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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.
Santander Bank Polska

Companies 11th September 2025

EC gives Banco Santander green light to sell 49% of Poland subsidiary to Erste Group for €6.8 billion

Link Securities | On Wednesday, the European Commission gave Banco Santander (SAN) the green light to sell approximately 49% of its subsidiary in Poland to Austria’s Erste Group after confirming that the transaction does not raise competition concerns, according to a statement released by the institution, as reported by the newspaper Expansión. Following the transaction, which amounts to approximately €6.8 billion and also includes 50% of the asset management business…

EEUU empleo 1

In the World 11th September 2025

Downward revision of payrolls created through March in US to record -911,000 compared to consensus estimate of -680,000

Intermoney | The US labour market took centre stage again on Tuesday with the release of the annual revision of payrolls created through March of this year. Given the unreliability of the data in recent months, the revision provides a clearer picture of the labour market. The new figures showed a downward revision of a record 911,000, suggesting that job creation was much less robust in the year to March…

ocde 2

In the World, World economy 11th September 2025

OECD countries’ year-on-year inflation rate at 4.1% in July, down 1/10 pp from June

Alphavalue / Divacons | The year-on-year inflation rate for the Organisation for Economic Co-operation and Development stood at 4.1% in July, representing a decrease of one tenth of a percentage point compared to June. Since March 2025, inflation in the group has ranged between 4% and 4.2%. According to the think tank, headline inflation rose in ten member countries, while 12 recorded declines, with falls of more than 0.5 percentage…

ACS nuevo

Companies 11th September 2025

ACS moves forward with sale of train business in Australia by hiring services of Macquarie

Link Securities | ACS (ACS) is moving forward with the sale of its train business in Australia, which it operates through UGL, a subsidiary of Cimic, according to the newspaper Expansión. The Spanish company, which has hired the services of Macquarie to carry out the divestment, has already received non-binding offers for a business that generates revenues of around A$1.9 billion (around €1.067 billion) per year, with a pending portfolio…

RepsolImaz

Spanish economy 11th September 2025

Europe has gas but doesn’t exploit it, “because we are sustainable, so we commit to buying it from the US. A fantastic exercise in continental hypocrisy,” explains Repsol CEO

Europe has significant gas fields in the Netherlands, the North Sea, Poland, and Spain, but they are not exploited. “We say we don’t do it because we are sustainable, and then we make a commitment to buy it from the US, which is a fantastic exercise in continental hypocrisy,” says Repsol’s CEO, Josu Jon Imaz. This is because “these products are then imported, increasing carbon dioxide (CO2) emissions in the…

redeia fachada

Companies, Relevant News Item 10th September 2025

S&P could downgrade Redeia’s rating within three to six months depending on remuneration framework and planned investments

Link Securities | Credit rating agency S&P maintains uncertainty regarding Redeia’s credit rating and states that there is a 50% chance of downgrading its rating within three to six months, according to elEconomista.es. The outcome will depend on three key factors: the final design of the National Commission for Markets and Competition’s remuneration framework, the schedule and volume of investments defined in the next Transmission Network Development Plan 2026-2031, and…

EEUU empleo 1

In the World 10th September 2025

Average US job growth over last three months falls short of 30,000 jobs

Intermoney | Payrolls grew by only 22,000 (well below the 75,000 expected by consensus) compared to 79,000 in July. Although there were upward revisions in the previous two months of 29,000, this barely masked the fragility we have seen in recent months. In fact, average employment growth over the last three months is less than 30,000. Before going into detail, it should be noted that the response rate was abnormally…

espana europa billete

In Spain, Spanish economy 10th September 2025

Labour cost per hour worked in Spain up 3.8% in Q2 2025

Link Securities | According to the Harmonised Labour Cost Index (ICLA) published by the National Statistics Institute (INE), the labour cost per hour worked increased by 3.8% in Spain in Q2 2025 compared to the same period last year (up 3.7% in Q1 2025), in seasonally and calendar-adjusted figures. In unadjusted data, the year-on-year change in the cost per hour was 5.4% (up 1.9% in Q1 2025). In turn, wage…

Solaria

Companies, Ibex 10th September 2025

Preview of Solaria’s H1 2025 results: profit up 60% to €67 million, only partially affected by amortisation and financial expenses

Intermoney | Solaria (Buy, PO €13) will announce its 1H25 half-year results on Tuesday 30 September, holding a conference call after the market closes. The main figures from our estimates are shown in the attached table and should reflect: 1) a year-on-year decline in production of 7%, as the company has the same installed capacity and following a mediocre first half in terms of weather; and 2) the impact of…

inditex junta 2025

Companies, Relevant News Item 10th September 2025

Inditex sets new records again in first half of fiscal year, profit of €2.791 billion, but falls short of expectations

CdM | The textile company posted a net profit of €2.791 billion during the first half of its 2025-2026 fiscal year (between 1 February and 31 July), representing an increase of 0.8% over the previous year, according to Europa Press this morning. Inditex has thus once again achieved new records with its results, albeit with more moderate growth, below analysts’ forecasts. However, the company has highlighted the ‘strong’ start to…