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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.

Relevant News Item 17th February 2025

BBVA to continue operating with relatively tight solvency levels compared to most European counterparts

Santander Corporate & Investment | On Tuesday, Fitch revised its outlook for BBVA (BBVA) (A3 p, A e, A- p) to positive and confirmed all its ratings, including its senior preferred (SP) rating of A-. Fitch indicated that the positive outlook reflects its expectation that ‘BBVA’s solid franchise and business model will enable the group to generate stronger financial results thanks to improved operating conditions in some of BBVA’s key…

In Spain 17th February 2025

Per capita income in Spain grows 1.4% since 2019, real wages lose purchasing power

This is clearly explained, in just a few paragraphs, by Jaime Terceiro, an illustrious Spanish economist and member of the Royal Academy of Moral and Political Sciences, who in a speech at the end of last year stated: ‘It is repeated over and over that our economy is growing almost four times faster than the European average with an employment level that reaches its maximum values. This is true, but…

Spanish economy 17th February 2025

Capital Group, main shareholder in Grifols, reduces stake from 3.406% to 2.902% in order to consider exit

Link Securities | Capital Group, historical shareholder of Grifols, faces its exit by placing its stake in the company’s capital below 3%, Expansión newspaper reported yesterday. On 7 February, as recorded in the records of the National Securities Market Commission (CNMV), Capital Group reduced its stake in GRF to 2.902%, from the 3.406% declared on 5 February. Of the 2.9% declared by the fund, 0.45% is also on loan to…

Spanish economy 16th February 2025

BBVA hires Rothschild to sell part of Madrid Nuevo Norte

Link Securities | BBVA (BBVA) has put part of Madrid Nuevo Norte up for sale, according to Cinco Días. The bank, which controls almost 76% of the development company, has hired Rothschild for the operation and is looking for a partner to provide resources as the so-called Operation Chamartín has begun to get underway. The sources consulted by the newspaper indicate that it would be conventional for Rothschild to look…

In Spain 14th February 2025

Talgo’s rejection of Polish bid clears way for Sidenor, agreement expected today

Norbolsa | Government opposition to the Polish bid clears the way for an agreement with the Basque consortium. Yesterday Talgo shares plunged 9% to €3.28/share affected by this decision. So it looks like we will find out today if an agreement is finally reached with the consortium to acquire 29.8% of Talgo. On Wednesday we learnt that Pesa would be willing to launch a takeover bid for 100% of Talgo,…

In Europe 14th February 2025

UK GDP expands 0.1% quarter-on-quarter in Q4 2024 against -0.1 expected, figure could be turning point

abrdn | Preliminary UK GDP data released this morning shows that the economy expanded by 0.1% quarter-on-quarter in the fourth quarter, compared to the expected -0.1%. Today’s GDP figures, although still very weak in absolute terms, have been much better than expected and may act as a kind of turning point. It is certainly difficult now for the economy to enter a technical recession in the short term. However, it…

In the World 14th February 2025

Trump negotiates peace in Ukraine with Putin

The President of the United States, Donald Trump, has announced that he has reached an agreement with his Russian counterpart, Vladimir Putin, to begin “negotiations immediately” with the aim of ending the war in Ukraine. In the hours following the announcement, members of the Trump Administration have outlined some of the conditions for this agreement, which would involve overlooking Ukraine’s claims on Crimea, and even on the Russian-speaking territories already…

In Spain 14th February 2025

OHLA completes recapitalisation after finalising capital increase of €80 million

Link Securities | OHLA (OHLA) updated the National Securities Market Commission (CNMV) with information regarding the recapitalisation process of OHLA and its subsidiaries, which includes the modification of the terms and conditions of the senior secured bond issue of OHL Operaciones, S.A.U. EUR €487,266,804 Split Coupon Senior Secured Notes due 2026 (of which €440,405,980.55 in principal is outstanding) (ISIN: XS2356570239 / XS2356571120), the partial amortisation of the Bonds and the…

In the World 13th February 2025

International Energy Agency raises 2025 production estimate for US and maintains global demand

Bankinter | The International Energy Agency has raised its production estimate for the United States in 2025, but maintains its global demand estimate. Specifically, it forecasts that US production will reach 13.59mbd in 2025 versus the previous estimate of 13.55mbd. On the other hand, it maintains its demand estimate for the United States at 20.5mbd. Globally, it estimates that production will increase by 1.7mbd in 2025, while consumption will increase…

Spanish economy 13th February 2025

Mapfre exceeds expectations and profit rises to €902 million

Bankinter | Figures for 2024 (versus consensus): Premiums €28,122 million (up 4.5%) versus €27,781 million, Net profit €902 million (up 30%) versus €888 million, Non-Life Combined Ratio 94.4% vs 95.0%, Solvency 202.4% versus 197.6% at the end of 2023. Bankinter analysis team’s opinion: Premiums grow solidly in 2024 (6.6% at constant exchange rates) to €28,122 million, beating expectations. The biggest surprise comes from the margins side. The Non-Life combined ratio…

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