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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.
energy sector

European economy 9th April 2024

Surplus electricity production plus structural reduction in consumption, leads to negative prices on wholesale markets

Alphavalue / Divacons| The recent phenomenon of negative electricity prices in several European countries reflects a complex combination of factors, mainly driven by the law of supply and demand and the increasing prominence of renewable energy sources. Countries such as Germany, Finland, Belgium and France frequently experience a surplus in electricity production, largely due to a combination of favourable weather conditions and an increase in renewable energy capacity. This surplus,…

Puig

Spanish economy 8th April 2024

Puig’s investor education period begins: if banks detect interest, IPO announcement could be imminent

Link Securities | This week begins the so-called Investor education period for the fragrance, fashion, cosmetics and make-up company Puig, in which the banks coordinating the sale of the company’s shares will show dozens of large funds the accounts and possible valuation of the firm, according to the newspaper Expansión. This is a key step in deciding whether the transaction goes ahead and the price at which it will be…

Aukus

World politics 8th April 2024

US, Australia and UK seek to add Japan to Aukus strategic military alliance to share advanced defence technologies

Banca March: Aukus is a strategic military alliance between three countries in the Anglo-sphere: Australia, the UK and the US. The United States, Australia and the United Kingdom are seeking to add Japan to their strategic alliance known as Aukus. Initially, this strategic military alliance between the three countries was intended to help Australia acquire nuclear-powered submarines and, unofficially, to counter China’s power in the Indo-Pacific region. However, prior to…

Lima

Spanish economy 8th April 2024

Ferrovial, Acciona and Sacyr win €3,131-million contract for construction and 30-year concession for 35-km Lima ring road

Ferrovial (FER) informed the CNMV that the Anillo Vial Periférico Consortium formed by FER, Acciona (ANA) and Sacyr (SCYR) has been selected to develop the Anillo Vial Periférico de Lima (Peru) project under the concession format with an investment of $3.4 billion (about €3.131 billion). This amount includes contributions of public funds from the government. Within the consortium in charge of the project, FER, through its toll road subsidiary Cintra,…

inditex all

Spanish economy 7th April 2024

Why Inditex is worth twice as much as Santander if it earns half as much

Aurelio Medel (5 Días) | Inditex, the textile empire controlled by Amancio Ortega, has become the Spanish company with the highest stock market value (145,000 million), a capitalisation that is almost double that of Banco Santander (74,000 million). But the surprising thing is that this difference in value bears no relation to profit, neither present nor foreseeable in the medium term. Inditex is today worth twice as much as Santander…

Aena

Spanish economy 6th April 2024

Justice ministry reopens Aena’s claim for costs caused by Covid

Intermoney | The Justice ministry has ordered the Directorate General of Civil Aviation (DGAV) to re-examine the claim that Aena (Maintain, PO €170) presented at the time on account of the costs caused by the pandemic in 2020 and 2021, according to Cinco Días. In December 2021, the DGAV denied any compensation to the operator, although now the Supreme Court has ruled that the administration should hear its arguments again,…

Iberia

Spanish economy 6th April 2024

Iberia forecasts that purchase of Air Europa would allow Madrid airport to reach 100 intercontinental destinations

Link Securities | The Iberia airline is gradually unravelling its plans in the event that the purchase of Air Europa is successful, for which it is awaiting authorisation from the European Commission’s Directorate-General for Competition (the latest deadline is 15 July, but it can be postponed), according to Expansión on Thursday. The IAG subsidiary (IAG) explained that the merger would allow Madrid airport to reach 100 intercontinental destinations, twenty more…

OPEC post mortem

World economy 5th April 2024

OPEC+ reconfirms continuation of voluntary 2.2m bpd oil production cuts until mid-year

Banca March: The production cap was introduced in November and is valid until the first quarter of 2024 and, last month, it was extended until mid-year. The agreement is paying off for the cartel, with the price of Brent crude oil reaching $90 per barrel yesterday, helped by other factors such as tensions in the Middle East and the attacks on Russian refineries. At yesterday’s session they decided to maintain…

Talgo

Spanish economy 5th April 2024

Hungarian group Magyar Vagon launches €620-million takeover bid for Talgo

Ganz Mavag, the Hungarian consortium formed by state and private capital, today presented the prospectus of the takeover bid for 100% of Talgo at five euros per share with a maximum cost of €620 million. Talgo is currently trading at €4.3 per share. The Magyar investors remain committed to strengthening Talgo’s industrial capacity despite resistance from the Spanish government, which is reluctant to see the train manufacturer pass into the…

BankinterIn1

Spanish economy 5th April 2024

Bank of America regains 5.32% stake in Bankinter

Link Securities| Bank of America has raised its stake in Bankinter’s capital back to 5.32%, after reducing it to zero at the end of March, according to National Securities Market Commission (CNMV) records, Expansión reports today. The US bank clarifies that it has notified this stake because it has exceeded the exemptions provided by law and has specified that the purchases are not made on its own behalf, but on…