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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.
prosegur

Relevant News Item 17th January 2024

Prosegur announces 10% growth in Prosegur Securit, its surveillance and technology business

Link Securities | Prosegur (PSG) said Monday in a press release that it reported 10% growth in 2023 in its surveillance and technology business, Prosegur Securit, according to Europa Press. The firm has celebrated the first anniversary of its Intelligent Security Operations Centre (iSOC) in Madrid, consolidating its commitment to the hybrid security model, which has been key to exceeding the 10% growth of its Prosegur Security division. Specifically, the…

FelipeGonzalez

In Spain 17th January 2024

Felipe González: “An amnesty made by those who have themselves been amnestied is a bit strange, isn’t it? It is a self-amnesty, not an amnesty. I don’t think it’s acceptable”

“I have not left the party’s positions. They call me a dinosaur and they are right, but that allows me to say that, when I speak of the future, I do not speak of my own”… “Amnesty is intolerable, I say that as a member of an organisation that built the Constitution”… “If my party changes, I am not obliged to change. I think the same as the PSOE leadership…

alemania recesion

European economy 16th January 2024

Germany falls by 0.3% in 2023, after +1.8% in 2022, confirming entry into recession and Eurozone weakness

Banca March: Yesterday confirmed the entry into recession of the German economy in 2023. Germany’s GDP fell by 0.3% for the year as a whole, after +1.8% in 2022, hurt by high inflation, rising interest rates and high energy costs. We highlight the negative performance of industry, down 2%, despite the positive contribution of the automotive sector and the manufacture of other transport equipment. There was also minimal growth in…

cie automotive montaje

World economy 16th January 2024

Red Sea crisis continues to affect automotive supply chain: Michelin, Volvo, Tesla and Geely

Norbolsa | The Red Sea crisis continues to affect the automotive supply chain. Michelin was one of the first suppliers to be affected by the lack of rubber, while more recently Volvo, Tesla and Geely have also been hit by shortages. Meanwhile, Stellantis said it is using air transport to cope with temporary supply disruptions, while Volkswagen announced that it does not expect “significant” restrictions on production. Visibility remains limited,…

Employment November

In Spain 16th January 2024

Out-of-work seasonal “fixed discontinuous” workers – not listed as unemployed – up 20% to almost 750,000

Registered unemployment fell by 27,375 in December to a total of 2.7 million, the lowest figure since 2007. But the question on many people’s minds is: what would have happened if this figure had not excluded the out-of-work seasonal “fixed discontinuous” workers who register with a public employment service? They are not classified as unemployed, but as job seekers with an employment relationship, a category that in the last month…

ArcelorMittal

European economy 16th January 2024

ArcelorMittal could sell 40% stake in Acciaierie d’Italia, and potentially increase buybacks programme and reduce leverage

Morgan Stanley | Alain Gabriel highlights the news published by La Republicca that ArcelorMittal would be looking to sell its 40% stake in Acciaierie d’Italia (ADI), which has been underperforming (<4mta vs ~10mta). ADI’s earnings are not reported under Arcelor’s EBITDA, but under those of the Associates and JVs. Alain Gabriel estimates that EBIDA attributable to ADI was US$170mn in 2022. The article reported that Arcelor wanted to sell its…

Grenergy

World economy 15th January 2024

Grenergy signs strategic agreement with China’s BYD to supply batteries with 1.1 GWh capacity in Chile

Alphavalue / Divacons | The renewable energy group has signed a strategic agreement with China’s BYD for the supply of large-scale storage systems through batteries with a capacity of 1.1 gigawatt hours (GWh) for its Oasis de Atacama project in Chile. As part of this collaboration, BYD will supply Grenergy with a total of 2,136 installations of its MC Cube ESS model. This storage system is equipped with Blade batteries,…

airbus A320

European economy 15th January 2024

Airbus delivery and order data show supply chain continues to improve while demand remains strong

The aerospace company last week reported 112 aircraft deliveries in December (vs. 64 in November ’23 and vs. 98 in December ’22), bringing the total in 2023 to 735 (vs 661 in 2022; +11%). Airbus thus beat the delivery target of 720 aircraft in ’23, also exceeding expectations (725 BS(e) aircraft). In addition, a total of 807 new orders and 108 cancellations were recorded during the month. Considering cancellations, net…

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World economy 15th January 2024

US producer prices fall again in December for third month in a row

BancaMarch : In the United States, producer prices fell again in December, showing subdued cost inflation. On a monthly basis, the index shows a decrease of -0.1%, below the expected 0.1% and equal to the -0.1% of the previous month. Thus, the index remains in negative territory for the third consecutive month, a fact that has not been recorded since 2020. On the other hand, the underlying rate repeats the…

The minimum wage of 1,000 euros a month is now in the Spanish political agenda

In Spain 15th January 2024

Government makes good on threat to employers who refused a 4% increase in minimum wage, agrees 5% rise with unions

The minimum wage (SMI) will rise by 5% in 2024. The Government has finally agreed on the increase only with the majority trade unions, CCOO and UGT, after employers rejected the Ministry of Labour’s proposal for a 4% increase. In the last five years, the minimum wage had already risen by 47%, from €735 per month in 14 payments in 2018, to €1,080 in 2023. It now rises by an…