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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.
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In the World 28th September 2024

US final 2Q24 GDP surprises with 3% year-on-year growth, one tenth of a point higher than expected, thanks to 1.9% rise in consumption

Banca March: In the US, the final revision of 2Q GDP surprises by confirming a 3% annualised quarterly growth, one tenth of a percentage point higher than expected. On the component side, consumption continued to be the main driver of the US economy contributing 1.9 p.p., while public spending and investment contributed 0.52 p.p. and 0.42 p.p. respectively. Thus, demand contributed 2.9 p.p. to the change in GDP this quarter,…

Infla

In Spain 27th September 2024

Spain’s preliminary CPI drops to +1.5% year-on-year in September from +2.3% in August

According to the preliminary estimate from the National Statistics Institute (INE), the CPI slowed down in September in Spain to 1.5% year-on-year, decreasing below the minimum reached in June 2023 (1.9%) to mark the lowest figure since March 2021. The increase in the core inflation rate also moderated, in this case by three tenths (compared to eight in the CPI), down to 2.4%, the lowest since January 2022. The INE…

ArcelorMittal

In the World 27th September 2024

ArcelorMittal India generates $5.8 billion in cash since acquiring assets and invests same amount in growth

Renta 4 | ArcelorMittal (AM) has organised a visit for analysts to the Hazira plant in India, AM’s main facility in the country. AM created the JV in India (AM/NS India) together with Nippon Steel 60%/40% in 2019. AM/NS India has generated $5.8 billion of cash since the acquisition of the assets and has invested the same amount in its growth, acquisition of mines, ports, power facilities, land. Despite the…

Social homes in Spain

In Spain 27th September 2024

House sales rise again, up 19.4% in July

With the advance of July, the sale and purchase of homes returns to positive rates after the year-on-year declines of 6.1% and 21.5% in May and June, respectively. The year-on-year increase in home sales in July is due both to the rebound in transactions for new homes, which rose by 38.6% year-on-year, the largest increase in three years, reaching 11,302 transactions, and to those involving used homes. The latter increased…

europastry

In Spain 26th September 2024

Europastry submits documentation again to try to start trading with valuation close to €1,500m

Norbolsa | The company seems to be trying again to go public, where today it will present the necessary documentation to do so. In addition, it seems that Criteria Caixa would be willing to subscribe shares in this operation, as announced on 21 June. We recall that Europastry is one of the largest bread and pastry production companies in Europe; valuations are around €1,500M; on the other hand, remember that…

grifols edificio

Spanish economy 26th September 2024

CNMV issues warning to Grifols, Gotham and General Industrial Partners fund for very serious breaches of law

Bankinter: The National Securities Market Commission (CNMV) has issued a warning to Grifols (GRF), Gotham and the General Industrial Partners (GIP) fund for very serious infringements. In the case of Grifols, according to the CNMV, the group provided information “with inaccurate or untruthful data or which omits relevant aspects in accordance” with accounting standards in the annual reports for 2021, 2022 and 2023, as well as in the accounts for…

china yuanesCM

World economy 26th September 2024

Chinese authorities consider injecting capital to tune of $142.39 into large state-owned banks

Bankinter | The authorities are considering injecting capital into large state-owned banks to the tune of up to $142.39 billion (1 trillion yuan). This operation would be financed through the issuance of special sovereign bonds and would be the first time they inject capital into state-owned banks since 2008. Opinion of Bankinter’s analysis team: It is included in the battery of measures presented this week by the government and the…

ChinaSolarPanels

In the World 26th September 2024

European Union must prepare for much more difficult relationship with China

Alicia García Herrero (Natixis) | The tone of European Union-China relations changed radically in 2019. The EU moved beyond engagement to competition and even rivalry. China has become Europe’s largest competitor in third markets and increasingly even in the EU single market. This aggressive competition is the result of a complicated mix of China’s greater competitiveness, massive Chinese industrial policy underpinned by subsidies, and the Chinese market not offering sufficient…

Telefonica dos

Spanish economy 26th September 2024

Telefónica and Vodafone to sell 40% of fiber subsidiary for €800 million

Telefónica and Vodafone are accelerating their plans to bring in a minority partner to their newly created subsidiary that groups their optical fiber. The company chaired by José María Álvarez-Pallete aims to replicate the scheme it has implemented in other countries, and for this, it has hired two investment banks, Barclays and BBVA. The plan involves opening the capital up to 40% and leaving Telefónica with a majority stake. The…

Santander. new

Spanish economy 26th September 2024

Santander to pay interim dividend out of 2024 earnings of €0.10/share, almost 25% of H1 profit

Link Securities | In application of Banco Santander’s current shareholder remuneration policy, which consists of a total shareholder remuneration target of around 50% of the Group’s ordinary profit, distributed approximately equally between a cash dividend and share buybacks, the Board of Directors yesterday approved the payment of an interim cash dividend out of 2024 earnings of 0.10 gross per share, equivalent to around 25% of the Group’s ordinary profit in…