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.
Almirall edificio id

Almirall’s Physiorelax obtains extended indication for use from 12 years of age

CdM | Almirall (ALM) has announced the extension of the indication for Physiorelax, which can now be used from the age of 12 (compared to 18 previously). With this, the company reinforces the availability of safe and effective solutions for muscle care. Physiorelax is a range of topical creams formulated with natural ingredients, developed for everyday muscle care. Its unique formula is based on Helenalin2, a complex that combines arnica,…


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Current component of NY manufacturing index improves to 18.7 against 10.7 previously

Bankinter | The Empire Manufacturing or New York Fed Manufacturing Activity Index (November) shows a mixed reading, although in expansion territory (>0). The current component improved unexpectedly to 18.7 against 5.8 expected and 10.7 previously, while the six-month outlook worsened to 19.1 against 30.3 previously. Analysis team’s view: This indicator, which surveys 200 executives in the manufacturing sector in New York State, shows less optimism about the economy’s performance, although…


telefonica nuevo logo

Colombian competition authority authorises sale of Telefónica’s subsidiary to Millicom

Norbolsa | Colombia’s competition regulator has approved the merger of Movistar and Tigo (a subsidiary of Millicom), but with conditions and possible penalties in the event of non-compliance, in order to facilitate the sale of Telefónica Colombia’s shares to Millicom. Following this operation, the sale of the Colombian government’s shares to Millicom and EPM’s shares to Tigo remains pending, in order to finalise Telefónica’s exit from the country as part…


Spain's banking sector

Spanish Public Debt Grows at Annual Rate of 4.5% and Hits New Record of €1.71 Trillion

According to preliminary data published by the Bank of Spain (BdE), the outstanding balance of Spanish Public Administrations’ debt stood at €1.710 trillion in September, representing a 4.5% increase year-on-year, while the increase compared to August was 0.1%. The September figure marks a new historical record. The BdE reported that in September, central government debt grew by 4.6% year-on-year, reaching €1.558 trillion, which represents 94% of GDP. For their part,…


durofelguera

Duro Felguera’s EGM approves company’s restructuring plan

Alphavalue / Divacons | The Asturian company’s shares fell by 4.27% on Friday after the extraordinary shareholders’ meeting approved the restructuring plan by a majority vote of over 99.99%. The roadmap includes debt relief, a €10 million capital injection from Prodi, the sale of non-strategic assets and a reduction of up to 500 jobs, according to Agencia EFE. The aim of the plan is to overcome financial and business difficulties…


india modi

Victory in Bihar strengthens Modi’s party’s position in governing coalition and means greater leeway to negotiate trade agreement with US

Bankinter | Bihar state elections. The National Democratic Alliance (NDA) bloc, led by Narendra Modi’s party, has won a comfortable victory in the regional elections in the state of Bihar. Out of a total of 243 seats in the Bihar Legislative Assembly, Modi’s party won 89, while its main regional ally, the Janata Dal party, won 83 seats. Overall, the alliance won 200 of the 243 seats. Bihar accounts for…


colonial inmo

Colonial’s results in line with forecasts and show similar trend to previous quarters

Banc Sabadell | The results are perfectly in line with our forecasts and show trends very similar to those observed in recent quarters. Rental income: €296 million (up 1.0% versus Banco Sabadell’s 0.8% estimate); recurring EPS: €0.25 (down 3.9% versus the drop of 3.5% estimated byBanco Sabadell). Comparable rental income grew by 5% thanks to indexation and price improvements in renewals. Recurring EPS fell by 4% due to the higher…


Caixabank

Caixabank executes 95.79% of buyback programme, with maximum amount of €500 million

Alphavalue/DIVACONS | The Catalan bank, Caixabank (CABK), informed the National Securities Market Commission (CNMV) that the number of shares purchased to date as a result of the execution of the buyback programme (maximum amount €500 million) amounts to 58,760,550, representing an amount of €478,965,460, equivalent to 95.79% of the maximum monetary amount.


telefonica edificio

Telefónica meets with unions on Monday after announcing seven redundancy plans as part of cost-cutting plan

Alphavalue/DIVACONS | As we highlighted on Friday, the newspaper Expansión reported that Telefónica (TEF) will submit no fewer than seven redundancy plans (EREs) as part of its cost-cutting plan. It should be noted that the company plans to meet with trade unions on Monday to discuss these issues. We will be monitoring any developments. Telefónica shares rose 0.46% on Friday. Telefónica: Buy, Target Price €5.30/share.


repsol sede madrid

Repsol plans to double size of lubricants business

Renta 4 | According to information published in the press, the update of Repsol’s (REP) Strategic Plan for the coming years, which will be announced in March, plans to double the size of the lubricants business, exceeding €1 billion in turnover and reaching around €120 million in EBITDA (vs ~€480 million in sales and ~€64 million in EBITDA in 2024), increasing production from around 220,000 tpy to ~320,000 tpy in…