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Articles by The Corner

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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.
IAG

Uncategorised 22nd June 2020

IAG, One Of The Big Winners Of The Crisis Thanks To Its Financial Strength And Management

Renta 4 | This year we will see a deterioration in the airline business never before seen in the sector. We expect IAG to cut air traffic capacity by 48% compared to 2019, and by quarters (-10.5% annually already confirmed in Q1/-90% estimated in Q2/ and between -55%/-30% estimated in Q3). Nevertheless IAG is one of the companies with the highest liquidity (€10 Bn), the best operating margins and the lowest debt. The acquisition of Air Europa, with a possible improvement of the conditions, is an additional advantage.

Tourism

Spanish economy 22nd June 2020

Spain Announces €4.25bn Package To Revive The Country’s Ailing Tourism Industry

Last week the Spanish government presented its Tourism Promotion Plan, to which over 4.250 billion euros will be assigned, mostly in the form of credits. Of the total amount of aid earmarked for the tourism sector, one of the most affected by the coronavirus pandemic, 93%, or almost 4 billion euros, will be granted via loans. A further some 275 million euros will be granted in the form of direct transfers.

5g coronavirus foto610x342

World economy 21st June 2020

COVID-19 Conspiracy Theories Have Real-World Consequences

Gary Buswell | Conspiracy theories seem to be a staple of major global events, so it’s no surprise that COVID-19 has become the biggest hotbed for unfounded “alternative narratives” since 9/11. Various theories are circulating across social media, sucking in a worrying number of high-profile public figures who seem willing to share disinformation without checking the facts, even though these narratives have little basis in reality and are not supported by any credible experts or academics.

ILO OIT

World economy 20th June 2020

The International Labour Organization Was Founded After The Spanish Flu – Its Past Lights The Path To A Better Future Of Work

, via The Conversation | The fraying fabric of the global order was ill-prepared for a pandemic. As the focus now shifts from health to wealth amid the ensuing economic crisis, the World Health Organization (WHO) will cede the stage to other international bodies tasked with steering a course through the current turmoil and recovery to come. Enter stage left the International Labour Organization (ILO), a sister body of the WHO and the very first specialised agency of the United Nations.

Bitcoin record mark

Markets 19th June 2020

Crypto Corner: Bitcoin “Not A Top Ten” Cryptoasset Says China

Adam Vettese (eToro) | Bitcoin is not the top cryptoasset, according to a new Chinese report that ranked global cryptoassets based on their technical merits. According to a report from China’s Centre for Information and Industry Development (CCID) Bitcoin, the world’s oldest and largest crypto asset by market cap, ranked 12th.

Indra Rail Baltica

Ibex, Markets 19th June 2020

Indra Will Design Part Of The Railway Line That Will Join The Baltic Countries With The European Network

Prointec, Indra’s civil engineering subsidiary, will participate in the largest railway infrastructure project in Europe, Rail Baltica. This is a rail network for passengers and goods linking the Baltic countries, Estonia, Latvia and Lithuania to the Trans-European Transport Network (TEN-t). In consortium with German engineering consultancy Obermeyer Planen + Beraten GmbH, it will design a 93.5 km section of the works for a total of €10.8 M.

The ECB bets on buying private debt

European economy 19th June 2020

Demand For Financing From The ECB Reaches Record Highs Of €1.3 Tr, With Net Injection Of Near €550 Bn

Spanish banks have requested more than €97.9 Bn in the auction. Caixabank has already announced that it has requested 40.7 billion euros, the total to which it is entitled. Other lenders have also made their moves: €27 Bn requested by Sabadell, €21 Bn by BBVA and €9.2 Bn by Bankia. In Italy, Intesa and Unicredit have already reached € 70,000 and €93,000, the latter reaching its limit. Some systems in southern Europe (such as Italy) could have reached 85% to 90% of their total TLTRO limits.

Testa aims to consolidate with its listing its position as property ‘giant’

Spanish economy 19th June 2020

Investment Funds Have €40 Bn To Invest In Spain’s Property Sector

Investment funds have €40 billion to spend in the Spanish real estate market in the short and medium term, according to a survey carried out amongst 200 funds and investors by Cushman & Wakefield. Of the total interviewed, 51% expect to maintain their investment strategy in the coming months despite the virus. This compares to 33% who are reconsidering their risk profile and 16% who are evaluating different asset classes.

investment banks

Markets, World economy 18th June 2020

Will The US Risk Rally Endure – And Can Cyclicals Continue To Lead?

Mona Mahajan (Allianz GI) | With equities rallying more than 30% since late March, driven most recently by cyclicals, financial markets were perhaps due for a period of consolidation. New risks could emerge, but we continue to believe in the ongoing economic re-opening story — so cyclical sectors may remain market leaders in the near term. Markets could be supported further as elevated levels of cash are put back to work.

Santander consumer bank

Ibex, Markets 18th June 2020

Santander Values Its European Consumer Lending Business At € 12.8 Bn

This figure is the result of a corporate reorganization undertaken by the lender in recent months. The bank bought 25% of the capital of Santander Consumer Finance which it did not control directly from one of its subsidiaries. This stake has been valued at 3.193 billion euros which means valuing 100% of the subsidiary at nearly 12.8 billion.