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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.
Siemens Gamesa

Spanish economy 24th May 2022

Siemens Gamesa: Downgrade from Reduce to Sell (T.P. 15,1 eur/shr) after Siemens Energy bid

Alphavalue | As we flagged yesterday, finally on Saturday there was confirmation of Siemens Energy’s bid for 100% of Gamesa at 18,05 euros/share in cash (12.3 billion euros) with the aim of integrating the latter and delisting it. As you know, Siemens Energy already has 67,12% of Gamesa’s capital. The price being offered represents a premium of 27,7% with respect to the final closing price on May 17 2022. Excluding…

nadia calvino bruselas

Spanish economy 24th May 2022

Brussels Warns Spain Of High Debt And Unemployment Risks

The European Commission officially advocates maintaining the suspension of fiscal rules in 2023. However, it warns that Spain is dragging serious “vulnerabilities” with “cross-border relevance” and fears that public indebtedness will be higher in 2026 than in 2021. “Spain is experiencing imbalances,” the European Commission warned yesterday as it released its spring package of recommendations. It warned that its “vulnerabilities relate to high external debt, public and private, in a…

Siemens Gamesa

Spanish economy 23rd May 2022

Siemens Energy Launches €4 Billion Bid To Delist Gamesa From The Stock Exchange

Siemens Energy has launched a takeover bid for the 32.9% of Siemens Gamesa’s capital that it does not already own, valued at 4 billion euros. The offer will involve a payment of 18.05 euros per share in cash, less than the 20 euros it paid in February 2020 to Iberdrola for the remaining 8% of the capital. Then the CNMV exempted them from launching a takeover bid for its industrial…

Russian invasion of Ukraine has begun as Putin039s tanks roll

European politics 20th May 2022

Ukraine: Trying To Understand A War

“… From the 18th century to the present, apart from occasional skirmishes, what we call the West has unilaterally assaulted Russia on 5 serious occasions. Charles XII of Sweden, an undisputed military genius of poor political skill, attacked the Russia of Peter the Great, crossed from the Baltic into the Ukraine with his troops, and, only there at Poltava, in 1709, the Swedish King and his Ukrainian allies were defeated….

Ursula

European economy 20th May 2022

Brussels Proposes To Keep Fiscal Rules Suspended For Another Year Because Of The War

On Wednesday 18 May, European Commission commissioners finally agreed to submit a proposal to European countries on Monday 23 May to suspend public debt and deficit targets for 2023, for the fourth consecutive year. The measure, which will still have to be validated by the member states, gives countries such as Spain an additional grace period to get their public accounts back on track after the Covid bill. The European…

escriva

Spanish economy 20th May 2022

Escrivá Forecasts A Rise In Social Security Enrolment In May Of 217,000 Contributors, The Third Best Figure In The Series

The Minister of Inclusion, Social Security and Migration, José Luis Escrivá, announced this Thursday that Social Security enrolment will increase by 217,000 people in May, “the third best figure in the historical series”. At the press conference to report on the fortnightly evolution of Social Security enrolment, Escrivá indicated that, in seasonally adjusted terms, May will see 37,000 more contributors. In his opinion, this data demonstrates the “enormous dynamism” that…

Garanti BBVA

Spanish economy 19th May 2022

BBVA Reaches 86% Of Turkey’s Garanti Following The Takeover Bid

BBVA has reached a stake of 85.97% in its Turkish subsidiary Garanti after the closing of the takeover bid it had launched for the 50.15% of the capital it did not control. The bank, headed by Carlos Torres Vila as chairman, has paid 22,758 million Turkish liras (around 1.410 billion euros at the exchange rate) for the 36.12% it has acquired after the transaction. The payment was made from its…

Inflation

European economy 18th May 2022

Annual inflation stable at 7.4% in the euro area (Up to 8.1% in the EU)

Eurostat | The euro area annual inflation rate was 7.4% in April 2022, stable compared to March. A year earlier, the rate was 1.6%. European Union annual inflation was 8.1% in April 2022, up from 7.8% in March. A year earlier, the rate was 2.0%. These figures are published by Eurostat, the statistical office of the European Union. The lowest annual rates were registered in France, Malta (both 5.4%) and…

Lamanodedios

Spanish economy 18th May 2022

General Government Borrowing Hit Another Record High In March: 1.45 Trillion Euros (117.7% Of GDP)

Public indebtedness continues to break records. In March, debt registered a new all-time high of over 1.45 trillion euros after increasing by 12.381 billion euros compared to February, according to the statistical advance published yesterday by the Bank of Spain. It is true that the debt-to-GDP ratio stood at 117.7%, far from the 125% it exceeded in March last year. However, that was exclusively due to the economic rebound, which…

european union flag

European economy 18th May 2022

The IMF Calls In Brussels For Fiscal Rules In Europe To Be Applied According To The Debt Of Each Country

The International Monetary Fund (IMF) believes that the debate on whether or not to return to fiscal rules in the European Union is more timely than ever. Now the continent is going through a “second economic crisis” due to the war in Ukraine, after a first one due to the pandemic from which we have not yet recovered. Gita Gopinath, deputy director general of the IMF, said the new fiscal…