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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 Europe 7th November 2023

Telefónica launches takeover bid for the 28.19% it does not own in Telefónica Deutschland at €2.35/share

Bankinter | Telefónica has launched a takeover bid for 28.19% of its subsidiary in Germany. The company owns the remaining 71.81% of the capital and voting rights of the German subsidiary. The Offer will be formulated as a purchase and sale of shares. The consideration offered to Telefónica Deutschland shareholders is €2.35 in cash per share, representing a premium of approximately (i) 37.6% to the closing price of Telefónica Deutschland…

World economy 7th November 2023

South Korea’s economy to accelerate in 2024 thanks to better exports, higher capital flows and easing of financial conditions

Trinh Nguyen (Natixis) | External headwinds may seem to be only getting stronger, but the worst is likely over for the Korean economy. For most of 2023, the peninsula was reeling from the lagged impact of 300bps rate hike, double digits decline of exports, and uncertainty from US-China geopolitical rivalries that have negatively impacted its key sectors such as semiconductor production. In response, policy makers have made a series of…

Spanish economy 7th November 2023

Norges Bank increases stake in Unicaja to 7.47%

Norges Bank has increased its stake in Unicaja’s capital to 7.47%. This was communicated this Monday to the Spanish Securities and Exchange Commission (CNMV) after increasing by more than two points from the 5.4% it previously held. Of this percentage, 4.261 points are held directly, while 3.21 are structured through financial derivatives. According to the same information, Norges now holds 2.654 million shares. Thus, Unicaja’s capital would be made up…

Spanish economy 7th November 2023

Laboratorios Reig Jofre produces in Barcelona and markets in Japan a record 15 million vials of Remifentanil anaesthetic

Link Securities | Laboratorios Reig Jofre (RJF) has informed the CNMV that it has reached an important milestone together with its partner Maruishi Pharmaceutical in Japan: the production in Barcelona and commercialisation in Japan of 15 million vials of the anaesthetic Remifentanil, a latest generation intravenous anaesthetic for hospital use. This product, developed internally by the company, is produced in RJF’s sterile and lyophilised injectables plant. RJF’s plants are responsible…

Companies, In Europe 7th November 2023

Real estate giant Vonovia, Europe’s largest, sells assets worth €1.7 billion in first nine months of year

Singular Bank: Europe’s largest real estate company has presented its results for the first nine months of the year, where the highlight is the sale of assets for a total of €1.7 billion, such as 30% of its northern German portfolio to Apollo for €1 billion, a portfolio to CBRE for €357 million at a discount of 4% and other small sales at an average discount of 7% to fair…

Spanish economy 7th November 2023

Real per capita income of Spanish households 0.7% below 2007, third worst in OECD

Real per capita household income in Spain at the end of the second quarter of 2023 remains 0.7% below that of the first quarter of 2007, before the financial crisis, making the country the third worst performer in the OECD in this macroeconomic indicator, according to data published on Monday by the organisation. While in the OECD countries as a whole, per capita household income in real terms (i.e. after…

In the World 6th November 2023

US companies experience biggest CEO drain in 20 years

F.R.| Through October of this year, some 1,425 CEOs have left their positions at US companies across all industries and statuses, 47% more than the same period last year and the highest number since 2002, according to the latest quarterly Challenger CEO Turnover Report from talent consultancy Challenger, Gray & Christmas. In the third quarter alone, there were 518 CEO departures – mostly from government organisations, NGOs or healthcare companies…

European economy 6th November 2023

Ryanair posts adjusted net profit of €1.515bn in fiscal Q2 and announces €0.35/share dividend this year

Bankinter : The airline reports solid 1H fiscal results and announces dividend payment. Key figures versus market consensus (Bloomberg): Revenues €4,926M (+23%) vs €4,874M estimated; EPS (adjusted) €1,515M (+26%) vs €1,493M estimated; EPS (adjusted) €1.324 vs €1.337. Passengers reached €105.4M (+11%) and Occupancy Rate 95%. Prices are +24% higher than last year. Highlights: (i) Announces that it will pay a dividend this year of €400M (€0.35/share), which represents a dividend…

In Spain 6th November 2023

Indra to adapt European single window regulation to Spain’s 46 ports, and be in charge of maintenance and support to users

Link Securities| The company has been awarded the contract by Puertos del Estado for the technological renovation of the maritime port single window in Spain. The tender seeks to provide it with new functionalities and adapt it to the European environment to improve the competitiveness of ports and national foreign trade, as reported yesterday by Europa Press. Specifically, Indra will adapt the Dueport national single window system to the European…

In the World 6th November 2023

First signs of weakness in US labour market: unemployment up slightly to 3.9%

BancaMarch: First signs of weakness in the US labour market, known on Friday. On the one hand, the Non-Farm Employment Creation figure was below 200,000 jobs, and practically half of September’s figure (150,000 against 180,000 expected and against 297,000 of the previous month, revised downwards). In line with the lower job creation, we also saw unemployment rise by one tenth of a point to 3.9%, a rise that came in…

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