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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.
spain congress

Spanish Politics 4th March 2024

PP calls for immediate resignation of President of Congress for involvement in corrupt masks plot

The Balearic government presided by Francina Armengol, now president of the Congress, paid €3.7 million to the corrupt scheme of Koldo García (then advisor to the all-powerful Minister of Transport and Secretary of Organisation of the PSOE, José Luis Ábalos, who last week left the PSOE and joined the mixed group in Congress) a week after its technicians verified that the masks purchased were of poor quality and unusable for…

unicaja

Relevant News Item 4th March 2024

Unicaja launches €100m share buyback programme

Link Securities | Unicaja (UNI) has informed the National Securities Market Commission (CNMV) that, once it has obtained the relevant authorisation from the European Central Bank, it will carry out a programme to buy back its own shares, in accordance with the resolutions adopted by the Ordinary General Shareholders’ Meeting held on 31 March 2021 and by the Board of Directors. The Repurchase Programme will have the following characteristics: 1….

portugal espana

European economy 4th March 2024

New signs Portuguese economy is holding up better than expected thanks to labour market and fall in CPI

Bankinter: Good data battery for the Portuguese economy. (i) CPI (Feb): +2.1% year-on-year against +2.3% previously; Underlying: +2.2% versus +2.4% previously. (ii) Unemployment rate (Jan): 6.5% compared to 6.6% previously. (iii) Final GDP (4Q 2023): +2.2% year-on-year against +2.2% preliminary and +1.9% in Q3; In the quarter: +0.8% quarter-on-quarter versus +0.8% preliminary and -0.2% in Q3. Analysis: New signs of an economy that is holding up better than expected, supported…

inflationCM copia

World economy 1st March 2024

G20 considers global inflation close to being “effectively tamed”

The G20 finance ministers, meeting in São Paulo (Brazil), consider that inflation is not far from being “effectively controlled” and affirmed that they will continue to pay “close attention” to its trajectory in order to avoid an upturn, Brazilian official sources reported on Thursday. The director of International Affairs of the Central Bank of Brazil, Paulo Picchetti, who participated in the two days of work of the G20 Finance, said…

aena barajas3CM

Spanish economy 1st March 2024

Aena say IAG’s takeover of Air Europa would strengthen Barajas hub and Spanish economy

Link Securities| The president of Aena, Maurici Lucena, has defended the increase in airport taxes by 4.09% from 1 March despite obtaining record profits in 2023, which he has justified, in part, by the “efficiency” in its operations, the newspaper Expansión published yesterday. He argued his position because it complies with the law that regulates Aena and, secondly, out of respect for Aena’s shareholders. In addition, Lucena has expressed his…

guindos

In Spain 1st March 2024

De Guindos warns “open bar is over” in eurozone fiscal policy

Banca March| After years in which the monetary authority has been in charge of acquiring the debt of member countries and fiscal rules were frozen, the flexibility granted to fiscal policies must now be limited in order to contribute to lowering inflation and debt ratios. This has been repeatedly conveyed by the President and the Vice-President. However, she pointed out that the reduction of public deficits should be carried out…

VIdrala

European economy 29th February 2024

Vidrala sells Italian subsidiary to Veralia for €230m to reduce debt

Intermoney| Vidrala (Hold, PO 94) yesterday informed the National Securities Market Commission (CNMV) that it has reached an agreement with Veralia for the sale of its Italian subsidiary for €230mn (7x EBITDA) of which 100% would be cash for Vidrala, obtaining capital gains of €100mn. Vidrala Italia achieved sales of €131mn in 2023 (8% of Vidrala’s total) and EBITDA of €33mn (mgn 25%). Approval is pending from the Italian competition…

The Eurozone trap

European economy 29th February 2024

Eurozone money supply remains stagnant, but shows signs of stabilisation

BancaMarch : In January, M3 grew by +0.1% year-on-year, a tenth of a percentage point less than in the previous month but already far from the -1.3% fall recorded in August last year. More relevant is the evolution of loans, which if we look at those to households continued to decelerate by one-tenth of a point to +0.3% year-on-year, while loans to non-financial companies slowed to +0.2% from +0.5% (a…

inflationCM copia

Spanish economy 29th February 2024

Inflation in Spain falls to 2.8% in February due to lower electricity prices; core inflation at 3.4%

Renta 4| The Consumer Price Index (CPI) rose by 0.3% in February compared to the previous month but cut its year-on-year rate by six tenths to 2.8%, due to lower electricity prices and stable food prices, according to data released on Thursday by the National Statistics Institute (INE) and reported by Europa Press. On the other hand, fuel prices rose in February. With the fall in the year-on-year CPI in…

Spain seizes good moment in risk premium to issue 10 year syndicated bond

Spanish economy 29th February 2024

ICO to channel 40,000 million in loans from second part of Next Generation funds

The European funds will be used for the green and digital transition of companies, as well as to facilitate social housing and the audiovisual sector. The mobilisation will be carried out through five funds: ICO-Green (€22,000 million), loans to households, private and public companies for sustainable projects and energy efficiency, among others; ICO-Enterprise (€8,150 million, of which €1,000 million is earmarked for tourism) to strengthen the growth of companies, especially…