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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.
caf cartel fachada

World economy 21st October 2023

CAF wins €150-million contract with Mitsubishi in Philippines to build 56 commuter trains for Manila

According to press reports, the Philippine Transport Authority has selected the alliance of CAF and Mitsubishi for the supply of 56 commuter trains for Manila for an amount of €150 M (1.2% of the current portfolio). The contract is still pending signature. Assessment: Positive news, although its impact is limited due to its insignificant size for the Company as a whole and because it is still pending signature.

espana europa billete

Relevant News Item 20th October 2023

Eurozone loans grow at 0.6% year-on-year over last 12 months

Morgan Stanley analysts explain that Eurozone loan growth is already lower than in the UK or the US (0.6% year-on-year vs. 5% in the US and 1% in the UK) and that they expect loan demand to remain weak in the third quarter. Therefore, they expect European banks’ loan growth under coverage of 1-2% 2023 and 3% in 2024/25.

housing overvalued

In Spain 20th October 2023

Public housing construction in Spain falls by 86% compared to 2006 historical record, 80,000 homes built per year on average

Alphavalue / Divacons| The percentage of household income needed to buy a home rose to 21% over the last year, according to a study published by the portal Idealista based on 3Q23 data. The real estate platform also highlights that the percentage of household income needed to rent a home grew to 31%. On the other hand, the construction of public housing has fallen by 86% in Spain compared to…

Israel Palestina

In the World 20th October 2023

Potential implications of conflict in an environment of geopolitical uncertainty: increased security spending, oil disruption and rising risk premia

Morgan Stanley’s Michael Zezas (Head of US Policy) discusses the potential implications of an environment of geopolitical uncertainty, and where there is the potential for more countries to become involved in the recent open conflict in the Middle East. Although he acknowledges that there may be further consequences that are very difficult to predict, he highlights three conclusions where conviction is highest: 1.- Increased spending on Security => European and…

euro digital currency

In Europe 19th October 2023

ECB to start two-year preparation phase for digital euro on 1 November

Banca March : The ECB has announced that the preparation phase is to begin on 1 November and will last for two years. The digital currency would be equivalent to cash, playing a complementary and not a substitute role. In this way, euro area citizens will be able to make payments while maintaining the anonymity of cash, but making it more difficult to counterfeit and more convenient to store. This…

Luton

In Europe 19th October 2023

Aena gets go-ahead to expand Luton’s capacity to 19M passengers

Luton, the London airport in which AENA has a 51% stake, has received authorisation from the British Department for Transport and the Department for Communities to increase its capacity to 19 million passengers per year, compared to the current limit of 18 million. This expansion does not require any new construction or investment. Assessment: Good news for Aena, which will allow it to increase Luton’s capacity by 5% without the…

banks general 777x400

In Europe 19th October 2023

Eurozone average deposit rate is 0.31% annualised when ECB official deposit rate is 4.5%

Kim Fournais (CEO and founder of Saxo Bank)|In the labyrinthine world of banking and investment, where opacity tends to masquerade as tradition, few are aware that, amid the ebb and flow of financial markets, a significant number of banks and intermediaries choose to retain the benefits of central bank rate hikes, rather than pass them on to their clients. This is reflected in banks’ quarterly results, where some even seem…

ACS Vinci

In the World 19th October 2023

Texas compensates ACS $380 million for Harbour Bridge cost overruns

The Texas Department of Transportation (USA) and ACS have reached an amicable settlement to close years of confrontation in the courts over the construction of the Harbour Bridge over the port of Corpus Christi (Texas), the largest in the USA in terms of tons handled. According to local authorities, the consortium formed by Dragados and Flatiron will be compensated with $380 million (about €380 million) for cost overruns incurred on…

Bank of Spain

In Spain, Spanish economy 19th October 2023

Bank of Spain expects Spanish economy to grow faster than eurozone in 2023-2025

Banca March: Pablo Hernández de Cos, Governor of the Bank of Spain, expects the Spanish economy to grow faster than the eurozone as a whole in the short and medium term. According to the ECB’s projections, Spain will record GDP growth of 2.3% in 2023, 1.8% in 2023 and 2% in 2024 compared to the euro zone (0.7%, 1% and 1.5%, respectively). De Cos lists the various reasons why the…

Telefonica

In Spain 19th October 2023

Supreme Court upholds unions’ decision on start of paid leave at Telefónica

Alphavalue/DIVACONS | The Supreme Court ruled in favour of the trade unions on the start of paid leave at Telefónica (TEF), a battle that began in 2018 over the interpretation of the group’s first collective agreement for related companies and in which the Court ruled that paid leave must begin on the first working day following the event causing it. On the other hand, the European Commission gave its approval…