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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.

Spanish economy 14th October 2023

Naturgy awarded €700 million loan by EIB to adapt and digitise electricity distribution networks in Spain

Link Securities | Naturgy and the European Investment Bank (EIB) have agreed a €700 million loan to adapt and digitise the energy provider’s electricity distribution networks in Spain, bolsamania.com reported yesterday. Naturgy points out that this operation with the EIB will provide it with additional financial resources to improve its operational flexibility and efficiency. The loan will also enable it to “modernise and improve the efficiency of the grid and…

In Spain 13th October 2023

The resilience of the Spanish economy in an adverse environment

Oriol Aspachs (Caixabank Research) The environment is undoubtedly complex and globally adverse. However, the Spanish economy weathered it better than expected during the first half of the year. It maintained growth that was by no means negligible and, above all, it surprised by accelerating the pace of job creation. The latest revision by the INE (National Statistics Institute) of its historical series has reaffirmed this positive assessment, with figures that…

In Spain 13th October 2023

Norges Bank increases its stake in Repsol to 5.102% of share capital

Link Securities | In a statement, the world’s largest sovereign wealth fund, the Norwegian Norges Bank, details that in the session of 9 October, it reached 5.102% of the capital of the Spanish oil company Repsol (REP). Until now it had controlled 4.899% of the capital of the Ibex-35 company. On the other hand, the newspaper Expansión reports in its Wednesday edition that Repsol is going to extend its commercial…

In Europe 12th October 2023

Operations temporarily suspended at AENA-run London Luton after massive car park blaze

Banco Sabadell: Luton Airport (about 4% of AENA’s EBITDA) suffered a fire early on Thursday morning in the Terminal 2 car park, which forced it to suspend all flights until the situation is under control. Assessment: Negative news, but with a very limited impact insofar as Luton’s weight in AENA is not significant, moreover, at a time of year when activity is lower. It would be normal for flights to…

Companies, In Spain 12th October 2023

Airbus delivers 55 aircraft in September, same number as a year ago, year-to-date total reaches 488 compared to 437 in September 2022

BancoSabadell: At the beginning of the week, the aeronautical company announced the delivery of 55 aircraft in September (compared to 52 in August ’23 and 55 in September ’22), bringing total deliveries in 2023 to 488 (against 437 in August ’22; +12%). On the other hand, a total of 23 new orders and no cancellations were recorded during the month. Considering cancellations for the year as a whole, net orders…

In the World 12th October 2023

Conflict adds to Middle East uncertainty

Gregor MA Hirt (Global CIO Multi Asset Allianz GI) | A sudden flare-up in violence between Israel and Hamas has left more than 1,500 people dead and re-ignitedthe longest-running conflict in the Middle East. The resulting geopolitical uncertainty may spark higher oil prices. Palestinian Islamist group Hamas on 7 October launched the largest military assault on Israel in decades, killing hundreds of Israelis and sparking retaliatory air strikes on Gaza…

In the World 11th October 2023

How might China hit back over EU probe into EV subsidies?

Alicia García Herrero (Natixis) | During her State of the Union address on 13 September, European Commission President Ursula von der Leyen announced that the European Union would undertake an anti-subsidy probe against the Chinese electric vehicle (EV) sector. This signalled a major step in the EU’s shift to a more aggressive trade defence against China and raises the question of how China will react, given the importance of the…

In Europe 11th October 2023

EU adds steelmakers to list of anti-subsidy investigations into Chinese products

Banca March : The European Union adds steel manufacturers to its list of anti-subsidy investigations into Chinese products. On 4 October, the EU began this process on electric vehicles from China; three days ago, it considered the study on windmills; and since yesterday, on steel mills. Washington has asked to create a common front with the European bloc, which would implement greater scrutiny on China, in exchange for avoiding the…

In Spain 11th October 2023

International investors reach a record high and now control 50.3% of Spanish shares

Non-resident investors increased their stake in Spanish shares to 50.3% at the end of 2022, up one and a half percentage points from the previous year and an all-time high. This is reflected in the latest Share Ownership Report prepared annually by BME’s Research Department. The weight of international investors in the Spanish stock market has grown by more than ten percentage points in the last decade and 16 so…

In Spain 11th October 2023

Aena debuts in debt market with €500m seven-year bond issue

Link Securities | Aena (AENA) made its debut in the debt market on Friday with a seven-year issue of €500 million on 9 October 2023. The bond issuance programme (EMTN) will help Aena to amortise its debt, as part of its strategy to reduce the cost of its liabilities, especially after the increase in the average rate it has paid in half a year, from 1.04% to 1.99%. It will…

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