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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.
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Spanish economy 27th March 2023

Sacyr receives 15 bids for its services business, valued at around €500 million

Intermoney | Sacyr has received up to 15 bids for its services business, currently in the process of being sold, according to Cinco Días newspaper. Specifically, the businesses affected are Valoriza Servicios, dedicated to environmental activities, and Sacyr Facilities, focused on maintenance of buildings and facilities. The company expects to complete the process in about three months. Cinco Días reports that the sale price for 100% of these businesses would…

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Spanish economy 27th March 2023

CEOE employers’ association raises alarm: 16,764 companies close in January

The CEOE employers’ association has detected that “unfortunately, a significant destruction of the business fabric is taking place”. This is a deterioration “that translates into the loss of 17,300 self-employed, since the beginning of the year, and the closure of 16,764 companies in the month of January alone”, according to the newspaper Expansión. Thus, between the different types of companies and businesses, 34,000 enterprises have been destroyed so far this…

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European economy 25th March 2023

Eurozone economy revived by services sector: composite PMI rises to 54.1 in March

CdM : The eurozone economy seems to be showing signs of coming back to life. In March, the services sector has been driving the revival and economic growth has accelerated to a ten-month high, according to the PMI index. Inflationary pressures have moderated, while employment growth accelerates and business confidence remains resilient. S&P Global’s seasonally adjusted flash composite PMI index of total euro area activity rose for the fifth consecutive…

googlesiliconvalley

Companies, In the World 24th March 2023

Alphabet launches “Bart” AI chatbot to compete with ChatGPT

Banca March | The search engine Google has announced the launch of Bart, an artificial intelligence chatbot to compete with Open-AI’s popular ChatGPT. For the time being, the US multinational communications services company has opened access to the intelligent assistant to a limited number of users in the United States and the United Kingdom, in order to detect possible failures. Like ChatGPT, Bart is a chatbot that can be conversed…

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Spanish economy 24th March 2023

Spanish economy grows by 5.5% in 2022 after 0.2% year-end GDP rebound

Bankinter : 4Q2022 final GDP grows +2.6% year-on-year, adjusted one tenth of a percentage point lower than anticipated. In quarter-on-quarter terms it maintains the preliminary +0.2% year-on-year. GDP for 2022 as a whole confirms +5.5% year-on-year as preliminarily announced. Bankinter research team analysis: Final data for 4Q2022 confirm positive year-end dynamics, as do the indicators for the first months of 2023 (Manufacturing and Services PMIs in the expansion zone). The…

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Spanish economy 24th March 2023

CNMC says Audiencia Nacional suspends “each and every one” of fines it imposes on companies

The president of the National Markets and Competition Commission (CNMC), Cani Fernández, said during her appearance before the Economic Affairs Committee of Congress that the National High Court “suspends each and every one” of the fines that the regulator imposes on companies.Fernández explained that, in her opinion, the court orders the precautionary suspension of the sanctions because, in its analysis, where it evaluates the general interest and the damage that…

Cellnex

Spanish economy 24th March 2023

Chris Hohn (TCI) takes largest stake in Cellnex, calls for boardroom changes

Chris Hohn, who controls the firm TCI, has become the largest shareholder of Cellnex and has criticised the board of directors and its management over the appointment of the new CEO to replace Tobías Martínez. The British investor has taken a 9.032% stake in the Spanish telecoms infrastructure giant, compared to a previous holding of 7.086%. With this stake, the tycoon would surpass Edizione, the holding company of the Benetton…

precios inflacion

In the World, World economy 23rd March 2023

Reaching 2% inflation to be a long schlep for the Fed: aiming for 3.6% this year, 2.6% in 2024 and 2.1% in 2025

Intermoney | The same could be said of the update of the macro picture forecasts. Economic projections are not necessarily a roadmap for policy and are subject to change. In fact, they have been changing from quarter to quarter. The projections point to inflation at 3.6% this year, one tenth of a percentage point higher than forecast in December. In 2024 it will moderate (2.6%), but it will not be…

bancos europeos europa

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,…

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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…