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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.
bbva sabadell

Spanish economy 20th May 2024

BBVA may take ownership of Banco Sabadell, but not merge with it, says Finance Minister

Link Securities | The Minister of Economy, Trade and Enterprise, Carlos Cuerpo, has admitted that BBVA may take ownership of Banco Sabadell, but not merge with it, Invertia.com reported on Friday. He also pointed out that “the merger is what the government has to authorise”. Cuerpo has remarked that the takeover bid by BBVA for SAB has to go through a process that includes the approval of the National Securities…

acerinox industria acero

European economy 20th May 2024

UK Competition Authority to conduct formal investigation into Acerinox’s acquisition of Haynes International

Morgan Stanley | Haynes International has indicated that the UK Competition and Markets Authority (CMA) will conduct a formal investigation into the transaction. Haynes remains optimistic that the pending reviews will be resolved positively and that the necessary approvals will be obtained. In fact, the company expects the transaction to close by the end of the year (as opposed to the previous Q3 expectation). Acerinox, for its part, has not…

3. Public debt

Spanish economy 20th May 2024

Spanish debt hits record €1.6 trillion, 109% of GDP, and grows at 5,1%, twice rate of GDP, 2%

According to data from the Bank of Spain (BdE), Spanish public debt rose in 1Q2024 to 109% of GDP, 1.3 percentage points higher than at the end of 2023, while it set an all-time high at €1,613,063 million, 5.1% higher than in the same quarter of the previous year. Data published on Friday by the Spanish Central Bank (BdE) show that at the end of 1Q2024, the State’s debt amounted…

telefonica letrero entrada 1024x648 1

Spanish economy 20th May 2024

SEPI takes stake in Telefónica to over 9% from 8% previously

Banco Sabadell: The State Industrial Ownership Corporation (SEPI) has informed the National Securities Market Commission (CNMV) that on May 15th it reached a stake of more than 9% in the capital of Telefónica (from the previous 8%). We recall that SEPI’s objective is to reach 10% of TEF’s capital. Assessment: Positive news with limited impact, in fact now that SEPI has almost achieved its objective, the share will lose this…

European fiscal stimuli 1

European economy 20th May 2024

EC keeps Eurozone annual growth forecast for 2024 stable at 0.8%, while confirming 0.4% rebound in 1Q24

Bankinter: European Commission forecasts point to a soft landing for the economy.- GDP: +0.8% versus +0.8% previously in 2024 and +1.4% versus +1.5% previously in 2025. CPI: +2.5% versus +2.7% previously and +2.1% versus +2.2% previously respectively. Analysis: After the downward revision of growth for the Eurozone in the February report, the EC maintains its forecast for 2024 and revises the estimate for 2025 downwards very slightly. The institution continues…

Mortgage law Spain

Spanish economy 17th May 2024

House sales and purchases fall 19.3% in March

The sale and purchase of homes recorded a decline of 19.3% in March compared to the same month in 2023, to a total of 44,878 operations, according to the National Statistics Institute (INE), which revealed that this rate has fallen in thirteen of the last fourteen months. The data published by the National Statistics Institute (INE) leave the 5.8% rise recorded in February, with which the statistics broke a 12-month…

CCyB

Spanish economy 17th May 2024

Bank of Spain announces intention to gradually implement 100bp Countercyclical Capital Buffer for banks

Jefferies | The Bank of Spain announced the intention to gradually implement a 100bp CCyB for the banks, alongside a revision of the methodology through which the buffer is set. The announcement should not come as a surprise, given recent debate during the 1Q24 earnings season. We see a manageable impact from the higher capital requirements, and no immediate risk to the banks’ stated CET1 ratio targets or capital distribution…

Naturgy edificio 640x420

Spanish economy 16th May 2024

Criteria and TAQA negotiate to share Naturgy’s capital in hypothetical joint control

Banco Sabadell : According to press reports, Criteria and TAQA are negotiating the distribution of power in a hypothetical joint control within Naturgy. The same sources indicate that this could lead to a balance in the capital (Criteria and TAQA with very similar stakes) although initially Criteria would only intend to slightly increase its 26.7%. We recall that other sources pointed out yesterday that the main issue to be resolved…

Inflacion USA

World economy 16th May 2024

US inflation moderates to +3.4% year-on-year in April; core stands at +3.6%, three-year low

Banca March: US inflation is slowing down. The expected US CPI data came out in line with expectations and price growth moderated in April by one-tenth of a point to +3.4% year-on-year. In addition, the core rate – excluding the more volatile food and energy prices – also moderated by two tenths to +3.6%, its slowest growth rate in three years, supporting the view that inflation is gradually normalising. Turning…

Isabel Dutilh

Interviews 16th May 2024

“European funds are not reaching companies. There is total inefficiency”

Isabel Dutilh, director of Elecnor, Banco Alcalá and Millenium Real State explains in an interview with Mari Pinardo in the magazine Consejeros that “Europe has to have control of the funds and this requires a certain amount of bureaucracy, but in the end it is so much bureaucracy that it generates frustration and people give up applying for them”. Q – There are continuous and constant legislative changes, what do…