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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.
pallete telefonica

European economy 4th May 2022

Telefonica to share its networks with Deutsche Telekom and Vodafone in 2,000 more German locations

Norbolsa | Telefonica closed an agreement with Deutsche Telekom and Vodafone to share their networks and provide their customers with the same coverage in 2,000 additional German locations. Through this alliance, the German mobile network operators are implementing new initiatives to share infrastructure and improve mobile coverage in rural areas. In the same vein, the three operators also agreed in 2021 to provide coverage in those areas that did not…

Eurozone

European economy 3rd May 2022

Eurozone To Lose One Point Of Growth To War

Crédito y Caución expects the Russian invasion of Ukraine to cut Eurozone GDP growth by one percentage point to 2.9% in 2022, due to supply chain disruption, higher commodity prices and the adverse impact on business and consumer confidence. This impact assessment, subject to a high level of uncertainty, is based on two assumptions: that the conflict will not continue beyond 2022 and that sanctions will be strengthened but not…

spain tax collection

Spanish economy 3rd May 2022

The Treasury Refuses To Deflate Taxes And The State Increases Revenue By 20% As The Economy Slows Down

The Spanish state has collected 54.749 billion euros up to March, almost 10 billion more than in the same period last year. This is despite the fact that GDP then grew by 2.2% compared to the previous quarter, while this year it has barely grown by three tenths of a percentage point. The historic rise in inflation is filling the public coffers thanks to the fact that tax revenues in…

gas grid

Spanish economy 2nd May 2022

The Iberian Solution Could Offer Europe More Gas

Francis Ghiles (Vía Fair Observer*) | The Ukraine-Russia crisis has laid bare Europe’s dangerous reliance on Russian energy. But it has also opened up new opportunities for the exporting of Libyan and Algerian gas. Never has the question of where Europe’s foreign gas supplies come from, and whether there are alternatives to the continent’s dependence on Russia, been so much debated as in recent weeks. A subject that is usually…

Companies restructuring

European economy 29th April 2022

Insolvencies Increase As Government Support Ends

Crédito y Caución (Atradius) | Global GDP growth is expected to slow in 2022, as price pressures are rising due to supply chaindisruptions, strong consumer demand and the Russia-Ukraine conflict. In some markets, we already saw a partial return to normality in 2021 in insolvency developments. Forinstance, in Spain, Italy and Czech Republic, insolvencies started to rise in 2021 after they declined in 2020. For the majority of markets, however,…

Caixabank, Telefónica, El Corte Inglés or Iberdrola, the Spanish firms best prepared to confront 2019

Spanish economy 29th April 2022

Spanish Firms Contributed More Than 250 M€ Abroad And Benefited 38 M People

According to a study carried out by the PwC Foundation and the CEOE Foundation amongst 64 companies, Spanish firms have raised more than 250 M€ abroad, which has benefited 38 million people. The study also shows that Spanish companies tend to concentrate their social action in certain geographies: 51% of the projects analyzed are present in Latin America, which is the region most covered, followed by sub-Saharan Africa, which accounts…

BBVA Holvi

Spanish economy 29th April 2022

BBVA Achieves Record Revenues In Q1 With €1.651Bn And Profitability / RoTE Close To 16%

Bankinter : Main Q1 2022 figures compared to Bloomberg consensus expectations: Net Interest Income: €4.158bn (+20.5% vs €3.920bn e); Gross Margin: €5.939bn (+15.2% vs €5.418bn e); Net Margin: €3.525bn (+23.7% vs €2.983bn e); Ordinary NAB: €1.651bn (+59.8%); Published NAB: €1.651bn (+36.4% vs €1.235bn e). Analyst’s view: We expect a positive share price reaction to the results which surprise positively in the most important metrics (activity, revenues and cost of risk/CoR)…

lacaixa

Spanish economy 29th April 2022

CaixaBank Records Q1 Attributable Profit Of EUR 707 Million, Up 21.9%

The growth was underpinned by the bank’s business in loans and long-term savings products and lower expenses due to synergies from the merger with Bankia. This led to a rise in operating profit (+5.4%), and a reduction in loan-loss provisions (-23.2%) and other provisions (-37.7%). The NPL ratio declined to 3.5% in the fourth quarter and the coverage ratio rose to 65%, following the fall of EUR 272 million in…

Repsol's bet on alternative energies

Spanish economy 28th April 2022

Repsol Posts Net Income Of €1.392 Billion In Q1 2022

Adjusted net income, which measures the performance of the businesses, was €1.056 billion, 69% of which came from the Exploration and Production division that carries out all its activities outside Spain. The invasion of Ukraine, which is affecting the international environment in 2022, has led to a significant increase in the prices of raw materials, with a clear impact on fuel prices. The Exploration and Production business was supported by…

employment office new

Spanish economy 28th April 2022

Unemployment Rises By 70,900 In The Year To March, And Inflation Falls To 8.4%.

Unemployment rose by 70,900 people between January and March, up almost 2.3% from the previous quarter, while employment fell by 100,200 jobs (-0.5%). This is the smallest decline in a first quarter since 2019, when 93,400 jobs were destroyed. At end-March, the total number of unemployed people stood at 3,174,700 and the number of employed at 20,084,700, the National Statistics Institute (INE) reported on Thursday. The increase in unemployment in…