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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.

In Europe 29th December 2023

Dutch gas futures rise 6% amid Middle East tensions, but remain 50% lower than at start of year

Link Securities | Bloomberg reported a rebound in European gas prices, with Dutch market futures rising 6% amid tensions in the Middle East. There are concerns that the regional war will widen from the Israeli-Palestinian conflict in Gaza. The US carried out some strikes on Iraqi targets and new attacks by Houthi militias were reported in the Red Sea. Iranian media reported last weekend that an Iranian commander was killed…

In Spain 29th December 2023

Carlos Cuerpo replaces Nadia Calviño at Economy Ministry

Pedro Sánchez has announced that Carlos Cuerpo, secretary general of the Treasury and International Finance, will replace Nadia Calviño at the head of the Ministry of Economy, Enterprise and Trade, following her departure to chair the European Investment Bank (EIB). On the other hand, the Minister of Finance, María Jesús Montero, the PSOE’s number two and until now fourth vice-president, will become first vice-president. The new minister holds a degree…

Relevant News Item 29th December 2023

Government announces extension beyond 2024 of tax paid by energy companies

Norbolsa| The Government has announced an extension beyond 2024 of the tax paid by large energy companies. However, it has also announced that it will introduce tax incentives in which strategic investments linked to industrial projects and decarbonisation can be deducted, so the scope of the deductions remains to be seen. On the other hand, the government has taken advantage of the omnibus law to extend anti-crisis measures to introduce…

In Europe 28th December 2023

CAF, via Solaris, to deliver electric buses in Madrid and Berlin under contracts worth over €70m

CdM| Solaris (CAF) has been awarded contracts to supply electric buses to Berlin and Madrid. In both cases, these are agreements for the delivery of 50 electric buses, the combined volume of the contracts exceeding €70 million. In the case of the agreement for Berlin, it is particularly relevant as it is a framework contract, the number of units of which could be up to 700 buses. Berliner Verkehrsbetriebe (BVG),…

Relevant News Item 28th December 2023

Caixabank reaches 94.54% execution of buyback of own shares, of a maximum amount of €500 M

Alphavalue/DIVACONS| The Catalan bank reached 94.54% execution of its buyback of its own shares in the first fourteen weeks since the start of the programme, whose maximum amount is €500 million. In these fourteen weeks, the bank has already disbursed €472.1 million to acquire 122.1 million of its own shares, according to the information sent to the Spanish National Securities Market Commission (CNMV). Caixabank: Buy, Target Price €5.36/share.

In Spain 28th December 2023

Pensions to rise 3.8% in Spain in 2024

On Wednesday, the Council of Ministers approved a 3.8% revaluation of pensions for 2024, as a result of the average CPI recorded between December 2022 and November of this year. In addition to the general rise of 3.8%, minimum pensions will once again rise above this figure and, according to the new Social Security Minister, Elma Saiz, next year they will increase by between 5% and 14%. The high range…

Relevant News Item 27th December 2023

Competition Commission opens proceedings against Repsol for possible abuse of dominant position by offering additional discounts

Link Securities| The Spanish National Markets and Competition Commission (CNMC) has just opened a disciplinary case against Repsol (REP) for offering additional discounts to its customers, according to the finance and business daily, Expansión. For the CNMC, this practice that the oil company has carried out through the companies Repsol Comercial de Productos Petrolíferos, S. A., Repsol Directo, S. A., Repsol Customer Centric, S. L., Solred, S. A., Campsa Estaciones…

In Spain 27th December 2023

Court of Auditors warns of opacity of European funds: “There is no data on what reaches the final recipients”

In its Audit Report on the measures of the Administration on the implementation of the Recovery and Resilience Plan, sent this week to Las Cortes – and reported by the newspaper El Mundo – the Court of Auditors calls for more transparency: “There are no published data that allow us to have knowledge of the funds that reach the final recipients”, says the Court of Auditors, despite the execution reports…

Spanish economy 27th December 2023

Investment in Spain falls 0.6% in 3Q23 despite European funds

Link| According to the final reading of the data, released by the National Statistics Institute (INE), Spain’s Gross Domestic Product (GDP) grew by 0.3% in 3Q2023 compared to the previous quarter, in line with its preliminary estimate and with the expectations of FactSet’s consensus analysts. In 2Q2023 GDP expanded 0.4% quarter-on-quarter. That of 3Q2023 is the lowest quarter-on-quarter growth rate achieved by Spanish GDP since 1Q2022. In 3Q2023, gross fixed…

European economy 26th December 2023

ING to stop funding oil and gas extraction by 2040 and aims to triple funding for renewables by 2025

Alphavalue / Divacons| The Dutch financial institution announced new targets in its energy transition financing strategy. The bank will stop financing oil and gas extraction by 2040 and aims to triple financing for renewables by 2025. This is a step forward from the previous policy adopted by the bank last year, which sought to end financing for new oil and gas fields and restrict financing to any related infrastructure. On…

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