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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.
Danone

Companies, In the World 27th February 2023

Danone €959m 2022 profit down 50% on 2021 due to higher raw material prices and partial withdrawal from Russia

Singular Bank : The world’s leading group in the dairy products segment (with a dominant position in Yogurt), in Water and in Infant and Medical Nutrition, has published its results for the last quarter of the year. Like-for-like sales (LFL) rose 7.0%, beating consensus on almost all measures, thanks to an 11.3% rise in prices and despite a 4.4% drop in volume. By business, EDP (Essential Dairy & Plant-based) grew…

Spain’s real estate sector: from recovery to expansion

Relevant News Item 27th February 2023

Average Spanish mortgage: €145,860 at 2.67% over 24-year term

The number of mortgages for homes granted in Spain fell in December by -8.8% year-on-year and the average amount by -1.1%, so that the total amount granted fell by -9.2% year-on-year. These are the first year-on-year falls since February 2021, when the data still reflected the extraordinary setback experienced during the most acute stages of the pandemic. The average interest rate for residential mortgages in December reached 2.67%, with an…

eeuu capitolio

In the World 26th February 2023

US GDP revised downward in Q4: growth came in at +2.7% quarter-on-quarter

Banca March : In the US, Q4 GDP was revised downwards: growth came in at +2.7% quarter-on-quarter annualised vs. +2.9% published in the first estimate. Although GDP continues to show sustained growth, the component reading was weak as this revision was mainly explained by a lower contribution from private consumption that grew by +1.4% quarterly annualised compared to +2.1% previously published. Moving on to other data, in the labour market,…

inflationCM copia

European economy 25th February 2023

Consumers’ one-year inflation expectations to rebound (+4.2% vs. +3.9%) for first time in 10 months

Renta 4 : European opening with slight gains (Eurostoxx futures +0.4%, S&P futures -0.1%), on a day of numerous 4Q22 results in Spain. In the background, and on the day that marks one year of war in Ukraine, a peace proposal presented by China that does not seem to have the support of the US and the EU. Today’s macro focus will be on the US core private consumption deflator…

RealMadridBarcelonaok

Spanish economy, Spanish Politics 24th February 2023

Barça, much more than a club, a disaster

Fernando González Urbaneja | If the case of the trains that don’t fit through the tunnels was a grotesque case typical of a country of breakdowns, Barça’s payments to a professional referee with a federative position confirms the hypothesis of breakdown. For almost two decades, throughout this century, the leading Catalan sports club, more than a club, has spent more than seven million euros in unexplained and perhaps inexplicable payments…

escriva

Spanish economy, Spanish Politics 24th February 2023

Social Security offices in state of collapse: “I’ve been waiting four months for an appointment to retire”

Getting an appointment to deal with pperwork at the Madrid offices of the National Social Security Institute is mission impossible. There are citizens who have taken up to four months to get an appointment after spending day after day in front of the computer, as nobody answers the phone. The central government is looking for ways to solve this problem, while the CSIF trade union demands an urgent meeting and…

inflacion CM

European economy, In Europe 23rd February 2023

Eurozone final CPI could be revised slightly upwards to 8.6% with underlying at 5.2%

Renta 4 : European stock markets open slightly higher (Eurostoxx futures +0.3%, S&P futures +0.4%), supported by Nvidia which raises its guidance (IA) and boosts Nasdaq futures (+0.8%). On the macro front, the focus of the session will be on the eurozone January final CPI, which could be revised slightly higher to +8.6% overall (vs +8.5% preliminary and +9.2% previously), with core CPI stable at yearly highs +5.2%. This maintenance…

Telefonica pantalla

Spanish economy 23rd February 2023

Telefónica earns €2,011 M€ in 2022, maintains dividend at €0.30/share

Main figures compared to Bloomberg consensus: Revenues €39,993M +1.8% in reported terms, +4% organic) vs. €39,686M estimated (+1.0%); Recurrent OIBDA €12,852M (-0.6% reported, +3.0% organic) vs. €12,747M estimated (+0.6%); OIBDA Margin 32.1% vs. 32.1% estimated, BNA €2,011M vs. €1,967M€ estimated. Free Cash Flow €4,566m vs. expected €3,786m. Net Financial Debt €26,687M vs. €27,020M expected (vs. €28,918M in 3Q 2022 and €26,000M at December 2021). Targets for 2023 are “low single…

iberdrolaTC

Spanish economy 23rd February 2023

Iberdrola profit in 2022 up 11.7% to €4,339m

Bankinter : Main figures compared to estimates: EBITDA €13,228M (+10%) vs €12,939 est;. EBIT €7,984M (+9%) vs. €7,780M est; BNA €4,339M (+11.7%) vs. €4,193M est; Funds Generated by Operations (FFO) €11,123M (+24.8%); Net Debt €43,749M vs. €39,119M in December 2021. Dividend per share against 2022 results stands at €0.49/share, after proposing a final dividend of €0.31/share to be paid in July. Good results helped by the positive performance of the…

banco espana guapito

Spanish economy, Spanish Politics 23rd February 2023

Bank of Spain says only 15-20% of anti-crisis measures targeted at vulnerable

The Bank of Spain estimates that the government will allocate between €34,000 and €40,000 million in measures to deal with the energy and inflation crises arising from the war in Ukraine between 2021 and 2025 and, of this total, only between 15% and 20% has been targeted at the most vulnerable incomes, meaning that between 80% and 85% is of a generalised nature. The largest impact would be concentrated in…