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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.
Spain public employment

Spanish economy 10th July 2017

Spain Creates Net Public Sector Employment For First Time Since 2008

Last week the Spanish government announced an offer of nearly 20,000 jobs in the public sector. The offer consists of: 10,318 free entrance posts in the General State Administration and the Justice Administration, as well as a further 5,350 internal promotion posts. There is also a one-time offer of public sector employment involving 4,285 newly created jobs in priority sectors where there is a “deficit” like the Inland Revenue Office, Social Security, Work Inspection and National Identity Document and National Traffic offices.

EU-Japan trade deal

In Europe, World economy 8th July 2017

EU: Political Agreement On EU-Japan Trade Deal Sealed

Japan’s Prime Minister Shinzo Abe signed on Thursday a political agreement on the EU-Japan trade deal, which would be likely completed within months,expectedly by January. Officials said it was not clear at this stage how the EU-Japan deal would be ratified in Europe. Full national ratification gives every national parliament and some regional ones a veto.

US Millenials can afford to buy a home

Markets, World economy 8th July 2017

US Millenials Can Afford To Buy A Home, But Do They Want To Do It?

The homeownership rate among young adults in the United States has plunged to a record low, helping 
to explain the slow recovery in single family homebuilding. In order to understand the future of the housing stock, it helps to tell that there are currently 75 million individuals considered to be Millennials in the US with an average age of 27.5. Acording to BoAML, “in theory, this should underpin growth in homeownership. But, it is complicated – we have to understand the ability of Millennials to afford housing and the desire to become homeowners vs. renters.”

ArcelorMittal

Markets, Stoxx50 7th July 2017

The Consolidation Of The European Steel Sector: The Example Of ArcelorMittal

Íñigo Recio (GVC Gaesco) | The acquistion of the Italian company Ilva is a strategic operation for ArcelorMittal for the following reasons: 1)it did not have any industrial presence in Italy; 2)the deal means it can cope with steel imports in the Italian market – one of the principal access ports to Europe from non-community steel producing countries (mainly Asia) – and 3) it allows for greater steel prices discipline in Europe.

Greece judicial system

In Europe 7th July 2017

Greece: There’s always the next parliamentary season

Nick Malkoutzis via Macropolis  | A stale parliamentary debate that rarely stayed on topic seemed a good way to wrap up another disappointing political season in Greece. The country has been stuck in a deep, dark hole for almost a decade and now it has a chance for a change in fortune. But its decision makers will have to display much more vision, determination and mastery than was on display in Parliament on Monday.

Not just rates weighin on banking margins

In Europe 6th July 2017

It’s not just interest rates which are weighing on banking margins

José Luis M. Campuzano (Spanish Banking Association) | It’s been balance sheet adjustments and the worsening of the deliquency rate which have been mainly responsible for the deterioration in banking margins over the last few years. It’s important for the ECB to establish a clear strategy for monetary normalisation for the future.

Santander results: Attributable profit grows 18%

Ibex, Markets 6th July 2017

Banco Santander’s Capital Raising Operation Will Have A Higher Discount Than Market Expectations

Banco Santander will raise 7.072,4 billion euros as expected via a rights issue in order to”provide sufficient coverage for the acquisition of 100% of Banco Popular’s capital.” The operation will consist in issuing 1.458,2 million new shares at 4,85 euros/share, which includes the nominal value of 0,5 euros plus an issue premium of 4,35 euros/share. This capital hike implies a discount of 17.75% with respect to theoretical price excluding the subscription right.