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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.
RíoTer

In Spain 14th January 2025

Ferrovial begins refurbishment and extension of Ter drinking water station

Alphavalue / Divacons | The Spanish construction, services and concessions company, and Construcciones Rubau, began work last Friday on the extension and rehabilitation of the Ter drinking water treatment plant (DWTP), one of the largest drinking water treatment plants in Catalonia. The project, commissioned by Ens d’Abastament d’Aigua Ter-Llobregat (ATL), will be carried out by Ferrovial’s water infrastructure subsidiary Cadagua and Rubau’s Arema. The project has a budget of €102…

china chongqing

In the World 14th January 2025

10.7% annual rise in exports spurs China’s trade surplus to $104.84bn in December from $75.31bn a year ago

Link Securities| According to data from the General Bureau of Customs, China’s trade surplus rose to $104.84 billion in December from $75.31 billion in the same month a year earlier, also beating analysts’ consensus forecast of a $99.8 billion surplus. The figure is the largest since February, driven by a rebound in exports. In particular, exports rose 10.7% year-on-year, beating estimates for a 7.3% increase and accelerating from November’s 6.7%…

merlinproperties cartelCM

Spanish economy 14th January 2025

Government could limit REITs regime: Merlin and Colonial to be little affected by focusing on malls and offices

Intermoney | The President of the Government, Pedro Sánchez, announced on Monday his intention to restrict the REITs regime except in the case that the companies promote housing at affordable rents. This measure is one of 12 that the president announced with the intention of tackling the current housing crisis. Specifically, Sánchez declared: “We are going to change the regime of tax advantages that the so-called REITs have. Why? So…

amadeus logo fachada

In Spain 14th January 2025

Amadeus to pay €0.50/share dividend on 17 January, 14% higher than same dividend in 2023

Banco Sabadell: Last December, the company’s Board of Directors approved the distribution of an interim dividend against 2024 results for a fixed gross amount of €0.50 per share, 14% higher than the same dividend in 2023, to be paid on 17 January 2025. After applying a 19% withholding tax, the net amount will be €0.405 per share. The dividend yield is 0.7%. Amadeus maintains a policy of remunerating its shareholders…

EEUU construccion

In the World 13th January 2025

US economy creates 2.2M jobs in 2024, returning to average pace of pre-pandemic job creation

Banca March: Job growth in December rebounds to 256,000 new jobs, above the 165,000 expected by the market and also above November’s 212,000 (revised down from 227,000). The employment rate fell by one tenth of a percentage point to 4.1% and the total participation rate remained stable at 62.5%. Moreover, wages climbed at a pace of 3.9% year-on-year (0.3% month-on-month) maintaining a reasonable pace of growth, one tenth below last…

Repsol

In the World 13th January 2025

New US sanctions on Russian oil could lead Repsol to scale back buyback programme

Morgan Stanley | Our analyst Martijn Rats notes that the US has gone further than expected on new sanctions on the Russian oil industry, which has driven up downside risk to oil supply, at least temporarily. This has led the strategist to slightly increase his forecast for Brent to $77.5/bbl in 1Q25 (vs. $72/bbl previously) and $75/bbl in 2Q25 (vs. $70/bbl previously). In this context, it is worth noting once…

obras 11 1000x528 777x400 1

Spanish economy 13th January 2025

Spain: Labour costs rise by 18.5% more than gross salaries over five-year period due to increase in contributions

El Economista | An average salary of €26,555 gross per year is associated with an additional labour cost of €9,340 totaling €35,900 by the end of 2023. In 2018, before the surge in labour costs, a company paid €30,880 in labour charges for a gross payroll of €23,000. Thus, while the gross salary has increased by just over €3,500, total charges have risen by €5,900. In summary, companies today pay…

CaixaBank nuevito

In Spain 13th January 2025

Attractive profitability/RoTE of Caixabank at high level (16.9%), with efficiency ratio at historically low levels (39.2% in 9M24)

Bankinter: We maintain Caixabank in our 5 Stocks Model Portfolio because it enjoys a good momentum in profitability/RoTE with an attractive shareholder remuneration plan. The factors that explain our strategic preference for the Catalan bank are: (1) Profitability/RoTE remains at a high level (16.9%), with a low risk profile and an efficiency ratio (costs/revenues) at historically low levels (39.2% in 9M 2024). (2) Credit quality ratios are good and the…

amper. def

In Spain 11th January 2025

Amper invests in specialised defence fund Hyperion to reinforce 2023-2026 Strategic and Transformation Plan

Link Securities | The company announced on Thursday its investment in Hyperion, an investment fund specialising in defence, with which it is reinforcing its Strategic and Transformation Plan 2023-2026, focused on the growth of its Defence, Security and Communications business unit, and on positioning in its key markets, the digital portal Bolsamania.com reported yesterday. The Hyperion investment fund’s mission is to support the growth of key technology companies in the…

iag iberia express 2

In Spain 10th January 2025

Iberia, part of IAG, carries all-time high of over 30.7 million passengers in 2024

Alphavalue / Divacons | The Iberia group, which includes Iberia Express and Iberia Regional Air Nostrum, reached an all-time record in 2024 by carrying 30,732,745 passengers. In detail, Iberia carried 18,677,812 passengers, Iberia Express 7,687,718 and Air Nostrum 4,367,215. These figures are due to the increase in demand for both business and leisure travel, as well as the good performance of all markets, especially Latin America and the new destinations…