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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.

European economy 20th June 2024

BBVA to launch digital bank in Germany in 2025 after positive experience in Italy

Alphavalue / Divacons | BBVA will launch its digital bank in Germany in 2025. This was announced by the bank’s country manager in Spain, Peio Belausteguigoitia, during the Summer Courses of the Association of Economic Information Journalists (APIE), held at the Menéndez Pelayo International University (UIMP) in Santander. On the other hand, Belausteguigoitia ruled out the possibility of his institution going after another entity if the takeover bid it has…

Spanish economy 20th June 2024

Grifols closes sale of 20% of Shanghai RAAS to Haier for $1,800m, capital gain could reach €250m

Bankinter: The capital gain amounts to approximately €250M. The proceeds of this transaction will be used to reduce debt. Grifols and Haier undertake not to transfer SRAAS shares for a period of 3 years. In relation to Grifols Diagnostic Solutions (GDS), in which SRAAS holds a 40% stake and Grifols a 60% stake, provided that Haier holds a 10% stake in SRAAS in 2024-2028, Grifols has committed to (i) achieve…

Spanish economy 20th June 2024

Brussels calls on Spain to “improve the quality, efficiency and equity of public spending” and warns of “delays” in the use of EU funds

Spain has managed to avoid the EU’s excessive deficit procedure by committing to reduce the deficit to 3% this year (compared to a 3.6% public deficit in 2023) but has not been able to avoid the European Commission’s demands for a long list of actions, some of which have already been committed, because “deficit and debt levels remain high, requiring further measures to consolidate the fiscal position and correct risks…

European economy 20th June 2024

Eurozone inflation rebounds to 2.6% in May and core rate rises to 2.9%

CdM | Eurozone inflation rose two tenths of a point in May to 2.6%, while the underlying rate, which excludes the impact of energy and food, also rose two tenths of a point to 2.9%, according to data published by Eurostat, the European Union (EU) statistics office. This means that the Consumer Price Index (CPI) recorded its first increase since December last year, reaching the highest level since last February….

Spanish economy 20th June 2024

CNMC warns government may impose new requirements that comply with law in third phase of analysis of BBVA-Sabadell takeover bid

Norbolsa | The National Markets and Competition Commission (CNMC) warned that the government may impose new requirements that comply with the rules in the third phase of the analysis of the takeover bid. In addition, the chairwoman, Cani Fernández, denied having suffered political pressure in the first weeks of the operation. She was also asked about the SME segment, and the chairwoman recalled that in the Bankia-CaixaBank merger this exposure…

Spanish economy 19th June 2024

CAF to supply Metro Madrid 40 trains for €400 million

Intermoney | CAF (Buy P.O. €42) informed the National Securities Market Commission (CNMV) on Monday that it had reached an agreement with Metro Madrid, for the supply of the first of the two lots that make up the operator’s investment in the renewal and expansion of its fleet. The contract consists of 40 single-voltage gauge trains for lines 6 and 8 of the network and is worth around €400 million….

European economy 19th June 2024

Carrefour could be hit with €200m fine after franchisees complain about obligation to source from group companies

Singular Bank: The French supermarket multinational fell 4.8% today after falling nearly 10%. The French finance minister has recommended that the company be fined €200m in the course of a lawsuit by its franchisees. The franchisees denounce practices such as forcing them to source their supplies from companies in the group, thus preventing them from having access to more competitive prices. The company has denied any irregular practices and hopes…

Spanish economy 19th June 2024

Spain receives 38.7 million passengers in first five months of year, 13.6% more than in 2023

Spain received 38.7 million passengers in the first five months of the year, which is 13.6% more than in the same period of 2023, according to data published today by Turespaña, which highlights the good performance of distant markets such as Canada, China and Chile, with increases of more than 35% in the month of May. In the fifth month of the year, the good trend of the beginning has…

Spanish economy 19th June 2024

The great challenge facing the Spanish economy: improving productivity

Oriol Aspachs (Caixabank Research) | The objective has been identified and diagnosed for some time, but it is difficult to achieve. It requires patience, public and private resources, and determination and cooperation between the different institutions and agents involved, precisely because the challenge is enormous. The Spanish economy is growing dynamically, but it is difficult to sustain in the medium term. To a large extent, it is sustained to a…

Spanish economy 19th June 2024

IAG offers to sell 52% of Air Europa’s routes to competition in order to take over company

IAG’s latest proposal to take over Air Europa, submitted to the European Commission on 10 June, has increased from 40% to 52% the Air Europa capacity it would cede to other airlines (remedies) to meet the requirements of the Directorate General for Competition. The increased remedies package is the final one before the verdict of the EU authorities. It is a response to the objections report delivered by the Directorate…

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