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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.
pedro sanchez reflexiona

Spanish economy 3rd February 2023

€146 million: Sánchez doubles propaganda spending of last PP government

The year 2023 is marked by the regional and municipal elections in May and the general elections in December. This fact is noticeable in the budgets dedicated by the Government to institutional advertising. The plan approved in the last Council of Ministers foresees an expenditure of €145.98 million in campaigns of all kinds. Since Sánchez arrived at the Moncloa, the number of institutional campaigns has not stopped growing. From the…

Spain tourism

Spanish economy 3rd February 2023

71.6 million tourists visit Spain in 2022, spending €87 billion

The data on tourist movements at borders (Frontur) made public by the Spanish statistical institute show that the figures for the end of 2022, which are close to 72 million registered tourists, are still 14.3% below those recorded in 2019, a record year for Spanish tourism in which 83.7 million foreign visitors to our country exceeded 83.7 million. For the Minister of Industry, Trade and Tourism, Reyes Maroto, these data…

caixabank2

Spanish economy 3rd February 2023

CaixaBank earns €3,145 million in 2022, 30% more on a comparable basis

CABK increased its net interest income by 15.7% year-on-year, to EUR 6,916 million, while its net commissions reached EUR 4,009 million (+8.2% year-on-year). In this way, the gross margin increased by 12.8% year-on-year, standing at €11,594 million, also exceeding (+2%) the figure expected by the FactSet- consensus. On the other hand, recurring administration and amortization expenses increased by 1.5% year-on-year, to €6,020 million, which raised the net or operating margin…

ECB's president Christine Lagarde

European economy 2nd February 2023

ECB hikes policy rates by 50bp

Annalisa Piazza (MFS Investment Management) | The ECB hiked policy rates by 50bp and pre-committed to hike by another 50bp in March. The depo rate now stands at 2.50%. Looking ahead, the ECB is widely committed to keep rates in restrictive territory to reach the inflation target in the medium term. The overall communication by the ECB remains relatively hawkish as the policy stance remains restrictive. That said, the market…

unemployment spain

Spanish economy 2nd February 2023

Unemployment rises by 70,744 in January, unemployed number over 2.9 million

Spain closed January with 215,047 fewer people affiliated to the Social Security system and 70,744 more unemployed, according to data published on Thursday by the Ministries of Social Security and Labour. Unemployment increased in January by 70,744 people to 2,908,397, according to data from the Ministry of Labour. Unemployment has increased by 2.5 % compared to the previous month and represents a decrease of 6.9 % compared to January 2022….

fata morgana

European economy, Markets 2nd February 2023

The Fata Morgana, or how markets ignore that the greatest risk for 2023 lies in overestimating economic growth

Banca March | Sometimes, when the sun’s rays hit the sea water and there is a big difference in temperature, an optical illusion takes place which creates visual effects that can lead us to think that a boat is capable of “flying” several metres above the horizon. This effect, a mirage, is called Fata Morgana. Is this effusive start to 2023, in which global stock markets are up more than…

santander puerto rico

Spanish economy 2nd February 2023

Santander increases profit 18% to €9,605mn in 2022, earnings per share up 23%

Banco Santander (SAN) reported a profit of €9,605 million in 2022 (+18% in current euros), after gaining €2,289 million (+1%) in the fourth quarter. Annual net interest income rose to €38,619 million (+16%). The bank pointed out that “the effect of the rise in interest rates on net interest income has not yet been fully reflected in Spain, Portugal and the United States”. On the dividend policy, it said that…

pedro sanchez preocupado

Spanish economy, Spanish Politics 2nd February 2023

Sánchez goes to Rabat, Mohamed VI calls him from Gabon

Mohamed VI’s approach to Pedro Sánchez tarnishes the High Level Meeting (HLM) between Morocco and Spain, which La Moncloa expected to be “historic”. The Alaouite monarch did not receive the President of the Government yesterday on his arrival in Rabat for a bilateral summit that had not been held in this way for eight years, and limited himself to dealing with diplomatic formalities via a phone call from Gabon. Over…

BBVA Holvi

Spanish economy 1st February 2023

BBVA earns 6,420mn (+38%) in 2022 and announces €0.31 dividend

BBVA has now published its Q4 results. According to Morgan Stanley “net profit of €1.58bn in the last quarter of 2022 beat consensus by 2.5%, with NII (Net Interest Income) 1.4% higher than expected, fees and commissions 2% lower and overall total revenues in line with expectations. Operating profit before provisions and costs were also in line. Good capital data, with CET1 16 bps quarter-on-quarter up (+30 bps vs. consensus)…

euro new

World economy 1st February 2023

Eurozone GDP rises 0.1% quarter-on-quarter in 4Q22 and 3.5% for whole of 2022

Singular Bank: In Q4, according to Eurostat, the euro zone’s GDP rebounded 0.1% from the previous quarter (vs. +0.3% in Q3). In year-on-year terms, output in the eurozone rose by 1.9%, compared with 2.3% in the previous quarter. Thus, in 2022 as a whole, GDP increased by 3.5% compared with 2021. By countries, France’s GDP in Q4, according to the Insee, registered a slight increase of +0.1% vs. the previous…