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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 29th May 2024

Laboratorios Rovi could sell third-party manufacturing business for between €3.1 and €3.7 billion

Banco Sabadell: According to press reports, Laboratorios Rovi (ROVI) could obtain between €3,100 million and €3,700 million (73% capitalisation and EV of ROVI’s total; there is no data on what it represents in terms of the group’s EBITDA today) for its third-party manufacturing business (CDMO). The valuation would be based on the application of a multiple between 12x and 14x EV/EBITDA to the €261 million of EBITDA that the division…

World economy 29th May 2024

Lower current account deficit shields India from external shocks and future success hinges on sustaining it

Trinh D. Nguyen (Natixis) | India’s nominal GDP rose to $3.5 trillion by 2022, raising its global share by one percentage point to 3.5% and GDP per capita by 64% to 2,500 in the past decade. But diverging from its past, the current account deficit (CAD) narrowed from -3.5% of GDP to -1%, on average. The Indian economy grew more than expected, pushed by higher government infrastructure spending and household…

In Spain 29th May 2024

PSOE supports PP bill to avoid losing another vote in Congress

The strict application of Pedro Sánchez’s “resistance manual” generates ridiculous situations such as the one experienced yesterday in the Congress of Deputies, when the PSOE parliamentary group – in view of its solitude in rejecting the PP’s proposal to tighten congressional control over the government’s foreign policy – chose to vote in favour of the proposal as well. Some of the government’s allies in the investiture, such as ERC, had…

Spanish economy 29th May 2024

Berkeley asks ICSID for arbitration in $1bn claim against Spain for not being able to exploit its uranium mine in Salamanca

Berkeley Energia, the company that is trying to move forward with a uranium extraction project in Salamanca, has filed a request for international arbitration against the Spanish government with the ICSID, which depends on the World Bank, in which it demands compensation of $1 billion (around €920 million at the current exchange rate) for blocking its plans. It could become the largest arbitration against Spain. According to Berkeley, the decisions…

Spanish economy 29th May 2024

CAF’s bid, only one in final phase of Metro de Madrid’s €412m contract to renew Line 1

Renta 4 | According to press reports, CAF is the only company to have reached the final phase of the contract for the supply of 40 trains for the renovation of line 1 of Metro de Madrid for a total of around €412 million. The contract includes technical assistance for a period of 10 years. Valuation: Positive news given the amount of the contract which represents around 3.0% of CAF’s…

World economy 28th May 2024

China launches third phase of the $47.5 billion “Big Fund” for semiconductor development

Banca March | China has launched the third phase of the “Big Fund”, amounting to 344 billion yuan ($47.5 billion) dedicated to the development of semiconductors. This phase brings together the largest amount of the three phases: the first phase of 138.7 billion yuan in 2014 and the second phase of 204 billion yuan in 2019. The aim of this fund is to build an independent supply chain, after years…

Spanish economy 28th May 2024

Mortgage signings fall 18% in March, average is now €137,000 at 23 years and 3.41%

The number of mortgages taken out on dwellings fell by 18.1% in March compared to the same month in 2023, to 29,653 loans, with an average interest rate higher than that of the previous month, according to data released on Monday by the National Statistics Institute (INE). Specifically, the average interest rate for mortgages on housing reached 3.41% in March, compared to 3.33% in February. With the exception of January…

European economy 28th May 2024

Concerns about wage growth to make ECB more cautious

Martin Wolburg (Generali AM) | Markets remain concerned in the home stretch of the fight against inflation that central banks should only reluctantly ease rates. Recently, ECB Governing Council members such as Schnabel and de Guindos warned about wage growth developments as an upside risk to inflation. Last week, German official wage data for the first quarter (+6.2% year-on-year) pointed in that direction and, at the eurozone level, negotiated first…

Spanish economy 28th May 2024

Merger with BBVA has “more pros than cons” for Sabadell’s long-term credit ratings, says DBRS

Alphavalue / Divacons | MorningStar credit rating agency DBRS issued a new report last Friday on BBVA’s takeover bid for Sabadell banks in which it considers it to have “more pros than cons”. From a credit profile point of view, the deal will have a positive impact on Sabadell’s long-term credit ratings, which are positioned two notches below BBVA’s DBRS rating. It explains that the rating of the bank led…

Spanish economy 27th May 2024

Spain’s industrial cost disinflation continues with -0.2% monthly drop in April

March | Industrial production costs continue to fall in Spain, albeit at a slower pace. April’s data showed a -0.2% monthly fall in industrial production prices, bringing the year-on-year decline in industrial costs to -6.6% from -8.2% previously. With this figure, producer prices have now fallen for more than a year (they entered negative territory in March last year), while in terms of the underlying rate (excluding energy), industrial cost…

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