Top Stories

Articles by The Corner

About the Author

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.
alemania recesion

In Europe 25th November 2024

Germany’s 3Q24 final GDP defies estimates, -0.3% year-on-year vs. -0.2% estimate and -0.3% prior

Bankinter: Final 3Q24 GDP data defies estimates, -0.3% year-on-year vs. -0.2% estimated and -0.3% previous. The German economy confirms its weakness and now has five consecutive quarters with negative growth rates. This evolution offers more arguments for the ECB to accelerate rate cuts in its next meetings, as we expect. This would ensure that it can implement them before the measures planned by the incoming Trump administration cause US inflation…

Closed

In Spain 25th November 2024

Spain: Bankruptcy filings hit record high

Last October ended with more than 905 companies in insolvency, the highest figure in the entire series since the reform of the Bankruptcy Law came into effect in September 2022. This brings the country to accumulate 5,911 bankruptcy petitions so far this year, nearly the same number in ten months as all those recorded in 2021, when the economy was still struggling to recover from the Covid-19 pandemic. There are…

Congreso

In Spain 22nd November 2024

Treasury’s “reform” of tax system in tatters

The Treasury has managed to salvage what the Government describes as a “tax reform” in the final moments, although it is more of a new tax increase that will raise revenue by about €10.5 billion a year. The most significant change is for banks, which will not be taxed on profits but on revenues: it taxes the interest margin and commissions. This is not an extraordinary levy like the one…

bbva sabadell fusion 2

In Spain 22nd November 2024

CNMC sees BBVA-Sabadell takeover bid risking banking competition in Catalonia and Valencia and credit in SME segment

Link Securities | The National Markets and Competition Commission (CNMC) published on Wednesday the arguments that led it to agree a week ago to extend a few more months the evaluation of the hostile takeover bid launched by BBVA on Banco Sabadell (SAB), as reported by the newspaper Expansión on Thursday. The CNMC says it sees a risk that the takeover bid could reduce banking competition in Catalonia and Valencia…

yuansTC

In the World 21st November 2024

China: commercial banks keep rates on hold, in line with PBOC, to avoid excessive yuan depreciation

Bankinter: The one-year rate, which is the benchmark for corporate loans, remained at 3.10%. The five-year rate, which is the benchmark for mortgage loans, remained at 3.60%. In October, commercial banks cut these rates by -25bp following the PBOC cut that was part of a stimulus plan to revitalise the economy approved at the end of September. Market sentiment: This pause in the process of rate cuts by commercial banks…

repsolrenovables

In Spain 21st November 2024

First lawsuit for greenwashing in Spain: Iberdrola accuses Repsol of “misleading advertising”

Iberdrola and Repsol face each other today in Santander Commercial Court number 2 in the oral hearing following the lawsuit filed by the electric company against the oil company for “unfair competition” and “misleading advertising.” This will be the first trial between companies for greenwashing in Spain. Iberdrola is asking for some of Repsol’s campaigns to cease, but not for damages.The trial will take place in the city of Santander…

Grifols inmunoglobulin

In Spain 21st November 2024

Grifols believes Brookfield’s non-binding offer greatly undervalues fundamental prospects and long-term potential

Santander Credit Research | Grifols (B+ s, B+ s) yesterday informed the CNMV that it has received a non-binding offer from Brookfield that considers a price of €10.50 per class A share and a price of €7.62 per class B share, which would imply valuing Grifols’ equity at €6.5 billion. According to the relevant fact communicated to the CNMV, Brookfield last week sent letters to Grifols’ Transaction Committee, constituted by…

iberdrola siemens gamesa 1 thumb 722

World economy 21st November 2024

Iberdrola launches €460-million green bond issue in Australia – first ever by a Spanish non-financial company

Alphavalue / Divacons | The Spanish utility yesterday completed a A$750 million (approximately €460 million) green bond issue to finance its renewable development in Australia. According to the company, it is the first non-financial Spanish company to issue in this market known as ‘Kangaroo’. The issue was made in two tranches: A$350 million (€215 million) for six years and A$400 million (€245 million) for 10 years. Demand reached A$2.1 billion…

empleo eurozona

In Europe 21st November 2024

Eurozone hourly labour costs grow 4.6% year-on-year in 3Q24 against 5% in 2Q24

Link Securities | Eurostat published yesterday that hourly labour costs in the Eurozone rose by 4.6% year-on-year in 3Q2024, slightly less than the 5.0% (upwardly revised rate) in 2Q2024. Wages and salaries per hour worked grew by 4.5% year-on-year in the quarter, down from 4.9% in 2Q2024, while the non-wage component increased by 4.9%, down from 5.6% in the previous quarter. In the euro area’s main industrial sectors, labour costs…

migration from Morocco to Spian

In Spain 20th November 2024

New Immigration Law Regulation to allow regularization of 300,000 immigrants per year

This was announced by the Minister of Inclusion, Social Security, and Migration, Elma Saiz, at a press conference following the Council of Ministers. The new regulation “will serve to combat mafias, to combat fraud, and to combat the violation of rights” because it “simplifies” procedures and “delimits” the competencies between consulates and immigration offices. One of the new features is the regulation of the job search visa, for which its…