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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.
ventas minoristas

Spanish economy 12th March 2024

Spain’s adjusted retail sales growth accelerates moderation to +0.3% year-on-year in January

Bankinter| Spain’s retail sales growth moderates to +0.3% year-on-year in January 2024 from +2.7% year-on-year revised down previously (from +3.1%), in data at constant prices and adjusted for seasonal and calendar effects. Assessment: Adjusted retail sales growth accelerates the moderation it has been showing since the end of last year. This is a negative surprise in view of the good performance of Social Security enrolment at the beginning of the…

Biden IRPF

World economy 12th March 2024

Biden approves budgets that would reduce deficit by $3bn over next 10 years, but would not limit high debt levels

March Bank| The US president’s budget plans seek to increase spending as well as tax revenue through increases in corporate income tax, a higher minimum rate for businesses, and at the personal level, a new minimum rate for billionaires. In higher tax revenues, an estimated $4.9 trillion is expected to be raised over the decade, including $1.4 trillion from the increase in the corporate tax rate to 28% and $502…

obras 11 1000x528

Spanish economy 12th March 2024

Construction employers’ association warns that 20% of concession contracts in Spain – bottom in Europe in terms of investment – are not awarded

The Association of Infrastructure Construction and Concession Companies (Seopan) has warned that up to 20.5% of concession contract tenders in Spain, already practically non-existent, remain deserted after no companies bid for them. The document highlights the scant relevance of concessions in Spain, representing only 3.4% of contracting, with an average of 1.9 bidders per contract and 2.2% of contracts not being awarded due to the withdrawal or resignation of the…

Grifols becomes second largest shareholder of Chinese Shanghai RAAS

Spanish economy 12th March 2024

JPMorgan buys 5.1% of Grifols in midst of controversy over group’s accounts

JPMorgan has entered the capital of the Spanish pharmaceutical company with a 5.185% stake – some €250 million – and has become the company’s most important shareholder after the founding family. The descendants of the group’s founders hold 31% of the capital from four different holdings, controlled by the different branches of the family. According to the records of the National Securities Market Commission (CNMV), the investment bank has acquired…

airbus A320

European economy 11th March 2024

Airbus delivers 49 aircraft in February, 2024 deliveries reach 79

Banco Sabadell: The company published last week the figure of 49 aircraft delivered during the month of February (compared to 30 in January and 46 in February 2023) bringing total deliveries in 2024 to 79 (against a figure of 66 in February last year, an increase of 20%). On the other hand, a total of two new orders and no cancellations were recorded during the month. Net orders through February…

Spains productivity

World economy 11th March 2024

Productivity gap widens between US and Eurozone

BancaMarch : The year-on-year rates for the fourth quarter of 2023 are a clear example of divergence, with -1.2% in the eurozone and +2.6% in the US. In the longer term, the growth differential between the two regions has also been observed. Comparing output per hours worked since 2019, the US grew by more than +6% compared with +1% for the euro area as a whole. ECB member Isabel Schnabel…

ACS Vinci

Spanish economy 11th March 2024

ACS wins one of three lots of Vancouver elevated train contract, with investment of close on €2,850 M

Intermoney| ACS (ACS) (Buy, PO 43 €) has been awarded one of the three lots in which the future Vancouver elevated train is divided, an initiative that will mobilise a total investment of C$4,200 million, some €2,850 million, according to Expansión. The Spanish multinational is participating in the project through Dragados, which has teamed up with Lecor, Systra and IBI. ACS won this first bid against the consortium of Acciona,…

Montenegro 1

In Spain 11th March 2024

José Montenegro’s right-wing alliance wins Portugal elections

José Alves (Capital Madrid) | The alliance of parties formed around the Democratic Alliance (AD), José Montenegro’s party, has won the elections held in Portugal this Sunday. He will not, however, be able to form a government unless he accepts the offer of the former ruling Chega party to support him, which does not seem likely if he fulfils his election promise. It will be the President of the Republic,…

Indra Tecnocom

Spanish economy 11th March 2024

Indra to carry out temporary share buyback programme worth €16.5 million from today until 19 April

Link Securities| Indra’s Board of Directors informed the CNMV that it has agreed to carry out a Temporary Share Buyback Programme, with the following characteristics: – The purpose of the Programme is to enable Indra to comply with the obligations to deliver shares to its executives and employees arising from the remuneration system in force. – The Programme will affect a maximum of 854,000 shares, representing 0.48% of the share…

Caixabank sede madrid

European economy 9th March 2024

Caixabank CEO says bank taxes are brake on further consolidation of European banking sector

Link Securities| At a round table organised by the Bank of Spain (BdE) to celebrate ten years of the Single Supervisory Mechanism, the CEO of Caixabank (CABK), Gonzalo Gortázar, told the main financial supervisors that taxes on banking are a brake that does not help further consolidation of the European banking sector, as reported on Wednesday by Expansión. “In the last eleven years, the bank’s return on capital has been…