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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.
aena duty free

Spanish economy 24th June 2023

Aena awaits bids for duty-frees at Barajas and El Prat; contracts representing +40% of minimum revenue in Spain

Intermoney| Aena expects to receive during the final days of June new bids for the operation of the duty free shops in Madrid Barajas and Barcelona El Prat airports, according to Cinco Días newspaper. This is a repetition of the process that was abandoned months ago, when duty free shops throughout Spain were put out to tender, and several lots were awarded, but not those located in the airports of…

european commission

In Europe 23rd June 2023

EC to require EU members to make temporary contribution of 0.5% of their companies’ profits from 2024 as a prelude to a European corporate tax

BancaMarch| Brussels is asking EU countries for €16 billion as a prelude to the European corporate tax. According to Expansión, the European Commission will require EU countries to make a temporary contribution of 0.5% of their companies’ profits from 2024 and until they agree on a common tax on companies to replace it. The aim of the measure is to strengthen the EU’s coffers in order to be able to…

PoundsTC

European economy 23rd June 2023

Red alert in UK: CPI rebounds in May to repeat previous month’s +8.7% and core CPI rises to +7.1%

Banca March: May’s inflation data has precipitated a sharp move in UK official rate expectations that put the UK’s terminal rate at 6% and assigns a 40% probability that the Bank of England would launch a 50bp “jumbo” hike at Thursday’s meeting, which would raise official rates to 5%. The concern stems from the rise in core inflation to 7.1% and the eleventh consecutive upward surprise in headline inflation to…

Mortgage law Spain

Spanish economy 23rd June 2023

Spanish mortgages (-18% year-on-year in April) are at 3%, for 24 years and for €137,000

Marta Pérez Amigot, Economic and Financial Analysis Unit of Ibercaja| The Bank of Spain published a report last week in which it warned of a stranglehold between supply and demand in the housing market, which means that property prices are resisting a fall despite the decline in activity. Two main ideas may be drawn from it: 1) After the initial impact of the pandemic, the demand for home ownership has…

Acciona

Spanish economy 23rd June 2023

Acciona confirms Renomar deal with stake increase to 75%

Banco Sabadell| ANE announced at the close that it has increased its stake in Renomar to 75% (indirectly; from 50% previously, accounted for by the equity method with a book value of €101 million at year-end 2022 / 0.7% of EV) following the acquisition of 50% of Med Wind Energy which, in turn, holds the other 50% of Renomar, as well as a portfolio of projects under development in the…

airbus A320

European economy 22nd June 2023

Supply normalisation bodes well for earnings and cash generation outlook for Airbus

Morgan Stanley| Management hosted a Business Update on Wednesday during the Paris Air Show, focusing on supply chains and production ramp-up. Specifically, Ross Law (analyst) estimates that during the event, the company has received orders for 846 aircraft, which according to the Airbus CEO, brings the total order backlog to 8,000 units, equivalent to 10 years of production at the current rate. With this, Ross highlights that the current strong…

Fed marzo 2022 2

In the World 22nd June 2023

Fed focuses message on inflation control and banking sector stability, but without concrete proposals

Bankinter| In his appearance before Congress, Powell maintained the tone and vagueness of his message. Congress has focused most of its questions on banking regulation. Meanwhile, Powell focused his message on inflation control, but without specifying the future. Analysis team’s view: The Fed governor reinforced the stability of the banking sector. But, he did not specify the future of regulation. Powell expects to receive a proposal during the summer. However,…

bond vigilantes

World economy 22nd June 2023

Bausparkasse: First postponement of a bond issue this year. Curves expected for credit market

“It was a 10-year covered bond from a small German building society, Bausparkasse. Probably too local to be representative, but it is certainly not positive news,” explain Santander analysts, who foresee a sharp reduction in bond issues in the second half of the year, after a record first half. As of last Friday, 16 June, €534 billion had been issued. Santander’s full year projections point to total issuance of €895bn…

naturgy

Spanish economy 22nd June 2023

Naturgy plus three other companies begin processing new renewable gas plant in Lleida with €18-million investment

Link Securities | As reported by the digital newspaper CapitalBolsa.com, Naturgy (NTGY), together with three other companies, Compost Segrià, Sitra, and Servei de Gestió Ramadera, has initiated the processing of a new renewable gas plant in Torrefarrera (Lleida), in an area of Spain that generates large quantities of agricultural and livestock waste. The plant will represent an investment of €18 million. The facility, which is expected to be commissioned in…

banco espana guapito

Spanish economy 21st June 2023

Bank of Spain upgrades GDP growth forecast to 2.3%

BancaMarch: The Bank of Spain raises its GDP growth forecast to 2.3%. This was stated by the agency in its recent publication of macro projections, in which its GDP forecast for Spain for the current year rises from 1.6% to 2.3%. It also expects inflation to fall faster than expected this year, to close at 3.2% on average, as well as forecasting growth above 2% every year until 2025. On…