Top Stories

Articles by The Corner

About the Author

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.
Regulators veto gas interconnection project between France and Spain

Spanish economy 9th June 2022

Algeria Breaks Friendship Treaty With Spain And Freezes All Foreign Trade Operations

The Maghreb country adopted new reprisals after Sánchez’s speech in Congress and his “unjustifiable” turnaround on Western Sahara. The Professional Association of Banks and Financial Institutions (Abef) announced late on Wednesday night the freezing of direct debits for foreign trade operations of products to and from Spain as of Thursday 9 June, reports ‘Tout sur l’algerie’. The circular does not establish any kind of exception for transactions, and therefore opens…

Empty pockets TC

World economy 8th June 2022

What To Expect From Sri Lanka’s Debt Restructuring? Lessons From Argentina And Ecuador

Alicia Garcia Herrero & Junyu Tan (Natixis) | After the pre-emptive announcement to suspend all foreign debt repayments until discussions for an IMF bailout are completed, on May 18 Sri Lanka stepped into the dangerous path of a sovereign default as it missed the 30-day grace period on its USD 78 million worth coupon payments originally due April 18. Against this backdrop, investors’ key question is how deep the debt…

bolsa madrid 1

Spanish economy 8th June 2022

With The Spanish 10-Year Bond At 2.43% Stock Markets Are Holding Up Quite Well And The Question Is Why?

J.C. Ureta (Renta 4) | A first argument would be that there has also been some good news. China has relaxed its anti-virus restrictions and seems determined to abandon the “zero Covid” policy. In addition, China’s forward PMIs, although still below 50, have improved markedly and could be back above 50 in June. It seems the Chinese government is once again concerned about growth and has understood the zero tolerance…

Ferrovial2

Spanish economy 8th June 2022

Ferrovial finalising sale of Amey to consortium of funds, venture capital firms for €234 M

Intermoney | Ferrovial (Hold, Target Price 24 euros) would be finalising the sale of Amey, its services division based in the UK, for close to 234 million euros. This is according to information on Tuesday from daily Cinco Días, citing Sky News. The buyer would be a consortium of funds and venture capital firms, specifically One Equity Partners and Buckthorn Partners. It is expected that the process will be closed…

acerinox campo gibraltar

Spanish economy 7th June 2022

The March Family Rejects Mittal’s Offer For Acerinox

Acerinox confirmed on Monday the breakdown of talks with Aperam, owned by the Mittal family (with 40% of the capital), in an operation that, in the eyes of the market, has lasted two sessions and four days. Although the contacts have lasted for several weeks. Aperam would have taken the first step in its intention to launch a takeover bid for 100% of Acerinox’s capital, but neither the form nor…

metrovacesa3

Spanish economy 7th June 2022

Santander And BBVA Reject Slim’s Bid For A 30% Stake In Metrovacesa

The board of directors of Metrovacesa has rejected the takeover bid launched by FCC, the construction company controlled by Slim, with the aim of achieving a 29% stake in the real estate developer. They consider that the offered price of 7.2 euros is not adequate. In this way, as the company has informed the Comisión Nacional del Mercado de Valores (CNMV), none of the directors owning Metrovacesa shares will accept…

BBVA

Spanish economy 6th June 2022

BBVA’s combined NII could grow 8-10% CAGR in next 3 years: Overweight, T.P. 7,30 eur/share

Morgan Stanley | After putting behind it the acquisition of Garanti (it now controls 86%), we believe BBVA’s focus will gradually return to its businesses in Mexico and Spain. These contribute to 90% of the 2022-2024 profits and where the sensitivity to rates has been underestimated. Based on our analysis, the combined NII will be able to grow 8-10% CAGR in the next three years, beating the consensus assumption. A…

Ferrovial

World economy 6th June 2022

Ferrovial agrees to buy Carlyle’s stake in the new Terminal 1 at JFK airport for $1.140 B

Bankinter | Ferrovial has reached an agreement with Carlyle to buy its stake in the new Terminal 1 at JFK airport (New York). It will acquire 96% of the vehicle through which The Carlyle Global Infrastructure Fund holds 51% of the concession. Ferrovial’s investment will be 1.140 billion dollars. The accord is subject to certain suspensive conditions and the company will provide more details on 9 June at 18:00h. The…

Repsol's bet on alternative energies

Spanish economy 6th June 2022

Sacyr Sells 2.9% Of Repsol And Exits The Share Capital

The construction company Sacyr – which hopes to return to the selective Ibex 35 on the 9th – has sold its stake in Repsol 16 years after its entry. At that time, the Sacyr Group invested over 6 billion euros in 20% of the capital, at an average price of 26.71 euros. According to the company, the sale operation has been possible thanks to the increase in the price of…

photovoltaic energy in Spain

Spanish economy 6th June 2022

China’s Three Gorges Buys 619 MW Of PV In Spain

Three Gorges (CTG) has reached an agreement to acquire a portfolio of 619 megawatts (MW) of photovoltaic assets from Nexwell Power in what is its largest transaction to date in Spain in terms of capacity, according to market sources quoted today by the newspaper Expansión. Details of the price have not yet been disclosed, but sources suggest that the value of the deal is in excess of EUR 200 million.CTG…