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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.
US education inequality

Spanish economy 4th October 2022

The OECD Warns That 28% Of Young Spaniards Have Not Completed The Baccalaureate Or Vocational Training, The Highest Percentage In The EU

According to OECD data, 28% of Spaniards between 25 and 34 years of age have not graduated from the Baccalaureate or Intermediate Vocational Training. Yesterday, the international organisation took us to task, warning us that the second stage of secondary education is the “minimum qualification” that must be acquired in order to have “a successful participation in the labour market”. However, the percentage of those who barely achieve a basic…

Colonial

Companies, Ibex, Spanish economy 3rd October 2022

Fear (exaggerated) of a fall in office demand affecting Colonial’s share price

Intermoney | The figures from consultancy firm Cushman & Wakefield (C&W) indicate that investment in property in Spain during the first 9 months of this year stood at 12.718 billion euros. This is already more than that for the whole of 2021, which stood at 11.926 billion, according to the daily Expansión. The data to September also beats the total figure for both 2017 and 2018. It is worth highlighting that…

Santander-brasil

Companies, Ibex, World economy 3rd October 2022

Lula da Silva’s victory does not change Santander’s risk profile, for the time being

Bankinter | Lula da Silva’s victory in the first round of Brazil’s presidential elections does not significantly alter Banco Santander’s risk profile, at least for the time being. Lula, Brazil’s president between 2003 and 2010, has obtained 48.4% of the votes vs current president Bolsonaro with 43.2%. The second round of voting takes place on 30 October. Bankinter analyst team’s view: Brazil is the main source of Santander’s results with…

Madrid Gran Via2

Spanish economy 3rd October 2022

The Debt Of Spanish SMEs Exceeds 100% Of Their Equity While Profitability Falls To 2.8%.

The latest Cepyme indicator on the business situation of Spanish small and medium-sized enterprises warns that the excessive increase in costs and the reduction in margins is pushing business profitability back to 2014 levels. Net return on assets (ROA) stands at 2.8%, lower than any figure recorded between 2016 and 2020. For reference, in the fourth quarter of 2019, the last full quarter before the pandemic, SME profitability reached 3.7%….

BP

Spanish economy 3rd October 2022

BP Wants To Sell Ownership Of Its 750 Spanish Petrol Stations

The oil company’s idea is to maintain the operation of its service stations and monetise these facilities through a long-term agreement with an investor who would become their lessor, according to several financial sources consulted by La Información. The group chaired in Spain by Andrés Guevara de la Vega has consolidated a network of around 750 petrol stations throughout the country. Since its arrival in Spain in 1954, the company…

caixabank sunset

Companies, Ibex, Spanish economy 2nd October 2022

Caixabank Chairman Believes Rates Hike Will Not Be Sufficient To Obtain A Level Of Profitability Higher Than The Cost Of Capital

Alphavalue/DIVACONS | The chairman of Caixabank, José Ignacio Goirigolzarri, flagged on Thursday that the financial sector must obtain a level of profitability which is higher than the cost of capital, a challenge with which the normalisation of interest rates will help. That said, he believes this hike “will not be sufficient” to achieve this. So the banking sector will have to redouble the transformation efforts made during the last few…

MOVISTAR

Companies, Spanish economy 1st October 2022

Telcos competition eases: Vodafone, MásMóvil, the MVNOs record positive portability balances; Orange, Movistar negative

Norbolsa | The Spanish telco operators eased competition in July, after registering declines of 13% in mobile portability and 23% in fixed, compared with a year earlier. Vodafone, MásMóvil and the MVNOs recorded net positive portability balances, while Orange and Movistar registered negative balances.  In this respect, the commercial pressure seems to be decreasing given that, after the declines in prices in the last few months, there is not a…

ACS

Companies, Ibex, World economy 30th September 2022

ACS participating in two consortiums for Canada tram line contract; investment of €3.7 Bn

Intermoney | ACS is participating in the two consortia which will bid for the contract to build a tram line in Calgary (Canada). The investment required will be 3.7 billion euros, according to the daily Expansion. One of the offers includes ACS’ US afffiliate Flatiron, while Dragados is participating in the other bid, along with Acciona and other Canadian contractors. It is foreseen that the best provisional offer will be…

PharmaMar - Sousa

Companies, Ibex, Spanish economy 30th September 2022

PharmaMar to liquidate its susidiary Genómica; losses equivalent to -3.5% of NAP

Bankinter | PharmaMar has abandoned Genómica, which will be liquidated. Its fully-owned subsidiary’s main business is molecular diagnostics, mainly via the development and commercialisation of detection kits. In 2021, this affiliate clocked up sales of 5.2 million euros (2.2% of the total), NAP of -3.2 million (vs +92.9 million for the group) and free cash flow of -3.2 million (+44.1 million euros for the group). Bankinter analyst team’s view: Positive news….

ACS

Companies, Ibex, World economy 29th September 2022

Cimic (ACS) has been selected by Victoria’s government to contribute a significant batch of works for Melbourne airport’s railway

Link Securities | ACS’ Australian subsidiary, Cimic, has been selected by the government of Victoria as part of the preferred consortium to supply a significant construction works package for the railway project at Melbourne (Australia)’s airport, according to the digital portal Invertia.com CPB Contractors, which belongs to Cimic, is the specific company which has been selected. And its travel companions are a consortium including John Holland Group and partners Alliance,…