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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 8th May 2024

Indra rises 8.8% after posting solid Q1 results and projecting Ebit of €400m for full year

Singular Bank | The Spanish Defence and Technology Consulting company rallied 8.8% today after posting solid 1Q results and projecting Ebit of €400m for the full year, in line with strategic plan forecasts. Net order intake grew 12% year-on-year and backlog reached a new record high of €7.2 billion, bringing the backlog-to-sales ratio to 1.58x. Revenues increased 22%, with double digit growth in the Defence (56%), Mobility (19%) and Minsait…

World economy 7th May 2024

Sacyr brings entire Pamplona-Cúcuta road in Colombia into service

Intermoney | Sacyr (Buy, PO 4.0 €) reported yesterday, with the market open, the commissioning of the last remaining sections of the Pamplona-Cúcuta road project in the Department of Norte de Santander (Colombia). The 62.6 km long road has 72.2 km of rehabilitated sections and 50.2 km of new construction and has required an investment of €592 million. The Group will manage the project until 2046 through the concessionaire Unión…

European economy 7th May 2024

Xi Jinping shows little sign of being willing to offer major concessions to secure more balanced trade with Europe

Norbolsa | French President Emmanuel Macron and European Commission chief Ursula von der Leyen on Monday urged Chinese President Xi Jinping to ensure more balanced trade with Europe, but the Chinese leader showed little sign of being willing to offer major concessions. In his meetings in Paris, Macron also pressed the Chinese leader to use his influence over Russia to end the war in Ukraine. Xi was arriving in Europe…

Spanish economy 7th May 2024

Banco Sabadell rejects BBVA’s takeover offer

Banco Sabadell (SAB) has rejected the offer that BBVA (BBVA) had made last week to merge the two entities, considering that it will generate more value on its own, the bank has informed the National Securities Market Commission (CNMV). Sabadell’s board, which met on Monday to assess the offer, based its decision on the opinion that it could create greater shareholder value by remaining alone. BBVA’s proposal was for a…

Relevant News Item 7th May 2024

“Financial institutions could fictitiously show a profitable and happy world. For a while at least. In these lines we explain how”

ARISTÓBULO DE JUAN, FORMER DIRECTOR GENERAL OF INSPECTION AT THE BANK OF SPAIN | Once upon a time there was a financial system that appeared to be in good health. Everyone knew how important banking was for a country. For it was the conduit of the payment system and the transmitter of monetary policy. It was also the repository and manager of the country’s idle resources and the channel for…

In Europe 6th May 2024

Austrian Competition Authority to seek Cartel Court approval of Acerinox’s purchase of Haynes

The Austrian Competition Authority (Bundeswettbewerbsbehörde) has informed the company that it intends to send its merger agreement with Haynes to the Cartel Court, as Phase II of the approval process. The company has stated that while it is disappointed by this decision given Austria’s small share of the business, it intends to actively engage with the institutions and remains optimistic that the final outcome will be positive. In any case,…

Spanish economy 6th May 2024

Two largest international proxy advisors recommend voting in favour of all items Iberdrola submits to AGM

Alphavalue/DIVACONS | The two largest international proxy advisors, ISS and Glass Lewis, recommend voting in favour of all the items that Iberdrola (IBE) will submit to its General Shareholders’ Meeting, to be held on 17 May. Specifically, both US voting advisors, which have a share of more than 70% in advising large investors, such as fund managers, pension funds and insurance companies, advise the more than 600,000 shareholders of the…

World economy 6th May 2024

US labour market loses steam: job creation slows down

Norbolsa: The April employment report provided signs that the labour market is losing strength as job creation slowed in the month, below expectations (175,000 versus 240,000 against 303,000 previously revised downwards by 12,000) and the unemployment rate rebounded slightly (up 3.9% versus 3.8% year-on-year). Additionally, pressure on wages continued to moderate (up 0.2% month-on-month versus 0.3% year-on-year; up 3.9% year-on-year versus 4.1% year-on-year), a welcome move by the FED in…

World economy 6th May 2024

ArcelorMittal earns €875 M in 1Q24, 14.4% lower than in 1Q23

Link Securitites | The company achieved a turnover of $18.501 billion in 1Q2024, 12% lower than in 1Q2023, EFE reported yesterday. In turn, ArcelorMittal achieved operating cash flow or EBITDA in 1Q2024 of $1,956 million, 8.6% lower than in the same period of 2023. Finally, the group’s attributable net profit amounted to $ 938 million (€875 million) in 1Q2024, 14.4% lower than in 1Q2023. It should also be noted that…

Spanish economy 6th May 2024

Spain received 16 million tourists (+17%) in 1Q24

Spain received 6.3 million international tourists in March, 21% more than in the same month of 2023. In the first three months of 2024 (1Q2024), the number of tourists visiting Spain increased by 17.7% year-on-year to more than 16.1 million. According to data from the National Statistics Institute (INE), The United Kingdom was the main country of origin, with more than 1.2 million tourists and an increase of 13.3% compared…

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