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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.
banco espana2

Relevant News Item 28th November 2023

Bank of Spain warns of wage rises above collective bargaining due to difficulty in filling new vacancies

Banca March: It is becoming increasingly difficult for companies to fill jobs that require a high level of training or specific knowledge. Thus, salaries for new vacancies are growing at a year-on-year rate of 6% compared to the 3.4% wage increase agreed by collective bargaining agreement. The Governor of the Bank of Spain explains the reasons for the tightening of the market – the mismatch between job vacancies and job…

bancos espanoles

In Spain 28th November 2023

Spanish banking: NPLs stable at 3.56% in September 2023; BBVA, Sabadell and Caixabank, preferred stocks

Bankinter : NPLs remain stable despite the adverse denominator effect of the fall in the stock of credit (+0.03% month-on-month; -3.31% year-on-year; -2.99% YTD/2023). Most importantly, the balance of non-performing loans stands at €42,081m (+0.05% month-on-month; -9.2% year-on-year) and accumulates a decline of -2.5% YTD/YTD (vs €43,159m in Dec 2022). This is good news because: (1) there is no significant deterioration in credit quality despite rate hikes and inflation. It…

Banco Santander

Relevant News Item 28th November 2023

Santander, only Spanish bank on FSB list of 29 financial institutions of global systemic importance in 2023

The Santander is once again the only Spanish bank to appear on the list of 29 financial institutions of global systemic importance in 2023, according to the classification drawn up by the Financial Stability Board (FSB) and published in the newspaper Cinco Días. Inclusion in this systemic bank category means that banks will have to assume additional capital requirements to cover the risk in the system due to their size….

comisioneuropeaTC

In Spain 28th November 2023

Brussels calculates Spain has only spent €20,000 million of €37,000 EU funds received

Spain has spent around €20 billion of the grants from the Recovery and Resilience Mechanism (RRM), the main instrument of the Next Generation EU, in the first three years of implementation. These are the estimates of the Commission itself and set out in its latest revision of the Budgetary Plan sent by the Spanish government in October. Brussels has already disbursed €37 billion of the €80 billion expected up to…

alemania bandera

In Europe 27th November 2023

German IFO rebounds in November for second month in a row to 87.3 from 86.9 in October

Link Securities| Germany’s business climate index, compiled by the IFO institute, rose in November to 87.3 points from 86.9 points in October, its second consecutive monthly improvement. The reading was slightly below the 87.5 points expected by the FactSet consensus of analysts. Sentiment reached its highest level in four months as companies became less pessimistic about both their expectations for the coming months (85.2 points versus 84.8 points in October)…

black friday 2018

In the World 27th November 2023

Black Friday balance: online spending up 9% to $16.4bn in US, and 8% to $70.9bn globally

Bankinter: According to Salesforce, which aggregates data from retailers’ websites, online spending amounted to $16.4bn in the US (+9%); $70.9bn globally (+8%). Average discounts were 30%. Mastercard estimates that online retail was up +8.5% in the US and +1% in physical shops. According to Adobe Analytics, online spending reached $9,800Bn (+7.5%) vs. $9,600Bn estimated. On Thanksgiving, according to the same source, online sales were $5.6 billion (+5.5%), in line with…

endesa enel

Spanish economy 27th November 2023

Brookfield, BlackRock, Schroders and Masdar to bid for 49% of an Endesa PV portfolio valued at €2.4 billion

Link Securities | Brookfield, BlackRock, Schroders and Masdar are competing for a 49% stake in Endesa’s renewables portfolio, in a deal that could be worth around €1.2 billion, as the total portfolio is valued at around €2.4 billion, according to today’s edition of Expansión newspaper. In the final stretch of the bidding for these assets are also the Danish fund AIP Management and the Thai state-owned oil company PTTEP. The…

ManfredWeber

In Spain 27th November 2023

“It’s crazy that the Spanish government is supervised by a body from Geneva” assures Manfred Weber

In an interview published in La Vanguardia, the president of the European People’s Party considers that the creation of a commission in the Congress to “check the sentences of the independent courts” breaks with the rule of law in Spain. And he explains that “For us, as EPP, it was important to have an exchange of views on the issue. I was quite surprised. I was quite surprised that the…

BCE Largarde Atenas Octubre2023

In Europe 26th November 2023

ECB to keep tightening until inflation shows clear signs of moving closer to 2% target

Link Securities| According to the minutes of the October meeting of the European Central Bank (ECB) Governing Council, at which the institution kept interest rates unchanged after 15 months of consecutive increases, its members opted for a more cautious “wait and see” stance, influenced by the gradual easing of inflationary pressures and concerns about an imminent recession. This decision follows a series of ten consecutive rate hikes since July 2022,…

mapfre masmovil acuerdo

Spanish economy 26th November 2023

Mapfre and MásMóvil sign agreement to offer more than 15 M potential customers wide range of insurance products

Link Securities| The MásMóvil group and Mapfre (MAP) have signed an agreement to offer the telecommunications company’s customers a wide range of innovative insurance products, according to Expansión newspaper on Thursday. Thanks to this agreement, Mapfre will attract more than 15 million potential customers in Spain to whom it will offer its home, civil liability and commercial insurance products, which will soon be available to private customers, the self-employed and…