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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.

Spanish economy 7th March 2024

Government, suspecting Russian interest, to use ‘anti-takeover shield’ to stop Hungarian takeover of Talgo

The Minister of Transport, Óscar Puente, yesterday revealed his intention to do “everything possible” to reject the Hungarian takeover bid for Talgo, and made it clear yesterday that the Government will play the ‘anti-opposition shield’ card to prevent the entry of the Hungarian group Magyar Vagon (Ganz-MaVag) in the train manufacturer Talgo as it doubts the origin of the funds that will finance the operation, valued at more than €600…

Spanish economy 7th March 2024

Bankruptcy proceedings up 48% in Spain in first two months of year

Informa D&B| In the first two months of 2024, 1,516 insolvency proceedings and 7,871 dissolutions have been registered in Spain, according to data on insolvency proceedings extracted by INFORMA D&B S.A.U. (S.M.E.), a subsidiary of Cesce. These figures represent an increase of 48% for insolvency proceedings, while dissolutions decreased by 1%. The companies in insolvency proceedings in February had sales of around €666 million and employed 5,300 people. Most of…

Spanish economy 7th March 2024

Iberdrola to provide green energy to all Alcampo centres in Spain through a PPA

Link Securities | The company announced yesterday that it has teamed up with Alcampo to supply green energy to all hypermarkets and supermarkets in Spain through a long-term power purchase agreement (PPA), according to Europa Press. Specifically, the Spanish energy company will provide the retail giant with 3,740 GWh, equivalent to the consumption of 62,000 Spanish families per year, through several of its photovoltaic installations for eleven years. The energy…

European economy 6th March 2024

Germany’s trade balance rebounds in January to €27.5 billion from €22.4 billion previously thanks to exports

Bankinter: The German Trade Balance surprises on the upside and rebounds again in the month – Trade Balance (January): €27.5bn versus €21bn expected and €22.4bn previous (revised from €22.2bn); Exports: +6.3% month-on-month against +1.5% expected and -4.2% previous (revised from -4.6%); Imports: +3.6% compared to +1.8% expected and -6.5% previous (revised from -6.7%). Assessment: Both components, Exports and Imports, beat expectations in January. However, this improvement is the result of…

World economy 6th March 2024

China’s 5% target confirmed in the Two Sessions, but how to get there?

Alicia García Herrero (Natixis)| Not surprisingly, the Chinese government has set a high growth target of 5% for 2024, mirroring last year’s. The move is consistent with the market expectation, but achieving the goal is not without challenges, at least when using the early indicators for the first quarter, especially PMI numbers. China’s official manufacturing and non-manufacturing PMIs stood at 49.1 and 50.8 on average, respectively, over the past three months…

Spanish economy 6th March 2024

Spain: Renewables break record in February, with 61% of electricity mix, and set price per MWh 41% below large European economies

Grupo ASE: Renewables beat the record, with 61.7% of the mix and lowering the price of electricity to 40 €/MWh. Wind has covered 32.2% of the mix, hydro 15.4% and photovoltaic 11.6%, while gas and coal only account for 8.1%. Spanish electricity futures are 15-25% lower than those of the German market, the European benchmark. The daily wholesale market price (POOL) for February was 40.00 €/MWh. This is 46% lower…

Spanish economy 6th March 2024

Spain: Corporate loans at 4.9% and deposits at 3.6%

The ECB published January bank lending rates the day before yesterday, with a slight fall of -1bp to 5.1% in new corporate loans (third consecutive month of declines) and -13bp to 3.9% in new loans to households (for the second consecutive month). Among the major European economies, Spanish and French corporate loans lead the January tightening (-11bp to 4.9% and -5bp to 4.8% respectively), in contrast to the 12bp widening…

Spanish economy 6th March 2024

More female chairwomen and board members in listed companies

F.R.| Women are gaining weight in the positions of chairwomen and CEOs of listed companies, although maintaining limited power quotas with respect to men. According to the report Women on boards and beyond 2023, prepared by the index manager MSCI and the consulting firm Clarity on the 2,400 stocks from 49 countries that make up the MSCI ACWI Index, women ended 2023 as chairwomen of 9.1% of boards and CEOS…

Spanish economy 5th March 2024

Spanish government to create National Productivity Council to address challenge of increasing this indicator

Banca March: Economic growth, salaries and fiscal policy are some of the issues addressed by Spain’s Minister of Economy. As Carlos Cuerpo said, the ministry is comfortable with the GDP growth forecast of 2% for 2024, above the estimates of other international institutions – IMF (1.5%), Eurostat (1.7%), OECD (1.5%) -. On the other hand, he explained that, in order to tackle the challenge of increasing productivity, a National Productivity…

World economy 5th March 2024

FDA authorises Laboratorios Rovi to export vaccines manufactured with mRNA technology to the US

Bankinter: After a long process of inspection of its factories, the Company has obtained this authorisation, which makes it possible to manufacture in Spain and sell in the United States Moderna’s anti-COVID vaccine and a next generation of vaccines that Moderna plans to introduce in the market based on the same technology. Assessment: Very positive news that improves the outlook for Rovi’s third party manufacturing, which already represents approximately 50%…

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