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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.
Deutsche Wohnen

In Europe 14th February 2024

Real estate prices in Germany in 4Q23 down 7.2% year-on-year on average, commercial segment sees 12.1% drop

Norbolsa| In Germany, the problems in the commercial real estate market are increasing investor fears about the sector and possible lending banks being infected. The collapse in office property prices has accelerated, with Deutsche Pfandbriefbank’s share price at record lows. In particular, real estate prices in 4Q24 declined by an average of 7.2% year-on-year in Germany, the biggest drop in the entire historical series of the index compiled by the…

BP

Spanish economy 14th February 2024

BP paralyses 2,000 million investment because government has not transposed European renewables directive for over two years

BP is waiting for the government to transpose the European renewables directive to unblock its plan for the Castellón refinery. Andrés Guevara, president of BP Spain, said yesterday that “hundreds of millions” worth of investments have been paralysed by the delay of the Ministry for Ecological Transition in the transposition of a European directive. According to “Economía Digital”, the governments of Germany and the Netherlands have already taken this step,…

Spanish SMEs provide jobs for 71% of social security contributors

Spanish economy 14th February 2024

700,000 SMEs close 2023 with losses

As many as 700,000 SMEs, 23%, closed with losses in 2023, compared to 64% that closed with profits, as announced this Tuesday by the barometer of the General Council of the Colleges of Administrative Managers. The barometer was developed during the week of February 5 to 9, through consultation among 6,000 administrative managers. According to their data, 26% of SMEs invoiced less in 2023 than in 2022, compared to 47%…

Talgo

Spanish economy 14th February 2024

Talgo confirms possible takeover bid talks at €5/share: recommendation from Buy to Sell

Hungarian consortium Ganz-MaVag Europe Zrt. (Magyar Vagon) confirmed on Friday that it is holding talks and negotiations for a possible takeover bid for 100% of Talgo (TLGO) at €5/share without an agreement having been reached yet. The talks focus on the financing of Talgo (TLGO) subject to change of control. As the National Securities Market Commission (CNMV) does not allow the offer to be made subject to the condition of…

Unicaja2

Spanish economy 13th February 2024

Unicaja denies any merger with Banco Sabadell on the table

Alphavalue / Divacons| Unicaja shares rose 3.46% yesterday following news that Banco Sabadell was interested in a merger. According to El Confidencial, Josep Oliu, chairman of the Catalan bank, has held talks at the highest level with the Bank of Spain about a possible merger, with plans to locate the merged entity’s headquarters in Malaga, where Unicaja has its headquarters. According to the news story, Unicaja’s main shareholder, the Unicaja…

Irak petroleo

In the World 13th February 2024

Iraq, OPEC’s second-largest producer, says it is meeting its 4m bpd production quota to support market

Intermoney| On the oil front, news from Iraq. According to the country’s oil minister, Iraq, OPEC’s second largest producer, is meeting its production quota under the OPEC+ agreement that limits production to prop up the market. Iraq has capped production at 4 million bpd while exports are around 3.4 million bpd. Iraq is OPEC+’s second largest producer, but has a history of irregularity in meeting its quota with the cartel,…

banks general 777x400

Spanish economy 13th February 2024

The theoretical record of banking profit in Spain in 2023

Aurelio Medel (5 Días)|Foreign business covers a fall of more than 30% in profit and credit in Spain since 2007, a historic year for the sector. Since then, 27,850 branches have closed and 115,000 jobs have fallen. The fanfare that occurred last week with the publication of banking results is the product of two contradictory exigencies. On the one hand, the Government wants to show that these are exaggerated profits…

aena barajas3CM

Relevant News Item 13th February 2024

Aena’s airports register all-time record number of passengers in a single month of January

CdM| The airports of the Aena (AENA) network in Spain have closed the first month of 2024 with an all-time record number of passengers and cargo in a single month of January, thus maintaining the upward trend of much of last year. In January 2024, Aena received 18,667,212 passengers, 10.3% more than in the same month of 2023; it handled 165,909 aircraft movements, 6% more than in 2023; and 91,752…

eeuu supermercado consumo

In the World 12th February 2024

December US CPI revised down to monthly increase of 0.2%

Link Securities| According to data from the Department of Labor, the US consumer price index (CPI) for December was revised down to a monthly increase of 0.2%, from a preliminary increase of 0.3%. In addition, November’s figure was revised upwards to an increase of 0.2%, from the initial figure of a 0.1% increase, and October’s figure was also revised upwards by one-tenth, from an initial flat reading to an uptick…

Spanish mortgages market

Spanish economy 12th February 2024

House purchases and sales in Spain fall 11.2% in 2023, mortgages 21.3% according to notaries

The purchase and sale of homes in Spain went down 11.2% in 2023 compared to the previous year and the granting of new mortgage loans to purchase a home decreased by 21.3%, according to data released by the General Council of Notaries.Altogether, in the Spanish real estate market, 640,451 purchase and sale operations were reached.By type of housing, apartment sales reached 492,498 units (-10.5% year-on-year), while single-family homes fell to…