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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.
ArcelorMittal1

European economy 22nd May 2024

ArcelorMittal receives €250m loan from Flemish regional government for decarbonisation plan of Ghent plant

Morgan Stanley | Analysts are echoing a Bloomberg report, confirming that Arcelor has received a €250m loan from the Flemish regional government to implement a decarbonisation plan for its plant in Ghent, Belgium. This is in addition to the €350m already granted, for a total loan of €600m, and the €280m in aid it received from the Belgian government. Our analyst Alain Gabriel thus maintains his positive view of Arcelor’s…

Banco Santander office

Spanish economy 22nd May 2024

Banco Santander now largest capitalised bank in EU with €76,121m, ahead of BNP

Alphavalue / Divacons | The Cantabrian bank managed to overtake BNP Paribas as the bank with the largest capitalisation in the European Union, with a value of some €76.121 billion. The milestone came about because BNP Paribas’ share price on Tuesday discounted the dividend it will pay in the near future. When shares are quoted ex-dividend, there is always a downward adjustment in their value. Santander’s capitalisation on Tuesday stood…

Milei

In Spain 22nd May 2024

Sánchez recalls Spanish ambassador to Argentina because Milei called his wife “corrupt” and refuses to apologise

The disagreements between the Argentine and Spanish presidents go back a long way: Sánchez already called Milei a “reactionary” and refused to congratulate him when he won the elections in Argentina. But things got complicated when a Spanish government minister, Oscar Puente, publicly insinuated that Milei was on drugs. The Argentine government demanded an apology from the Spanish government, which the latter refused to offer. So last weekend, at a…

arcelormittalCM

European economy 22nd May 2024

ArcelorMittal among best positioned steelmakers in face of possible 10% reduction in steel plate production capacity in Europe

Morgan Stanley: Our analyst Alain Gabriel believes that steel plate production in Europe is set to fall by 10% in the short/medium term, due to increased financing pressure, decarbonisation policies and sanctions imposed on Russian imports. Returns for the sector in Europe have been lower (4.3% post-tax RoCE 2009-20) than expected over the last 10 years and Gabriel believes this has to do with a utilisation rate below potential. The…

Telefonica dos

Spanish economy 22nd May 2024

SEPI announces it has reached 10% of Telefónica’s share capital

Renta 4 | The State Indutrial Ownership Corporation (SEPI) has announced that it already reached its 10% target of Telefónica’s share capital. The State would have invested €2,284.8 million to build this stake. We recall that SEPI has been awarded a seat on the board, to be occupied by Carlos Ocaña Orbis. According to press reports, SEPI could have applied for a second seat, although under current regulations its shareholding…

Acciona Energia

World economy 21st May 2024

Acciona Energía to work with Grupo Pais in new photovoltaic project Dominican Republic, with 51% stake

Link Securities | The company announced yesterday the development of a new photovoltaic project in the Dominican Republic, the Pedro Corto photovoltaic plant, in collaboration with Grupo Pais, according to Bolsamania.com. Acciona Energía will have a 51% stake, while Grupo Pais will hold the remaining 49%. Located in the province of San Juan de la Maguana, the plant will have a nominal capacity of 63.35MW and its construction is linked…

portugal espana

European economy 21st May 2024

Fitch maintains Spain’s rating at A- and outlook “Stable”, while Moody’s keeps Portugal’s rating and outlook at A3 “Stable”

Bankinter | Fitch maintains Spain’s rating at A- and the outlook “Stable”, given the resilience of the economy and the improvement in the labour market. Fitch estimates GDP growth of 2.1% and 2.0% for 2024 and 2025 respectively. Moreover, the credit rating agency points to the need to address the high structural unemployment rate. No surprises for our analysts: “Fitch maintains its credit rating one notch below S&P’s equivalent at…

exports gorgeous

Spanish economy 21st May 2024

Spanish exports fall by 9% in 1Q24

Spanish exports of goods reached €93,429.5 million, down 9% in the first quarter of the year, with the trade deficit rising by 23.2% in the first quarter of the year compared to the same period in 2023, to reach €8,105 million, according to data published on Monday by the Ministry of Economy, Trade and Enterprise. The behaviour of the trade deficit is mainly due to the reduction of the non-energy…

ryanair aviones

European economy 21st May 2024

Ryanair makes €1.92 billion profit, up 34% on previous year, thanks largely to 9% increase in traffic

Singular Bank | The Irish low-cost airline has released its business results. In its 2024 financial year, Ryanair posted a net profit of €1.92 billion, up 34% on the previous year, thanks largely to a 9% increase in traffic. As a result, the number of passengers exceeded 184 million, 23% more than before the pandemic. Despite higher oil prices, the airline drove cost reductions in other areas, which helped boost…

The Bank of Spain

Spanish economy 21st May 2024

The changeover at the Bank of Spain and the ‘lame duck’ moment

Aurelio Medel (5Días) | Power manifests itself through the occupation of spaces and is exercised through the application of a programme. First the chairs, then the BOE (the Official Stare Gazette) . This is how the change of a country’s government is transmitted. Then the legislature advances and the viscous period comes in which the end of the cycle is glimpsed, causing the pieces to shift. This happened in the…