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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.
mercados globalCM 1

World economy 22nd April 2024

US and China continue to dominate global foreign direct investment flows

Global economyCapital Group| It seems that foreign investment patterns have yet to show a decisive successor to China. Globally, foreign direct investment (FDI) as a percentage of GDP peaked around the time of the financial crisis: investment in China stagnated slightly earlier, in the early 2000s, just after its accession to the World Trade Organisation and following rapid inflows into the manufacturing sector. In absolute terms, however, the United States…

ERTES extension

Spanish economy 22nd April 2024

Congress of Deputies to debate Sumar’s proposal for trade unions to join boards of directors

The Congress Labour Committee will debate this Tuesday the proposal of Sumar, the party led by the vice-president and Minister of Labour, Yolanda Díaz, to include workers, their representatives and trade union organisations on the boards of directors of companies and business groups, with the aim of promoting a “more democratic functioning of companies”. Yolanda Díaz, a Communist Party activist, says she wants to take an example from the co-determination…

Naturgy edificio 640x420

Spanish economy 22nd April 2024

TAQA would have to negotiate Naturgy’s credits with banks because part of debt subject to change of control clause

Link Securities| Most of Naturgy’s debt, which is around €12,000 million, is subject to a clause relating to the change of control, either by acquiring more than 50% of the voting shares or by obtaining the right to appoint the majority of the members of the Board of Directors of Naturgy, according to Expansión. According to the newspaper, Abu Dhabi-based energy company TAQA, which is finalising its takeover bid for…

fed enero 2024

World economy 22nd April 2024

Fed members talk of “patience”, first cut not likely until end of year or even 2025

Banc March: Round of statements from Fed members, where the word “patience” has been recurrent in their speeches and they delay the first cut to the end of the year and even 2025. The Atlanta Fed president believes that inflation is too high and does not consider it appropriate to lower the cost of money until the end of the year. He also said he was open to raising rates…

Electricity

European economy 19th April 2024

Spain’s electricity cheapest in Europe, at €0 for half the hours in April

ASE Group | Until the 17th, the daily price of the Spanish wholesale market (POOL) in April stood at €5.40/MWh, the lowest since records have been kept for such a long period. Grupo ASE analysts highlight that in almost 50% of the hours the price has been zero or lower. In 84 hours (20.6% of the total) negative prices were recorded (between €0 and €-1/MWh) and the average price between…

Puig

Spanish economy 19th April 2024

Puig Brands (Carolina Herrera, Paco Rabanne, Jean Paul Gaultier…) to go public on May 3, with valuation over €12.7 billion

Puig Brands – the group that owns Carolina Herrera, Paco Rabanne, Jean Paul Gaultier, Nina Ricci and Charlotte Tilbury – will go public on 3 May at a price of between €22 and €24.5 per share. That means a valuation of between €12.7 and €13.9 billion. And although it has not yet approved a shareholder remuneration policy, it says it expects to pay out 40% of its profits in dividends….

Bankinter

Spanish economy 19th April 2024

Bankinter: 1Q24 First Take – Slight beat versus consensus, NII dynamics supportive

Jefferies Equity Research| 4% PBT beat versus consensus in 1Q 24, driven by better income and costs, only offset by a small miss on impairments. The print confirms NII trends are still positive (up 1% quarter-on-quarter), despite flat growth, but margin dynamics proving supportive (cost of deposits only up 3bp quarter-on-quarter, likely at peak). Costs were 3% lighter than consensus and trending better than the LSD-MSD year-on-year growth guidance provided…

IMF outlook

World economy 18th April 2024

IMF revises growth projections upwards, signals “soft landing” for global economy

BancaMarch | The good and “less good” news from the IMF forecasts. Starting on the more optimistic side, they revise growth projections slightly upwards and suggest that the global economy may be approaching a “soft landing”. The “less good” refers to projections over a five-year horizon (+3.1%), the lowest in decades. GDP growth estimates for the global economy in 2024 increase by one tenth of a percentage point from those…

bce lagarde a bril 2024 1

European economy 18th April 2024

Christine Lagarde insists ECB remains on track to cut interest rates in near term

Link Securities| In an interview for the US portal CNBC, ECB President Lagarde said yesterday that the central bank is still on track to cut interest rates in the short term, subject to any major shocks. She said they are observing a disinflationary process that is proceeding in line with their expectations. He added that they just need to build a little more confidence in this disinflationary process, but if…

ferrocarril uruguay sacyr

Spanish economy 18th April 2024

Sacyr inaugurates Uruguay Central Railway after investment of €915 M

The President of Uruguay, Luis Lacalle Pou, together with other government and business authorities, has inaugurated the Ferrocarril Central de Uruguay project, a railway corridor linking the city of Paso de los Toros, in the centre of the country, with the port of Montevideo, built by the Grupo Vía Central consortium, led by Sacyr (SCYR) Concesiones. The new line has an extension of 265 kilometres and required the laying of…