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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.
TelefonicaMarcmurtra

In Spain 21st January 2025

Indra Board appoints Angel Escribano as executive chairman and board member following Marc Mutra’s departure to Telefónica

Intermoney | On Saturday afternoon, Telefónica (TEF) informed the National Securities Market Commission (CNMV) that it was dismissing its current chairman, Jose María Álvarez-Pallete, and appointing Marc Murtra (current chairman of Indra) as the new chairman. Indra (IDR) yesterday issued a statement announcing the resignation of its current chairman, and also announcing the appointment of Ángel Escribano as the new executive chairman. Escribano is co-founder and owner with his brother…

Eurozona IPC 1

European economy 20th January 2025

Eurozone annual inflation rises to 2.4% in December

CdM: The annual inflation rate in the euro area was 2.4% in December 2024, up from 2.2% in November. A year earlier, the rate was 2.9%. Annual inflation in the European Union was 2.7% in December 2024, compared with 2.5% in November. A year earlier, the rate was 3.4%. These figures are published by Eurostat, the statistical office of the European Union. The lowest annual rates were recorded in Ireland…

Banco Santander Fachada 720x320 1

In Europe 20th January 2025

Banco Santander reviews strategic positioning of UK franchise

Bankinter | Banco Santander (SAN) is reviewing the strategic positioning of its UK franchise. According to the British press, Santander could sell its subsidiary and points to Barclays as a possible interested party. Opinion of Bankinter’s analysis team: Positive impact. It is normal for Banco Santander to explore alternatives to improve the profitability and/or risk profile of its UK franchise, but we see a corporate transaction as unlikely. Santander UK…

Repsol novedad

In the World 20th January 2025

Unlike BP, Shell, or Exxon, Repsol’s refining margin improves in 4Q24 to $4.8/b

Norbolsa | Repsol (REP) published its trading statement for 4Q24 on Wednesday at the close of the market. The production figure for Q4 (554 k b/d) was similar to that of Q324 and 7% lower than in Q422, with the maintenance of Brazil being offset by higher production in Libya. On a yearly basis, production stood at 571 k b/d, at the lower end of its target range for the…

TelefonicaMarcmurtra

In Spain 20th January 2025

Government takes control of Telefónica

Last Saturday, in an extraordinary meeting, the board of directors of Telefónica accepted the resignation of Álvarez Pallete – agreed upon the day before at Moncloa – and the appointment of Marc Murtra, who was until then the president of Indra. Murtra had similarly ascended to the presidency of Indra after a government maneuver. Murtra, a man close to the PSC, finds himself with a company whose shares are trading…

china sombrasCM

In the World 18th January 2025

PBoC injects ¥958.4 billion in cash, second largest cash injection in history

Link Secutities | The People’s Bank of China (PBoC) today injected a net cash amount of ¥958.4 billion via 7-day reverse repurchase agreements in its daily open market operations. This is the second-largest-ever cash injection, according to Bloomberg. The operation is aimed at offsetting the impact of maturing medium-term lending facilities (MLF), as well as coping with higher demand for cash ahead of the Lunar New Year holidays, and peak…

CaixaBank nuevito

In Spain 18th January 2025

Caixabank issues €1 billion worth of perpetual convertible preference shares at 6.250% p.a. until 24 January 2033

Renta 4 | The entity has approved the issue of perpetual preference shares convertible into newly issued shares of CaixaBank (CoCos), excluding pre-emptive subscription rights, in the amount of €1,000 million. The issue will be carried out at par and the remuneration, the payment of which is discretionary and subject to certain conditions, has been set at 6.250% per annum until 24 January 2033. Thereafter, it will be reviewed every…

eurozona superavit comercial

European economy 18th January 2025

Eurozone generates €16.4-billion goods trade surplus with rest of world in November, down from €18.2 billion one year ago

Link Securities | According to the first estimate of the data, released yesterday by Eurostat, the Eurozone economy generated a trade surplus in goods with the rest of the world of €16.4bn in November, compared to a surplus of €18.2bn generated in the same month in 2023 and up from €8.6bn in October. The FactSet consensus of analysts expected a lower reading of €9.0 billion. Eurozone exports of goods to…

young spaniards

In Spain 17th January 2025

With average rent at €1,072 and young people earning €1,048 on average, only 14.8% manage to become independent

The first half of 2024 closed with a decrease in independence, dropping from 16.3% to 14.8% of young people – aged between 16 and 34 – residing in Spain over the course of a year. This means there are 62,458 fewer young people living outside their family home than a year ago. It is the lowest figure since data on independence has been available – since 2006 – despite an…

HBX Group

In Spain 17th January 2025

HBX Group expects to be listed on Continuous Market on 12 February with €5-6 billion valuation

Link Securities | The tourism company formerly known as Hotelbeds and dedicated to the sale of hotel rooms and flats to tour operators and travel agencies, will announce this morning its intention to start trading on the Continuous Market by filing with the National Securities Market Commission (CNMV) the document known as ITF (intention to float), as indicated by several market sources to the newspaper Expansión. The tentative timetable for…