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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.

Spanish economy 14th June 2023

Bank of Spain warns there are half a million homes practically unsaleable but lack of developable land means prices cannot fall

A study by the Bank of Spain recommends that the government “review the procedures for managing land for development” to try to lower the price of housing in Spain, the high cost of which it attributes to the “mismatch between supply and demand”. The study, “El desajuste entre la oferta y la demanda de vivienda y su relación con los precios“, (“The mismatch between housing supply and demand and its…

Spanish economy 14th June 2023

Amadeus: travel volumes to fall by -15% vs. pre-Covid levels on a permanent basis, ahead of expectations for segment recovery

Morgan Stanley| The 1H23 corporate travel survey results indicate that travel volumes would fall -15% from pre-Covid levels on a permanent basis, which is above the recovery expectations it had for Amadeus and for the segment. Given this improvement and the expectation of respondents to reduce the proportion of virtual meetings, our industry analysts believe we could see even more recovery in corporate travel. In addition, they think that the…

European economy 13th June 2023

Italian industrial production falls 1.9% month-on-month and 7.2% year-on-year-year

Intermoney: Transalpine industrial production left a bad taste in the mouth in April, falling -1.9% month-on-month and -7.2% year-on-year. The secondary sector accounts for 16.2% of Italy’s GDP, so it is bad news that there was a generalised contraction in practically all the items, with a particular focus on the -2.1% m. in manufacturing activity. Moreover, the fall was especially visible in the production of base metals and materials, when…

In the World 13th June 2023

PBoC confident China will achieve the near 5% growth target set at Party Congress

Link Securities| In a speech to a symposium in Shanghai this week, People’s Bank of China (PBoC) Governor Yi Gang was upbeat about China’s economic outlook, suggesting that 2Q23 GDP growth will be relatively high, mainly due to a favourable base effect. He further rationalised the recent weakness in inflation as a reflection of the lagged pick-up in demand, and expects the consumer price index (CPI) to rise gradually in…

Spanish economy 13th June 2023

CPI falls to 3.2% in May, 9/10 of a percentage point lower than previous month; core down to 6.1%

The annual rate of the general Consumer Price Index (CPI) in the month of May is 3.2%. This rate is nine tenths of a percentage point lower than that registered the previous month. The groups that stand out due to their influence on the decrease in the annual rate are: Transport, which places its rate at -3.7%, more than four points lower than last month. This decrease is due to…

Spanish economy 13th June 2023

Sacyr sells environmental services business to Morgan Stanley for €734 million (9x EBITDA22)

Sacyr has just announced the sale of 100% of its environmental services business (Valoriza Servicios), for an enterprise value of €734 million, to a company owned by funds managed by Morgan Stanley Infrastructute Partners. The value of the equity is estimated by Sacyr at €425 million, and the transaction is expected to close in 4Q of this year. The capital gains generated are estimated at €270 million. The company states…

In Spain, Spanish economy 13th June 2023

Housing sales fall by 8% in April for third consecutive month, 43,311 transactions

According to the National Statistics Institute (INE), the sale of used housing fell by 9.0% in April at a year-on-year rate, to 35,057 transactions, in what was the biggest drop in this year-on-year rate in a month since January 2021. Meanwhile, new home sales and purchases fell by 4.2% in the month analysed, to 8,354 transactions. This variable has fallen in seven of the last eight months. Overall, housing sales…

Companies, In the World, World economy 13th June 2023

Indra to transform mobility in Brisbane with state-of-the-art public transport technology in its clean vehicles

Link Securities| The company is already implementing in the new green and clean BRT vehicles of Brisbane Metro (Australia), the most advanced technology for public transport management, which has been successfully tested in a pilot thanks to which Brisbane City Council will be able to validate and work with the company in the final design of the solution, according to Europa Press on Friday. The Brisbane Metro project will transform…

Spanish economy 12th June 2023

Inditex to propose long-term cash and share incentive plan targeting up to 750 executives

Alphavalue / Divacons | As was seen on Friday in the domestic press, the shareholders’ meeting of the Galician textile company on July 11th is expected to approve a long-term incentive plan in cash and shares for members of the management team, including executive directors, and other employees of the group who are invited to participate in the plan, up to a maximum of 750 beneficiaries. Specifically, the plan consists…

In Spain, Spanish economy 12th June 2023

DBRS maintains Spain’s credit rating at ‘A’ with stable outlook

Bankinter : DBRS maintains Spain’s credit rating at ‘A’ with a stable outlook. They consider the risks to the rating to be balanced. They expect that in the next legislature there will be continuity in the recovery plan and in the committed fiscal path. Despite this, they continue to point out that there are structural challenges. The analysis team’s opinion: the agency kept its rating unchanged, in line with expectations…

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