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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.

Spanish economy 22nd February 2024

Telefónica confirms dividend (€0.30/share) despite ending 2023 with losses (-€892m) due to restructuring in Spain and impairment in UK

Telefónica (TEF) closed 2023 with a loss of €892 million due to extraordinary items, including the provision for the restructuring plan in Telefónica Spain and an impairment of goodwill in Virgin Media O2 (VM02). The operator’s ordinary net profit in 2023, excluding provisions and extraordinary items, grew 17.1% to €2,369 million. Group revenues rose 1.6% last year to more than EUR €40,000 million (€40,652 million). Net financial debt increased mainly…

European economy 21st February 2024

FCC to finally build €1.46-billion tunnel near Stonehenge

Link Securities | FCC (FCC) will be able to build the tunnel near Stonehenge (United Kingdom), after the British judiciary has stopped the attempts of several opposing entities to carry out these works, understanding that they posed a threat to the Neolithic remains, according to the newspaper Expansión. In May 2022, the Spanish construction company was awarded, together with the Italian company WeBuild and the German company BeMo Tunnelling, the…

World economy 21st February 2024

China cuts benchmark 5-year mortgage rate as part of stimulus package to save property sector.

Banca March: China cuts the benchmark 5-year mortgage rate as part of the stimulus package to save the property sector. The LPR rate is designed by 20 commercial banks, which submit the proposal to the central bank every month. There are two horizons: the majority of outstanding loans are linked to the one-year benchmark, while the five-year rate directly affects mortgages. The latter has fallen from 4.2% to 3.95%, considered…

Spanish economy 21st February 2024

EU approves Orange-MásMóvil merger after agreeing remedies with Digi

The deal, valued at €18.6 billion, will create the largest operator by number of customers in Spain, with more than 7.3 million broadband customers, more than 30 million mobile services and more than 2.2 million television customers. The conditional EU approval for the merger of Orange SA and Másmóvil Ibericom SA, Spanish mobile phone companies, has taken almost two years to receive approval from Brussels, and given the significant competition…

Spanish economy 20th February 2024

Santander increases cash dividend by 50% and will buy back nearly 1.5 billion shares

Banco Santander’s board of directors announced on Monday that it will vote at the next general shareholders’ meeting, scheduled for 22 March 2024, on a final cash dividend charged to 2023 of €0.095 per share. Thus, the total cash payment from last year’s accounts will be 17.60 cents, an increase of approximately 50% compared to the remuneration of the previous period. In addition, the bank will launch a share buyback…

In Europe 20th February 2024

New car sales up 11.5% 1,015k units in Eurozone in January

Bankinter : New car sales rose strongly in January and were up 11.5% year-on-year to 1,015k units in January against a 3.3% drop previously. Assessment: Good news for stock markets, as they show an improvement in demand and should support industrial activity. Brands such as Tesla, up 86.3%, Nissan, 38%, and BMW, 29.7%, stand out positively, while sales of Mercedes-Benz, down 10.6%, Ford, 6.1%, and Renault, 2.1%, all fall.

World economy 20th February 2024

China is a relevant market for foreign banks, but there are hurdles beyond market entry

Alicia García Herrero (Natixis) | China’s banking sector technically opened up to full foreign competition in late 2019, as an aftermath of the Trump-Xi meeting in Beijing in 2017. The formal announcement has hardly changed the situation of foreign banks operating in China, which have a small and decreasing market share as well as lower profitability than domestic peers. Lower foreign participation than peers Despite the further opening, the share…

European economy 20th February 2024

Telefónica to create new company to unbundle UK landline network, 100% controlled by Virgin Media O2

Renta 4| Telefónica and its UK partner Virgin Media have announced the creation of a subsidiary that aims to spin off fixed line assets and accelerate the rollout of broadband in the UK. Virgin Media O2 (VMO2) has a deployment of 16.7 million Real Estate Units and aims to reach 23 million by 2026. The new company (netco) would be 100% controlled by Virgin Media O2, although this new structure…

Spanish economy 20th February 2024

Spanish exports fall by 1.4% and imports by 7.2% in 2023

In 2023, exports of goods exceeded €383 billion (1.4% down on 2022), while imports reached €424 billion (7.2% less). This has meant that Spain’s trade deficit amounted to €40.56 billion in 2023, 43.3% less than in 2022. In 2023, non-energy exports increased by 0.7%, which partially offset the 20.6% drop in the energy segment. In this respect, it is worth noting that energy imports, especially gas, decreased compared to 2022….

Companies, Relevant News Item 20th February 2024

Naturgy to make Altadia Group’s self-consumption photovoltaic plant the largest in Castellón province

Link Securities| Naturgy has installed the largest self-consumption photovoltaic plant in the province of Castellón, the digital newspaper elEconomista.es reports today. Naturgy has signed an agreement with Altadia, a world leader in the field of glazes, frits and digital ink for the ceramics sector with the aim of decarbonising its consumption through renewable energy. The agreement, sealed between the two companies, will involve the installation of more than 24,000 photovoltaic…

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