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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.

World economy 11th April 2024

ACS to refurbish hospital in Australia through subsidiary Cimic in deal worth €450M

Intermoney | ACS (ACS), through its Australian subsidiary Cimic, has been awarded a contract to refurbish a hospital in the state of New South Wales. The works will involve an investment of €450 million. The work will begin this year and will last until 2028. It will include the refurbishment of numerous departments of the hospital, as well as the construction of new facilities, including the vertical expansion of existing…

European economy 11th April 2024

CAF selected in UK for renewal of railway signalling in contracts valued at around €4,700M over 10 years

Renta 4| According to press reports, CAF has been selected along with other companies to renew the signalling and safety of the UK rail network. The selected companies are CAF together with the British company, AtkinsRealis, Alstom, Hitachi and Siemens. The total value of the contracts to be awarded amounts to around €4.7 billion over the next 10 years and will be progressively entrusted to the selected companies. Assessment: This…

Spanish economy 11th April 2024

Positive outlook for tourist sector in Spain in 2024

Caixabank Research| The tourism sector has had a strong start to 2024. International arrivals in February were 15.9% above the same month of 2019, while international tourist expenditure attained a level 26.7% above that of February 2019. Demand for tourism services is holding up despite the strong increase in tourism related prices: CPI hotel prices in February increased by 9.0% year-on-year, attaining a level 32.2% above the same month of…

Spanish economy 11th April 2024

Berkeley goes on the offensive over Salamanca uranium mine veto with multi-million dollar arbitration against Spain at ICSID

Link Securities| The mining company will open a multi-million dollar arbitration against Spain in the ICSID over the government’s veto of the Salamanca uranium mine. The company is taking a further step in its offensive after requesting, in November 2023, by letter to the Government, a negotiation for the Retortillo project that the Executive rejected in 2021, as reported yesterday by the newspaper ElMundo.es. This letter, in fact, constituted a…

World economy 11th April 2024

Fitch downgrades China’s debt outlook from stable to negative, but maintains rating at A+ due to still solid growth prospects

Link Securities| Credit rating agency Fitch said, after maintaining its “A+” rating on China and lowering the outlook to “negative” from “stable”, that its review reflects the growing risks to China’s public finance outlook, as the Asian country faces greater uncertainty in its economic outlook, in an environment of transition from property-dependent growth to what the Chinese government envisions as a more sustainable growth model. In addition, Fitch noted that…

Spanish economy 11th April 2024

Merlin Properties contracts with two US investment banks to increase capital by up to €1 billion

Intermoney| Merlin Properties (MRL) (Buy, Target Price €12/share) has contracted with two US investment banks for a capital increase of up to €1 billion, which it expects to be completed before the end of this year, according to Cinco Días. The REIT expects the funds to be used for the start-up of data centres, its current main avenue for growth. Merlin expects a large part of the capital increase to…

Spanish economy 11th April 2024

Chery to become first Chinese carmaker to manufacture cars in Spain

Chery will become the first Chinese carmaker to manufacture cars in Spain. It plans to manufacture both combustion and electric vehicles in Spain, as well as those with some form of hybridisation. The Asian carmaker has just signed an agreement with EV Motors, which is seeking to reindustrialise the former Nissan Barcelona, for Chery to manufacture vehicles entirely in the Zona Franca of Barcelona and thus occupy the site left…

Spanish economy 11th April 2024

Moody’s upgrades Enagás’ outlook from “negative” to “stable”

Santander Research| Moody’s has upgraded Enagás’ rating outlook (Baa2 e, BBB e, BBB e) from negative to stable. The decision is based on Enagás’ strategic update, which outlines measures to strengthen its balance sheet by 2027. Enagás reduced its dividend pay-out from €1.74/share to €1.00/share for 2024-26, and cut planned investments for the period by €300m. Moody’s expects the additional cash flow generated by the company to be used to…

China proposes major antitrust law overhaul, curbing internet titans

World economy 11th April 2024

US trade flows now more diversified, imports from China 8% lower than end 2017

Morgan Stanley| Asia Macro team notes that after the onset of trade tensions with China in 2018 while offshoring has been very limited, trade flows are much more diversified than before. The US now imports much less from China (13.9% vs 21.6% in Dec 17), clearly expanding the number of regions from which it does so: it imports more from Canada, Taiwan, Korea and India … with Mexico and the…

Spanish economy 10th April 2024

Congress of Deputies to debate regularisation of hundreds of thousands of migrants

The Congress yesterday supported the consideration of the Popular Legislative Initiative (ILP) for the extraordinary regularisation of the 500,000 migrants who, according to the promoters’ calculations, live in Spain without papers and without some basic rights. The initiative was backed by more than 600,000 signatures and 900 civil society organisations. The proposal received 310 votes in favour and only 33 against, those of the Vox parliamentary group. Each with their…

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