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Articles by The Corner

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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.
euros prestamos

European economy, Relevant News Item 24th August 2023

Eurozone current account surplus reaches €6.8bn in June, largest since June 2021, up from deficit of €4.4bn a year ago

Link Securities | According to data from the European Central Bank (ECB), the eurozone recorded a current account surplus of €36.8 billion in June, compared with a deficit of €4.4 billion in the same month a year earlier. June’s surplus is the largest current account surplus achieved by the region since September 2021. This surplus was driven by the goods account, which went on to generate a surplus of €42.7…

CanaldePanama

Relevant News Item, World economy 24th August 2023

Drought paralyses 134 ships in Panama Canal, revenues may drop by €150-200m in next fiscal year

Banca March | Weather conditions in recent months have led to a drought that is hampering the supply of the artificial lake that connects the Pacific and Atlantic oceans. As early as 30 July, measures were taken to reduce traffic from 38 vessels in normal conditions to 32. The waiting time estimated by the canal itself is between 9 and 11 days. The restrictions on both the depth and daily…

ARM Softbank

Companies, In the World, Relevant News Item 23rd August 2023

UK chipmaker Arm, owned by Softbank, prepares its IPO in US, for which it needs a high valuation

Alphavalue / Divacons| The UK-based chip design company is preparing its US IPO, which could come as early as September. Arm’s owner, Softbank, needs a high assessment to clean up its image after recent fiascos. The IPO could fetch a valuation of around €60 billion, the highest in the US this year. But the situation appears to be complex, given that the chipmaker’s main market has stopped growing, its model…

BRICS

Relevant News Item, World economy, World politics 23rd August 2023

BRICS contemplate enlargement at Johannesburg Summit

Banca March: More than 60 developing countries from Latin America, Africa and Asia are attending the meeting, which has been running since Tuesday and will continue until Thursday. During these days, the BRICS are considering adding new members from among 23 possible candidates that have not yet been revealed, although there is speculation about countries such as Iran, Venezuela and Saudi Arabia, among others. The terms of admission remain undefined,…

EDP

Companies, Relevant News Item 23rd August 2023

EDP Renewables’ first hybrid project in Poland: 45 MW of solar and wind power combined

CdM | EDP Renewables (EDPR) has officially inaugurated its first hybrid project in Poland, combining wind and solar power, with the commissioning of a new 45 megawatt (MW) photovoltaic park in Konary, in the west central part of the country. The project is also the third hybrid project implemented by EDPR globally, the company said in a statement on Tuesday. The Konary PV farm will use the same receiving station…

Eurozona PMIs chunguis

European economy, Relevant News Item 23rd August 2023

Eurozone services sector worsens in August with similarly weak manufacturing performance: region could contract by 0.2% in Q3

CdM: The eurozone’s private sector activity has deteriorated significantly during the month of August, when in addition to the fall in activity in the manufacturing sector there has also been a worsening in services, according to advance data from the Purchasing Managers’ Index (PMI) and reported by Europa Press, which suggest a contraction in the eurozone’s GDP of 0.2% in the third quarter of 2023. Specifically, the advance estimate of…

Feijoo Rey

Spanish Politics 23rd August 2023

Felipe VI commissions Núñez Feijoo to try to form a government, despite still falling short of the 176 needed to reach a majority

Renta 4| European markets open flat (Eurostoxx futures +0.2%, S&P futures +0.3%), with the focus today on August PMIs and Nvidia’s results and awaiting tomorrow’s central bankers’ meeting in Jackson Hole. On the macroeconomic front, the focus will be on the preliminary PMIs for August. This morning in Japan, the data shows weakness in industry and resilience in services: manufacturing 49.7 (49.6 previously) and services 54.3 (53.8 previously). The same…

banco sabadell palmeras

Companies, In Spain, Relevant News Item 22nd August 2023

Blackrock reduces stake in Banco Sabadell but remains largest significant shareholder

Link Securities | BlackRock has downgraded its stake in Banco Sabadell from the 4.460% it held since 14 February to 3.964%, according to the notification sent on Monday to the Comisión Nacional del Mercado de Valores (CNMV), reported Europa Press. Taking into account the current share price of the Catalan bank, BlackRock’s stake is valued at around €215 million. With this reduction, the fund’s stake in the bank is the…

Buque de GNL 960x640 1

In the World, Markets, Relevant News Item 22nd August 2023

Europe may have to compete with Asia for limited gas at start of autumn, despite high storage levels

Renta 4 : Europe opens higher (Eurostoxx futures +0.4%, S&P -0.1%) after last minute gains in the Nasdaq (+1.65%) and after a session yesterday in which the rebound of the first part of the day in the European stock markets was deflated as the session progressed as there were no specific catalysts, beyond accumulating three consecutive weeks of losses in the main world stock markets.The markets are still waiting for…

norges bank

Companies, In Spain, Relevant News Item 22nd August 2023

Norges Bank strengthens its holdings in Repsol, Solaria, Unicaja and BBVA this summer

Link Securities| The Norwegian Pension Fund, considered the world’s largest sovereign wealth fund, has in recent months strengthened its holdings in some of Spain’s listed companies. Last week, Norges Bank announced a 5.03% position in Repsol, a position valued at current prices at €908.7 million, after starting the year with 3.21% of the share capital. A few days earlier, it acquired a new package of shares in Solaria, going from…