Top Stories

Articles by The Corner

About the Author

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.
Employment

Spanish economy 4th June 2024

Unemployment in Spain down by 58,650 in May to 2,608,850 while Social Security enrolment reaches new record of 21.3 M employed people

The number of unemployed registered in the offices of the public employment services fell by 58,650 people in May compared to the previous month, representing a decrease of 2.2% in percentage terms, according to data published on Tuesday by the Ministry of Labour and Social Economy. After the decline in May, driven mainly by the services sector, the total number of unemployed stood at 2,607,850 unemployed, its lowest figure for…

creditspain

Spanish economy 4th June 2024

Credit to private sector continues to fall in Spain

According to data from the Bank of Spain, credit granted by financial institutions to households and non-profit institutions resident in Spain fell by 1.8% in April 2024 compared to the same month in 2023, to €678,762 million, while financing to companies fell by 0.4%, to €928,705 million, according to data published on Monday by the Bank of Spain. Mortgage loans to households, which account for most of their total debt,…

colonial

Spanish economy 4th June 2024

Several American funds and proxy advisors to vote against two CriteriaCaixa directors entering Colonial after raising their stake from 3% to 17%

Link Securities | Many international investors take a dim view of the formation of hard core shareholder groups in Spanish companies as they believe that shareholders with a minority stake can exercise almost total control thanks to their weight on the boards of directors, as reported today by Expansión. Thus, several large US funds, with the support of their corporate governance advisors (proxy advisors), are going to vote against Colonial’s…

cie automotive

European economy 3rd June 2024

CIE Automotive and EIB sign €36m loan for RD+I

Link Securities | The European Investment Bank (EIB) and CIE Automotive (CIE) have signed a €36 million loan to finance the company’s research, development and innovation activities and their application in the manufacture of high value-added components for the automotive sector. The funding will also support CIE’s investments in process optimisation through digitisation and the development of more sustainable manufacturing technologies. The investments will be carried out at the company’s…

eeuucbeconomia11

World economy 3rd June 2024

Increasingly clearer landing for US economy: 2Q24 started April with nominal growth of +0.2% but negative real growth of -0.1%.

Santander Research: After a first quarter of surprisingly strong economic data and inflation, April seems to be a slowdown, as indicated by our economists. And that starts with payrolls (175k) and, above all, consumption slowing down, from the explosive +3% growth of 3Q23 and 4Q23 to +2% in 1Q24 after revisions. And what is even clearer, 2Q24 started with April’s nominal growth of +0.2% and even negative in real terms,…

china shipping

World economy 3rd June 2024

Financial outflow-driven RMB will not help correct China’s external imbalance

Alicia García Herrero (Natixis) | Since the trade war, and in particular after the imposition of US tariffs on China’s electric vehicles and solar panels, market observers have been speculating whether the PBoC will allow further depreciation of the yuan to counteract the impact. The latest RMB movement seems to indicate that this is the case, but the actual situation is more complex than it appears at first glance.The experience…

Madrid stock market

Spanish economy 3rd June 2024

Investors expect €6.3 billion in dividends from Spanish listed companies up to July

Spanish listed companies will distribute at least €6.3 billion in dividends to their shareholders in June and July, according to data compiled by Europa Press, with Iberdrola’s dividend, which will arrive a few days before the start of August, standing out. Merlin will begin tomorrow with a distribution of €112.7 million, at a rate of €0.24 per share, while Elecnor will distribute €27.8 million on Tuesday with a payment of…

ryanair aviones

Spanish economy 3rd June 2024

Consumer Affairs fines Ryanair, Vueling, easyJet and Volotea €150 million for charging cabin baggage fees

The Ministry of Consumer Affairs has fined Ryanair (RYA-IE), Vueling (a member of the IAG holding company), EasyJet (EZJ-GB) and Volotea €150 million for charging for cabin baggage and forcing them to print tickets, among other things. Consumer Affairs, which opened a sanctioning procedure last August, prohibits in its resolution charging for hand luggage on board and for seat selection when travelling with dependents, sanctions the alleged lack of transparency…

Telefonica novisima

Spanish economy 1st June 2024

Telefónica beats MasOrange and Vodafone in rural 5G bid to receive €298 million in subsidies

Bankinter | Telefónica (TEF) has beaten MasOrange and Vodafone in the government’s rural 5G plan called UNICO Redes Activas. It gets €298 million in subsidies to deploy 5G networks at 4,123 sites until February 2026. MasOrange gets €143 million for 1,948 sites and Vodafone €66 million for 1,200 sites. The project will benefit more than 1.8 million inhabitants who will have access to 5G coverage. Grants for the programme come…

befesa

Companies, Relevant News Item 1st June 2024

Befesa, a high quality business with stable margins of over 20%

Intermoney: A world leader in a sector without competition, with high barriers to entry, with great capacity for price pass-through and benefiting from the global objectives of decarbonisation and transition to electric vehicles. II. Margins > 20%, which have remained stable, demonstrating its strength in the face of fluctuations in the economic cycle and good profitability (ROCE >15%); III. Low costs (they charge for their raw material) and sustainable indebtedness…