Top Stories

Articles by The Corner

About the Author

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.
Spain's banking sector

Spanish economy 22nd January 2024

Spanish banks’ profitability rises to 11.92% in 3Q23, now at all-time high, says Bank of Spain

CdM | Spanish banks achieved an annualised return on equity of 12.3% in the third quarter of 2023, compared to 11.92% in the previous quarter and 10.25% in the same quarter of 2022, according to supervisory statistics on credit institutions published on Friday by the Bank of Spain, and reported by Europa Press. This profitability figure is still far from the 14.88% recorded in the first quarter of 2021, although…

naturgy

Spanish economy 22nd January 2024

Naturgy chairman praises Blackrock: “there is alignment of interests and long-term vision”

Alphavalue/DIVACONS| The president of the energy company, Francisco Reyes, praised Blackrock for giving stability to the companies and affirmed that “there is alignment of interests and long-term vision”. He said this in an interview on Thursday at the 54th annual meeting of the World Economic Forum in Davos (Switzerland) and in the wake of Blackrock’s acquisition of the US fund Global Infrastructure Partners (GIP), which owns a 20% stake in…

BBVA

Spanish economy 20th January 2024

BBVA chairman says banking tax is damaging economy and confirms 40-50% payout

Link Securities| The chairman of BBVA (BBVA), Carlos Torres, said that the bank tax damages the Spanish economy and should not exist, because it negatively affects the volume of loans and reduces GDP growth, in an interview with the newspaper Expansión, on the occasion of the World Economic Forum in Davos (Switzerland). The executive defends that the Spanish banking sector is efficient and competitive and does not enjoy extraordinary profits….

bank of japan

World economy 20th January 2024

BoJ to remain on hold in January with no confidence on wage growth after earthquake emergency

Alicia Garcia Herrero & Kohei Iwahara (Natixis) | On the New Year’s Day, a strong earthquake hitting the Noto Peninsula created havoc, including Japan’s supply chain. Even if the Hokuriku region did not suffer from a major power failure, in contrasts with Fukushima’s disaster in 2011, disruptions are still relevant. Even if the area being hit this time is small, 4.0% share of Japan’s GDP, it has factories producing semiconductors,…

World map

World economy 19th January 2024

The world is more than 20 times as indebted as it was 25 years ago. What will the new normal be?

Julio López (Attutude Gestión SGIIC) |Beethoven’s Symphony No. 5 in C minor was first performed in 1808, but gained particular prestige during World War II. The British noticed that the famous opening theme (da-da-da-dum) had the same rhythm as the letter V in Morse code (. . . …) so the symphony became a symbol of victory over Nazism: the BBC always began its broadcasts to occupied Europe with those…

Spains productivity

Spanish economy 19th January 2024

Productivity in Spain falls by 7.3% in 20 years, after rising by 2.8% after Covid

Between 2000 and 2022, Spain accumulated a reduction in productivity of 7.3%. The fall is even more surprising when compared with other countries such as the United States and Germany, where in the same period this indicator rose by 15.5% and 11.8%, respectively. The accumulated fall is evidence of “a deficient use of the resources used” and places Spain at a “disadvantage” compared to the productivity of other countries. “A…

Heathrow Ferrovial 777x400 1

European economy 19th January 2024

Heathrow shareholders exercise right of first refusal and complicate sale of Ferrovial’s 25% stake in Heathrow

Bankinter| Some Heathrow shareholders have exercised their right of first refusal. The sale of the 25% stake held by Ferrovial has run into difficulties. Some Heathrow shareholders have exercised their right of first refusal on 35% of the capital. They are Caisse de Dépôt et Placement du Québec (12.62%), the Singapore sovereign wealth fund GIC (11.2%) and Australian Retirement Trust (11.18%). Although the agreement to sell the 25% stake held…

Tourism

Spanish economy 18th January 2024

Tourism sector increases contribution to Spain’s GDP to record high of 12.8% and emerges as main engine of growth

Banca March: In the absence of data from the INE (National Statistics Institute), Exceltur has published its outlook for tourism: compared to an average contribution to GDP of 11.9% between 2015-2019 and after registering highs of 12.8% in 2023, in 2024 the employers’ association expects these levels to be exceeded, reaching values of 13.4%. It is also estimated that tourism was the main contributor to the growth of the Spanish…

Grifols

Spanish economy 18th January 2024

ECB reportedly asks some European banks to detail credit exposure to Grifols: Santander, BBVA and Caixabank in Spain

Alphavalue /Divacons| According to Reuters, citing sources familiar with the matter, the ECB has reportedly asked some European banks to detail their credit exposure to the Catalan blood products company. Grifols had a net financial debt of €9.5 billion, according to data published in September, with a maturity of €1.8 billion in 2024. According to LSEG data, banks with credit exposure to Grifols in our coverage include BNP Paribas, Santander,…

OPEC post mortem

World economy 18th January 2024

OPEC maintains its 2024 demand growth estimate of 2.2 mbd to 104.4 mbd on strong air travel demand and healthy road mobility

Link Securities | According to OPEC’s monthly report, global oil demand will grow by 2.2 million barrels per day (mbd) in 2024, which means that the cartel’s analysts have maintained their estimates from the previous month unchanged. Thus, demand for crude oil will reach 104.4 mbd in 2024. In that year, according to OPEC, demand will be driven by strong demand for air travel and healthy road mobility, including diesel…