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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.
European banks

European economy 25th July 2021

Ban On Bank Dividends: A Strange Remedy With Severe Side Effects

Scander Bentchikou (Lazard Frères Gestion) | The restrictions on bank dividends, which have been in force since March 2020, ended on Friday. For banks and their shareholders, this is a relief. The measure, supposed to protect banks from the crisis, has done more harm than good. Technically, the banking sector’s dividends made a big comeback in spring 2021. However, the amounts paid remained well below their 2019 levels, given the still numerous restrictions. The return to normal will have to wait for the results of the banking stress tests, published on 31 July by the European Banking Authority.

new world order

World economy 24th July 2021

Could Global Growth This Year Be The Fastest This Century?

Schroders | The world economy is set for its fastest year of growth in the 21st century this year, according to our latest forecasts. We now think global GDP is set to expand by 5.9% in 2021, having upgraded our previous forecast of 5.3%. As lockdowns ease, the service sector – which includes businesses such as restaurants and hotels – is driving the recovery in economic growth.

V L W recovery

World economy 23rd July 2021

World GDP Already Back To Pre-Crisis Levels

At the end of the first half of 2021, world GDP had already recovered end-2019 levels – after a decline of 3.5% in 2020 – thanks to the strong growth of the Chinese and US economies, according to calculations made in May by the OECD. Analysts at Oxford Economics agree in their calculations, which also talk about a GDP of 100.1% of 2019 in June 2021 and of a global…

5g network

Spanish economy 23rd July 2021

Spain’s 5G Spectrum Auction In The 700 MHz Band Closes At €1.01 Bn, 1.5% Over Starting Price

Operators will pay 1.01 billion euros, 1.5% more than the starting price of 995 million euros, for the 4 large blocks, 2×10 MHz, while the 3 small blocks, 2×5 MHz, were left without bids. Telefónica, Vodafone and Orange were awarded the licences, while MásMóvil did not bid. Telefónica was awarded block 1 and will pay 310 million euros (starting price 270 million euros), Vodafone block 2 and will pay 350 million euros and Orange was awarded blocks 3 and 4 paying 350 million euros. Vodafone’s and Orange’s blocks were awarded at the starting price.

ECB night

European economy 22nd July 2021

ECB Meeting: Policy Normalisation Is Likely To Be Slow And Gradual To Enable Ongoing Policy Support

Peter Allen Goves (MFS Investment) | The need to avoid premature tightening by the ECB and the strengthened guidance is supportive for core rates in our view. The strong association of guidance with the inflation outlook will also probably raises the prominence of the projections. Overall, the new guidance reinforces the ECB’s commitment to maintain accommodation to reach its price stability aim. Given that projections remain below target, this means…

Iberdrola

Spanish economy 22nd July 2021

Iberdrola’s Net Profit Drops 18.4% In H1’21

Iberdrola (IBE) has announced net profit of 1.531,3 billion euros in the first half of the year, down 18.4% compared to the same period last year. The fall is due both to the impact of the tax hike in the UK and the recognition in 2020 of the capital gain on the sale of the stake in Siemens Gamesa. At close of trading on Wednesday, IBE was up 0.69% on…

tokyo2020

World economy 22nd July 2021

Japan’s Bid For Soft Power Victory Has Been Roundly Defeated By The Pandemic

Simon Chadwick & Paul Widdop | Even before it begins, holding the Olympic Games in Tokyo has felt like an energy-sapping endurance event. Originally scheduled for last summer and postponed due to the pandemic, the decision to go ahead has been widely questioned. As the action unfolds, Japan’s capital city will be under a state of emergency. The whole world will be watching a government seeking to manage the most…

intermediate sectors construction

Spanish economy 21st July 2021

Construction Sector: Seven Spanish Companies Among The World’s Largest In Terms Of revenues

Intermoney | The consulting firm Deloitte has updated its Global Powers of Construction (GPOC) report on the world’s largest construction companies, in which Chinese leadership was once again confirmed, occupying the top five positions. ACS has lost one place this time as it was overtaken by the Japanese company Daiwa, and is therefore in eighth position. The largest European company is Vinci, sixth, just after the Chinese companies. Within the…

Spain confronts Brexit: The moment of truth for Spanish companies in the UK

Spanish economy 20th July 2021

IAG: British Travellers To Spain Increase By 400%

According to Renta 4 analysts, bookings by British citizens to fly to Spain have increased by 400%. This is since the UK government announced the removal of the quarantine requirement on return to the country for those travelling to amber zones, including Spain, as of yesterday. AENA had 489 operations scheduled for yesterday between Spain and the UK, three times more than a week ago. Meanwhile, the newspaper Expansión reports…

CAf Paris

Spanish economy 20th July 2021

CAF And Hitachi, Candidates To Buy Thales’ Signalling Business

According to analysts at Banc Sabadell, Thales has shortlisted CAF and Hitachi for the purchase of the French company’s signalling business. Stadler is said to have dropped out of the process, with bids having been submitted at the end of last week. French press reports flag that Thales would have valued the subsidiary at 1.8 billion euros vs 1.6 billion euros and the offers received would have been lower. So…