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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.
Indra Tecnocom

Companies, European economy 5th June 2023

Indra signs binding agreement to acquire Park Air UK

Renta 4| Park Air is a leader in ground-to-air radio systems for civil and military air traffic management. Its customers include air navigation service providers, airports, systems integrators and government military organisations. Park Air has annual sales of around €20 million, achieved negative EBIT in 2022, more than 120 employees and a partner and distribution network that enables it to supply systems in more than 100 countries. The acquisition would…

BBVA Holvi

Relevant News Item 5th June 2023

BBVA redeems 64.6 M treasury shares as part of buyback programme

Link Securities | BBVA (BBVA) notified the National Securities Market Commission (CNMV) of the partial execution of the capital reduction resolution adopted by the Ordinary General Shareholders’ Meeting held on March 17 2023, through the reduction of BBVA’s share capital by a nominal amount of €31,675,343.91, and the consequent redemption of 64,643,559 treasury shares of €0.49 par value each, held by the company as treasury shares. The treasury shares subject…

red electrica cableado

In Spain, Relevant News Item, Spanish economy 5th June 2023

Spanish electricity demand plummets by 8.7% in May

ASE Group| With an extraordinary drop of 8.7%, the daily average of Spanish electricity demand in May was 562 GWh, practically the same as that recorded in May 2021 (560 GWh) at the height of the pandemic. This decrease was more pronounced in the hours of maximum solar radiation (between 11% and 12%) due to the boom in self-consumption installations in both homes and businesses. The other factor that explains…

Cellnex

Companies, Relevant News Item 4th June 2023

New Chair says Cellnex not giving up on growth through acquisitions, but not in short term

Banc Sabadell | In an interview granted by Anne Bouverout (current Chair of Cellnex (CLNX), after the departure of Bertrand Kan as a result of the intervention of TCI) the executive has issued the following messages concerning the Company: ▪ She considers that Cellnex is not vulnerable to a takeover bid and that if there has ever been such a perception it was the result of the uncertainty derived from…

tren alta velocidad

Relevant News Item 3rd June 2023

Alstom, Siemens and CAF prepare to bid for Spanish high-speed train extension

Link Securities| Alstom, Siemens and CAF (CAF) are preparing to bid for the extension of the Spanish high-speed train (AVE) network, according to Expansión newspaper. The newspaper points out that on this occasion it will be key to have trains with variable gauge (they will have to be able to run on UIC and Iberian track) to reach, for example, from Madrid to the main destinations in Galicia and Asturias.

china componentes

In the World, World economy 2nd June 2023

China manufacturing PMI unexpectedly rises to 50.9 in May from 49.5 in April

Link Securities| China’s advance manufacturing activity index, the manufacturing PMI compiled by media group Caixin unexpectedly rose to 50.9 in May from 49.5 in April. The FactSet consensus of analysts had expected a lower reading of 49.4. An index reading above 50 points indicates expansion in activity from the previous month, while a reading below that level indicates contraction in activity. Production increased at its fastest pace in eleven months,…

unemployed august

Spanish economy 2nd June 2023

Unemployment falls by 49,260 in May

In May, the Social Security system gained an average of 200,411 contributors compared with the previous month (+0.97%) and the number of affiliates exceeded 20.8 million for the first time after adding more than 210,000 employed people, according to data from the Ministry of Inclusion, Social Security and Migration. In addition, the number of unemployed fell by 49,260 people compared to the previous month (-1.8%). All these data are driven…

vidrala

Companies, Relevant News Item, Spanish economy 2nd June 2023

Good news for Vidrala: Coca Cola to promote use of glass in the hospitality industry

Renta 4| Coca Cola Europacific Partners has launched an action plan to promote the use of glass in the hotel and catering industry, with the aim of giving priority to this type of packaging over aluminium or plastic cans. The plan aims to introduce glass containers in up to 10,000 establishments that use other types of packaging, in response to the study “Consumer Preferences in Hotel and Catering” carried out…

Iberdrola Guggenheim

Companies, Relevant News Item, Spanish economy 1st June 2023

Iberdrola reaches co-investment agreement with NBIM Iberian Reinfra for joint renewable assets portfolio in Spain and Portugal

Norbolsa| Iberdrola (IBE) announced a co-investment agreement with NBIM Iberian Reinfra (part of Norges Bank) for the joint development of a portfolio of renewable assets in Spain and Portugal. Iberdrola plans to sell 49% of another 500 MW for €250 million, bringing the joint portfolio of both firms to 1,800 MW, valued at around €1,800 million.

Eurozone

European economy, Relevant News Item 1st June 2023

Eurozone inflation slows to 6.1% in May, lowest level since February 2022; core moderates to 5.3%

CdM: Price rises ease in the euro area. In May, inflation fell nine tenths of a percentage point from the previous month, bringing the Consumer Price Index (CPI) to 6.1%, according to Eurostat, the EU’s statistical office. This is the lowest level since February 2022, coinciding with the Russian invasion of Ukraine. Excluding the impact of energy, food, alcohol and tobacco, core inflation achieved two consecutive months of moderation, standing…