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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.
Talgo

European economy 27th June 2023

Danish Parliament approves contract extension for Talgo to supply eight additional intercity trains for €184m

Banc Sabadell| Talgo (TLGO) announced on Friday at the opening that the Danish parliament has approved the extension of the contract with DSB for the supply of eight additional intercity Talgo 230 trainsets (and fleet parts for their maintenance) for a sum of €184 million (~4% of the portfolio including the DB contract and Egypt). Assessment: Positive news although of little impact given that the contract was already announced and…

IAG

European economy 27th June 2023

IAG CEO acknowledges interest in TAP

The CEO of IAG, Luis Gallego, said on Monday that the integration of the Portuguese TAP into the holding company “could be an opportunity” depending on the conditions established by the Portuguese government for its privatisation. Gallego pointed out that it could benefit the group with the connections that TAP has with Brazil and parts of Africa, where IAG currently has no presence. According to Gallego, the incorporation of new…

labour market

Spanish economy 27th June 2023

Labour costs up 8.9% in 1Q23 according to Banco de España

According to the advance data on the evolution of the main magnitudes of the behaviour of the domestic business fabric provided every three months by the Bank of Spain through what it calls the Central Balance Sheet Data Office, the average remuneration of workers in Spanish companies increased by 5.9% in the first quarter of the year, above the average inflation for the period and well above the 2.8% average…

BCE Atril

European economy 26th June 2023

The mother of all repayments: European banks to repay €477m of TLTROs this week

Santander Corporate & Investment: This Wednesday European banks are to repay €477mm of TLTROs which will reduce excess liquidity in the system materially and funding via TLTROs to only around €600mm at a delicate time of acceleration of the QT programme from 1 July and with market sentiment further dampened after the ECB/FOMC and the flash PMIs plunge on Friday. For Italian banks, a geography where the gap excess liquidity…

iberdrola offshore

Spanish economy 26th June 2023

Iberdrola signs alliance with Crédit Agricole to grow offshore wind in France

Bankinter : The electricity company is finalising an agreement with Crédit Agricole to incorporate it as a partner in the development of offshore wind projects in France. The two groups will jointly participate in the tenders that the French government will hold in the coming weeks to award hundreds of megawatts of offshore wind power. One will award 250MW in Brittany and the other 500MW in the Mediterranean. Assessment: Good…

Spanish PSOE

Spanish Politics 26th June 2023

Sánchez’s return of 3.5% to whoever lends him money for July 23 campaign is higher than that of Treasury Bills

The PSOE activated its microcredit campaign on 12 June and by Friday had already received €2.7 million . The party has improved the conditions it has already offered in the past, since, in the two previous campaigns for the 2019 general elections, the interest generated was 2% and 2.5% respectively. The amount raised by the campaign for the April 2019 elections was €2,454,200, which was doubled for the general elections…

CO2

Spanish economy 26th June 2023

Spain CO2 emissions up 5.7% in 2022

Beyond the constant propaganda, greenwashing… the post-Covid economic reopening and growth (by 5.5%) led to an increase in emissions (also up 5.7%) according to the Sustainability Observatory. Spanish carbon market emissions in 2022 grew by 9%, accounting for 34.1% of the country’s total emissions (which grew by an estimated 5.7%). In Europe, by contrast, emissions in the market in 2022 decreased by 7%.(In 2021, something similar happened: Europe decreased market…

Cellnex

Spanish economy 25th June 2023

Benetton family now Cellnex group’s largest shareholder again after increasing stake to 9.903%

The Benetton family, through its holding company Edizione, has announced that it has increased its stake in the Spanish telecommunications tower company Cellnex (CLNX) from 8.205% to 9.903%, according to Expansión newspaper. In this way, the Italian family, which was the reference shareholder of CLNX a few years ago, once again becomes the largest shareholder of the group, overtaking the activist fund TCI, which had raised its stake in recent…

olive oil

Spanish economy 25th June 2023

Portugal’s Sovena and Ybarra’s manufacturer interested in bidding for Deoleo

Link Securities | The Portuguese company Sovena and the Andalusian company Migasa, which markets brands such as Ybarra and Musa, are considering participating in the operation and submitting indicative proposals for the Spanish company. The cooperative Dcoop, Acesur and Borges have also already shown interest and are the main rivals, according to sources close to the competitive process for the sale of Deoleo, as confirmed to the digital newspaper elEconomista.es….

grifols

Spanish economy 24th June 2023

Grifols to improve its rating for a better refinancing, as it has a debt maturity of €2,000m in 2025

Singular Bank: The manufacturer of plasma-derived medicines has informed the CNMV that it plans to sell a package of shares in its Chinese subsidiary Shanghai Raas, in which it is its main shareholder, where it will obtain some $1,500 million. As Grifols had already indicated, an asset sale was necessary to achieve its goal of reducing net financial debt to four times EBITDA by the end of 2024, from the…