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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.
RepsolImaz

Spanish economy 25th April 2024

Repsol posts net income of €969M in 1Q24 2024, 12.9% down on same period last year

Repsol invested €2.129 billion between January and March. In the 2024-2027 period, the company expects to invest between €16 and €19 billion net, with 60% dedicated to the Iberian Peninsula and more than 35% to low-carbon projects. On February 22, the company presented its Strategic Update 2024-2027, which laid out the priorities and objectives to bolster its profitable growth, consolidate its multi-energy commitment and achieve its decarbonization goals. In the…

Iberdrola

Spanish economy 24th April 2024

Iberdrola posts €2,760m profit in 1Q24 supported by capital gains from sale of assets in Mexico (€1,165m)

Bankinter: Key figures compared with consensus estimates: EBITDA ex asset sales €4,140m (+1.9%) vs. est. €4,073m. Total EBITDA €5,857M (+44%); EBITDA ex asset sales €1,595M (+7.3%) vs. €1,532M est; total EBITDA €2,760M (+86%); Funds From Operations (FFO) €3,145M (+5.9%); Net Debt €44,998M vs. €47,832M in December 2023. Results include capital gains from the sale of assets in Mexico (€1,717m in EBITDA and €1,165m in NAB). Opinion of Bankinter’s analysis team:Results…

japan death.penalty

World economy 24th April 2024

BoJ preview: a still negative neutral rate calling for pause notwithstanding weak Yen

Alicia García Herrero (Natixis) | After the Bank of Japan (BoJ) terminated the key non-conventional monetary policy tools in March, namely the negative policy rate and the yield curve control (YCC), evidence on a strengthening virtuous circle between inflation and wages has been limited. However, real wages -which fell by -1.8% year-on-year in February – are unlikely to turn positive soon. Furthermore, services inflation excluding imputed rent softened to +2.9%…

cityscape at sunset 1

Spanish economy 24th April 2024

Bank of Spain warns government that housing policy – rent cap etc. – is having opposite effect to that intended

The Bank of Spain reviews the main real estate measures promoted by the Government, both in the purchase and rental segments, and concludes that they could end up resulting in an increasingly smaller market with higher prices. The BdE analyses rental price controls, a measure introduced temporarily by the decree on anti-crisis measures after the Russian invasion of Ukraine but made permanent by the housing law passed in April last…

telefonica alemania2

European economy 24th April 2024

Telefónica controls 96.85% of Telefónica Deutschland, now delisted on Frankfurt Stock Exchange

Telefónica, through Telefónica Local Services GmbH, announced on Tuesday that it owns 96.85% of the shares of Telefónica Deutschland, following the completion on April 18, 2024 of the tender offer for the public tender offer for the acquisition of Telefónica Deutschland, announced on March 7, 2024. The total number of shares acquired amounts to 74,338,954 shares, representing approximately 2.5% of the share capital and voting rights of Telefónica Deutschland, for…

endesa cartel

Spanish economy 24th April 2024

Endesa to invest €71.5 million in infrastructure inspection and grid improvements

Link Securities| The company, through its Redes subsidiary, will spend €71.5 million this year on infrastructure inspection, grid improvements and selective pruning work with the dual aim of ensuring continuity of supply and reducing the risk of fires, especially in the summer period, according to the Bolsamania.com portal. The investment in the so-called “Summer Campaign 2024” is 21% higher than in the previous year and places special emphasis on cleaning…

IAG

Spanish economy 23rd April 2024

IAG pays off €3,271 M of loans signed between 2020 and 2021 due to mature between 2024 and 2026

Link Securities | IAG (IAG) has repaid €3,271 million of debt loans that its various airlines signed between 2020 and 2021, which matured between 2024 and 2026, according to Expansión newspaper. The average cost of these loans stood at 9%, compared to the 4.5% – 5.25% that is currently the price of money in Europe and the UK. With the flow of income normalised, thanks to the increase in demand,…

Talgo diferente

Spanish economy 23rd April 2024

Securities Market Commission accepts Magyar Vagon’s takeover bid for Talgo

Renta 4| The National Securities Market Commission (CNMV) has announced that it has admitted Magyar Vagon’s takeover bid for Talgo (TLGO) as it considers that the prospectus and other documents submitted comply with the provisions. At the same time, it indicates that this does not imply a pronouncement regarding the authorisation of the takeover bid, a circumstance on which it must pronounce in accordance with the deadlines and other requirements…

Renault

European economy 23rd April 2024

Renault sells 549,099 vehicles in 1Q24 (up 2.6%) and confirms profit outlook for 2024

Norbolsa| Renault increased its sales in 1Q24 thanks to its financing division (up 27.9% year-on-year) and confirms its profit outlook for 2024. The company sold 549,099 units in Q1, 2.6% more than in the same period of 2023, registering a 1.8% increase in Q1 revenues to €11.7 billion, above estimates of €11.49 billion. Renault reiterated its guidance for FY24, with an operating margin target of at least 7.5% and FCF…

enagas logo

Spanish economy 23rd April 2024

ENAGAS increases 1Q24 profit by 19%

Total demand for natural gas fell by -4.0% in 1Q2024 compared to the same period in 2023. But the company’s total revenues as of 31 March 2024 remained the same as in 1Q23: €220.5 million. EBITDA at 31 March 2024 stood at €178.3 million, 2.7% higher than in 1Q2023 and on track to meet ENG’s annual target of €750 – 760 million. EBIT decreased by 3.1% year-on-year in 1Q2024 to…