Top Stories

Articles by The Corner

About the Author

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.
Applus

Companies, Markets 2nd January 2024

Council of Ministers authorises Apollo fund’s takeover bid for Applus+

Alphavalue: In relation to the application for authorisation of the voluntary takeover bid made by Manzana Spain Bidco (Bidder) for all the shares of Applus+ (APPS), which was admitted for processing by the CNMV on 17 July 2023, Applus hereby states that the Council of Ministers resolved, at its meeting of 27 December 2023, following a favourable report from the Foreign Investment Board, to authorise unconditionally the foreign investment of…

energy sector

In Spain, Relevant News Item 2nd January 2024

Major confusion in energy sector over details of “solidarity” levy’s implementation

Link Securities| The reform of the tax on large energy companies (Repsol, Iberdrola, Endesa, Naturgy and Cepsa) is generating monumental confusion in the sector, the newspaper Expansión publishes in today’s edition. To date, and despite the fact that the reform has theoretically come into force on 1 January 2024, nobody knows exactly how it will be applied. Thus, energy companies are urging the government to clarify when the reform of…

Retail Eurozone

In Spain, Spanish economy 2nd January 2024

Spain’s November retail sales rise 5.2% year-on-year, beating 3.9% forecast

BancaMarch : Consumer spending continues to grow strongly in Spain. This morning retail sales for November were published, which advanced at a rate of +5.2% year-on-year, beating the +3.9% forecast. Moreover, the previous month’s figure was revised upwards by three tenths of a percentage point to +5.3%. With these figures, private consumption will continue to support activity at the end of the year.

Indra Tecnocom

Companies, In Spain 2nd January 2024

Indra considers raising €800m from sale of Minsait’s assets to finance possible purchase of part of Hispasat

Alphavalue/DIVACONS | The Spanish IT services and consultancy company is considering the acquisition of a stake in satellite operator Hispasat, which is partly owned by state-controlled network operator Redeia (RED), Cinco Días newspaper reported on Thursday citing unidentified market sources. Indra is considering raising €800 million from the sale of assets of its technology unit Minsait to finance the deal. On the other hand, the Council of Ministers authorised the…

Milei

In the World 29th December 2023

Milei sets up tax associated with expropriation of YPF to pay compensation including $1.5bn payment to Repsol

BancaMarch | The Milei government is setting up a special tax in Argentina associated with the expropriation of the YPF oil company. The tax, which will be known as the “Kicillof tax” because it was imposed during the time of the Minister of Economy, Axel Kicillof, will serve to comply with the judicial sentence to which the country was condemned in September by a US court. The amount of the…

UE gas

In Europe 29th December 2023

Dutch gas futures rise 6% amid Middle East tensions, but remain 50% lower than at start of year

Link Securities | Bloomberg reported a rebound in European gas prices, with Dutch market futures rising 6% amid tensions in the Middle East. There are concerns that the regional war will widen from the Israeli-Palestinian conflict in Gaza. The US carried out some strikes on Iraqi targets and new attacks by Houthi militias were reported in the Red Sea. Iranian media reported last weekend that an Iranian commander was killed…

CarlosCuerpo

In Spain 29th December 2023

Carlos Cuerpo replaces Nadia Calviño at Economy Ministry

Pedro Sánchez has announced that Carlos Cuerpo, secretary general of the Treasury and International Finance, will replace Nadia Calviño at the head of the Ministry of Economy, Enterprise and Trade, following her departure to chair the European Investment Bank (EIB). On the other hand, the Minister of Finance, María Jesús Montero, the PSOE’s number two and until now fourth vice-president, will become first vice-president. The new minister holds a degree…

utilities

Relevant News Item 29th December 2023

Government announces extension beyond 2024 of tax paid by energy companies

Norbolsa| The Government has announced an extension beyond 2024 of the tax paid by large energy companies. However, it has also announced that it will introduce tax incentives in which strategic investments linked to industrial projects and decarbonisation can be deducted, so the scope of the deductions remains to be seen. On the other hand, the government has taken advantage of the omnibus law to extend anti-crisis measures to introduce…

CAF factory

In Europe 28th December 2023

CAF, via Solaris, to deliver electric buses in Madrid and Berlin under contracts worth over €70m

CdM| Solaris (CAF) has been awarded contracts to supply electric buses to Berlin and Madrid. In both cases, these are agreements for the delivery of 50 electric buses, the combined volume of the contracts exceeding €70 million. In the case of the agreement for Berlin, it is particularly relevant as it is a framework contract, the number of units of which could be up to 700 buses. Berliner Verkehrsbetriebe (BVG),…

caixabank sunset

Relevant News Item 28th December 2023

Caixabank reaches 94.54% execution of buyback of own shares, of a maximum amount of €500 M

Alphavalue/DIVACONS| The Catalan bank reached 94.54% execution of its buyback of its own shares in the first fourteen weeks since the start of the programme, whose maximum amount is €500 million. In these fourteen weeks, the bank has already disbursed €472.1 million to acquire 122.1 million of its own shares, according to the information sent to the Spanish National Securities Market Commission (CNMV). Caixabank: Buy, Target Price €5.36/share.