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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.

Spanish economy 28th May 2022

Organic profitability and solid credit risk profile: Overweight in BBVA despite the rapid shift away from its historically conservative financial management

Santander Corporate & Investment | Fitch announced this week that it has affirmed its ratings for BBVA (A3e, Ae, BBB+e). This includes its long-term issuer default rating of BBB+. According to Fitch’s note, the confirmation of the ratings reflects the capacity for resistance of BBVA’s profits through the economic cycles. This is thanks to its geographic diversification, strong retails franchises in its key markets (Spain, Mexico, Turkey and various Latin…

Spanish Politics 27th May 2022

PSOE And UP Clash Over The Audiovisual Law, Which Was Finally Saved By The PP’s Abstention

Another heart-stopping vote. Now for the audiovisual law. Once again, the Government has ended up at odds with its partners and, on this occasion, also with itself. The PSOE and Unidas Podemos have split with a vote in favour and an abstention, respectively, despite the fact that it is a law that has been sponsored by the Executive itself. This was evident in the vote: 130 yeses (PSOE, PNV, CC,…

Spanish economy 27th May 2022

IBEX 35 Companies Had €58 Billion In Net Profits, With A V-Shaped Recovery From Pre-Covid Levels.

BME | Revenues of large listed companies rebounded by 17.4% in 2021 from 2020 to €477.778 billion euros. The figure was still 8.3% lower than that achieved by IBEX 35 companies in 2019. A positive indicator for this group of leading companies in Spain is that, with less revenue than before the pandemic, they have achieved the highest aggregate profit figure in their history. IBEX 35 companies generated close to…

Spanish economy 27th May 2022

Aena studies upward revision to its 2022 traffic estimates

Bankinter | Before revising its estimates, Aena is looking at whether the strong acceleration in the recovery of the airline sector this summer is a flash in the pan. The study has arisen after ACI Europe improved its forecasts. It now estimates a recovery of 78% of traffic levels prior to the Covid virus on average in Europe vs 68% previously. These are the forecasts Aena used as a basis…

Spanish economy 26th May 2022

ACS, Ferrovial both chosen to present final bids for the Inglewood Transit Connector, worth €1.3 Bn

Link Securities | The consortia led by Spanish infrastructure and services groups ACS and Ferrovial have been selected, along with a third alliance, by the authorities of the city of Ingelwood, in Los Angeles, to present their final bids for a the Inglewood Transit Connector contract. This contract is for the design, construction, financing, operating and maintenance of the automated transit connector, according to yesterday’s elEconomista.es. The project consists of…

Abengoa anticipates tripling its billing in 10 years

Spanish economy 26th May 2022

Abengoa Assures It Has Submitted to SEPI All The Documentation Required For The 249 Million Euro Bailout

Abengoa has submitted to the State Industrial Ownership Corporation (SEPI) all the documentation and information required to obtain new financing for a total amount of 249 million euros from the Solvency Support Fund for Strategic Companies. “The application for this SEPI Financing continues to be processed, having submitted all the documentation and information required by SEPI”, the Andalusian company said in a statement sent to the Spanish National Securities Market…

World economy 26th May 2022

Demand For Repo At The Fed Hits New Highs: $2 Tr

Intermoney | The increased scarcity of paper is prompting money funds to dump their excess liquidity in the reverse repo window, for which the Fed is offering 0.8%. In fact, demand for Fed reverse repurchase agreements reached new highs after 94 participants placed a total of $2,045 tr. As we have explained, the increased interest in reverse repo trading, which is usually an investment of last resort, has been exacerbated…

World economy, World politics 25th May 2022

Xi, Biden Switching Strategies For Dominance

Alicia García Herrero (Natixis) | US President Joe Biden’s long-awaited trip to Asia got off to a poor start, after ASEAN leaders’ official visit to the White House saw hardly any relevant policy decisions, and Biden’s stingy pitch of $150 million to ASEAN economies. Based on that example and Biden’s difficult political situation at home, the stakes for his trip to Asia were low. But reality has proved the pessimism…

Spanish economy 25th May 2022

Banco Popular: An Avoidable Drama

Aristóbulo de Juan | The fifth anniversary of the so-called resolution of Banco Popular has just passed. A historic event where the new European mechanisms and the FROB were the protagonists. I believe that what happened deserves a reflection based on a recap of the events over the ten long years that put an end to a bank that had been a model until the end of the last century….

Spanish economy 25th May 2022

Mapfre’s solvency ratio 205,3% end-March 2022, within tolerance threshold

Link Securities | In a Relevant Fact sent to the CNMV, Mapfre has communicated to the General Directorate of Insurance and Pension Funds the quarterly recalculation of its solvency position. This is to comply with the European Central Bank (ECB)’s requirement in the context of financial stability. It also follows the Insurance Supervisor’s recommendation based on good practices for Internationally Active Insurance Groups. According to the calculations which have been…

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