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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.
fcc edificio

European economy 12th June 2024

FCC completes £398m purchase of Urbaser’s UK subsidiary

Link Securities | The company communicated yesterday through a Significant Event sent to the National Securities Market Commission (CNMV) that the Environment area, through its subsidiary FCC Environment UK, Ltd., has completed the purchase from Urbaser of its subsidiary’s business in the United Kingdom, a transaction announced in December 2023. The estimated enterprise value of the transaction (including debt and equity) is £398 million (approximately €464 million). The transaction was…

mercado laboral

Spanish economy 12th June 2024

Labour costs per hour worked in Spain grew by 4.5% annually in 1Q24 and wage costs by 4.2%

Link Securities | The National Statistics Institute (INE) published yesterday that the labour cost per hour worked measured by the Harmonised Labour Cost Index (HLCI), keeping the structure by branch of activity constant, increased by 4.5% in 1Q2024 compared to 1Q2023, in seasonally and calendar-adjusted figures. In unadjusted data, the year-on-year variation in the hourly cost was 7.5%. In turn, wage costs grew 4.2% year-on-year in 1Q2024 in seasonally and…

corte ingles

Spanish economy 12th June 2024

El Corte Inglés earns €480 million in its best year since 2009

El Corte Inglés, the large Spanish department store chain, achieved its best ordinary results since 2009, thanks to the strength of retail and Travel & Insurance, which recorded the best year in its history. The company reached €16,333 million in revenues at the end of its financial year (29 February), 5.4% more than the previous year, and reduced financial debt to its lowest level in 16 years, at €2,059 million,…

Caixabank kio 2

European economy 11th June 2024

With world’s highest savings rate at 15%, European banks’ profits will hold up

Morgan Stanley | Our analyst A. S. reiterates the OW on European banks as, among other things, he believes that earnings are going to be more resilient than the market is discounting. The savings rate in Europe is at 15% (the highest in the world) and should be able to be monetised in a positive rate environment into deposits and asset management products, rather than the bond market. He estimates…

mercados recurso

Spanish economy 11th June 2024

Company start-ups hit record highs since 2007 after soaring by 36.3% in April

CdM | Company creation in April recorded its highest figure for this month since 2007, increasing by 36.3% compared to April last year, according to data from the National Statistics Institute (INE). In total, 11,752 companies were created. The capital subscribed for their incorporation registered an annual increase of 72.1% and the average capital subscribed (€41,100) increased by 26.3%. The activity with the highest subscribed capital of mercantile companies created…

Naturgy Australia

Spanish economy 11th June 2024

CriteriaCaixa and TAQA break off negotiations, joint takeover bid for Naturgy now off the table

CriteriaCaixa, the industrial holding company of La Caixa Foundation, has announced that it has broken off negotiations with TAQA to launch a public takeover bid (PTB) for Naturgy that would satisfy the participation of the CVC and GIP funds. It thus puts an end to more than a month of negotiations with the Abu Dhabi energy and water operator, which apparently intended to take 51% of the joint vehicle, which…

Rentapercapita

Spanish economy 11th June 2024

Bank of Spain governor bids farewell, recalling that Spain has not been converging with rest of Europe for a decade

“Europe is lagging behind the rest of the major economies and Spain has not been able to achieve sustained convergence in per capita income with the rest of our European partners for more than a decade,” said Pablo Hernández de Cos, governor of the Bank of Spain, who left office yesterday after six years at the helm of the Spanish central bank. The Spanish banker called for “ambition and great…

fcc environmental services 1

Spanish economy 11th June 2024

FCC acquires US environmental firm Gel Recycling, company with a turnover of just under €20m

Intermoney | The company (Buy, PO €16) has acquired the waste treatment company Gel Recycling, located in Florida. The Spanish group has not provided figures for the transaction on a company with a turnover of just under €20 million, according to Expansión newspaper. Gel Recycling’s facilities are located in Orange City, Daytona Beach, DeLand and Jacksonville. The company has multiple contracts in Florida that, according to FCC, “represent numerous opportunities…

iag aireuropa

Spanish economy 10th June 2024

Iberia finalising Air Europa route divestiture package to be submitted to Brussels for approval by authorities

Alphavalue/DIVACONS | Iberia is finalising the Air Europa route divestment package it will submit to Brussels to resolve supply-side constraints and obtain EU regulatory approval for the purchase of Globalia’s airline. On the other hand, the Irish fund Helikon Investments has notified the National Securities Market Commission (CNMV) of its entry into the capital of the Spanish-British airline (>3%) through the acquisition of several swaps that place it as an…

ESAs

European economy 10th June 2024

European banking, insurance and financial supervisors agree common position on ‘greenwashing’

emisores | The European banking (EBA), insurance (EIOPA) and finance (ESMA) regulators have published their respective Progress Reports on Greenwashing, in which they ‘present a high-level common position on greenwashing applicable to market participants in their respective competences’. The reports of the so-called ESAs – or European Supervisory Authorities – assume a coordinated definition of what greenwashing is, ‘a practice whereby sustainability-related communications, statements or actions do not clearly and…