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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.

Spanish economy 17th June 2024

Council of Ministers unconditionally authorises Bondalti’s takeover bid for Ercros

Link Securities | In relation to the application for authorisation of the voluntary takeover bid launched by Bondalti (the Bidder) for all the shares of Ercros (ECR), filed and published on 5 March 2024, which was admitted for processing by the National Securities Market Commission (CNMV) on 20 March 2024, Ercros hereby states that the Council of Ministers resolved, at its meeting of 11 June 2024, following a favourable report…

Spanish economy 16th June 2024

Traffic in airports of Aena network grows by +11% up to May, accumulating almost 115m passengers

Intermoney | Aena released the traffic data for May on Wednesday, with the market open. Both the cumulative and the rolling month figures were up +11% year-on-year to almost 115m passengers so far in 2024, implying a +14% growth compared to pre-pandemic levels. All the relevant airports reported increases, although the difference between, on the one hand, Madrid Barajas and Barcelona El Prat, with increases in May of 7-9%, and,…

World economy 16th June 2024

US: Fed shifts rate cut outlook from 2024 to 2025 and 2026 as CPI falls to +3.3% in May

Bankinter: The Fed meets expectations and keeps interest rates (Fed Funds) at 5.25%/5.50%. With respect to the macro picture, it maintains the GDP forecasts for 2024, 2025 and 2026. However, it revises upwards both Inflation (PCE) and Underlying Inflation in 2025 and 2026 and continues to miss the 2% target until 2026. The Unemployment Rate is also revised slightly upwards in 2025, 2026 and in the longer term. With regard…

Spanish economy 14th June 2024

Colonial gives CriteriaCaixa largest stake in its shareholding through €622 million capital increase

Link Securities | The REIT approved yesterday at the General Shareholders’ Meeting the entry of CriteriaCaixa in its capital through a capital increase of €622 million, Expansión reports. Pere Viñolas, CEO of Colonial, told shareholders that the company’s indebtedness will be consolidated at the levels achieved with this capital injection (leverage of 36.3% vs. 39.9% previously), while he expects earnings per share and the dividend to grow. With this capital…

European economy 14th June 2024

EC finalises new tariffs on Chinese EV imports: taxes set to rise from 10% to around 25%

Norbolsa | The European Commission (EC) is finalising new tariffs on Chinese EV imports, following a lengthy investigation into state subsidies. Taxes on these vehicles could rise from the current 10% to around 25%, according to EU sources, but the figures are still being fine-tuned and countries such as Germany are pushing to lower them because of their dependence on China. Berlin has accepted higher tariffs, but is trying to…

Spanish economy 14th June 2024

Seat boss quits chairmanship of automobile employers’ association due to government’s lack of commitment to electric cars: “They are not up to the task”

Wayne Griffiths, president of Cupra and Seat, has resigned as president of the car manufacturers’ association (ANFAC). He was already on the verge of resigning at the end of last year and stayed on because he wanted to give President Sánchez another chance. The resignation presented this Thursday was communicated to the board of directors five minutes before the meeting began. A body that has endorsed his decision. “It is…

Spanish economy 13th June 2024

Spain becomes eurozone country with highest poverty risk for first time

Macroeconomic data continue to surprise on the upside, but there is no trace of euphoria among the population. GDP growth and record employment are overshadowed by the inflationary crisis, job insecurity and rising tax burdens. Household finances are not keeping pace with GDP and what is happening is that the number of families struggling to make ends meet has increased New data from the Arope indicator (risk of poverty or…

Spanish economy 13th June 2024

Spain: Inflation rises to 3.6% in May

The Consumer Price Index (CPI) rose by 0.3% in May compared with the previous month and raised its year-on-year rate by three tenths to 3.6%, its highest level since April 2023, due to the increase in electricity prices following the rise in VAT on electricity and to the fact that fuel prices fell less than a year earlier, according to the final data published on Thursday by the National Statistics…

Spanish economy 13th June 2024

Repsol to supply renewable electricity to Microsoft for six contracts with total installed capacity of 230 MW

Link Securities | Repsol (REP) will supply renewable electricity to Microsoft after reaching an agreement for a total of six long-term virtual power purchase agreements (VPPAs), the company announced on Tuesday. These 12-year supply agreements are linked to three wind farms and three solar plants in Spain with a total installed capacity of 230 MW that will be operational by December 2025. This transaction is in addition to the existing…

Spanish economy 12th June 2024

BBVA’s Sabadell takeover bid admitted for processing: CNMC authorisation could be toughest stage

Norbolsa | The National Securities Market Commission (CNMV) admitted BBVA’s (BBVA) bid for Banco Sabadell (SAB) for processing on Tuesday. The takeover bid launched by the group was presented on 24 May. The regulator clarifies that it is only conditional on the ECB, which could lead it to make a decision before having the conditions of the National Markets and Competition Commission (CNMC). In this respect, the competition authorisation seems…

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