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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.
Irak petroleo

In the World 13th February 2024

Iraq, OPEC’s second-largest producer, says it is meeting its 4m bpd production quota to support market

Intermoney| On the oil front, news from Iraq. According to the country’s oil minister, Iraq, OPEC’s second largest producer, is meeting its production quota under the OPEC+ agreement that limits production to prop up the market. Iraq has capped production at 4 million bpd while exports are around 3.4 million bpd. Iraq is OPEC+’s second largest producer, but has a history of irregularity in meeting its quota with the cartel,…

banks general 777x400

Spanish economy 13th February 2024

The theoretical record of banking profit in Spain in 2023

Aurelio Medel (5 Días)|Foreign business covers a fall of more than 30% in profit and credit in Spain since 2007, a historic year for the sector. Since then, 27,850 branches have closed and 115,000 jobs have fallen. The fanfare that occurred last week with the publication of banking results is the product of two contradictory exigencies. On the one hand, the Government wants to show that these are exaggerated profits…

aena barajas3CM

Relevant News Item 13th February 2024

Aena’s airports register all-time record number of passengers in a single month of January

CdM| The airports of the Aena (AENA) network in Spain have closed the first month of 2024 with an all-time record number of passengers and cargo in a single month of January, thus maintaining the upward trend of much of last year. In January 2024, Aena received 18,667,212 passengers, 10.3% more than in the same month of 2023; it handled 165,909 aircraft movements, 6% more than in 2023; and 91,752…

eeuu supermercado consumo

In the World 12th February 2024

December US CPI revised down to monthly increase of 0.2%

Link Securities| According to data from the Department of Labor, the US consumer price index (CPI) for December was revised down to a monthly increase of 0.2%, from a preliminary increase of 0.3%. In addition, November’s figure was revised upwards to an increase of 0.2%, from the initial figure of a 0.1% increase, and October’s figure was also revised upwards by one-tenth, from an initial flat reading to an uptick…

Spanish mortgages market

Spanish economy 12th February 2024

House purchases and sales in Spain fall 11.2% in 2023, mortgages 21.3% according to notaries

The purchase and sale of homes in Spain went down 11.2% in 2023 compared to the previous year and the granting of new mortgage loans to purchase a home decreased by 21.3%, according to data released by the General Council of Notaries.Altogether, in the Spanish real estate market, 640,451 purchase and sale operations were reached.By type of housing, apartment sales reached 492,498 units (-10.5% year-on-year), while single-family homes fell to…

CO2

Relevant News Item 12th February 2024

Worldwide CO2 emissions exhibit marked stability, registering a slight increase of 0.1% against 2022’s 1%

BBVA Research | Real time estimations by Carbon Monitor for 2023 reveal that worldwide carbon dioxide (CO2) emissions have exhibited a marked stability, registering a slight increment of 0.1% (vs. 1% in 2022). This global overview masks profound disparities among nations and sets a new record high for CO2 emissions. China and India have increases in emissions of 3% and 4.5% respectively, in stark contrast to the European Union and…

ArcelorMittal

World economy 10th February 2024

ArcelorMittal starts to see signs of recovery

Banco Sabadell: 4Q’23 results slightly better than expected 4Q’23 EBITDA slightly better than expected ($1,266m versus $1,233m BS(e) and $1,200m consensus), although contracting versus 3Q’23 due to a lower average price, something we see in all its geographies. Deliveries fell at the aggregate level compared to Q3’23, although in North America (34% EBITDA) they rebounded slightly (+2.4%), which anticipates some improvement. The lower part of the income statement is impacted…

banco espana guapito

In Spain, In the World 10th February 2024

Spanish banks expand +9 b.p. in credit due to New York Community Bancorp’s collapse against +27 b.p. for German banks

Santander Research : After last week’s stock market collapse of regional bank New York Community Bancorp, in Europe, the alarm bell was sounded by Deutsche Pfandbriefbank. By country, the biggest stock market falls are in French (BNP -14%, SocGen -9%) and German banks; while, in credit, the biggest increases are in German banks (+27bp), followed by Spanish (+9bp), French (+8bp) and Italian (+6bp) banks. The upgrade by S&P of Banco…

Telefonica novisima

Relevant News Item 10th February 2024

Competition Commission proposes to deregulate wholesale market and eliminate Telefónica’s obligation to cede fixed network to third parties

Bankinter| The National Markets and Competition Commission (CNMC) is opening a public consultation for one month to deregulate the wholesale fixed telephony market. It proposes that Telefónica be freed from the obligation, as the dominant operator, of having to provide fixed lines to any customer who demands them, regardless of the operator. It justifies this by the current low demand for fixed lines compared to a majority of fixed telephony…

Repsol novedad

Relevant News Item 9th February 2024

Centrica reaches supply agreement with Repsol to buy 1 Mt of LNG between 2025-2027

Link Securities| Repsol (REP) and Centrica have signed an agreement that will increase the UK’s energy security in the coming years, according to elEconomista. The agreement will see the British company purchase 1 million tonnes of liquefied natural gas (LNG) between 2025 and 2027. Under the agreement between the two companies, all of these cargoes are expected to be delivered to the Grain LNG import terminal in Kent. The deal…