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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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aggregation line 15th February 2012

Santander UK secures £65 million from the European Investment Bank for education

Santander will receive the third tranche of funding from the European Investment Bank (EIB) to provide discounted loan rates to higher and further education facilities, science parks, incubation centres and other qualifying businesses in the education sector. The programme is part of the EIB’s engagement to support and strengthen the UK’s knowledge economy. The Spanish bank said that “The £65 million fund will help support the education sector, in turn helping to…

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World economy 14th February 2012

Deutsche Börse, NYSE Euronext turn to Madrid after failed merger attempt

MADRID | According to Capital Madrid, Deutsche Börse’s executives as well as NYSE Euronext’s are already seeking other growth options, after the European Commission blocked their merger earlier this month. The fact is that the initiative has turned differently in both parts of the Atlantic. As the Germans have sped up the negotiations held with other European stock markets, the New Yorkers are trying to convince investors that they are able…

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Interviews 14th February 2012

In favor of a Single Transatlantic Market

By Jaime Malet | During the meetings that took place at the World Economic Forum summit, headed by the economic leaders of various countries, the main conclusion I reached was that the recipes expounded to attain competitiveness in the short term differed from one country to another, but that in the long term there were formulas which were shared by many. This caused me to reflect on the matter and try…

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Spanish economy 13th February 2012

Spain’s Tax Agency to ‘urgently’ check on ten former tax havens

MADRID | As published on Monday by Negocio, Spanish tax inspectors believe the Tax Agency should take some urgent actions to close leaks of fiscal revenue. Bearing in mind the budgetary restrictions that the State is about to suffer, and that any legal change against fiscal fraud would require too long a process, one of their intended measures would be giving a new twist to the message that vice-president Soraya Sáenz de Santamaría…

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Markets 13th February 2012

JP Morgan Assets Management to investors over Greece: step back

LONDON | JP Morgan on Monday warned the investor community about Greece’s bailout negotiations being too dominant an influence on their immediate plans. The global asset management firm said that “Though investors will undoubtedly be focused on the negotiations over Greece’s second bailout this week, it may be worthwhile to step back and consider the broader outlook for equity markets for the year.” Since last October, according to JP Morgan…

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In Europe 13th February 2012

Who cares Greece might be spinning out of control?

By Juan Pedro Marín Arrese, in Madrid | Europe seems to witness with sheer indifference the Greek slide into utter ruin. Not so long ago Ms Merkel used to stress her unshakeable resolve not to let down any euro country. But the German finance Minister is currently pushing the Hellenic government towards the exit door. What has happened for such a U-turn? To begin with, fears about financial system contagion…

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Markets 13th February 2012

Monday’s graphic: 10-year Spain’s bond vs 532 pension funds

MADRID | Pablo Fernández, Javier Aguirreamalloa, Luis Corres Avendaño | In the period between December 2001 and December 2011, returns on the IBEX 35 were at 4.3% while government 10-year bonds’ were at 5.13%. Among the 532 pension funds with 10-year history, only two funds exceeded the return on 10-year sovereign bonds and only three funds exceeded the 4% return. Even worse, 191 funds had negative average return (in December 2011 these funds had 1.7 million participants and assets of €6.246 billion). A reasonable enough question, then: is the favourable fiscal discrimination…

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Spanish economy 11th February 2012

Special Labour Reform | Spain will need a lot of social workers

By Juan Pedro Marín Arrese, in Madrid | The labour reform approved in Spain on Friday, opens the door for massive lay-offs. A drop in sales for three quarters in a row will trigger the possibility of firing workers with a maximum indemnity of one-year salary. It will foster switching to younger/cheaper manpower, at a relatively moderate cost. Average indemnities before would usually run at threefold that amount. Bad luck for…

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Spanish economy 11th February 2012

Special Labour Reform | Low-cost dismissal and new single contract

MADRID | The minister of Economy Luis De Guindos had already warned that the labour reform was going to be extremely aggressive. He also commented that the reform would do away with collective labour agreements that he considered to be influenced by the Franco regime. The cabinet meeting in which new labour framework for all the Spanish workers was approved ended on Friday at about 2:30 pm. Right afterwards, the…

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Markets 10th February 2012

A British knight for the rating agencies

LONDON | The Investment Management Association sent Friday an unequivocal message to the European Commission: do mess with the risk rating agencies at your peril. In its written submission to the Treasury Select Committee Inquiry into credit rating agencies, the trade body for the UK’s £4 trillion asset management industry IMA defended the independent role of credit rating agencies. The IMA said they must be allowed to act free from political interference….