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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.
SAN BBVA

In the World 24th November 2023

BBVA and Santander reach agreements with Geely and GAC Motor to finance close to 30,000 vehicles in Mexican market in one year

Link Securities | BBVA (BBVA) and Banco Santander (SAN) have reached agreements with Geely and GAC Motor to finance nearly 30,000 vehicles in the Mexican market in one year, a market that both entities consider strategic, according to Expansión newspaper on Friday. BBVA and Geely have signed an agreement whereby the bank will be the exclusive financier of the Asian brand in the country through the launch of Geely Financial…

alemania ampelmann

European economy 24th November 2023

Germany’s final GDP revised down 1/10th of percentage point to 0.4%, one quarter short of technical recession

Bankinter: 3Q 2023 GDP (final) is revised down one tenth of a percentage point (year-on-year) with respect to the preliminary figure, unchanged quarter-on-quarter. 0.4% (year-on-year) versus -0.3% preliminary and versus +0.0% previously. In the quarter-on-quarter comparison, -0.1% same as preliminary and against +0.1% previously. Assessment: In year-on-year terms GDP is revised down by one tenth of a percentage point. This means a return to negative year-on-year growth rates after +0.0%…

sales

In Spain 24th November 2023

Company sales fall further to 8.3% in September, largest decline since 2021

The turnover of companies fell by 8.3% last September compared to the same month in 2022, extending by 1.4 points the year-on-year decline experienced the previous month, according to the Business Turnover Index (ICNE) published this Thursday by the National Statistics Institute (INE). With September’s decline, the steepest since February 2021, business sales have now posted six consecutive months of year-on-year declines after 25 consecutive months in positive territory. All…

Telefonica nubecillas

In Spain 23rd November 2023

Telefónica España and trade unions begin negotiation of Collective Agreement for Related Companies, as well as voluntary redundancy plan

Alphavalue / Divacons | The National Markets and Competition Commission (CNMC) has opened for public consultation its proposal to deregulate the nine high-performance submarine broadband connection routes where Telefónica is obliged to offer other trunk line operators at prices determined by the CNMC, the agency said in a statement yesterday. In addition, it was reported in Cinco Dias that Telefónica España and the unions are to start negotiating today the…

No Picture

In the World 23rd November 2023

China to recommend economic growth target of between 4.5% and 5.5% for next year

Link Securities| China’s government advisers will recommend economic growth targets for next year ranging from 4.5% to 5.5% at the annual policymakers’ meeting, Reuters reported yesterday. Thus, five of the seven advisers who spoke to the news agency said they favoured a target of around 5 per cent, matching this year’s target. In turn, one adviser will propose a target of 4.5 per cent, while the other suggested a range…

alemania germany ZEW

In Europe 23rd November 2023

Germany freezes public spending after court ruling on Covid funds reallocated to climate initiatives

Banca March : The court in Karlsruhe has declared unconstitutional the transfer of €60 billion that had initially been earmarked to tackle the pandemic, but was not spent, to an off-budget fund with climate and energy initiatives. The finance minister has sent an information letter to the rest of the cabinet warning of the blocking of new spending. With the increase in the deficit, the German constitution’s rules on the…

IAG

In Europe 23rd November 2023

IAG to not return to dividend until balance sheet is robust and investment plans more advanced

Intermoney| IAG held its Capital Markets day this morning at its London Heathrow headquarters, where it announced its strategic priorities and medium-term outlook for the Group, as well as the initiatives with which the Group intends to achieve sustainable growth and maximise long-term shareholder returns. The medium-term objectives (2024-2026) include the following: Sales growth will remain attractive thanks to organic capacity growth of 4-5% per annum.Target EBIT margin of 12-15%…

XI Biden

In the World 23rd November 2023

Biden-Xi dialogue instrumental for a successful EU-China Summit in Beijing

Alicia García Herrero (Natixis) | The Biden-Xi summit in San Francisco on 15 and 16 November 2023 might feel underwhelming for its lack of concrete announcements, especially given the long list of pending issues which had piled up since their last encounter on the sidelines of the G20 in Bali. Disappointments were equally shared by the two sides. On the Chinese side, the most pressing issue was likely the lifting…

Alfonso Guerra

In Spain 23rd November 2023

A crazy day: “Where has it been seen that laws are written by criminals? That already invalidates the amnesty,” explains former PSOE Nº 2 Alfonso Guerra

Yesterday, Spain had breakfast with a first council of ministers in which the president, Pedro Sánchez, wrote to his 22 ministers to ask them to “honour their word” – which, said by someone who has done everything he said he was not going to do (“getting into bed” with Podemos, agreeing with Bildu, pardoning the Procés prisoners, granting amnesty to Puigdemot and company…) may seem like a bad joke in…

Market chart

In Spain 23rd November 2023

Market consensuses almost never get it right

Julio López (Attitude Gestión SGIIC)| Wittgenstein, the Austrian philosopher who took British nationality in 1939, was once in a train station talking to a friend. Suddenly, the train started to pull away and Wittgenstein ran after it, managing to get on. Behind him stood his friend on the platform. -Don’t worry, madam,” said a station attendant, “there’s another train leaving in ten minutes. -“You don’t understand. He had come to…