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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.
ArcelorMittal

European economy 16th January 2024

ArcelorMittal could sell 40% stake in Acciaierie d’Italia, and potentially increase buybacks programme and reduce leverage

Morgan Stanley | Alain Gabriel highlights the news published by La Republicca that ArcelorMittal would be looking to sell its 40% stake in Acciaierie d’Italia (ADI), which has been underperforming (<4mta vs ~10mta). ADI’s earnings are not reported under Arcelor’s EBITDA, but under those of the Associates and JVs. Alain Gabriel estimates that EBIDA attributable to ADI was US$170mn in 2022. The article reported that Arcelor wanted to sell its…

Grenergy

World economy 15th January 2024

Grenergy signs strategic agreement with China’s BYD to supply batteries with 1.1 GWh capacity in Chile

Alphavalue / Divacons | The renewable energy group has signed a strategic agreement with China’s BYD for the supply of large-scale storage systems through batteries with a capacity of 1.1 gigawatt hours (GWh) for its Oasis de Atacama project in Chile. As part of this collaboration, BYD will supply Grenergy with a total of 2,136 installations of its MC Cube ESS model. This storage system is equipped with Blade batteries,…

airbus A320

European economy 15th January 2024

Airbus delivery and order data show supply chain continues to improve while demand remains strong

The aerospace company last week reported 112 aircraft deliveries in December (vs. 64 in November ’23 and vs. 98 in December ’22), bringing the total in 2023 to 735 (vs 661 in 2022; +11%). Airbus thus beat the delivery target of 720 aircraft in ’23, also exceeding expectations (725 BS(e) aircraft). In addition, a total of 807 new orders and 108 cancellations were recorded during the month. Considering cancellations, net…

eeuu empleo 640x420 1 1

World economy 15th January 2024

US producer prices fall again in December for third month in a row

BancaMarch : In the United States, producer prices fell again in December, showing subdued cost inflation. On a monthly basis, the index shows a decrease of -0.1%, below the expected 0.1% and equal to the -0.1% of the previous month. Thus, the index remains in negative territory for the third consecutive month, a fact that has not been recorded since 2020. On the other hand, the underlying rate repeats the…

The minimum wage of 1,000 euros a month is now in the Spanish political agenda

In Spain 15th January 2024

Government makes good on threat to employers who refused a 4% increase in minimum wage, agrees 5% rise with unions

The minimum wage (SMI) will rise by 5% in 2024. The Government has finally agreed on the increase only with the majority trade unions, CCOO and UGT, after employers rejected the Ministry of Labour’s proposal for a 4% increase. In the last five years, the minimum wage had already risen by 47%, from €735 per month in 14 payments in 2018, to €1,080 in 2023. It now rises by an…

Acerinox cool

Spanish economy 15th January 2024

Acerinox to invest €67m in high-performance alloys division, VDM Metals, and generate 15% more revenue

Renta 4 | The company has informed the National Securities Market Commission (CNMV) of investments in its high performance alloys division (VDM), as well as the presentation of its new excellence plan. Investments in VDM: Acerinox has announced an investment of €67 million, including an atomiser for the production of stainless steel powders and high-performance alloys for additive manufacturing. At the same time, three remelting furnaces will be extended, and…

precios inflacion tickets

Spanish economy 12th January 2024

Final CPI in Spain confirms 3.1% in December 2023 and core CPI 3.8%; gap between the two decreases +0.7 pp from previous +1.3

Bankinter : Final CPI December 2023 confirms +3.1% year-on-year (from +3.2% year-on-year previous and expected). Underlying CPI also confirms +3.8% year-on-year (from 4.5% year-on-year before). In month-on-month terms, 0.0% month-on-month (from -0.3% month-on-month in November) and in the Underlying +0.2% month-on-month (from +0.1% month-on-month in November). Assessment: No surprises, preliminary data are confirmed. This is fully in line with our estimates in Strategy 2024 (year-end +3.1% year-on-year and annual average…

Galp

World economy 12th January 2024

Galp Energia discovers oil field in Namibia, but total reserves to be exploited not known

Singular Bank | The Portuguese energy company has risen 8% following news of a bumper offshore oil discovery in Namibia. Galp is the operator and holds an 80% stake. In addition, the Namcor (10%) and Custos (10%) companies are participating in the discovery, the total reserves that may be exploited in the field are unknown. Galp has carried out several well drilling projects offshore Namibia since 2019. In fact, the…

china real estate 1

World economy 12th January 2024

China Data Flash: regulatory tightening on real estate financing dampens investment sentiment; stability now the key word which accompanies growth in official statements

Alicia García Herrero (Natixis)| Investment sentiment has declined significantly in the last two months of 2023, mainly due to negative sentiment regarding real estate. In December, regulatory fines were issued to multiple financial institutions, including two large AMCs and a few banks, for the illegal granting of funds to developers. Despite numerous stimuli aimed at encouraging financial institutions to provide financing channels for developers, it is anticipated that only those…