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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.

In the World 8th January 2024

Acciona, ACS and Meridiam in consortium competing with Ferrovial and Macquarie for €2-billion SR-400 Express Lanes project in Atlanta

Link Securities| Acciona and ACS, on the one hand, and Ferrovial, on the other, are part of the two consortia that have entered the final phase to design, build, finance, operate and maintain one of the largest toll road projects underway in the US, the SR-400 Express Lanes in Atlanta, Georgia. The value of the project, implemented through a managed lanes model (dynamic tolls), is estimated at approximately €2 billion….

In Spain 8th January 2024

The legislature, a toothache for the PSOE

Fernando González Urbaneja | The legislature will be like a toothache for the Socialist Party, and the first tests of this will become apparent this week with the validation of the first decree-laws approved by the government, which require majority approval. Two of its allies, Podemos and Junts, have set preconditions for their approval, which is necessary for the government’s first decisions to come into force. Sánchez’s resistance manual, which…

In the World 7th January 2024

Temu and Shein pose real threat to Amazon for market share amid new regulatory challenges

Bankinter | New competitors such as Temu and Shein are gaining ground in markets adjacent to Amazon. Temu already accounts for almost 17% of the discount retail market, while Shein’s revenues have already reached $23bn, surpassing companies such as H&M. They also pose new regulatory challenges, amid antitrust lawsuits against Amazon. Despite increased competition, Amazon’s resilience is reflected in the continued growth of its Prime user base, which has reached…

Spanish economy 7th January 2024

DWS Investment (Deutsche Bank) raises 3.3% of Sacyr’s share capital

CdM| DWS Investment, Deutsche Bank’s fund manager, has raised a 3.26% stake in the capital of Sacyr, thus becoming one of the significant shareholders of the construction and concessions company. According to the National Securities Market Commission (CNMV) records, and as reported by Europa Press, the German fund manager’s operation translates into 22.3 million shares, valued at current market prices of €71.5 million.

European economy 7th January 2024

Airbus offers between €1.5 and €1.8 billion for Atos Big Data and security business

Link Securities | French IT company Atos has released a statement explaining that European aeronautics giant Airbus (AIR) has offered between €1.5 billion and €1.8 billion for its Big Data and Security business. The acquisition of BDS could significantly accelerate AIR’s digital transformation and enhance the company’s defence and security portfolio with strong capabilities in cyber, advanced computing and artificial intelligence, AIR said. Discussions continue on the price to be…

Spanish economy 7th January 2024

CaixaBank prepares website for sale of second-hand vehicles

Norbolsa | The bank will launch a digital platform for the sale of second-hand cars in the first half of 2024. In this regard, the company is finalising the creation of a digital platform for the sale of second-hand vehicles from a network of eight selected dealers that will cover the whole of Spain. This list of dealers will also be joined by Arval, a subsidiary of BNP Paribas that…

Relevant News Item 5th January 2024

Telefónica’s final direct cost savings with layoff programme represent close on 48% of €600m of those announced in November 2023 plan

Banc Sabadell | Telefónica (TEF) has communicated this week the agreement for the execution of the planned redundancy proceedings for its subsidiaries in Spain, which will finally affect 3,421 employees (~16% of the employees in Spain, ~3% of the Group), in line with what was already known. In the statement, Telefónica indicates that the present value of the costs associated with the plan has resulted in a provision of close…

European economy 5th January 2024

German unemployment rate reaches 5.9% in December, highest since May 2021

Link Securities | As released yesterday by the German Federal Employment Agency, Germany’s seasonally adjusted unemployment rate rose to 5.9% in December from a revised 5.8% in November, bringing the reading in line with the FactSet consensus of analysts. December’s is the highest unemployment rate since May 2021. The number of unemployed rose by 5,000 from November to 2.703 million in December, making it the eleventh consecutive month of rising…

In the World 5th January 2024

How relevant is the economy for Taiwan’s elections?

Alicia García Herrero (Natixis) | Taiwan’s elections are one of the most important geopolitical events in 2024. The state of the economy is part of the story, but not an essential one so far. This might look counter-intuitive given the underperformance in 2023, but the devil is in the details. The labor market is resilient, and consumption is growing faster than in 2022, both of which are important for voters….

Spanish economy 5th January 2024

Services sector pulls Spain away from euro area slowdown

Eurozone private sector activity in December maintained the previous month’s pace of deterioration, extending the contraction to seven consecutive months, according to the composite purchasing managers’ index (PMI), which repeated November’s reading of 47.6 points in the last month of 2023, anticipating the risk of the eurozone entering recession. By contrast, as published yesterday by S&P Global, Spain’s services PMI rebounded from 51.0 points in its November reading to 51.5…

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