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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.
warnerbros

World economy 26th February 2024

Warner Bros. sales in 4Q23 dragged down to $10.284M after 12% drop in ad revenue

Bankinter | The US film and entertainment company has released results that largely fail to meet expectations. 4Q 2023 figures (against Bloomberg consensus): Revenue $10,284M vs. $10,465M estimate, EBITDA $2,471M vs. $2,805M estimate, adjusted EPS -0.16$ vs -0.092$ estimate. The published figures are negatively impacted by the -12% drop in ad revenue. The company beat analyst estimates in direct-to-consumer subscribers, reaching 97.7 million, including acquisitions such as Turkish streaming service…

industrial production worker

Spanish economy 26th February 2024

Spain’s industrial prices rise in January to -3.8%: energy up, non-durable consumer goods down

CdM | The annual rate of the general Industrial Price Index (IPRI) was -3.8% in January, 2.5 points above that recorded in December of the previous year. By economic destination of the goods, among the industrial sectors that had a positive influence on the evolution of the annual rate of the general IPRI, the following stood out: Energy, with a rate of -12.6%, eight points above that of the previous…

INVERSION ESG 768x320 1

Relevant News Item 26th February 2024

One third of Spanish fund managers do not consider ESG factors for investment purposes

F.R. | 33% of Spanish asset managers do not consider ESG factors when making investment decisions, according to a survey conducted by Georgeson through interviews with leading Spanish institutional investors, representing an aggregate of around 320 billion euros in assets under management. Among the managers that do take ESG factors into account when investing, the survey results highlight that the main methodologies for making decisions with this approach are in-house…

China stocks markets

World economy 26th February 2024

When will China recover from the cyclical downturn?

Alicia García Herrero (Natixis) | China’s economy has been experiencing a structural slowdown, but what is causing concern now is that it is also slipping below its potential and undergoing a cyclical downturn. The faster deceleration in investment compared to consumption, along with weak CPI data, already provides evidence of China’s negative output gap.To assess empirically where China stands with its cycle, we use a model developed by Holston-Laubach-Williams (2023)…

Almirall edificio id

Relevant News Item 26th February 2024

Almirall: investors to focus on Lebrikizumab Pipeline, sales of which could peak at €450m

Morgan Stanley: Analyst Thibault Boutherin expects the stock to be flat or slightly down post-results following the lowering of guidance for FY24, but reiterates that all medium-term drivers remain intact. Almirall posted EBITDA 3-4% below consensus and guidance for H1 2024 sales 2% below consensus and EBITDA 4% below consensus. However, Thibault expects investors to focus on the Lebrikizumab Pipeline, where sales could peak at €450 million.

MobileWorldCongress

Spanish economy 26th February 2024

The 18th Mobile World Congress begins today in Barcelona

The welcome dinner of the 18th Mobile World Congress (MWC) 2024, the world’s largest mobile technology fair, brought together Felipe VI, the President of the Government, Pedro Sánchez, and the President of the Generalitat, Pere Aragonés, who, as in previous editions, did not participate in the reception of the Monarch as a gesture of rejection of the Crown. The Mobile World Congress (MWC), the most important technology congress in the…

acciona

World economy 25th February 2024

Acciona signs agreement potentially worth around €1.37 billion for Toronto underground extension

Link Securities| A consortium participated by Acciona (ANA) has signed an agreement with the Ontario administration in Canada for the development of a new section of the Toronto underground extension currently underway, with an estimated maximum value of up to CA$2 billion (around €1.37 billion), according to the newspaper Expansión. Acciona’s joint venture with Canada’s Amico has thus beaten the other two bids submitted in the tender, the first consisting…

economic challenges

World economy 23rd February 2024

US and China cooperate on something: seeking way out of emerging country debt to avoid wave of sovereign defaults

Norbolsa| One of the most important signs of cooperation we have seen in recent times is the ongoing talks between the US and China to find a way out of the debt of impoverished countries and avoid a wave of sovereign defaults. The talks, which include ways to pre-emptively extend loan periods before countries default, are generally aimed at easing poor countries’ annual debt service burden of more than $400…

ECB bonds

European economy 23rd February 2024

ECB records first financial statement loss since 2004: €1.3 billion to be offset against future profits

Banca March: The monetary authority presented total losses of €7.9 billion in 2023, which, offset by the €6.6 billion of accumulated provisions in recent years, have resulted in this loss of €1.3 billion in profits. The reason for these results is due to the rise in interest rates, which has increased the payment to the national central banks. In fact, the net interest expense has risen from €900 million in…