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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.
Indra Tecnocom

Relevant News Item 21st March 2024

Indra to control space business value chain with foundation of Indra Espacio, estimated turnover of €1 billion by 2030

Singular Bank| The company is to create a separate company, Indra Espacio, to boost its aerospace business, which in its strategic update a fortnight ago said it expected to have a turnover of €1 billion by 2030. It will focus on space and earth observation, navigation, and building satellite constellations. Thus, it aims to control the value chain of the space business, and for this it could make acquisitions of…

Moodys

Spanish economy 21st March 2024

Moody’s revises ratings of 15 Spanish financial institutions: from A2 on Santander to Baa2 on Sabadell

Moody’s has revised some ratings of 15 Spanish financial institutions following its assessment of “an improvement in operating and credit conditions in Spain, which has implied the upgrading of Spain’s macroeconomic profile to strong”. The decisions also take into account the revision of Spain’s rating outlook from stable to positive on 15 March. The agency upgraded the senior preferred ratings of CaixaBank and Ibercaja and revised the outlooks of several…

YolandaDiaz

Spanish economy 21st March 2024

Rising labour costs in Spain (5.2% vs. 3.4% in eurozone) and economic policy uncertainty, Bank of Spain’s concerns

Banca March: Economic policy uncertainty and rising labour costs, the two concerns of the governor of the Bank of Spain, Hernández de Cos, who pointed out the need for greater regulatory quality and a strengthening of business confidence, in a political context in which companies are negatively impacted by the situation of uncertainty. All this, accompanied by an increase in non-wage labour costs -see graph- at the top of the…

Airbus 320

European economy 21st March 2024

Airbus confirms it will not purchase BDS, Atos’ data and cybersecurity business, valued at up to €1.8bn

Link Securities| Airbus (AIR) confirmed on Tuesday that it will not buy BDS (Big Data and Security), the data and cybersecurity business of Atos, worth an estimated €1.5 billion to €1.8 billion, Europa Press reported. The aeronautical manufacturer, which has not indicated any reason in its statement for not going ahead with the acquisition, had a turnover of €3.789 billion euros in 2023, 11% less than in the previous year…

alemania nuclear

European economy 20th March 2024

Germany ends 2023 with energy trade deficit of €2.29 billion for first time in years due to cheaper imports and nuclear shutdown

Norbolsa| Germany recorded a €2.29 billion deficit in international electricity trade last year, driven by the closure of its last nuclear power plant and cheaper foreign energy imports. Germany imported electricity at a cost of €5.7 billion in 2023, offset by export revenues of €3.5 billion, pushing Europe’s largest economy into a negative electricity trade balance for the first time in years. Germany switched off its last three nuclear power…

Companies restructuring

Relevant News Item 20th March 2024

January-February defaults figure -29- not seen since 2009

Santander| Not only credit card volumes have jumped to record highs ($1.1trn) with the drain on the savings rate. Overdue (10%) and very overdue (90+ days) debt rates are also jumping, already at more than 10-year highs: 6.4% vs 4% in 4Q22. This phenomenon, still not very visible in the economy, is also starting to spread to global default rates. And not only because we are facing the highest number…

ERT

In Europe 19th March 2024

European companies losing competitiveness in Fortune 500

Emisores| European companies have steadily lost positions in the Fortune Global 500 stock index over the last twenty years and now represent only 15.5% of its components, compared to 31.8% for the United States and 27.5% for China, according to the biannual report An ice-bath for EU leaders. Competitiveness is crumbling: Europe’s business case needs a rebuild drawn up by the European Roundtable for Industry (ERT), an organisation that brings…

apple

World economy 19th March 2024

Apple in talks to incorporate Google’s Gemini artificial intelligence engine into iPhone

Bankinter| Alphabet rises sharply after rumours that it is in talks with Apple to integrate its artificial intelligence model (Gemini) into its devices. Neither company has confirmed the rumour. Apple has also reportedly held talks with OpenAI recently. The news, if confirmed, is positive for Alphabet as it represents a quantum leap in its war with Microsoft over the artificial intelligence chatbot market. The news sent Alphabet shares higher on…

endesa novisimo

Relevant News Item 19th March 2024

ENDESA inaugurates Europe’s largest vanadium flow battery renewable energy storage facility in Majorca

ENDESA (ELE), through its renewables division Enel Green Power España (EGPE), has commissioned the largest vanadium flow battery renewable energy storage facility in Europe at the Son Orlandis solar plant in Majorca. It is the first energy storage plant that the company has built in Spain with this innovative technology, without using lithium, thanks to vanadium flow storage. The Son Orlandis storage system is an innovative battery based on vanadium…