stake of 51%. It therefore affects the Spanish government’s indirect shareholding in the British airport. It is the consequence of an award condemning Spain for the cut in premiums for renewable energies. Specifically, the energy company NextEra…

oficina empleo

In Spain, Spanish economy 2nd August 2024

Unemployment in Spain continues to fall, figures imply rate of around 10.8%

Bankinter: The number of unemployed fell in July by 10,830 people (from 46,780 previously). The number of unemployed now stands at 2.55 million (down 4.8% year-on-year and 0.4% month-on-month). The seasonally adjusted Social Security affiliates remain at 21.17 million people (up 0.01% month-on-month and 2.2% year-on-year). Analysis: The number of unemployed continues to fall, although the pace is now more moderate. From these levels, it is falling less than is…

bank of EnglandTC

In the World, World economy 2nd August 2024

Bank of England cuts rates by 25bp to 5%, as expected, but is slightly hawkish on further cuts

Bankinter: The Bank of England (BoE) has cut the Bank Rate by -25bp. to 5.0%, in line with expectations, but is sending a slightly hawkish message about further cuts. Assessment: Both the statement and Bailey’s press conference are non-committal on future moves and reiterate the need to maintain a sufficiently tight monetary policy to ensure that inflation remains at the +2% target. This rules out that the central bank will…

Enagas headquarters

Companies, Ibex 2nd August 2024

Government gives Enagás green light to start Spanish part of H2Med

Banco Sabdell : According to press reports, the Council of Ministers will today authorise Enagás to start the Spanish part of the future European hydrogen network, H2Med. Work should start soon to meet the target of being operational by 2030. Assessment: Positive news with limited impact, as it will be a long process until 2030, the date initially planned (ceteris paribus) for the start of operations. H2Med is estimated to…

sabadell resultados 21

Companies, Ibex 2nd August 2024

Iberdrola, ICO, Sabadell and HSBC sign €500m syndicated green loan to finance wind, PV and battery projects in US and Australia

Link Securities | Iberdrola, ICO, Sabadell and HSBC have signed a syndicated green loan for an amount of €500 million that is covered by Cesce through its Green Investment Policy on behalf of the State, and which is guaranteed by the Internationalisation Risk Reserve Fund (FRRI), attached to the Ministry of Economy, Trade and Enterprise. The proceeds of the transaction will be used to finance renewable wind and photovoltaic projects,…