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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.
The economic cold war between the US and China is here to stay

World politics 6th March 2019

The Economic Cold War Between The US And China Is Here To Stay

The prospect of a settlement to the conventional elements of the trade war is helping sentiment. As discussed by Mark Tinker, Head of AXA Framlington Equities in Asia, it is in everybody’s interest to settle the tariff issue. However, the policies aimed (perhaps quixotically) at trying to limit Chinese growth, are very much still on the table. The issues over Huawei are perhaps the most visible aspect of this, but it does introduce a level of policy-dependent idiosyncratic risk for portfolios.

The year in which even Buffett did badly

World economy 5th March 2019

The Year In Which Even Buffett Did Badly

Manuel Moreno Capa | Making an attributable net profit of 3.542 billion euros is having a bad year? The answer is yes, although only of you are called Warren Buffet and these 3.542 billion euros earnt on 2018 represent a collapse of 91% over what you made in the previous year. Buffet cannot be very satisfied with these mediocre results of his investment flagship, Berkshire Hathaway.

Will MasMovil join the Ibex 35?

Markets, Spanish Small & Mid Caps, Uncategorised 5th March 2019

Will MasMovil Join The Ibex 35?

This Thursday, 7 March, the Technical Advisory Committee of the Ibex 35 (CAT in tits Spanish acronym) will hold its routine meeting. On this occasion, it could include MasMovil in the index. The company’s trade volume is far higher than that of other members of the index. Among them, from less to greater volume, Tecnicas Reunidas, Indra, Viscofan or Meliá.

What Spain's labour market recruitment data hides

Spanish economy 5th March 2019

What Spain’s Labour Market Recruitment Data Hides

In 2018, 22.3 M employment contracts were signed in Spain. This record number marks a sixth year of sustained increases, as well as a significant rise over the 17.8 M contracts signed in 2007. Despite the fact that 21% more contracts were signed compared to before the financial crisis, the number of people with Social Security stood at 19 M at the end of 2018, a level very similar to that of 2007 (19.4 million). Analysts at Caixabank Research explains next what is the reason for this contrast.

Is the presence in companies worthwhile for European governments?

In Europe 4th March 2019

Is the Presence In Companies Worthwhile For European Governments ?

According to Alphavalue, all European governments have their tentacles in companies that do not merit it (for example, the state of Lower Saxony “only” owns 12% of Volkswagen, less than Qatar Investment Authority). “It is worth pointing out that Finland has only invested a little less than 10 bn€ in NESTE,” they add.

academic experts consider what adoption of the 585-page draft Withdrawal Agreement would mean

In Europe 4th March 2019

Brexit And Investment Arbitration

Rafael Gil Nievas | No, I am not going to talk about Micula or Achmea (but I promise I will do soon). Now, I just want to raise, in plain language, a possible Brexit collateral effect. Let’s give some background.

Looking toward 2030: The Future of Aid

World economy 3rd March 2019

Looking Toward 2030: The Future Of Aid

A decade until 2030 looks like a long time, but not when the world is faced with crises on multiple fronts that require sustained action. IRIN, a website dedicated to covering humanitarian emergencies and aid, identifies 10 crises to watch in 2019, including “voluntary” returning of refugees, re-emergence of infectious diseases in countries experiencing humanitarian crises, anti-terror compliance imposed on NGOs, and continued militancy in Africa.

Corporate profits

Markets 1st March 2019

BME Earns 11% Less And Announces A Reduction In Tariffs

BME ‘s income for 2018 fell -0.5% to 78.8 million euros while operating costs grew +7.2% to 30.5 million euros. Moreover, in order to confront the competition from alternative platforms, BME will reduce tariffs to attract volume. It will lower the charge on the most liquid shares from 0.30 to 0.25 bp for intermediaries who meet a series of requirements and fix the charge for shares with a floating capital between 3/10 billion euros at 0.60 bp.

"Cellnex has invested more than €3 Bn in 4 years and enjoys double digit grow"

Interviews 1st March 2019

“Cellnex Has Invested More Than 3 Billion In 4 Years And Enjoys Double Digit Grow”

Manuel Moreno Capa | In 2017, Marieta del Rivero was the first woman to be incorporated, as an independent, in the board of Cellnex Telecom, a company created in 2015. Marieta del Rivero proposes many other measures, at least temporary, to increase the number of women sitting on boards. Described in some media as one of the most influential women in Spain, she considers a change in corporate culture essential, “the great barrier to women being able to get to the top”

AT1 CoCo bonds are in the news…but why?

In Europe 28th February 2019

AT1 CoCo Bonds Are In The News…But Why?

AT1 CoCos were created to help European banks raise assets to meet Basel III capital requirements following the 2008 financial crisis. According to an analysis of Wisdom Tree, “under Basel III, some of the first AT1 CoCo bonds issued are now approaching their first call date (five years from issuance) and this year we will see for the first time how issuers will behave in terms of calling the AT1 CoCo bonds or extending them. Given this will set precedent for the market, investors are closely watching.”