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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.
germany reinvented

In Europe 30th August 2023

Germany agrees corporate tax cut worth €6.5bn for companies and €2.4bn for households

Banca March: Germany has agreed to make a corporate tax cut totalling €6.5 billion. After Sunday’s tense negotiations between Lisa Paus, Minister for Family Affairs and member of the Green Party, and Christian Linder, Minister of Finance and member of the Social Democratic Party, the German government finally agreed on a total of €6.5 billion. In the end, €6.5 billion were earmarked for companies and €2.4 billion for households. The…

abertis–acs autopistas

In the World 30th August 2023

Abertis and Sacyr bid for concession of four motorways in Puerto Rico, valued at over €2,000 million

Link Securities| Both companies submitted binding bids on Monday for the concession contracts to rehabilitate, maintain and operate four motorways in Puerto Rico, in a deal valued at more than €2 billion, the digital newspaper elEconomista.es reports today. Both Abertis and Sacyr, which declined to confirm their participation, were shortlisted last year by the Public-Private Partnerships Authority (AAPP) to compete in the final bidding for the privatisation of motorways PR-52,…

Inflation Spain

Spanish economy 30th August 2023

Fuels cause inflation in Spain to rise by 2.6% up to August, core falls to 6.1%

The Consumer Price Index (CPI) increased by 0.5% in August compared with the previous month and raised its year-on-year rate by three tenths of a percentage point to 2.6%, mainly due to the rise in fuel and liquid fuel prices. With August’s rise, inflation has now risen for two consecutive months, after rising four tenths of a percentage point in July to 2.3%, according to advanced data published on Wednesday…

Caixabank sede madrid

In Spain 30th August 2023

Caixabank reaches, for first time and ahead of schedule, six million direct deposit of salary payments

Link Securities | The newspaper Expansión reports in today’s edition that Caixabank has reached for the first time in its history the milestone of six million direct deposit of salary payments thanks to its latest commercial campaign, reaching in seven months the target it had set for the whole year. At the end of 2022, CaixaBank had 5.8 million salaries paid in by direct debit. At the beginning of the…

bayer1

European economy 30th August 2023

Positive results from Bayer clinical trial to treat Parkinson’s disease

Bankinter | Positive results from a clinical trial to treat Parkinson’s disease. It is an initial trial, conducted with 12 patients whose Parkinson’s disease symptoms have improved. The treatment has been well tolerated by the participants, and there are no concerns about its safety profile. Bayer announced the findings of this trial at the International Congress of Parkinson’s Disease and Movement Disorders in Copenhagen and will publish the full results…

EidF

In Spain 29th August 2023

EidF falls 70% on return to trading after restatement of accounts

Alphavalue / Divacons | The photovoltaic company’s shares fell 69.99% yesterday after the suspension of trading was lifted. It had been suspended since April 14 because the CNMV considered that the company had not provided sufficient information on its accounts. A fortnight ago, EiDf presented its restated accounts. The 70% fall (it was limited to this level) to €8.93 meant the wiping out of 1.2 billion of stock market value…

ECB night

European economy 29th August 2023

Overall credit growth to the private sector slowed to 1.6% in July, weakest pace since June 2016

Link | According to the ECB yesterday, the M3 monetary aggregate in the eurozone increased by 0.4% year-on-year in July (+0.6% in June) to €15.6 trillion, thus exceeding the expectations of FactSet consensus analysts, who expected it to remain unchanged in the month (0.0%). The total amount of loans in the eurozone increased at a year-on-year rate in July by 1.30%, slightly below the 1.7% increase in June and the…

vaccine2021

In Spain 29th August 2023

Catalan no longer required for doctors and nurses in the Balearics

The new PP government of the Balearic Islands has abolished the language requirement approved by the socialist Armengol – fluency in Catalan will now be a merit, not an essential requirement – and approved a plan to attract and retain health professionals in the face of the shortage and the flight to other territories. According to the doctors’ union, “the right to health is a priority value over language”. Neither…

ACS Cimic

In Spain 29th August 2023

ACS negotiates with Elliott fund to purchase 50% of Thiess mining company

Link Securities| ACS is negotiating with Elliott the purchase of 50% of the mining company Thiess, the newspaper Expansión highlights in today’s edition. The investment fund has, from 2024, the right to resell half of the subsidiary of Cimic, ACS’s Australian subsidiary, for which it paid some €1.13 billion in 2020. There is also the option of an IPO of Thiess. Under the shareholders’ agreements, ACS is obliged to buy…

endesa enel

In Spain 28th August 2023

Endesa handles over 100 calls from customers in Balearics due to storm damaging low-voltage lines

Link Securities| The company estimates that more than 5,500 customers were left without electricity supply yesterday due to the storm affecting the Balearic Islands, according to Expansión today. The storm yesterday affected 18 medium-voltage lines that suffered failures. Endesa assigned 40 professionals to work in the field and another 40 to carry out manoeuvres in the company’s control centre. Endesa received more than 100 calls from customers for damage to…