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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.
Acerinox cool

Spanish economy 15th January 2024

Acerinox to invest €67m in high-performance alloys division, VDM Metals, and generate 15% more revenue

Renta 4 | The company has informed the National Securities Market Commission (CNMV) of investments in its high performance alloys division (VDM), as well as the presentation of its new excellence plan. Investments in VDM: Acerinox has announced an investment of €67 million, including an atomiser for the production of stainless steel powders and high-performance alloys for additive manufacturing. At the same time, three remelting furnaces will be extended, and…

precios inflacion tickets

Spanish economy 12th January 2024

Final CPI in Spain confirms 3.1% in December 2023 and core CPI 3.8%; gap between the two decreases +0.7 pp from previous +1.3

Bankinter : Final CPI December 2023 confirms +3.1% year-on-year (from +3.2% year-on-year previous and expected). Underlying CPI also confirms +3.8% year-on-year (from 4.5% year-on-year before). In month-on-month terms, 0.0% month-on-month (from -0.3% month-on-month in November) and in the Underlying +0.2% month-on-month (from +0.1% month-on-month in November). Assessment: No surprises, preliminary data are confirmed. This is fully in line with our estimates in Strategy 2024 (year-end +3.1% year-on-year and annual average…

Galp

World economy 12th January 2024

Galp Energia discovers oil field in Namibia, but total reserves to be exploited not known

Singular Bank | The Portuguese energy company has risen 8% following news of a bumper offshore oil discovery in Namibia. Galp is the operator and holds an 80% stake. In addition, the Namcor (10%) and Custos (10%) companies are participating in the discovery, the total reserves that may be exploited in the field are unknown. Galp has carried out several well drilling projects offshore Namibia since 2019. In fact, the…

china real estate 1

World economy 12th January 2024

China Data Flash: regulatory tightening on real estate financing dampens investment sentiment; stability now the key word which accompanies growth in official statements

Alicia García Herrero (Natixis)| Investment sentiment has declined significantly in the last two months of 2023, mainly due to negative sentiment regarding real estate. In December, regulatory fines were issued to multiple financial institutions, including two large AMCs and a few banks, for the illegal granting of funds to developers. Despite numerous stimuli aimed at encouraging financial institutions to provide financing channels for developers, it is anticipated that only those…

Aena nuevita

Relevant News Item 12th January 2024

Aena considers buying Edinburgh Airport for nearly €3 billion

Bankinter | Aena (AENA) is analysing the purchase of Edinburgh Airport for nearly €3 billion. Aena is looking into the possibility of participating in the sale of Edinburgh airport, 80.9% owned by Global Infrastructure Partners (GIP), which has hired HSBC and JPMorgan for a transaction that should be carried out during the first half of this year. GIP aims to raise around £2.5 billion (€2.9 billion). Assessment: This potential acquisition…

bancos medina

In Spain 11th January 2024

National Court overturns fine imposed by CNMC on Santander, BBVA, Caixabank and Sabadell for price-fixing

Renta 4 : The National Court overturns the fine imposed by the CNMC (National Markets and Competition Commission) on Santander, BBVA, Caixabank and Sabadell for price-fixing. In 2018, the CNMC imposed a fine of €91 million on Santander, BBVA, Caixabank and Sabadell for violating market practices by agreeing on swap prices. At the time, the banks assumed payment of the fine and made the corresponding provisions for litigation. The distribution…

naturgy

World economy 11th January 2024

Naturgy begins construction of second large photovoltaic facility in US, in Texas, with €285-million investment

Link Securities | Naturgy (NTGY) has begun construction of its second large photovoltaic facility in the United States, the Grimes plant, which will have a capacity of 210 MW and will involve an investment of more than €285 million, according to Europa Press. This new renewable generation plant will be located in the state of Texas and will generate enough emission-free electricity to supply approximately 140,000 homes. With the start-up…

Sanchez

In Spain 11th January 2024

Sánchez suffers first parliamentary defeat in surreal session of Congress: “The government is making a fool of itself”, says opposition leader

Yesterday, Congress voted on three Decree Laws, to which the only thing to say was yes or no. The government saved two of them after agonising negotiations in which Junts, the party of the fugitive Puigdemont, obtained new and important concessions. These were: giving the Generalitat control of immigration; “shielding” the amnesty by annulling an article of a European directive that obliges the suspension of new laws that are questioned…

ACS new

Relevant News Item 11th January 2024

ACS to replace two bridges managed by Amtrak rail transport network in Northeast corridor of US for €1.37 billion

Norbolsa| ACS has been contracted to replace two key bridges in the Northeast US rail corridor operated by Amtrak, the country’s largest transportation operator and manager. The Spanish group, associated with the local firm Herzog, and through its subsidiary Flatiron, will be in charge of replacing the two bridges on the Susquehanna River Rail Bridge (Maryland, USA), with an investment budget of $1.5 billion (around €1.37 billion). The project will…