Articles by The Corner

Telefonica ever closer to selling its Central American subsidiary

Telefónica Cuts Its Dividend, But It Defends That This Strengthens Its Position

Telefónica’s board of directors has cut the dividend payable in 2021, which will now be made in two payments of 0.15 eur/share in June and December (previously 0.20 eur/share), while the “scrip” option is maintained. The first payment of 0.15 eur/share will be in December 2021. Telefónica’s Executive Chairman, José María Álvarez-Pallete, has defended the reduction of the company’s dividend, which he considers to be an appropriate price as it maintains a very high dividend yield compared to the Ibex and the sector as a whole.


Pharmas To Produce 10 Bn Doses Of Covid-19 Vaccines By 2021, As EU Plans Vaccination Passport For The Summer

News about vaccines against coronavirus and the progress of vaccination campaigns globally are coming thick and fast. The production of vaccines is rising significantly as companies are working in shifts of 24 hours a day, seven days a week, said the pharmaceutical industry association Ifpma. On the other hand, the EU leaders have passed the creation of a digital vaccination certificate in order to exempt travelers from restrictions such as quarantines or PCR tests, an essential aspect in order to boost tourism. 


Tax Havens To Have Reduced Fiscal Revenues In Spain By €45 Bn In The Last Decade

The experts of Spain’s Ministry of Finance (Gestha) indicate that tax havens cause a “hole” in the public coffers of 14% of the annual income that is obtained by the corporate income tax, so they estimate that during the last decade 45,000 million euros have been lost in Spain. In view of these figures, the economists see as “disappointing” the update that the EU has just made of its ‘black list’, since the countries that allow elusive practices of many multinationals have been excluded.



The catalyst for European high yield spread widening against US was index composition changes

Between Europe And US…Clearly Europe

Morgan Stanley | The size of the Recovery Fund is very relevant, equivalent to 5% of the European Union’s GDP (10-15% in Greece, Spain and Italy). In contrast to the US, where the fiscal stimulus has been earmarked for more immediate/current spending, in Europe most of it is devoted to future investment with a long-lasting effect over the next 3-5 years. This long term duration is the key concept and the fundamental reason for our preference. 


Rare Earths Management: A New Weapon For China

Intermoney | Last week, the Chinese authorities intentionally leaked their consultations to limit rare earth exports in order to see the effects on the armaments sector of rivals such as the US. In particular, China focused on the F-35 fighter-bomber, which requires 417 kilograms of rare earths for its prodcution. Thus, China will manage rare earths as a new weapon, but will be cautious to ensure that restrictions on their access or prices do not generate a crisis like the one caused by oil in the last century seventies.


Spain Announces A Final Aid Package Of €11 Bn For SMES And The Self-Employed

The Government will approve in the coming weeks to earmark €11 Bn in subsidies for companies, SMEs and the self-employed in sectors particularly affected by the economic crisis, such as tourism, hotels, restaurants and small businesses. The aid plan could include haircuts on the financing provided by the Official Credit Institute ICO, which has offered €140 Bn in guarantees. The employers’ associations from the retail and hotel and catering sectors had demanded €12.5 Bn in aid from the different administrations in order to save both industries.


Where Can You Find Innovation In Europe?

Paul Griffin (Schroders) | Late last year, the EU agreed a €1.8 Tr stimulus package to help Europe’s economies recover from Covid-19. The funding comes from the long-term budget and the Next Generation EU initiative, whose aim is to create a greener, more digital and more resilient Europe. These goals will not be achieved without innovation. Contrary to what some investors believe, Europe is home to plenty of pioneering companies whose science and engineering capabilities can help address the many challenges facing the world today. 


Repsol's plan of acquisitions

Repsol Signs An Agreement With A Chinese Producer To Build Three Chemical Plants In Jiangsu

Repsol has licensed its technology for propylene oxide (PO) and styrene monomer (SM) and polyols so that a 200,000 tons/year PO and 450,000 tons/year SM plant can be built, and two plants with an aggregate production capacity of 125,000 tons/year of flexible polyether polyols (PPG) and polymeric polyols (POP). This agreement is in addition to the three previous technology licensing agreements reached by Repsol with Chinese companies since 2013.


Spain Is The Favourite Tourist Destination In Europe With 46.4% Of Total Flight Bookings For The Summer

The main Spanish hotel companies are concerned about the limited number of bookings for Easter, although they are confident that demand will be reactivated if the vaccination process is accelerated, which would make it possible to have a summer season at least better than that of 2020. With the hopes of reaching a certain level of normality in the second half of 2021- yesterday the “irreversible” UK de-escalation process plan boost tourism stocks- Spain continues to lead the ranking of preferred destinations for travel.