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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.
Fiat Peugeout

European economy 29th December 2020

The EC Approves With Conditions The Birth Of Stellantis, The Merger Between Peugeot And FCA

Banca March | The European Commission has given the green light, with conditions, to the merger of Peugeot with Fiat Chrysler Automobiles after the commitment on the part of both manufacturers to adjust their activity in the sector of small commercial vans. The union of the two firms meant they would control about a third of that market, more than double its immediate competitors. The deal will give rise to the fourth largest car manufacturer in the world by units sold and a stock market value of over €40 Bn.

spain vaccination

Spanish economy 29th December 2020

The Beginning Of The End Of The Pandemic Starts In Spain With The Arrival Of The First Vaccines

Almost eleven months after the first case of coronavirus in Spain, the biggest vaccination campaign the country has ever seen has begun. After the first expected batch of 10,000 units that arrived last weekend from Belgium at the warehouses that Pfizer has in Guadalajara, another one with 350,000 unites will follow today. The delivery will be repeated every Monday for the next 12 weeks until the 4,591,275 vaccines bought from this laboratory have been issued, with which 2,295,638 citizens will be immunised.

BrexitDeal

European politics 28th December 2020

Brexit Christmas Eve Gift: A Deal “In Extremis” And Decaffeinated, But A Deal

After 47 years of membership in the EU and 1,645 days since the British citizens voted their way out, finally early in the afternoon of the 24th, negotiators Michel Barnier and David Frost reported on the agreement on the conditions of exit and their new commercial relationship, which amount to near €900 Bn annually. This last minute deal avoids one of the biggest risks facing the Eurozone in recent years, but it is “vague in many aspects” and “both parties will force specific changes in the future”, say analysts.

spain housing construction 1

Spanish economy 28th December 2020

NGEU And 2021 Spain’s Budget: A Significant Amount Allocated To Relaunch Spain’s Real Estate Sector

CaixaBank Research | The Recovery, Transformation and Resilience Plan (PRTR) for the Spanish economy could be an important catalyst for the real estate sector. With the help of European funds, the government plans to recondition half a million homes between 2021 and 2023, with the aim of improving their energy efficiency and thereby helping to achieve the agreed decarbonisation targets. The General State Budget (PGE) also proposes a notable increase in the funds allocated to housing policies.

European banks linda

European economy 26th December 2020

European Banks: Becoming More And More Utility-Like

Scope Ratings | The pandemic showed that in times of crisis, politicians, supervisors, and central banks are willing to extend significant help to the banking sector. No major European bank has come close to resolution this year; nor will any in the near future in our view. Credit markets took note. After an initial scare in March, senior spreads tightened close to pre-crisis levels. Our view is that banking is turning into utilities and that the sector is becoming what it should be: boring. 

vaccine2021

In the World, World economy 25th December 2020

Is All The Vaccine Good News Priced In?

Mobeen Tahir (Wisdom Tree) | The rollout of the vaccine worldwide and its impact, along with everything else that might happen next year, remain uncertain. Thus, what could move markets in 2021? We endorse the notion of a high-quality core equity exposure complemented by targeted growth opportunities – particularly in spaces like cloud computing, AI or clean energy. Sectors built on innovation will remain exciting as markets can never fully price in their growth potential – for innovation is, by definition, new and something that stimulates growth.   

academic experts consider what adoption of the 585-page draft Withdrawal Agreement would mean

European politics 24th December 2020

The EU and UK Agree a Brexit Deal

Ranko Berich (Monex Europe) | The details of the deal will be digested by markets over the coming weeks, after traders have finished digesting Christmas lunch. Given the lack of fanfare over services provisions, the EU has likely retained the prerogative for equivalence recognition, importantly for financial services. If this is indeed the case this deal is at best a disincentive for investment in financial services in the UK, and at worst hangs a sword of damocles above the City and the wider economy.

LaRobla Hydrogen

Ibex, Spanish economy 24th December 2020

Enagás and Naturgy promote the largest green hydrogen plant of Spain

Enagás and Naturgy will work together to develop the largest hydrogen plant in Spain in León. The aim will be to produce up to approximately 9,000 tons per year of renewable hydrogen from a 400 MW photovoltaic plant and an electrolyzer of up to 60 MW. The energy generated will not only be used to cover local consumption, but will also be injected into the gas network and be an option for future export to northwestern Europe.

Santander

Ibex, Spanish economy 24th December 2020

Banco Santander Launches LandCo, A Land Management Company With A Gross Value Of €4.5 Bn

Banco Santander has once and for all launched its land management company, transferring 13,000 assets from the bank with a gross value 4.5 billion euros. These are located in 3,500 different urban areas. Of the total number of plots, 45% have the qualification of finalist land, 40% of land under management, and 15% of rustic. The management company has been renamed LandCo (its previous name was Landmark).