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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.
Zara

Spanish economy 22nd October 2020

Zara, Banco Santander, The Only Spanish Brands Among The 100 Most Valuable

Zara and Santander are once again this year the only Spanish brands among the 100 most valuable in the world. That said, they are losing positions, according to a new edition of the ‘Best Global Brands’ report. This includes the 100 most valuable brands in the world, as well as the impact of the global Covid-19 pandemic on brand value.Despite the drop in ranking, Zara continues to be the most valuable brand in its sector and Santander remains the most valuable bank in the Eurozone.

Avangrid

Spanish economy 22nd October 2020

Iberdrola Becomes Third Renewable Operator In The US With €3.7 Bn Purchase Of PNM Resources

Avangrid, which is 81.5% controlled by Iberdrola, has announced the acquisition of PNM Resources, Inc. The integration will give rise to one of the largest companies in the US sector, with 10 regulated electricity companies in 6 states (New York, Connecticut, Maine, Massachusetts, New Mexico and Texas). The combined company will have assets in excess of $40 billion, have approximately $2.5 billion of EBITDA and a net profit of $850 million.

Eurozone housing prices

European economy 22nd October 2020

European House Prices Hinge On Managing Support Measures As Growth Moderates

Scope Ratings | Growth in house prices moderated in the second quarter for most European countries. With moratoriums and furloughs running out and unemployment expected to rise, house prices are at a crossroads. Low interest rates continue to support borrowers’ mortgage affordability but a second round of lockdowns leading to increasing business bankruptcies and further unemployment could prompt house prices to contract.

china

In the World, World economy 21st October 2020

China: Small Data, Big Impact

Unemployment in China, which rose to 6.2% in February, is down to 5.4% in September – only marginally higher than 5.2% in December 2019. Industrial production increased 6.9% year on year in September – the highest increase since December 2019. This data point has vindicated the strong recovery in Purchasing Managers Indices (PMIs) – which are important, but only show month on month change in activity. Retail sales – an important barometer of consumer wellbeing – have also bounced back and risen by 3.3% year on year in September after being negative between January and July this year.

Spain GDP

Spanish economy 21st October 2020

Spain Economic Outlook. Fourth Quarter 2020

The Spanish economy could contract by 11.5% in 2020 and grow by 6.0% in 2020. The fall in GDP exceeded 20% in the first half and it is estimated that the recovery in the third quarter would have been 14% t / t. In any case, a significant slowdown is expected during the last part of 2020.

ACS Cimic

Ibex, Markets, Spanish economy 21st October 2020

ACS’ Australian Subsidiary, Cimic, Sells 50% Of Its Mining Business For €1.25 Bn

Cimic, of which ACS indirectly controls 37% through its Hochtief share, has announced the sale of 50% of Thiess, its mining business, for 1.25 billion euros to the Elliott fund. The price implies an enterprise valuation of approximately A$4.3 billion (based on 100% of Thiess), subject to certain adjustments. According to calculations of Bankinter, the price paid is a multiple of 8.5 times EV/EBIT20, “which is in accordance with the market average for this type of company.”

Spain fashion

Spanish economy 21st October 2020

Fashion Maintains Its Share Of Spain’s GDP At 2.8% In 2019; But A Substantial Impact Is Expected In 2020

Fashion is fundamental to the Spanish economy, by contributing more than 2.6% to GDP in the primary sector. This is only slightly less than the 3.6% from banking and insurance or the 5.8% from construction, according to a joint report from Modaes.es, the Centre for Information on Textiles and Clothing (Cityc) and Accenture. However, the pandemic has sparked big declines in terms of activity, employment, exports and retail sales in the first months of 2020.

euro coin

Spanish economy 21st October 2020

Average Annual CPI Rate For This Year And Next Cut To -0.3% And 0.7%, Respectively By Funcas

Prices in Spain fell by 0.4% in September from a year earlier. This means six months of negative yearly rates since the outbreak of the COVID-19 pandemic. In view of these figures, economists at Funcas have cut by one and two tenths of a percentage point their forecasts for the average annual CPI rate for this year and next to -0.3% and 0.7%, respectively. This is because crude has been trading in recent weeks in the range of $ 41, below the level seen in its previous scenario of projections.

Indonesiaok

In the World, World economy 20th October 2020

Bold Steps: Indonesia Tackles Labor And Investment Reforms To Realize Its Demographic Potential

Indonesia is the fourth most populous country in the world with 273-million people, which is expected to expand by 21% by the year 2050 to 331-million Indonesians. The challenge of how to provide jobs for the increase of 28 million working age people by 2050 on top of an already excess capacity 185 million people in 2020 is a pressing concern… After being informed by the World Bank that few firms consider Indonesia in the diversification push out of China, President Jokowi asked his ministers to come up with a reform agenda. Covid-19 forced the government to focus on short-term challenges in H1 2020, but on 5 October 2020, the government passed the Omnibus Bill that overhauled Indonesia’s investment and labor laws.