Articles by The Corner

Fintech in Spain

“In A few years, An African Will Be Able To Invest 5 Euros In A US Hedge Fund”

Fernando Rodríguez | There are over 200 FinTech companies in Spain. Some are going full speed ahead with a variety of banking and investment activities: price comparisons, collective funding, loans and payments, ‘robo advisor’, property…”It’s all about offering more possibilities and more access to a more transparent market,” says Jesús Pérez president of the Spanish Association of FinTech and InsurTech.


Caixabank posts profit of €403 M (+47.9%); lending and customer funds grow 11% after integration of BPI

Caixabank reported net attributable profit of €403 million in the first quarter of 2017, up 47.9% year on year. During the quarter, the Caixabank Group effectively has become the leading bank in the Iberian financial sector, with a business volume of €565,987 million and 15.8 million customers. Following the integration of BPI, the Bank has gained a further 2 million customers, €34,037 million in customer funds and €23,328 million in loans and advances to customers, gross.

Startups in Google

Startups in Google’s Campus Madrid create 2,354 jobs against overall 11,000, raise €37.5 mln funding

The startups in Google’s Campus Madrid have created 2.354 jobs and raised over 37.5 million euros in financing since it began in 2015, according to the company’s annual report on this project. Google points out that the contribution from Madrid to the total jobs created by all the Campuses “is relevant”, given that as a whole, the six centres across the world have created over 11,000 jobs.

BBVA's results in 1Q 2017

BBVA Earns €1.2 Billion In First Quarter (+69%)

BBVA obtained a net attributable profit of €1.2 billion between January and March 2017, up 69% compared to the same period a year earlier (+79.2% in constant terms) and the highest of the past seven quarters. Net attributable profit grew across all business areas in y-o-y terms. The solid performance of income, moderation in operating expenses and a drop in impairment losses on financial assets are the main factors that underpinned this growth.


Truce in the ECB until next June

The surprisingly low annual eurozone inflation reading for March at 1.5% will finally end speculation about an earlier end to the negative deposit rate in today’s ECB’s governing council meeting, as reported by Julius Bär’s experts. Both ECB Chief Economist Peter Praet and ECB President Mario Draghi have already made clear in recent weeks that interest rates will not rise before the ECB’s asset-purchasing programme comes to an end.

Banco Santander

Santander earns €1,867 million in attributable profit during Q1 2017 (up 14% )

Banco Santander delivered an attributable profit of €1,867 million during the first quarter of 2017, +14% compared to Q1 2016. Excluding currency movements, profit before tax increased by 17% to €3,311 million . The underlying business performance was strong, with positive trends in all markets and particularly good growth in Latin America, Spain and Santander Consumer Finance.

Tecnicas Reunidas

Ibex 35: Tecnicas Reunidas

Year 2017 will bring a change in trend for Técnicas Reunidas, after two years of sharp declines in investment in the petrochemical sector (-43% in 2015 and -27% in 2016e) as a result of the drop in oil prices. According to ACF’s analysts this hypothesis is supported by forecasts for there being an equilibrium between supply and demand for oil by mid-2017, which should reactivate investment in the sector.

Theresa May election call

The Theresa May Election

John Bruton | British Prime Minister Theresa May has decided to call an early election before the practical outworking of her Brexit strategy becomes obvious to voters. She wants to be free to modify her strategy, and needs a bigger parliamentary majority. She claims otherwise. Instead, May says she is calling the election because the other parties oppose her Brexit strategy. They don’t oppose it, actually. They have cooperated with it to a point that makes little of parliamentary sovereignty.

Emmanuel Macron's victory

Emmanuel Macron: “France is back”

Centrist candidate Emmanuel Macron was victorious over right-wing candidate Marine Le Pen in yesterday’s French general election, winning 23.9% of vote versus her 21.4%. These results practically guarantee his being elected as the country’s new President in the second round in two weeks time.