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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.

In Europe 14th February 2025

UK GDP expands 0.1% quarter-on-quarter in Q4 2024 against -0.1 expected, figure could be turning point

abrdn | Preliminary UK GDP data released this morning shows that the economy expanded by 0.1% quarter-on-quarter in the fourth quarter, compared to the expected -0.1%. Today’s GDP figures, although still very weak in absolute terms, have been much better than expected and may act as a kind of turning point. It is certainly difficult now for the economy to enter a technical recession in the short term. However, it…

In the World 14th February 2025

Trump negotiates peace in Ukraine with Putin

The President of the United States, Donald Trump, has announced that he has reached an agreement with his Russian counterpart, Vladimir Putin, to begin “negotiations immediately” with the aim of ending the war in Ukraine. In the hours following the announcement, members of the Trump Administration have outlined some of the conditions for this agreement, which would involve overlooking Ukraine’s claims on Crimea, and even on the Russian-speaking territories already…

In Spain 14th February 2025

OHLA completes recapitalisation after finalising capital increase of €80 million

Link Securities | OHLA (OHLA) updated the National Securities Market Commission (CNMV) with information regarding the recapitalisation process of OHLA and its subsidiaries, which includes the modification of the terms and conditions of the senior secured bond issue of OHL Operaciones, S.A.U. EUR €487,266,804 Split Coupon Senior Secured Notes due 2026 (of which €440,405,980.55 in principal is outstanding) (ISIN: XS2356570239 / XS2356571120), the partial amortisation of the Bonds and the…

In the World 13th February 2025

International Energy Agency raises 2025 production estimate for US and maintains global demand

Bankinter | The International Energy Agency has raised its production estimate for the United States in 2025, but maintains its global demand estimate. Specifically, it forecasts that US production will reach 13.59mbd in 2025 versus the previous estimate of 13.55mbd. On the other hand, it maintains its demand estimate for the United States at 20.5mbd. Globally, it estimates that production will increase by 1.7mbd in 2025, while consumption will increase…

Spanish economy 13th February 2025

Mapfre exceeds expectations and profit rises to €902 million

Bankinter | Figures for 2024 (versus consensus): Premiums €28,122 million (up 4.5%) versus €27,781 million, Net profit €902 million (up 30%) versus €888 million, Non-Life Combined Ratio 94.4% vs 95.0%, Solvency 202.4% versus 197.6% at the end of 2023. Bankinter analysis team’s opinion: Premiums grow solidly in 2024 (6.6% at constant exchange rates) to €28,122 million, beating expectations. The biggest surprise comes from the margins side. The Non-Life combined ratio…

In Spain 13th February 2025

HBX Group tourism company begins trading with €2.843 billion market capitalization

Cinven and CPPIB remain as the main shareholders, each holding 28% of the capital. Meanwhile, Norges Bank Investment Management (Nbim), Invesco, Fidelity, Santander Asset Management (Santander AM, manager of SANTANDER (SAN)), and Bestinver are some of the main institutional investors that have purchased shares of HBX, a tourism company previously known as Hotelbeds, as part of its IPO. HBX, which is dedicated to selling hotel rooms and apartments to tour…

In Europe 13th February 2025

EU promises to retaliate if US imposes tariffs on steel and aluminium

BancaMarch | The European Union promised to retaliate if the United States imposes tariffs on steel and aluminium on the EU bloc. The President of the European Commission stated that the unjustified tariffs will trigger ‘firm and proportionate responses’, without giving further details. In 2018, Trump tariffed steel and aluminium on some $7 billion in European imports. The EU bloc reacted with tariffs on a list of US products, including…

In the World 12th February 2025

Powell ‘in no hurry to lower interest rates further’ given good economic situation

Norbolsa | The chairman of the monetary authority, Jerome Powell, in his first appearance before Congress since his inauguration, endorsed the strength of the economy into which Trump is landing, although he avoided answering questions related to tariffs, Elon Musk, bank account security and other issues that reflect the instability of the government’s first weeks. In terms of monetary policy, he pointed out that the Fed is in no hurry…

In Spain 12th February 2025

New squabble between government partners: PSOE wants minimum wage taxed and for Treasury to take 43% of increase, Sumar refuses

In the press conference following yesterday’s cabinet meeting, the dispute was public and notorious. The Vice President of the Government and Minister of Labor, Yolanda Díaz, was busy explaining that the government, in agreement with the unions and disregarding the employers, has decided to raise the minimum wage (SMI) by another €50 per month – to 14 payments of €1,184 per month – a decision that affects 2.4 million workers….

Spanish economy 12th February 2025

Enagás pre-2024: Ebitda could exceed guidance (€730-740m) and BDI to pick up Tallgrass and GSP losses

Renta 4 | Enagás will present its 2024 results probably on Tuesday 18 February 2025 before the open, conference that same day at 8am. P.O. €19.21, overweight. Slight cut expected in revenues, as a result of lower estimated regulated revenues that will not be offset by the higher contribution from Musel and COPEX. Ebitda in turn will be affected by the lower contribution from investees despite the partial compensation of…

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