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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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World economy 7th March 2012

Wednesday’s graphic: the rat behind US employment numbers

Barclays analysts’ sent a warning about expectations over US employment data, which experts do not quite think are accurate. Ahead of the publication of official figures next Friday, here is a line we mustn’t forget: the white line depicting small and medium companies’ intentions of hiring. “Upcoming employment data could reveal the actual situation of the US economy,” the Barclays team said. “During February, we have noticed that employment numbers…

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In Europe 6th March 2012

Listen, Bundesbank: it is not our imbalance, it’s the German surplus

By Luis Arroyo, in Madrid | The Bundesbank has protested for the bulk of credit on the other central banks of the euro zone. The amount credited is €500 billion. The German Central Bank now worries about the risk of default, and suggests that these assets must be collateralised by real assets from the countries that have generated them. As Wolfgang Munchau says, this display of arrogance is telling, indeed. These accrued debts/credits…

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Markets 6th March 2012

UK investment industry looks on the raising-dividend side

LONDON | 58pc of  the Association of Investment Companies or AIC members in the UK growth and income sector have been able to raise dividends for at least each of the last 10 years. AIC published Tuesday the results of its latest research and reminded investors of its associated firms’ main track record, which described as ‘impressive’. In the longer term, though, only 46pc of uk growth and income sector have been…

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World economy 5th March 2012

Putin’s rouble: too good to be true?

LONDON | Russian presidential election on Monday arose more questions than certainties, from politics to the country’s economy. As international observers cast a long shadow over the fairness and transparency of the process, thousands of Russians demonstrated to challenge Vladimir Putin’s victory, crowding into a central Moscow square to chant slogans against the former Federal Security Services director. Despite democratic concerns, Putin has once again grabbed the power in Russia….

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Markets 5th March 2012

Ibex35 non-financial companies hoard €40 billion in cash, cash equivalents

MADRID | Large Madrid-listed non-financial firms accumulate cash positions at year-end record, as data released Monday showed. A study by El País over the consolidated balance sheets of the 26 Spanish non-financial companies on the Ibex 35 unveiled that the corporations closed last year with €21.827 billion in cash and €18.344 billion more in cash equivalents. In total, €40.171 billion, to which it must be added undrawn credit lines. Spain’s most creditworthy companies,…

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Markets 5th March 2012

AXA Real Estate: growth across EU due to bank deleveraging, market mispricing

LONDON | AXA Real Estate confirmed Monday that transaction volumes across the full risk spectrum of opportunistic to core have substantially increased in Europe. The real estate portfolio and asset fund was during 2011 a net buyer on behalf of its clients, with acquisitions totalling €2.6 billion, which included €900 million of committed development expenditure, compared to sales amounting to €2.1 billion. The financial management firm was active throughout Europe, in the economically stronger euro…

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World economy 5th March 2012

China can no longer ignore its economic weaknesses

BEIJING | China’s belief that its model of development is legitimate is grounded on the fact that last decades’ rampant economic growth has been possible thanks to the very characteristics that define it. The leadership was convinced that, under such path, success was granted regardless of the fact that they were ignoring certain factors linked to aperture and development. They did not consider defining points as long as there was…

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Spanish economy 5th March 2012

Spain is right to abandon a suicidal 4.4% deficit target

By Juan Pedro Marín Arrese, in Madrid | Mervyn King sharply pointed out that banks are global in life but turn national in dying. The opposite can be applied to deficit targets. When you enjoy a comfortable budgetary position, you are able to fix them at your own wish. Brussels may get the sulks if you go beyond certain limits and fall into excessive overruns. But it can do very little…

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Spanish economy 5th March 2012

Spain’s mortgage market isn’t falling, it just is repairing

By Carlos Díaz Guell | In 2011, for the first time in recent history, the stock of finance for house purchase recorded a fall. The number of mortgages granted on housing dropped by 33%, that is a quarter of the transactions that were completed in 2006. This correction, which will most probably happen again in 2012, follows the evolution of the real economy. But it also is the result of a process…

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aggregation line 3rd March 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. Spain needs margin to meet deficit and no, it’s not a question Don’t force euro zone to meet deficit targets, says …FT! Google wants to fulfil your dreams Corporate governance is an olde concept Ok,…