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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.
iberdrola offshore

Companies, European economy, In Europe 16th March 2023

Iberdrola and Haizea Wind Group sign €200m+ contract to supply East Anglia Three wind farm

Alphavalue/Divacons | The chairman of the Spanish utility, Ignacio Sánchez Galán, said that it is necessary to “run” and “accelerate” the commitment to a system based on clean energy so that Europe does not continue “with the anguish” of energy supply that it is experiencing and makes progress towards the self-sufficiency that “renewable energies provide”. On the other hand, Iberdrola (IBE) and Haizea Wind Group signed a contract worth more…

OPEC post mortem

World economy 16th March 2023

IEA insists on rising oil demand this year: expects 710,000 barrels per day increase in 1Q2023

Link Securities | In a new monthly report, the International Energy Agency (IEA) has once again insisted on the growing demand for oil this year, driven mainly by increased demand from China, according to the newspaper elEconomista.es. The IEA also indicates that there has been a decrease of half a million barrels per day in oil exports from Russia, which will begin to weigh on the supply surplus expected in…

credit suisse

European economy 16th March 2023

Credit Suisse, Sabadell… how mean it is to single them out

The banking tsunami generated by the collapse of SVB and Signature Bank – which the Fed wants to close by offering to buy bonds at par, not at market price, from banks in need of liquidity – threatens to turn into a financial crisis. That is the threat today from markets that are out for blood to stop interest rates rising. The big European banks, such as Santander and BBVA,…

When the Supreme Court adds to the lack of confidence in Spanish politics

Spanish economy, Spanish Politics 16th March 2023

More legal uncertainty: Supreme Court imposes dividend of 75% of profit after considering it “abusive” to allocate all of it to reserves

In a “revolutionary” ruling dated 11 January 2023, and “as well-intentioned as it is erroneous, and with serious consequences”, the Supreme Court has not limited itself to declaring the nullity, as abusive, of the resolution challenged by the minority shareholder of a company – not to distribute dividends – but also considers – as an effect of the ruling – a corporate resolution in the opposite direction to the one…

china industria trabajadora

Relevant News Item 15th March 2023

China reopening already noticeable: industrial production and retail sales up 2.4% and 3.5% in February

Bankinter : Several positive data in China. While Retail Sales (Jan+Feb) improve to +3.5% year-on-year, as expected vs -1.8% previously, Industrial Production (Jan+Feb) improves to +2.4% year-on-year vs +2.6% esp. and +1.3% previously. Also, the Unemployment Rate (Feb) rebounds to 5.6% vs 5.3% esp. and 5.5% previously. Finally, the PBoC injected the largest amount of liquidity since December 2020 via a medium-term credit line. Specifically, it amounted to CNY 281…

HSBC1

Companies, In the World 15th March 2023

HSBC buys UK subsidiary of Silicon Valley Bank for £1

Singular Bank | HSBC has bought the UK subsidiary of Silicon Valley Bank (SVB) for £1 following the collapse of the regional bank. The purchase has been made through a private rescue provided by the UK government and the Bank of England. HSBC, Europe’s largest bank operating mainly in the Asian market, estimates the tangible equity of SVB’s UK subsidiary at around £1.4 billion. The money of all SVBUK depositors…

electricidad1CM

European economy, In Europe 15th March 2023

“Marginalism works” reiterates Brussels in proposal for European electricity market

Norbolsa | The European Commission presented the reform of the electricity market, focusing on long-term contracts, as leaked by the Periódico de la Energía magazine. We highlight three aspects of this proposal; firstly, Brussels has made it clear that the current market works, and therefore marginalism will continue to work; secondly, long-term contracts are introduced as requested by the sector with the aim of introducing more stability; and finally, together…

housing overvalued

Spanish economy, Spanish Politics 15th March 2023

Doubts over Housing Law, which aims to cap rent rises, paralyses investment by large funds in Spain

Capital Madrid | There is no respite in the battle over the large print of the Housing Law or, more specifically, over the 3% cap on the annual rent increase in contracts. Unidos Podemos wants the bill to be permanent, while the PSOE only wants to extend it for the next year. The political deadlock is causing growing discontent among funds and companies in the sector. Meanwhile, the government complains…

parity euro dolar

In the World, World economy 15th March 2023

Litmus test for American and European inflation will be between April and July, when March-June data is published

Bankinter | The US inflation published today is for February, so we should not expect it to ease because it still compares with months in 2022 before the invasion of Ukraine and, therefore, before the sharp price rises. That means that the real litmus test for inflation (both American and European) will take place between April and July, when the March-June records are published. It was in those months that…

Inditex Zara

Spanish economy 15th March 2023

Inditex earnings up 27% to €4,130mm, dividend raised 29% to €1.20/share

ITX sales reached €32,569 million in 2022, up 17.5% year-on-year (+18.0% at constant rates; +0.1% FactSet consensus), with growth in all geographic areas where ITX operates, and in both physical and online shops. In-store sales increased 23% year-on-year, due to higher commercial traffic, while online sales rose 4% year-on-year, reaching a record €7,806 million, 23.97% of the total. Broken down by geographic area, 47.5% of sales came from Europe (excluding…