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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.
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Markets 14th May 2012

Large amounts of corporate bonds issued in the first quarter of 2012

By La Caixa research team, in Barcelona | In the last months, activity in the corporate bond markets continued to speed up. During the first few sessions, the combination of the ECB’s extensive liquidity and doubts regarding Greece limited volumes in the primary and secondary markets. But the gradual improvement in the climate regarding sovereign and financial risks at a global level and the flow of good economic data boosted corporate…

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aggregation line 12th May 2012

Weekend link fest

A curated selection of links we hope can enlighten us all; some come from our corner, some do from other corners of the net. And as always, our comment widgets are anxious to get your suggestions. Isn’t it a shame when academia behaves like a military school? Beware the Greek left Time to end banking oligopolies Austerity has its timing, too What one needs for one’s success: it’s not intelligence..! Obama’s…

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Companies 11th May 2012

FCC holds revenue in spite of demand contraction in Spain

MADRID | The Spanish infrastructure and services company FCC reported this week it had obtained €2.4 billion in revenues in the first quarter of 2012, on par with the same period last year, with international revenues increasing by 15.6%. FCC obtained a net attributable profit of €16.6 million in the first quarter, suffering a decline of €23.9 million year-on-year, reflecting the impact of the company’s most cyclical activities. Earnings before interest,…

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Interviews 11th May 2012

SVB’s Mantellán: “Cutting waste in the Spanish public sector will help growth”

By Tania Suárez, in Madrid | The director of strategy and macroeconomics at Inverseguros SVB, Alberto Matellán, believes that austerity and growth are not only compatible but should be applied together. Mantellán thinks the European Central Bank could put again in use its monetary policy tools, such as the Securities Market Programme (SMP) or the Long-Term Refinancing Operation (LTRO). Should the ECB lower again interest rates for the euro zone? The…

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Markets 11th May 2012

Central banks in a position of wait-and-see

La Caixa research team, in Barcelona | The role played recently by central banks in the current scenario is being decisive. Since 2008, they have demonstrated an extraordinary capacity to take decisions and act in response to the financial shocks occurring. Thanks to this sustained commitment they are achieving, at least in part, their desired goals of relaxing tension in the capital markets and boosting economic activity. As is usual, the…

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Companies 11th May 2012

ACS’ Edmonton highway construction project gets financial go ahead

MADRID | Spain’s ACS Group confirmed the financing for the construction of the Edmonton highway in Alberta, Canada, was in after the success of an initial bond issuance that obtained 500 million of Canadian dollars or €380 million. It is a 34-year duration contract valued at €1.4 billion. The financial City of Madrid welcomed the news as a proof that capital is still available for attractive projects. Foreign deals will…

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In Europe 10th May 2012

European mobile roaming regulation to save users €15 billion

New price caps for mobile data roaming are expected to save families over €200 each year and business travellers over €1000, the European Commission said Thursday. From 1 July 2012, the European Union’s mobile roaming regulation will be extended to include price caps for data downloads which will mean significant savings for those using maps, email and social networks when travelling. Overall, the improved EU roaming regulation (taking into account calls,…

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Companies 10th May 2012

Repsol shrugs off YPF episode with 12.4pc increase in net income in Q1’12

MADRID | Repsol released Thursday the company’s results in the first quarter of the year excluding YPF, posting net income of €643 million, that is, 12.4% higher than the €572 million reported in the year-earlier period. Including YPF, quarterly net profit rose to €792 million, an improvement of 3.5% from €765 million year on year. The improved results are mainly due to the improvement of Repsol’s crude oil and gas realisation…

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In Europe 10th May 2012

This is what Germany must accept if the euro is to survive

By Luis Arroyo, in Madrid | In brief, Germany would lose out in competitiveness with the rest of the world, were it to accept a monetary expansion policy. Germany is a big exports country, not just to the euro zone but to the outside, too. Check the graph as a proof. Foreign manufacturing orders from the rest of the world, in fact, are growing up quickly while demand from the…

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Companies 9th May 2012

Ferrovial will set up its Intelligent City research centre in Santander

MADRID | Ferrovial and the local authorities of the Spanish city of Santander reached an agreement to create a research centre for Intelligent Cities, the company said on Wednesday. The Centre’s researchers may also work on projects implemented under the cooperation agreement between Ferrovial and Massachusetts Institute of Technology (MIT). This new public-private initiative in the area of research and urban development will adopt an open innovation approach which enables it to join projects…