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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.
Santander consumer bank

Ibex, Markets, Spanish economy 17th November 2020

Santander Considers Cutting 4,000 Jobs While Hiking Capital To Execute Its Dividend Of 0.1 €/Share

The rights related to the bonus capital hike with which Santander will pay its next dividend, a final dividend of 0.1 euros/share charged against 2019 results, began to trade on the stock exchange this week. There are two options available to shareholders: 1) Sale of rights received free of charge, at the price at which they are trading on the market when they are sold. The trading period will be extended – officially- until 30 November. 2) Collection of the dividend in shares, receiving one free share for every 23 old ones.

BBVA Sabadell

Ibex, Markets, Spanish economy 17th November 2020

BBVA, Banco Sabadell In Talks Over Possible Merger

The combination of the two banks would give rise to the second Spanish lender by global business, behind Santander, with almost €1 billion in assets. The confirmation of these contacts came hours after BBVA announced the sale of its US subsidiary to the financial services group PNC for €9.7 billion and capital gains of 580 million. This could mean that BBVA would not need a capital increase to execute an operation involving a smaller rival.

Australia spain firms

Ibex, Markets, Spanish economy 17th November 2020

ACS, Acciona And Ferrovial Compete For €2.15 Bn Australian Railway Project

he three main Spanish infrastructure groups with a presence in Australia, ACS, Acciona and Ferrovial are in the final push for a new multi-million dollar project in the oceanic country. The companies are part of two of the three consortiums which have entered the bidding phase to execute the main works of the Inland Rail. This is the largest railway project in the country for 100 years. It consists of a high productivity freight corridor between Melbourne and Brisbane.

RCEP summit

In the World, World economy 16th November 2020

The World’s Largest Free Trade Agreement, A Gift To China

The free trade agreement signed this weekend by 15 Asia-Pacific nations, led by China and Japan, will apply to a total population of 2.2 billion and a total GDP of 26.2 trillion, about a third of the world economy. It will also mean a 65% tariff reduction. Definetely, the RCEP (Regional Comprehensive Economic Partnership) further strengthens the growing political and economic influence of China in the region.

Cellnex Hutchinson

Ibex, Markets, Spanish economy 16th November 2020

Cellnex Buys CK Hutchison’s European Tower Business And Approaches The World Leader American Power

Cellnex has announced it will buy the Hutchinson towers in Europe for 10 billion euros. The operation will be paid partly in shares so that Hutchinson will acquire 5% of the Spanish group. Since its IPO five years ago, this has invested more than 25 billion euros in purchases. This latest operation with CK Hutchinson will position Cellnex with more than 100,000 towers closer to the world leader American Tower. 

Spain pfizer vaccine

Spanish economy 16th November 2020

Spain To Acquire Around 20 Million Doses Of Pfizer Vaccine To Immunize About 10 Million People

Spain’s Health Minister, Salvador Illa, hopes that “this week or next”some more contracts can be signed with new pharmaceutical companies to acquire a future vaccine against Covid-19. These include Pfizer and Biontech. Last Monday, these companies announced that their vaccine is more than 90% effective, after the “success” of the first intermediate analysis of their phase 3 trial.

Europe Digital Agenda

European economy 15th November 2020

Facing a Second Wave of Lockdowns, Is The EU Ready To Build A Fully Digital Economy?

European Views | EU governments need to make sure a significant slice of their recovery funds are spent on solidifying the foundations of the digital economy at a time of sweeping economic transformation. While Finland and Sweden rank first and second in terms of both citizens’ internet use and in digital skills, southern European economies find themselves lagging in relation to their EU peers. Even Germany, Europe’s economic engine, has not realized its full potential in all matters digital.

Ant Group

In the World, World economy 14th November 2020

Ant Group: Jack Ma’s Biggest Market Debut Suspended Amid Fears Over Regulation

Daniel Broby via The Conversation | In a surprise last minute decision, the flagship stock exchange listing of Ant Group was suspended by regulators in China and Hong Kong. The Chinese tech giant, backed by Alibaba billionaire Jack Ma, was to be the biggest initial public offering (IPO) in history. The suspension puts in doubt the future of the US$34.4 billion share sale, part of the US$313 billion dual listing of this giant financial technology (fintech) payments company.

ECB's president Christine Lagarde

European economy 13th November 2020

The Resumption Of Banking Sector Dividends, Increasingly Closer

Morgan Stanley | The negative impact of the dividend restriction will be eliminated once the market sees that it was temporary. The revolution by Pfizer and BiOntech following the announcement of their vaccine’s effectiveness undoubtedly anticipates the return of dividends is closer than ever. We hope the ECB will review the issue at the end of the year so that the payment can be reactivated as of January 2021 (gradually, individually and with estimated average payouts of 20-30%).