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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.
alemania berlin ampelmann

In Europe 9th February 2024

Germany’s final CPI in January unchanged from preliminary data: +2.9% year-on-year versus +3.7% previously

Norbolsa: In annual rate the German CPI in January rose by 2.9% versus the 2.9% expected and the 3.7% previous one. The harmonised CPI in January, in the monthly rate, fell by 0.2% against -0.2% expected and 0.2% previous. This is the smallest rise in German prices since June 2021. In the annual rate, the harmonised rate fell in January by 3.1%, confirming preliminary data, against 3.8% previously.

Talgo

Relevant News Item 9th February 2024

Hungarian company Magyar Vagon prepares €632 million takeover bid for Talgo

When it rose more than 9% on the stock market, the National Securities Market Commission (CNMV) yesterday suspended the listing of the Spanish train manufacturer controlled by Trilantic after four months waiting for the industrial investor, Magyar Vagon, linked to the Government of Viktor Orban, to launch the takeover bid for it. The cash takeover bid for 100% of Talgo consists of a payment of €5 per share, which is…

pensioners

In Spain 9th February 2024

Average retirement age exceeds 65 for first time

For the first time in the history of Social Security, the average retirement age now exceeds 65 years. In 2023 it was 65.1, according to Borja Corujo, Secretary of State for Social Security. The average retirement age reached 65.1 last year. It is the first time that has occured in the history of social security, and represents three more months with respect to the average age of 64.8 years that…

Athens airport

In Europe 8th February 2024

Greece floats 30% of the Athens airport it owns in Europe’s biggest IPO for two years

Singular Bank | Greece’s government has decided to float 30% of the Athens international airport it owns, in what has become Europe’s biggest IPO for two years and the latest sign of the country’s recovery. Greece was visited by 32 million visitors in 2023 and 28 million in 2022, and investment in the airport is seen as a good way to invest in the country’s tourism. The offer, which began…

Eurozona salarios

European economy 8th February 2024

According to ECB, consumers expect prices to rise by up to 3.2% in next 12 months, and 2.5% in next three years

Intermoney| The ECB released on Tuesday its December consumer inflation expectations, a figure that offered mixed signals, something that could be partly caused by the fact that it has almost doubled its monthly survey of the countries it surveys. The figures include responses from five more countries (Ireland, Greece, Austria, Portugal and Finland) in addition to the six that have been surveyed since the survey began in 2022. That means…

Spain industrial production

Spanish economy 8th February 2024

Industrial production in Spain falls 0.8% in 2023

The General Industrial Production Index (IPI) fell by an average of 0.8% in 2023, thus breaking the streak of positive rates of the last two years, as reported on Wednesday by the National Statistics Institute (INE).Specifically, the 0.8% fall recorded in 2023 contrasts with the 2.4% increase in 2022 and 7.1% in 2021. The latter was an atypical year due to the return to normality following the end of pandemic…

Montero

In Spain 8th February 2024

PP knocks back Government’s deficit objectives in Senate

The General Law of Budgetary Stability states that the Government must receive the support of Congress and the Senate for the deficit and debt objectives in order to prepare the Budgets. And since the PP has an absolute majority in the Senate, it has the capacity to reject these budget stability objectives and, therefore, this would prevent the Government from preparing the budgets. And that is what happened this Wednesday…

Inditex crece compressor 1

Spanish economy 8th February 2024

Inditex to pay up to €1,000 bonus per sales assistant again this year

Norbolsa| The company has agreed with the trade unions to repeat the payment of the annual bonus of €1,000 per shop assistant in Spain (the same as in the previous year). There are 28,000 workers. This bonus, linked to turnover targets and paid once a year, in February, already existed before the pandemic, although the amount was lower, up to €540 per year.

indra edificio

World economy 7th February 2024

Indra wins Lockheed Martin contract to equip four Saudi ships with state-of-the-art electronic defence systems

Link Securities | According to media reports, US company Lockheed Martin has awarded Indra a contract to equip four Saudi ships with state-of-the-art electronic defence systems. The 118-metre-long vessels, with a range of 5,000 miles, are prepared to operate in both coastal and ocean areas. They will be delivered with this Spanish technology to the Royal Saudi Arabian Navy. The companies have declined to disclose the amount of the contract….

servicios

European economy 7th February 2024

Spain and Italy, the only large Eurozone economies where services activity is expanding

Link Securities| S&P Global reported on Monday that Spain’s services sector purchasing managers’ index, the services PMI, rose in its January reading to 52.1 points from 51.5 points in December, falling short, however, of the 52.5 points expected by FactSet consensus analysts. January’s reading is the highest reading for this leading indicator of activity since last July. Any reading above 50 points suggests expansion in activity relative to the previous…