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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.

European economy, European politics 23rd March 2023

European banks: systemic risk dissipates after Credit Suisse buyout by UBS

Bankinter : The chairman of the ECB’s Supervisory Board, Andrea Enria, highlights the soundness of the sector and considers that the shareholder remuneration policy (average pay-out ~50.0% of NAB) is reasonable. Banking rose +4.79% on Tuesday. Positive highlights: UBS/Switzerland (CHF 19.42; +12.2%); Commerzbank/Germany (CHF 10.02; +7.4%), Sabadell/Spain (CHF 1.07; +7.5%), Unicredit/Italy (CHF 17.42; +6.9%), ING (CHF 11.16; +5.9%) and BBVA/Spain (CHF 6.57; +5.4%). Analyst’s view: Sector fundamentals are good (liquidity,…

Spanish economy 23rd March 2023

Bank of Spain warns food prices to rise 12.2% on average this year

Bad news for Spanish families. Despite the fact that general inflation is set to moderate in the coming months, food prices will continue to give households’ pockets no respite. This is what the Bank of Spain warned on Wednesday during the presentation of its quarterly report on macroeconomic projections. The report is confident that, despite the upturn in inflation in January and February, the general CPI will resume the deceleration…

European economy 23rd March 2023

Switzerland has a problem: its banking system is 4.5 times its GDP

Scope Rating | The unprecedented and last-minute deal, to be completed in the coming weeks, should help contain the financial cost of stabilising the hard-pressed Credit Suisse for the Swiss Confederation and also contain potential spillovers to the wider Swiss economy. The developments highlight the long-standing risks to the economy stemming from the banking system, given its large size relative to the Swiss economy and annual budget. Total assets of…

Spanish economy 22nd March 2023

Spain: upward revision of 2023 GDP growth forecast to 1.5% and 2.1% for 2024

CdM | The Funcas Panel has revised its GDP growth forecast for this year upwards by two tenths of a percentage point to 1.5%, as a result of better-than-expected developments in recent months. For the first time, in this Panel, which closed before the current episode of financial instability, the projections for next year have been requested. The consensus for 2024 anticipates an acceleration of the economy by six-tenths of…

In the World, World economy 22nd March 2023

Far from easing, UK CPI rebounds to +10.4% year-on-year from +10.1% previously, puts pressure on BoE

Bankinter : February’s CPI brings a surprise rebounding to +10.4% year-on-year from +10.1% foreseen vs +9.9% expected. Month-on-month is; +1.1% vs +0.6% expected and -0.6% foreseen. The core rate is also surprising, rebounding to +6.2% year-on-year from +5.8% previously and +5.7% foreseen. Month-on-month; +1.2% vs +0.8% expected and -0.9% previously. Analysis team’s view: Negative news. This month’s reading disappoints and, far from easing, as has been the case for the…

Spanish economy 22nd March 2023

Telefónica asks EU to follow South Korean model: make Google, Amazon, Facebook, Apple pay for networks

Telefónica continues to lobby, along with the major European operators, for the GAFA (Google, Amazon, Facebook and Apple) to collaborate in investments to expand and improve telecommunications networks.Telefónica defends the South Korean model, a country with a regulation focused on ensuring that the players that generate the most traffic make a fair contribution to financing telecommunications networks. It is a policy that has led Netflix to file a lawsuit against…

European economy, In Europe 21st March 2023

Banks (trading on 0.6x price-to-book-value ratio and 6x price-to-earnings ratio for 2023E) still expect record year in 2023

Dirk Becker (Allianz GI) | Credit Suisse has been seen as the weakest link in the global banking sector for several months, after various scandals and poor management decisions. We think the merger can therefore help to stabilise the global financial system: In our view, UBS are being paid for running down the risky parts of Credit Suisse, and they get to keep the highly profitable Swiss domestic unit in…

European economy, In Europe 21st March 2023

Bundesbank: technical recession unavoidable for Germany in 1Q23 but decline could be less than 4Q22’s 0.4%

Link Securities | Germany’s central bank, the Bundesbank, as reflected in its Monthly Bulletin, expects Germany’s Gross Domestic Product to contract in 1Q2023 relative to the previous quarter. The Bundesbank believes that the productivity of the German economy could fall again in 1Q2023, albeit less sharply than in the previous quarter. According to the bulletin, the German economy recovered at the beginning of 2023 only with difficulty from the sharp…

Spanish economy 21st March 2023

Repsol to offer electricity and gas customers 30-cent discount from April 1

Renta 4 | Repsol launches a discount of 30 cents per litre for customers who have contracted electricity, gas or butane. This offer will come into effect on 1 April. The discount will be incremental and will depend on the number of contracts the customer has with the company. Waylet, the company’s payment platform, has six million customers registered. It is the company’s key customer loyalty tool. The tool aims…

Companies, In the World 21st March 2023

Iberdrola begins work on photovoltaic plants in Texas and Ohio, combined capacity 523.5 MW

Link Securities | The company, through its US subsidiary Avangrid, has begun construction of two of its largest photovoltaic plants in the country, located in Texas and Ohio. These are the True North and Ohio Powell Creek projects, with a combined capacity of 523.5 megawatts (MW). The Ohio Powell Creek farm, which is being built in Putnam County (Ohio), will have a capacity of 202.5 MW and will generate enough…

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