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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.
Ministerio Trabajo

In Spain 23rd February 2024

European justice urges Spain to make more than 800,000 temporary workers suffering from abusive contracts permanent

A new victory in Brussels for the thousands of temporary workers in the public sector – estimated at more than 800,000 – who for years have been chaining together temporary contracts without the possibility of becoming permanent, as is the case with temporary workers in the private sector. The High Court of Justice of the European Union (CJEU) has published a new ruling that calls for a change in the…

grifols edificio

Spanish economy 23rd February 2024

Grifols believes new attack by Gotham aimed solely at destabilising stock and creating doubts among investors

Link Securities | The company sent a Significant Event to the National Securities Market Commission (CNMV) in which it stated that it once again categorically refutes Gotham’s malicious, false and misleading insinuations which have the sole aim of destabilising Grifols and provoking doubts among institutional investors. Grifols stated that it has already answered each of their malicious and misleading questions. Grifols’ Board of Directors continues to reiterate its strong commitment…

Talgo

European economy 22nd February 2024

Spanish Government examines Magyar Vagon’s takeover bid for Talgo to ensure it retains strategic control over the company

Renta 4| The Minister of Industry and Transport has confirmed that they consider Talgo to be strategic for Spain and are therefore studying in detail the conditions of Magyar Vagon’s takeover bid for the company. In this sense, they commented that this does not mean that the anti-takeover shield will be activated, but rather that the operation will be approved as long as there is full conviction that strategic control…

fed powell enero 2024

World economy 22nd February 2024

Most Fed advisers warn of risk of cutting interest rates too soon

Bankinter: The main messages to come out of the 31 January meeting are: Growth outlook revised upwards after a solid Q4. Employment and wages remain strong but have moderated. The overall and underlying PCE readings will continue to decelerate in 2024, but are still off target. Uncertainty in the projections remains high, but has been reduced. Risks to the inflation projections stand out. Fed members put on the table the…

Repsol Strategic Plan

Spanish economy 22nd February 2024

Repsol announces dividend hike (30% to €0.9/share) despite 25% drop in 2023 profit to €3.168 billion

The company increases the cash dividend by approximately 30% in 2024, to €0.9 per share (€1.095 billion in total) and commits to increasing it by 3% annually. With this, Repsol will distribute €4.6 billion in cash in the 2024-2027 period. This remuneration will be complemented with share buybacks of up to €5.4 billion, in the expected price environment, thus allocating up to €10 billion to remunerate shareholders over the next…

telefonica gran via logo nuevo

Spanish economy 22nd February 2024

Telefónica confirms dividend (€0.30/share) despite ending 2023 with losses (-€892m) due to restructuring in Spain and impairment in UK

Telefónica (TEF) closed 2023 with a loss of €892 million due to extraordinary items, including the provision for the restructuring plan in Telefónica Spain and an impairment of goodwill in Virgin Media O2 (VM02). The operator’s ordinary net profit in 2023, excluding provisions and extraordinary items, grew 17.1% to €2,369 million. Group revenues rose 1.6% last year to more than EUR €40,000 million (€40,652 million). Net financial debt increased mainly…

fcc edificio

European economy 21st February 2024

FCC to finally build €1.46-billion tunnel near Stonehenge

Link Securities | FCC (FCC) will be able to build the tunnel near Stonehenge (United Kingdom), after the British judiciary has stopped the attempts of several opposing entities to carry out these works, understanding that they posed a threat to the Neolithic remains, according to the newspaper Expansión. In May 2022, the Spanish construction company was awarded, together with the Italian company WeBuild and the German company BeMo Tunnelling, the…

china central bank

World economy 21st February 2024

China cuts benchmark 5-year mortgage rate as part of stimulus package to save property sector.

Banca March: China cuts the benchmark 5-year mortgage rate as part of the stimulus package to save the property sector. The LPR rate is designed by 20 commercial banks, which submit the proposal to the central bank every month. There are two horizons: the majority of outstanding loans are linked to the one-year benchmark, while the five-year rate directly affects mortgages. The latter has fallen from 4.2% to 3.95%, considered…

orange masmovil

Spanish economy 21st February 2024

EU approves Orange-MásMóvil merger after agreeing remedies with Digi

The deal, valued at €18.6 billion, will create the largest operator by number of customers in Spain, with more than 7.3 million broadband customers, more than 30 million mobile services and more than 2.2 million television customers. The conditional EU approval for the merger of Orange SA and Másmóvil Ibericom SA, Spanish mobile phone companies, has taken almost two years to receive approval from Brussels, and given the significant competition…

santander sucursal 3CM

Spanish economy 20th February 2024

Santander increases cash dividend by 50% and will buy back nearly 1.5 billion shares

Banco Santander’s board of directors announced on Monday that it will vote at the next general shareholders’ meeting, scheduled for 22 March 2024, on a final cash dividend charged to 2023 of €0.095 per share. Thus, the total cash payment from last year’s accounts will be 17.60 cents, an increase of approximately 50% compared to the remuneration of the previous period. In addition, the bank will launch a share buyback…