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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.

Companies 3rd December 2025

Indra sells business process outsourcing (BPO) division to Bilbao-based Teknei for €96.6 million to focus on defence and technology

Renta 4 | Indra has signed an agreement with Teknei to sell its business process outsourcing (BPO) division for €96.6 million. The sale includes the transfer of more than 5,000 employees under the same working conditions. BPO sells in Spain, Colombia, Italy, Peru, Mexico, Chile and Portugal. Assessment: Positive and expected news. In our opinion, Indra’s structural and dimensional change due to the strong growth expected in Defence suggests that…

Companies, Relevant News Item 3rd December 2025

ACS signs labour agreement to develop $1.7 billion Battery Park City Resiliency Project infrastructure plan in New York

Link Securities | Hochtief, a subsidiary of ACS, has taken a significant step forward in the US after signing a labour agreement (Project Labor Agreement) to develop the Battery Park City Resiliency Project, an infrastructure plan valued at $1.7 billion in New York, according to a report yesterday by the digital portal Bolsamania.com. The project, in which Hochtief is participating through SPC Construction, part of its Flatiron-Dragados division, together with…

In the World, World economy 3rd December 2025

Global economy to grow 3.2% in 2025 and 2.9% in 2026, before slowing to 3.1% in 2027, according to OECD

Link Securities | According to new macroeconomic estimates published yesterday by the OECD, the global economy will grow by 3.2% in 2025 and 2.9% in 2026, before slowing to 3.1% in 2027. Risks to growth will stem from increased trade barriers. The US economy will grow by 2.0% in 2025, 1.7% in 2026 and 1.9% in 2027, against a backdrop of lower job creation and fiscal adjustment. For its part,…

In the World 3rd December 2025

US Black Friday retail sales, excluding automobiles, up almost 4.1% on 2024, according to Mastercard

Link Securities | According to various sources cited by the financial portal Barron’s, Black Friday sales in the US were higher than a year ago, both online and in stores. • Mastercard SpendingPulse indicated that retail sales in the US, excluding automobiles, increased by approximately 4.1% compared to Black Friday 2024. E-commerce sales increased by 10.4% over last year, while in-store sales increased by a modest 1.7%. • Adobe, meanwhile,…

Companies 3rd December 2025

ACS continues to rotate assets within Cimic and sells 50% of UGL subsidiary to Japanese firm Sojitz for around €282 million

Intermoney | The construction company (Buy, PO €69) has agreed to sell 50% of its subsidiary UGL to Japanese company Sojitz for around €282 million. UGL, which focuses on the operation and maintenance of transport equipment such as locomotives and wagons, belongs to Cimic, which in turn is controlled by the Group through Hochtief, and its main market is Australia. ACS will retain the remaining 50% of the capital and…

Companies 3rd December 2025

Unions reject Telefónica’s initial proposal for 5,040 redundancies affecting three main companies in redundancy plan

Alphavalue / Divacons | Trade unions have rejected Telefónica’s initial proposal for the redundancy plan it wants to implement in its subsidiaries Telefónica de España, Móviles and Soluciones. The proposal covers 5,040 redundancies out of the 6,088 proposed in the Spanish telecommunications company’s overall restructuring plan. The Sumados-Fetico trade union group has stated that ‘it will not be part of the agreement, as it does not meet the conditions for…

In Spain 3rd December 2025

Spain: Unemployment Falls to 10%

Bankinter | The number of unemployed people fell by 18,805 in November, compared to a rise of 22,100 in October. Unemployment stands at 2.4 million people (down 0.8% month-on-month and 6.2% year-on-year). Seasonally adjusted Social Security affiliations total 21.84 million people (up 44.5 thousand workers, 0.2% month-on-month, 2.5% year-on-year), although the average number of SS Affiliates for the month declined by 14.4 thousand people (0.1% month-on-month). OPINION: The number of…

Companies, Relevant News Item 3rd December 2025

Inditex: Impressive Q3 results and very healthy start to Q4

Jefferies | Impressive Q3 results… with group sales/EBIT of €9.81bn/€2.37bn (cons €9.71bn/€2.25bn) for Aug-Sep, this for ex fx growth of +8.4% (versus cons of +7.8% and buyside apparently somewhere between 7% and 8%) which follows the 9% of current trading disclosed for 1-Aug to 8-Sep. Gross margin landed at +79bps year-on-year to 62.2%, versus cons/JEFe of +8bps/+55bps. EBIT margin progress was good (in light of fx sales dilution of -3.5%…

Companies 2nd December 2025

Aena secures €915 million financing agreement for expansion and modernisation of eleven airports it manages in Brazil

Alphavalue / Divacons | The airport operator, Brazil’s Banco Nacional de Desenvolvimento Econômico e Social (BNDES) and Santander signed a financing agreement in Brazil for around €915 million for the expansion and modernisation of the eleven airports it was awarded in August 2022 and which it manages under the Bloco do Onze Aeroportos de Brasil company. Specifically, Aena agreed to issue debentures (negotiable securities) for R$5.3 billion, of which the…

Companies, Relevant News Item 2nd December 2025

CaixaBank and nine other banks present Qivalis, company that will launch first euro-pegged stablecoin

Norbolsa | The European Banking Consortium Stablecoin, formed by CaixaBank and nine other European banks, has presented Qivalis, the company that will launch what they say is the first euro-pegged stablecoin, which they expect to be technically and technologically ready by the beginning of the second half of 2026. This was explained on Tuesday at a press conference in Amsterdam (Netherlands) by the president of the new company, Howard Davies;…

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