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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.

Companies, Ibex, Relevant News Item 19th October 2022

Telefónica considers revising strategic plan which created Telefónica Tech and Infra

Link Securities | Telefónica is considering revising its current strategic plan via which it created Telefónica Tech and Infra (amongst other decisions). Sources familiar with the operation confirmed this to news agency Europa Press on Monday, after it had been advanced earlier by El Confidencial.com. Telefónica wants to adapt the plan to the macroeconomic context of high inflation. The Spanish telco has hired McKisey&Company to carry out an analysis, the…

European economy, Interviews 19th October 2022

“Carbon Prices Are Having Perverse Effects”

Carlos Schwartz | Natalia Fabra is a director of Enagás and chair of the European programme “CURRENT TOOLS AND POLICY CHALLENGES IN ELECTRICITY MARKETS”. Q:There seems to be a shift in thinking about pricing mechanisms in the energy sector at the moment. A: Yes, it is part of the paradigm shift. It has been realised that, in the case of the electricity market, it is not correct to remunerate power…

Companies, Ibex, Spanish economy 19th October 2022

Ferrovial offers a defensive profile, given its exposure to the dollar, unquestionable quality of its assets

Intermoney | Results for 9mths 2022e – EBITDA will rise 17% (IMVe). Ferrovial will announce its third quarter results on Thursday 27 October after the market’s close, followed by a conference call. The day before Heathrow and Budimex will have released their figures. In our estimates, we expect the strong progression in Motorways to be confirmed, partly offset by a decline in Construction, phenomena already noted in June. All in all, EBITDA…

World economy 18th October 2022

China’s Party Congress: doubling down on the direction of travel

Alicia García Herrero (Natixis) | After months of preparation and concerning sentiment stemming from a deteriorating external environment, Covid-related restrictions and the plummeting real estate sector, the Communist Party’s 20th Congress has started with President Xi Jinping delivering the work report. Below are some key take-aways: 1. Dynamic zero Covid policies remain in place, sealed by the success in saving lives during the past few years. No clear exit strategy has been…

Spanish economy 18th October 2022

Iberdrola To Sell 49% Of Its Largest Offshore Wind Farm For 2 Billion Euros

Iberdrola will sell a stake of up to 49% of East Anglia Three, its largest offshore wind farm in the world, located in the southern North Sea off the coast of the United Kingdom. According to elEconomista.es, the electricity company has just started the process, through which it intends to incorporate an international fund in the project’s capital. The infrastructure, which has just begun construction, will have an installed capacity…

Companies, Ibex, Spanish economy 17th October 2022

BBVA: Upside in NII and margins, stable capital situation; Turkey risks already in the price

Morgan Stanley |We have carried out a survey amongst our sectorial analysts to find out their estimates with regard to consensus expectations for each sector. Also to identify where they are most confident in terms of results. The survey flags a solid Q3, with 50% of sectors beating forecasts vs 13% seen as falling behind. That said, looking ahead at FY’23, my analysts predict a clear downside risk to consensus…

Spanish economy, Spanish Politics 17th October 2022

The Government Will Raise All Pensions By 8.5%: 860 Euros A Year For Minimum Pensions And 3,350 Euros A Year For Maximum Pensions

Fedea, the foundation of the former savings banks, has drawn up a report highly critical of the Government’s proposed increase in pensions (8.5% for all pensions). According to FEDEA, “In the debate on the revaluation of pensions, two issues are being mixed up that should be dealt with separately. On the one hand, the sustainability of pensions, which is a structural problem that has not yet been resolved, and, on…

Companies, Ibex, Relevant News Item 17th October 2022

Repsol enters Acteco’s capital with 27% stake

Renta 4 | Repsol has bought 27% of Acteco, which specialises in the pickup, management and recycling of waste in Spain, specifically plastics. With the acquisition of this stake, the oil and gas company has guaranteed the supply of waste which will be used in the manufacturing of low emission products. Repsol continues to bet on the circular economy. No financial details of the transaction have been revealed. With Repsol…

Companies, Ibex, Spanish economy 16th October 2022

Meliá accelerates sale of own properties (11%), betting on management contracts (43%), franchises (16%)

Link Securities | Meliá Hotels is accelerating the sale of its properties and increasing its bet on management contracts and franchises, the daily Cinco Dias said today. Meliá, with a portfolio of 330 hotels and a further 48 signed for the next few years, was dragged down in financial terms during the pandemic by having to maintain its own hotels without any activity going on. So last Tuesday, the hotel chain…

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