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.
ana botin

Banco Santander Reports Attributable Profit Of €5,849 Million For The First Nine Months Of 2021

Underlying profit before tax was €11.4 billion (+74% in constant euros)1
The group’s fully loaded CET1 increased by 15 basis points in the quarter to 11.85% The group earned €34.6 billion in total income in the first nine months of 2021, up 8% year-on-year in constant euros (excluding currency movements), with 94% of income coming from net-interest income and fees. Net operating income increased by 11% year-on-year in constant euros to…

wholeshale electricity market

Brussels Says No To Spain’s Calls To Leave The European System For Setting Electricity Prices

In a document fixing its position at yesterday’s meeting of energy ministers in Luxembourg, the government requests the European Commission to be able, as an “exceptional measure”, to “decouple” electricity market prices and limit the price of gas. ” While Spain presented this document the European Commissioner for the Economy, Paolo Gentiloni, said in Madrid that the measures adopted by countries to curb the impact of the rise in wholesale prices on electricity bills must be “temporary” and “respect the single European market”.

germany's economy

All Signs Point To A Stagnation Of The German Economy In Q4’21

Both the IFO German business climate indices for October and the Bundesbank’s latest monthly bulletin point to a stagnation of the German economy in Q4 2021. Germany’s business climate index, compiled by the IFO institute, declined in October to 97.7 points from 100.4 points in the previous month, and below the 98.0 points expected by analysts. After four consecutive months of decline, the index was at its lowest level in…

The Bank of Spain

The Bank Of Spain Will Revise Spanish Economic Growth “Significantly Downwards”

The governor of the Bank of Spain (BdE), Pablo Hernández de Cos, warned yesterday that the institution’s analysts will revise “significantly downwards” their forecasts for Spain’s economic growth this year. He did so during his speech before the Congressional Budget Committee, to offer his opinion on the draft General State Budget for 2022. Furthermore, Hernández de Cos said he believes that some revenues in the General Budget have been calculated…

euro digital currency

The ECB Chooses Three Executives From BBVA, CaixaBank And Bizum For Its ‘Council Of Wise Men’ On The Digital Euro

The council is composed of 30 members (23 men and seven women), all of whom come from the business community. BBVA will be represented by Antonio Macías Vecino, who has been in charge of payments policy at the bank since June 2020.Caixabank by Fanny Solano, head of market regulation, digital and retail banking, and Bizum by Fernando Rodríguez Ferrer, who has been responsible for business development since January 2017.

exports spanish2

Understanding the evolution of Spanish exports from a value added perspective

Luís Pinheiro de Matos (Caixabank Research)| The transformation of the Spanish economy in the last decade has been particularly visible in the external sector. It went from losing competitiveness and running ever-increasing deficits between 1997 and 2007 (the current account deficit reached over 9% of GDP) to recovering competitiveness and maintaining a consistently positive foreign balance since 2012 (+1.8% on average over the period 2012-2020). To better understand how this transformation will help the economy after the pandemic, we analyse the trend in exports from a new perspective.

investment banks

Stock Market: Many Companies Are Choosing Not To Be Listed

Karl Schmedders & Patrick Reinmoeller via The Conversation| Stock markets reached all-time highs in 2021, bringing huge value to the companies riding the wave, even when you allow for the dip in recent weeks. We are also in the midst of a boom year for flotations, with many boards taking advantage of investor enthusiasm for shares. Yet companies have been delisting from the stock market in even larger numbers, and,…

The year of US infrastructures

Infrastructure: The Key To The China Challenge

Peter Rodgers | While providing a credible US-led alternative to the Belt and Road Initiative is desirable, the US must commit adequate financial and leadership resources to the effort. This is a good first step, but Washington must be careful not to create a new paranoia by demonizing economic and geopolitical rivals such as China and Japan to the point where it distorts priorities and leads to increased military spending rather than public investments in education, infrastructure and basic research, all of which are critical to America’s future prosperity and security.


The Freight Rate For A Standard Container Almost Tripled To Around USD 10,000

Bert Flossbach (Flossbach von Storch) | Delivery times for goods are rising worldwide due to a lack of intermediate products. The acute shortage of semiconductors, which are used in almost all devices, machines and cars, is causing particularly large problems for many companies. Ford therefore stopped production at its plant in Cologne until the end of October and Opel even stopped production in Eisenach until the end of the year….


Repsol CEO Asks Brussels To Put More Emission Rights On The Market

According to Josu Jon Imaz, Repsol CEO, “it is not acceptable that there are industries which have to stop because they cannot assume the energy costs”. So he has asked the European institutions to immediately put more CO2 rights on the market which, in his opinion, would have an “immediate effect” on consumers’ electricity bills and on the competitiveness of industry. Imaz said that “European consumers are paying an oversized…