Articles by The Corner

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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.
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US and China conclude talks in Madrid, establishing framework agreement on ownership of TikTok

Link Securities | According to Bloomberg and Reuters, the US and China concluded talks in Madrid, establishing a framework agreement on the ownership of TikTok. US President Donald Trump said the meeting went well and that he will speak with Chinese President Xi Jinping on Friday. US Treasury Secretary Scott Bessent indicated that the agreement could preserve Chinese characteristics while addressing US national security concerns. The Chinese news agency Xinhua…


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Rovi affected by ‘noise’ surrounding vaccine manufacturers: FDA plans to link deaths of 25 children to Covid vaccines

Banco Sabadell | According to press reports, the FDA is planning to publish a report linking the deaths of 25 children to Covid vaccines. Assessment: Negative news due to the ‘noise’ it generates around vaccine manufacturers, something that has become commonplace since Trump appointed Robert F. Kennedy (a well-known anti-vaccine advocate) to head the FDA. We continue to believe that vaccination rates in the US, once the endemic phase has…


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Grifols asks National Court to summon KPMG partners who signed 2021-2023 audits to testify in case

Alphavalue / Divacons | The Catalan company specialising in blood products is stepping up its legal offensive against Gotham City Research and has asked Court No. 4 of the National Court for the two KPMG partners who signed the 2021-2023 audits to testify in the case. The pharmaceutical company is seeking to strengthen its defence after the bearish attack that cost it around €9 million in January 2024. The Institute…


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Oliú believes 9.8% negative premium and extraordinary dividend from TSB sale will derail BBVA’s bid

Norbolsa | The Banco Sabadell chairman rules out BBVA’s takeover bid succeeding due to the lack of a premium (-9.8%) and the elimination of the extraordinary dividend from the sale of TSB, and assures that the operation would only be considered with a premium of 30-40%, as is usually the case in successful takeover bids. In addition, the trade unions representing Banco Sabadell employees expressed their rejection of BBVA’s takeover…


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FCC Enviro acquires Cumbria Waste Group business from Waterland Private Equity in UK

Link Securities | FCC enviro, a subsidiary of FCC (FCC), has agreed to acquire the Cumbria Waste Group business from Waterland Private Equity in the United Kingdom. The company expects the transaction to be completed in Q4 2025, subject to the fulfilment of certain conditions customary in this type of transaction. FCC enviro has been present in the British market since 1989 through its subsidiary FCC Environment UK and is…


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S&P Raises the Kingdom of Spain’s Rating from A to A+

Last Friday, the credit rating agency Standard & Poor’s (S&P) upgraded Spain’s credit rating from “A” to “A+.” This decision was based on the country’s vigorous economic growth, the positive impact of immigration on the labour market, and the success of its exports, which have low exposure to US tariff policies. In its report, S&P explained that a decade of private sector deleveraging in Spain has led the country to…


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August macro data for consumption, industrial production, and investment show signs of weakness in Chinese economy again

Norbolsa | August macro data once again show signs of weakness in the Chinese economy, with the lowest growth figures of the year, which has reignited expectations of stimulus measures. Consumption is growing less than expected (retail sales up 3.4% against 3.8% estimated), as are industrial production (up 5.2% against 5.6%) and investment (0.5% against 1.5%). Residential investment continues to fall at a rate of 7%. However, it is expected…


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David Martínez, one of Banco Sabadell’s main shareholders, asks BBVA to improve current offer price

Link Securities | Mexican businessman David Martínez, one of Banco Sabadell’s (SAB) main shareholders, has asked BBVA (BBVA) to improve its current offer price, according to Expansión newspaper. Martínez, who acquired a stake in SAB more than a decade ago, controls 3.8% of the bank, behind BlackRock (6.9%) and Zurich (4.9%). In Martínez’s opinion, and as he ‘requested to be recorded’ in the SAB Board report, ‘the transaction presented by…


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Digi begins preparations with Rothschild for IPO of Spanish business, valued at €2.5 billion

Link Securities | The Spanish subsidiary of the Romanian operator plans to go public to accelerate its growth. It currently covers more than 12 million households, and its goal is to reach 20 million in three years. To finance this growth, the telecommunications group intends to place a minority stake on the stock market and has hired Rothschild for this purpose. DIGI is valued at €2.5 billion. The IPO is…


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EIB grants €80 million loan to CAF for iR&D&I at its centres in Spain and Poland

Link Securities | The company and the European Investment Bank have signed a loan agreement for €80 million to finance the company’s research, development and innovation (R&D&I) programme, according to Expansión. The European bank’s loan will enable the train and bus manufacturer to invest in digitalisation, autonomous mobility solutions and the energy efficiency of trains and buses. All R&D&I investment will have to be made at CAF’s centres in Spain…