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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.
Siro

Spanish economy 14th June 2022

Galletas Siro: When Viability Demands Government-Sponsored Wage Cuts

Unions are proposing wage rises in line with inflation (above 8% in Spain), spurred on by a Labour Minister in a constant election campaign. Meanwhile, Industry Minister, Reyes Maroto, has just pushed through an agreement that allows a historic company, Galletas Siro, which lost 47 million last year and stopped paying its employees’ salaries last May, to avoid bankruptcy. After the improvements in the original adjustment plan, the agreement includes…

maiz

Spanish economy 14th June 2022

The First Ship With Maize (18,000 tn) From Ukraine For Animal Feed Docks In Coruña

The first large shipment of maize from Ukraine since the Black Sea ports were blockaded by the Russian navy when the war began – 109 days – has arrived in Spain. Yesterday, Monday, the ship Alppilia docked in the port of La Coruña, where 18,000 tonnes have been transported in what has meant the first shipment of cereal for feed which will alleviate the lack of feed suffered by Spanish…

Fluidra

Ibex, In Spain 13th June 2022

Fluidra will fully control Hungarian firm Kerex after buying 73,2% for €4,5 M

Intermoney | Fluidra has informed the Stock Market Regulator (CNMV) that it will fully control Hungarian firm Kerex after buying 73,2% for 4,5 million euros. The transaction is expected to be closed in September 2022. This is after the usual suspensory conditions in this kind of deal have been met, and provided there is no material adverse change which negatively and significantly affects Kerex between the Signing and the Close…

President Macron

European economy 13th June 2022

Macron And Melenchon Tie Amid Record Abstention And Everything Will Be Decided In The Second Round

The candidates of Macron’s centrist grouping and the left-wing candidates of Mélenchon’s “New Popular Ecological and Social Union” (NUPES) obtained around 25% of the vote each in the first round of the French legislative elections, which ended with a record abstention rate in France’s recent history. More than half of the electorate (around 53%) stayed away from the polls. All will be decided in the second round next Sunday. The…

Inditex

Ibex, Spanish economy 13th June 2022

Inditex: recent progress encourages a recovery of confidence unblocking the stock in the short-term

CdM |Inditex (ITX)’s first quarter results released on Wednesday beat expectations; the net profit figure reflects the provision for the suspension of activity in Russia and the Ukraine. Main figures compared with Bloomberg consensus: Sales 6.742 billion euros (+36.4%) vs 6.237 billion expected. Gross Margin 4.054 billion euros (+36.9%) vs 3.713 billion (e). This means a margin of 60.1% vs 59.9% in Q1 2021 and 59.5% expected. EBITDA 1.917 billion…

JavierNadal

Spanish economy 10th June 2022

Spanish Foundations Denounce The Government’s Lack Of Interest In The Sector At Their General Assembly

A week after Philea, the European association of foundations which brings together more than 10,000 foundations from all over the continent, met in Barcelona (30 May-1 June), the General Assembly of the Spanish Association of Foundations was held. In a harsh statement, it echoed the complaints of several foundations that “have expressed the constant and numerous difficulties they encounter in relation to the operation and lack of attention by the…

repsolatardecer

Spanish economy 9th June 2022

Repsol Sells 25% Stake In Respol Renovables For €905 Million

Repsol’s Board of Directors today approved the sale of a 25% stake in Repsol Renewables (Repsol Renovables currently has more than 1.6 GW of installed renewable capacity and is present in Spain, the United States, Chile, and Portugal) to the consortium formed by the French insurance company Crédit Agricole Assurances and Switzerland-based Energy Infrastructure Partner (EIP) for €905 million. The transaction values Repsol’s renewable business at €4.383 billion, including debt…

104415914 GettyImages 670697906.1910x1000

European economy 9th June 2022

Lagarde Presents Roadmap In Three Acts; Confirms July Rate Hike Plans

Peter Allen Goves (MFS Investment) | The June ECB meeting had several new and meaningful policy announcements compared with the last meeting. In general, policy decisions were in line with Lagarde’s previously announced roadmap, but there were various hawkish twists and adjustments. In our view, the policy statement further justified curve flattening and affirmed the bear market status for euro rates, not least given the inflationary backdrop. Much of this…

repsolatardecer

Companies, Ibex, In Spain 9th June 2022

Repsol will decide this Thursday whether to sell 25% of Repsol Renovables (total worth some €3.500 B)

Norbolsa | This Thursday Repsol’s board will decide on whether it will sell 25% of Repsol Renovables, according to online daily El Confidencial. Possible favourites could be Prédica (a subsidiary of Credit Agricole) and Swiss fund Energy Infrastructure Partners. A valuation of 3.5 billion euros has been suggested for 100% of Repsol’s renewable arm. We recall that a few days ago press reports flagged the possibility that Repsol was studying…

Ursula

European economy 9th June 2022

Brussels Approves Gas Price Cap In The Iberian Peninsula: €40/MWh

The European Commission yesterday authorised as State aid the so-called Iberian derogation, which consists of setting a cap of 48.8 euros/MWh in Spain and Portugal on average for one year on gas offers in the wholesale electricity market. According to a European Commission communiqué, the measure involves state aid of 8.4 billion euros (6.3 billion for Spain and 2.1 billion for Portugal) “aimed at reducing wholesale electricity prices in the…