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Articles by The Corner

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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.
Repsol novedad

Spanish economy 1st July 2024

Repsol reportedly negotiating merger of its North Sea exploration and production business with Neo Energy

Renta 4 | According to press reports, the company is negotiating the merger of its exploration and production business in the North Sea with Neo Energy, creating a business that would reach 130 kboe/d, increasing its production by 90 kboe/d (+15%), which would make it one of the largest producers in the area. In addition, according to other media, Repsol could also be in negotiations to sell a minority stake…

euros recurso

European economy 1st July 2024

Money supply in Eurozone reactivates with +1.6% annual growth, 3/10 of a percentage point higher than previous month

Banca March: In the euro zone, the money supply is showing signs of recovery while the battery of confidence indicators in the region shows a slowdown. In May, money supply (M3) accelerated more than expected, growing +1.6% year-on-year, three-tenths of a percentage point higher than in the previous month and with credit granting also picking up. In particular, loans to non-financial companies advanced +0.3% year-on-year, the same pace of growth…

French elections

European politics 1st July 2024

Le Pen wins first round of general elections in France with 33.5% of votes

The first round of the French legislative elections saw the unprecedented rise of Marine Le Pen’s National Rally party with 33.5% of the vote. The left, grouped in the New Popular Front, would win 28%. And President Macron’s party, Together for the Republic, would be left with 21%. The traditional right-wing Republicans won 10% in an election marked by a high turnout. According to polling institutes, it surpassed the 60%…

Employment November

In Spain 1st July 2024

Government and unions want us to work less for same pay and reduce working week to 37.5 hours

Today is the meeting of the so-called “social dialogue”, the “social monologue” according to CEOE and CEPYME, the employers’ associations of large and small companies that have declined to present an alternative proposal to the decision already taken by the Government and trade unions (CCOO and UGT) to reduce the working week from 40 to 37.5 hours without a reduction in pay. Thus measure, according to their calculations, will mean…

Aena nuevita

Spanish economy 1st July 2024

Aena approves new airport incentive to increase air traffic and promote freighter routes and frequencies

Alphavalue / Divacons | The company has approved a new incentive aimed at encouraging air freight traffic and boosting the scheduling of routes and frequencies for cargo aircraft by airlines. The incentive consists of a rebate on each carrier’s average landing fee for inbound operations during the 12-month period compared to the previous 12 months, operated with wide-body freighter aircraft. The incentive will be in force for three years, from…

ercros

Spanish economy 28th June 2024

Esseco Industrial launches takeover bid for Ercros at €3.84/share

Link Securities| In a Significant Event sent to the National Securities Market Commission (CNMV), the Italian company Esseco Industrial S.p.A. has decided to launch a public, voluntary and competing tender offer (Tender Offer) for the acquisition of all the shares into which the share capital of Ercros (ECR) is divided. The Offer is aimed at the entire share capital of Ercros, represented by 91,436,199 shares with a par value of…

alemania berlin ampelmann

European economy 28th June 2024

German consumer confidence worsens to -21.8 points in July versus -19.5 expected against -21.0 earlier

Bankinter: Consumer confidence worsens to -21.8 in July versus -19.5 expected against -21.0 previous (revised from -20.9). Analysis: The index that measures Consumer Confidence interrupts the improvement trend of the previous four months in an environment marked by the rebound in Inflation (+2.4% in May versus +2.2% before). This is not a good sign, it confirms the weakness of the German economy, something that is also seen in the latest…

Talgo diferente

Spanish economy 28th June 2024

Talgo highlights company’s international projection outside takeover bid: most revenues will be international in coming years

Alphavalue/DIVACONS | Talgo (TLGO) held its General Shareholders’ Meeting on Thursday. Talgo’s president, Carlos de Palacio, acknowledged the need to strengthen the train manufacturer’s industrial area in order to avoid further delays in deliveries and to be able to face with guarantees a record order book of over €4 billion. Talgo’s president also highlighted the company’ s international projection outside of the takeover bid, assuring that in the coming years…

grifols edificio

Spanish economy 28th June 2024

Moody’s cuts Grifols’ debt rating to B3 from B2, Fitch maintains B+ rating

Bankinter : Moody’s decision is motivated by “weak” liquidity, high leverage (6.8x EBITDA despite the recent sale of 20% of Shanghai RAAS), corporate governance with a “complex and opaque organisational structure”, highlighting the linked operations between Grifols, Scranton, Haema and BPC, and “slower than expected” free cash flow generation. In contrast, Fitch maintained its rating at B+ and upgraded the outlook from negative to stable. Assessment: News with a negative…

Rising house prices is a common phenomenon in many countries

Spanish economy 28th June 2024

Cinven buys real estate portal Idealista for €2.9 billion

The British asset manager Cinven will buy the Spanish real estate portal, in a transaction that values the company at €2.9 billion, making it the largest acquisition in the history of an online company closed in Spain. The price at which the transaction has been finally closed implies multiplying by 2.2 the valuation of Idealista when the Swedish fund EQT took control of the company in September 2020, for €1.3…