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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.
Repsol novedad

Relevant News Item 22nd March 2024

Repsol has capacity to deliver high capital distribution and better dividend growth than competition

Morgan Stanley| According to Repsol’s (REP) strategy plan for 2024-27, analysts not only see the company’s willingness to deliver a high capital distribution and dividend growth “better than the competition”, but also the ability to do so. In this regard, they expect Repsol to generate an average FCF (post minority dividends) of €2.3bn per year, to be channelled into distributions, assuming an average value of €2.1-2.2bn over 2024-27e. In the…

BankofEngland

European economy 22nd March 2024

Bank of England keeps official interest rates unchanged with no voter in favour of rise

Banca March: Eight members of the Bank of England’s Committee yesterday supported maintaining the level of the cost of money at 5.25%, with only one in favour of a first cut. This marks the first meeting since September 2021 at which not a single voter has supported a rate hike. The governor of the Bank of England has stated that, although it is not yet time to cut rates, they…

DIA supermarket

World economy 22nd March 2024

DIA’s Brazilian subsidiary to undergo restructuring process owing to negative results

Link Securities| DIA (DIA) informed the National Securities Market Commission (CNMV) that, on 20 March 2024, as a consequence of the persistent negative results of DIA Brasil Sociedade Limitada, a wholly-owned subsidiary of the company, the request by Dia Brasil for a judicial recovery has been approved, a restructuring process under Brazilian law with the aim of trying to overcome its current economic and financial situation. The request for judicial…

Cars SeatTC

Spanish economy 22nd March 2024

Seat chairman warns Spanish government: “employment and investments are at stake”

“I am worried about the political instability in Spain…. In addition, we have been waiting for a month for the government to keep the word that President Sánchez gave us at the Anfac Forum on the modification of the Moves purchase aid plan,” Wayne Griffiths, president of Seat SA, lamented yesterday during the presentation of the Spanish company’s results. Last year, Seat SA (comprising the Cupra and Seat brands) achieved…

Montero

Spanish economy 22nd March 2024

Spain boosts tax collection by 9% and reduces public deficit to 3.66%

Spain closed 2023 with a public deficit of €53.556 billion, €10.180 billion less than in 2022, equivalent to 3.66% of GDP, one point less, thanks to a record collection of €271.935 billion. Personal income tax collected €120.28 billion, 9.9 % more, due to the government’s refusal to deflate the rate and the growth in employment. Corporate income tax, on the other hand, collected €35.06 billion, up 9 %, thanks to…

Indra Tecnocom

Relevant News Item 21st March 2024

Indra to control space business value chain with foundation of Indra Espacio, estimated turnover of €1 billion by 2030

Singular Bank| The company is to create a separate company, Indra Espacio, to boost its aerospace business, which in its strategic update a fortnight ago said it expected to have a turnover of €1 billion by 2030. It will focus on space and earth observation, navigation, and building satellite constellations. Thus, it aims to control the value chain of the space business, and for this it could make acquisitions of…

Moodys

Spanish economy 21st March 2024

Moody’s revises ratings of 15 Spanish financial institutions: from A2 on Santander to Baa2 on Sabadell

Moody’s has revised some ratings of 15 Spanish financial institutions following its assessment of “an improvement in operating and credit conditions in Spain, which has implied the upgrading of Spain’s macroeconomic profile to strong”. The decisions also take into account the revision of Spain’s rating outlook from stable to positive on 15 March. The agency upgraded the senior preferred ratings of CaixaBank and Ibercaja and revised the outlooks of several…

YolandaDiaz

Spanish economy 21st March 2024

Rising labour costs in Spain (5.2% vs. 3.4% in eurozone) and economic policy uncertainty, Bank of Spain’s concerns

Banca March: Economic policy uncertainty and rising labour costs, the two concerns of the governor of the Bank of Spain, Hernández de Cos, who pointed out the need for greater regulatory quality and a strengthening of business confidence, in a political context in which companies are negatively impacted by the situation of uncertainty. All this, accompanied by an increase in non-wage labour costs -see graph- at the top of the…

Airbus 320

European economy 21st March 2024

Airbus confirms it will not purchase BDS, Atos’ data and cybersecurity business, valued at up to €1.8bn

Link Securities| Airbus (AIR) confirmed on Tuesday that it will not buy BDS (Big Data and Security), the data and cybersecurity business of Atos, worth an estimated €1.5 billion to €1.8 billion, Europa Press reported. The aeronautical manufacturer, which has not indicated any reason in its statement for not going ahead with the acquisition, had a turnover of €3.789 billion euros in 2023, 11% less than in the previous year…