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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.
renewables2

In Europe 16th September 2023

European Parliament backs increasing renewable mix target to 42.5% by 2030 from 30% previously

Banco Sabadell: European lawmakers have voted to increase Europe’s renewable energy mix target for 2030 to 42.5% from 30%. The agreement was reached after concessions were made to France and some European countries over nuclear power. The law incorporates that national authorities should only allow up to two years to approve renewable projects, considering them to be in the public interest and simplifying administrative procedures. Assessment: Although the news is…

BCE Sept 2023 4

In Europe 16th September 2023

ECB raises rates for tenth time in a row: 25 basis points to 4.50%, highest level in 20 years

CdM| The market had given a 70% probability that the ECB would raise +25 bps at yesterday’s meeting, and it happened. The Governing Council of the European Central Bank (ECB) decided to raise interest rates by 25 basis points, so that the reference rate for its refinancing operations will stand at 4.50%, while the deposit rate will reach 4% and the lending rate will be 4.75%. With this tenth consecutive…

Shorts and shares on credit, a problem of information

In Spain 15th September 2023

Spanish perfume multinational Puig hires Goldman Sachs and JPMorgan for its IPO

Spanish multinational perfume, fashion and make-up company Puig – owner of brands such as Carolina Herrera, Paco Rabanne, Jean Paul Gaultier and Charlotte Tilbury – has hired the services of Goldman Sachs and JPMorgan as global coordinators for its IPO, according to several market sources consulted by EXPANSIÓN. It is estimated that the valuation of the company, which has accumulated two consecutive years with record revenues and profits, could reach…

NicolasRedondo

Spanish economy 15th September 2023

Sánchez expels veteran Nicolás Redondo from PSOE for criticising amnesty negotiations with Puigdemont

Early yesterday afternoon, the expulsion of Nicolás Redondo Terreros, a veteran party leader in the Basque country, from the PSOE was announced, a decision taken by the Federal Executive Committee “for his repeated contempt” for the party. The former leader of the Basque socialists said in a statement that he had learned of the news from the media. “I was not aware of it, nor do I have any communication…

acsCM

In the World 15th September 2023

ACS wins €600 million expansion of New York hospital to be completed by 2027

Intermoney| The company, through its US subsidiary Turner, has been awarded the contract for the expansion of a hospital in the city of Rochester, located in the state of New York, according to Cinco Días newspaper. This initiative has a planned investment of €600 million. The ACS firm will undertake the hospital refurbishment works in consortium with Pike Construction Services; Ballinger is in charge of the design work and Hammes…

Talgo

In Europe 15th September 2023

Talgo signs financing required to manufacture 56 trains for Deutsche Bahn

Link Securities | Talgo (TLGO) has informed the CNMV (National Securities Market Commission) that it has signed the necessary financing to carry out the project to manufacture 56 trains for the railway operator Deutsche Bahn. In this way, it fulfils the condition precedent established in the contract signed between the operator and Talgo, and can thus begin the execution of the project. The contract covers the manufacture of 56 Talgo…

bce lagarde 1

In Europe 14th September 2023

ECB announces decision to hike policy rates by 25bp

Peter Goves (MFS Investment) | Although the ECB didn’t quite explicitly say “we are at peak”, the change in guidance effectively points in that direction in our view. We likely have rates on hold ahead of us now as opposed to ongoing hikes in our view. In other words, unless there is a decisive change in prevailing data trends, we think the ECB is more or less done. The focus…

exportaciones comercio viajes

In the World 14th September 2023

WTO forecasts weakening of international merchandise trade (1.7% in 2023 vs. 2.7% in 2022)

BancaMarch: The World Trade Organisation (WTO) forecasts a weakening of international merchandise trade. The World Trade Report 2023 reveals world trade volume growth of 2.7% in 2022 and the forecast for 2023 is 1.7%, below the average between 2010 and 2022. The slower increase this year is due to high inflation and rising interest rates undermining global GDP growth and reducing demand for goods from major economies. The report also…

googlesiliconvalley

In the World 14th September 2023

Google trial opens in US for abuse of dominant position in online search business

Alphavalue / Divacons| The trial against Google began in the US on Tuesday, a legal battle that will last at least 10 weeks. The case is about whether Google is considered a monopoly in the online search business. This is the first antitrust case against Big Tech in the US in more than 20 years. In October 2020, the Department of Justice decided to take Google to court, in a…

Applus

In Spain 14th September 2023

I Squared and TDR launch counter takeover bid for Applus at €9.75 per share

The incessant speculation about a possible counter-bid for Applus has materialised with the offer launched by I Squared and TDR. The consortium has submitted to the CNMV its proposal of €9.75 per share, compared to Apollo’s €9.50 and the €9.45 at which the company ended yesterday. The war for control of Applus, the Catalan company that controls a large part of Spanish statutory vehicle inspections, enters a decisive battle today…