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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.
acciona

World economy 26th January 2024

Acciona to bid for Line 7 of Riyadh metro together with Siemens, Samsung and Alayuni, and against FCC and its consortium

Link Securities | Acciona and FCC are part of two consortiums formed to bid for the construction of the new Line 7 of the Riyadh metro in Saudi Arabia, according to sources consulted by the newspaper Expansión. Specifically, Acciona has formed an alliance with Siemens, Samsung and Alayuni. In addition, FCC, as part of the consortium that won in 2013 one of the lots to design and build the first…

industrial production worker

Spanish economy 26th January 2024

Inflationary pressure eases: Spain’s producer prices fall 0.3% in December

BancaMarch: In Spain, industrial producer prices fell again in December. Specifically, they registered a fall of -0.3% month-on-month, which brings the drop compared to the same period last year to 6.3% from the previous 7.6%. Data that continue to show lower inflationary pressures, derived from lower energy prices compared with the high levels recorded in 2022.

tecnicas reunidas 777x400 1

World economy 26th January 2024

Técnicas Reunidas opens offices in USA to invest €55 billion in decarbonisation technologies by 2030

Singular Bank | The Spanish multinational engineering and infrastructure construction company for the oil and gas sector has opened offices in the US. In doing so, it hopes to address the current need to increase green energy and will invest around €55 billion in decarbonisation technologies, hydrogen, biofuels and carbon capture by 2030. It has also confirmed that thanks to its alliance with the Chinese oil company Sinopec, it has…

Spanish mortgages market

Spanish economy 26th January 2024

Mortgages continue to fall: down 19% year-on-year in November

According to data published yesterday by the National Statistics Institute (INE), the number of mortgages taken out on dwellings fell by 19.1% in November in year-on-year terms (-22.3% in October), making a string of 10 months of year-on-year falls. The INE also reported that the average amount of mortgages on dwellings fell by 0.5% year-on-year in November, to €145,894. At the same time, the capital loaned decreased by 19.5%, to…

ACS novisimo

European economy 26th January 2024

French motorway tax could affect Abertis dividend, around €300m for ACS

Banc Sabadell| The new motorway tax in France, whose impact would be ~-€85m on Abertis (~2% of its EBITDA 2023e; ACS’ 45% stake in Abertis net of minority interests), could have an impact on a future review of Abertis’ rating unless corrective measures such as a dividend cut are taken, following comments by S&P in a recent report, according to press reports. In this regard, Abertis plans to pay out…

bce lagarde 1

European economy 25th January 2024

ECB: deposit rate therefore remains at 4%

Peter Goves (MFS Investment) | As widely expected, the ECB kept all three of its policy rates on hold at the January meeting. The deposit rate therefore remains at 4% and it has been held at this rate since September 2023. We would agree that the longer rates are held at such restrictive levels, domestic demand will remain subdued and (core) inflation will continue to fall. Today’s meeting affirms our…

OTAN Suecia

In Europe 25th January 2024

Turkey gives go-ahead for Sweden to become 32nd member of NATO

Banca March: With 287-55 votes, the Turkish parliament has voted in favour of the Nordic country’s membership, pending President Erdogan’s final signature. Unanimous support from the member states is required to become a member of the organisation, with Hungary now being the only country not to have given its approval. Sweden aspires to become the 32nd member since it applied to the alliance a year and eight months ago, with…

Inditex Junta 2023

World economy 25th January 2024

Inditex will more than overcome impact of Red Sea conflict, growing above peers’ average

Morgan Stanley| Our analysts have studied the impact of the Red Sea conflict-related transportation issues on 17 retail companies. The average impact is 7% of pre-tax profit on average if rates stay where they are. Estimating a 150% increase in freight rates, the impact on pre-tax profit is -2% in food, -6% in clothing and -14% elsewhere. All this before mitigations. Most companies know how to manage the impacts of…

Posted workers OK

Spanish economy 25th January 2024

Absenteeism rate rises to 6% in 3Q23: 1.27 million employees miss work every day, according to Randstad

More than 1.27 million employees are absent from work every day. The level of absenteeism thus stands at 6% of the agreed hours, which represents four tenths more than a year earlier, according to the ‘Report on absenteeism in the third quarter of 2023’, published on Wednesday by Randstad. According to the report – based on the Quarterly Survey of Labour Costs of the National Institute of Statistics – absenteeism…

GarciaPage

In Spain 25th January 2024

Socialist president of Castilla La Mancha says PSOE “on the fringes of the Constitution”

And a minister, Oscar Puente, replies that it is he who is “on the fringes of the PSOE”. “I win elections. I would like others to do the same” (to avoid having to make shameful pacts to keep the PSOE in La Moncloa), said García Page, socialist president of Castilla La Mancha. García Page assures, against the new doctrine of the Government and the PSOE, that “there is no good…