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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.
Telefonica central

In Spain 1st November 2023

Government prepares to take stake close to 5% in Telefónica to balance Saudi participation

Norbolsa: The Government is preparing to take a stake of close to 5% in Telefónica led by SEPI in coordination with other national investors in order to balance the entry of Saudi Arabia. Given the high amount of the acquisition of this 5%, which would be around €1,000 million, the Moncloa is working to bring together the interest of several Spanish business people to join this initiative, which would mean…

OHLA

In the World 31st October 2023

OHLA wins two contracts in California worth around €180 million

Bankinter| OHLA has been awarded two new civil works contracts in California, United States, worth close to €180 million, according to Europa Press. Specifically, the first contract, awarded by the San Gabriel Valley Council of Governments for nearly €127 million, involves the construction of a bridge at the Union Pacific Railroad crossings at Montebello Boulevard and Olympic Boulevard, creating an underpass. The company said the project will significantly reduce traffic…

Leonor

In Spain 31st October 2023

PSOE meets with Puigdemont while partners stand up Princess Leonor in her oath of allegiance to the Constitution

The number 3 of the PSOE, Santos Cerdán met yesterday in Brussels with Carles Puigdemont – a fugitive from Spanish justice whom he called “president” – to try to obtain the seven votes of his party, Junts per Catalunya, to ensure the re-election of Pedro Sánchez as President of the Government. The Spanish press speaks of “embarrassment”, “felony”, “betrayal” while the leader of the PP claims that “the PSOE has…

europa inversion

European economy 30th October 2023

EU directive to claw back excess exemptions on foreign dividends would save taxpayers €5.17 billion a year

Banca March | Last July, the European Commission published the proposal for the so-called Faster directive, to achieve more efficient taxation of European capital market returns. At the Congress of the Association of Tax Inspectors held late last week, the Spanish Ministry of Finance shared its progress towards a regulation that would free investors from tedious processes to recover excess withholding taxes. The Treasury hopes that Ecofin will be able…

ECB's next move

In Europe 30th October 2023

Lending contracts in peripheral countries: corporate loans down -6.8% and -3.4% in Italy and Spain

Santander : A new slowdown in lending to the private sector in September, already contracting in the peripheral countries. The fall in corporate lending in Italy is the largest since the ECB has recorded historical data (2004). The ECB published, on October 25, data on lending to the private sector in the eurozone, confirming the sharp slowdown in bank credit to +0.3% year-on-year in September against +0.7% in August and…

IAG

Relevant News Item 30th October 2023

Record 3Q23 results for IAG, revenues of €8,646m, comfortably beating 2022 (+18%) and 2019 (+22%) figures

Intermoney : Better than expected results at all levels. Well ahead of 2022 and 2019 data. Capacity reaches 95.6% of that achieved in 2019, but higher tariffs allow improvement on pre-pandemic results: Revenues of €8,646m, +18% vs 3Q22 and +19% vs 3Q19. Above our estimates (€8,351m) and below consensus (€8,832m). EBIT of €1,745m, +45% vs. 3Q22 and +22% vs. 3Q19, reaching its historical record in a 3Q. Above both our…

Inditex Junta 2023

In Europe 28th October 2023

Inditex announces launch of Zara Pre-Owned in Spain and other EU countries by 31 January 2024

Link Securities| Óscar García Maceiras, CEO of Inditex (ITX), during his speech at the 38th Aecoc FMCG Congress, announced the launch of Zara Pre-Owned, the platform that allows the repair, recycling and second-hand sale of its products in the United Kingdom in 2022, which has already arrived in France and will land in Spain and other EU countries before the end of its fiscal year (which ends on 31 January),…

Eurozona IPC 1

Relevant News Item 28th October 2023

Eurozone money supply continues to contract for third consecutive month

Banca March: Eurozone money supply continues to contract for the third consecutive month. On Wednesday we learned that the euro zone’s money supply (M3) fell by -1.2% year-on-year in September, a tenth of a percentage point less than in the previous month (-1.3% in August), showing that the effects of the ECB’s official rate hike are being passed on to the money market. Specifically, if we look at the evolution…

repsol refineria exterior

In Spain 28th October 2023

Repsol considers setting up new industrial projects in Portugal due to maintenance of energy tax in Spain

Link Securities| Repsol issued a note yesterday in which it pointed out that the possibility of maintaining a tax on energy companies, which was conceived as temporary and extraordinary, punishes companies that, like REP, invest in industrial assets, generate employment and guarantee the country’s energy independence, the daily Expansión reported. Instead, it favours importers that do not generate employment or relevant economic activity in Spain. Consequently, the company adds that…

Closed

In Spain 27th October 2023

Spain records biggest loss of self-employed workers in history over past summer

This year, the self-employed suffered the worst summer in history. Between July and September, 60,200 self-employed workers were lost, an unprecedented figure for a third quarter in at least the last 36 years. With the data published this Thursday by the National Statistics Institute (INE) through the Economically Active Population Survey (EPA), five years of destruction of self-employment in the summer period have been linked.Until this year, the sharpest decline…