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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.
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European economy 3rd March 2025

Phoenix Tower International acquires 100% of Cellnex’s business in Ireland for €971 million

Alphavalue / Divacons | The Spanish communications tower company and Phoenix Tower International closed the deal announced on 5 March 2024, whereby PTI has acquired 100% of the Irish telecommunications tower and infrastructure operator for €971 million. ‘As we announced at the results presentation, next Monday we will begin the share buyback programme of up to €800 million as the first step in our unequivocal commitment to shareholder remuneration. It…

EEUU consumidores conference board

In the World 3rd March 2025

January Private Consumption Deflator in US drops one tenth, underlying rate two

Banca March | The review of US GDP for Q4 reveals little new, confirming the slowdown in growth from the previous 3.1% to 2.3%, with private consumption continuing to be the driving force of the economy. As for inflation figures, the PCE gives some respite by coming in line with expectations and showing a lower contribution from the services item. When analysing the year-on-year rates, the general rate has dropped…

unemployment office

Spanish economy 3rd March 2025

Spain had 3,927,346 unemployed at end 2024 (1.3 million more than officially ‘registered unemployed’)

José Luis Fernández Santillana, Director of the USO Studies Office | A job seeker is a person who registers with public employment services, either because they have lost their job and are looking for a new one (regardless of whether they are entitled to unemployment benefits), seeking their first job, or being employed (having a job) and looking for an improvement in their work situation (a broader or better-paid position),…

telefonica edificio

In the World 3rd March 2025

Milei threatens to block sale of Telefónica to Telecom to prevent creation of monopoly

Link Securities | The president of Argentina, Javier Milei, has threatened to block the sale of Telefónica (TEF) in the country to Telecom, considering that it would create a monopoly formed thanks to decades of state benefits, according to Bolsamania.com. Depending on the versions circulating about the potential acquisition of Telefónica by Telecom, of the Clarín Group, the National Communications Agency (ENACOM) and the National Commission for the Defence of…

BBVA Sabadell 2

Relevant News Item 3rd March 2025

Second adjustment to exchange ratio: 1 BBVA ordinary share and €0.70 in cash for every 5.3456 Banco Sabadell ordinary shares

Renta 4 | BBVA will proceed to adjust the exchange ratio according to the dividends announced by both entities, Sabadell for an amount of €0.12/share to be paid on 28 March, and the payment to be made by BBVA on 8 April (ex-date) for an amount of €0.41/share.The new exchange ratio is set at: 1 newly issued BBVA ordinary share and €0.70 in cash for every 5.3456 Banco Sabadell ordinary…

ferrovial aeropuertoheathrow

Relevant News Item 2nd March 2025

Ferrovial sells remaining 5.25% stake in Heathrow to Ardian fund for £455 million

Intermoney | The company (Hold, PO €39) announced yesterday after the market closed that it has sold the remaining 5.25% of Heathrow to the Ardian fund for £455 million. At the same time, other Heathrow shareholders have agreed to sell 4.75% to Ardian as well. Ferrovial has not reported any capital gains, although it is most likely that they are very small or non-existent, as this package had been adjusted…

industria

In Spain 2nd March 2025

Industrial production prices in Spain rebound 2.6% annually against 2.3% previously due to 8.6% rise in energy costs

Link Securities | The National Institute of Statistics (INE) published on Wednesday that the Producer Price Index (PPI) rose in Spain by 0.4% in January in relation to December. During the month, the prices that contributed most to the rise in this variable were those of oil refining (up 5.8%) and those of gas production and distribution by pipeline of gaseous fuels (4.8%). On the contrary, the prices that most…

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Relevant News Item 28th February 2025

Sacyr’s EBITDA falls, but operating cash flow soars 53% to almost €1.3 billion

Intermoney | Sacyr (Buy, PO €4.4) announced its 2024 annual results yesterday after the market closed, and will hold a conference call today at 11am. The main figures, together with our estimates, are shown in the attached table. The Group has continued to moderate its operating results, mainly due to the accounting effect following the commissioning of new concessions, including the Pedemontana Veneta (PV) motorway, and a reduction in construction…

Commodities Copper wire

In the World 28th February 2025

Trump initiates procedure for possible imposition of tariffs on copper

Banca March | On Wednesday, the US president signed an order instructing the Department of Commerce to carry out an investigation under Section 232. This same mechanism was used in 2017 to establish tariffs on steel and aluminium after a year-long analysis and, therefore, it could require a similar period in this case. Secretary of Commerce Howard Lutnick said the action will also look at products containing copper and stressed…

inflation board

Spanish economy 28th February 2025

Inflation in Spain back up to 3%

The National Institute of Statistics (INE) published yesterday that, according to the preliminary reading of the data, the Consumer Price Index (CPI) in Spain rose by 0.4% in February compared to January. Year-on-year, the CPI in Spain increased by 3.0% in February (2.9% in January), a reading that was in line with expectations from the consensus of analysts at FactSet. This development is mainly due to the increase in electricity…