Top Stories

Articles by The Corner

About the Author

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 countryside

Spanish economy 24th September 2020

The Spanish Countryside Has Lost Two Million Workers Since 1976

Funcas | The Labour Force Survey shows the extraordinary decline of agricultural occupation in recent decades. In 1976, those employed in this sector (2.6 million people) accounted for over a fifth of total employment; in 1991 they represented less than a tenth (1.3 million) and already in 2007 agricultural employment had fallen below a twenty-fifth of total employment (801,000). Since then, this proportion has stabilized around 4% of the total occupation (734,000 people in jobs in 2019).

PharmaMar2

Ibex, Markets, Spanish economy 24th September 2020

PharmaMar Debuts This Week In An Ibex With 34 Stocks

On Monday, PharmaMar joined the Ibex 35, the main Spanish stock market index. It will will be composed of 34 stocks until October 19th, following the exclusion of MásMóvil after Lorca Telecom Bidco’s takeover bid. The Ibex 35’s Technical Advisory Committee unexpectedly announced on 10 September that PharmaMar would replace Ence in that index. Since then, the company’s share price has risen by more than 17% to 103.8 euros at last Friday’s close, recovering its July levels.

Spanish Banks precious

Spanish economy 24th September 2020

Spanish Banks Lose €11.531 Bn In H1 2020

Spanish banks recorded aggregate attributed losses of 11.531 billion euros in the first half of 2020. This came in the wake of an effort in terms of provisions and write-offs to the tune of 26.518 million euros. Preparation for the economic impact of the Covid-19 pandemic was behind this effort, according to the Spanish Banking Association (AEB).

Tesla

In the World, World economy 23rd September 2020

Tesla’s ‘Battery Day’ Disappointed Investors

After being hyped up by CEO Elon Musk in the run up to it, Tesla’s ‘battery day’ disappointed investors, as the new innovations unveiled remain years away. The firm’s share price closed the day 5.6% down, then slumped further in after-hours trading, after Musk clarified that some of the technologies showcased are “close to working” and require a “a ton of work from here to there.”

london city brexitTC

European politics 23rd September 2020

Brexit Anguish Is At The Forefront Again

UK’s equity market has trailed Europe’s considerably this year. The UK’s FTSE 100 Index is down over 20% while Euro Stoxx 600 Index is down just over 11% year-to-date in sterling and euros respectively. If we compare the two in Euros, the UK fares even worse on account of Sterling’s weakness relative to the Euro – another sign of the UK being hurt more by the risk of Brexit disruption and uncertainty.

Banco Santander fulfills its commitment to shareholders and raises cash dividend by 3%

Ibex, Markets, Spanish economy 23rd September 2020

Santander’s Cash Dividend Of €0.1/Shr For 2021; €0.1 In Shares As A Complementary Dividend For 2019

Banco Santander’s board has agreed to hold the next general shareholder meeting on October 26-27. In line with what was announced in July, there will be a request to approve a bonus capital increase to distribute new shares equivalent to 0.10 euros per share as a complementary dividend for 2019. It would be paid this year and bring the total remuneration for 2019 to 0.20 euros per share, equivalent to a 40% payout.

Spain devastated

Spanish economy 23rd September 2020

Spain Enters Technical Recession: GDP Falls 17.8% April-June And 21.5% Year-On-Year

The Spanish economy went into technical recession in the second quarter of the year after registering a 17.8% drop in GDP between April and June. This is the biggest quarterly fall in the National Statistics Institute (INE)’s historical series which began in 1970. That said, this decline has been less than was anticipated at end-July. At that point, and in the absence of some data, the INE estimated that GDP would have declined by 18.5% in the second quarter.

ibedrola renewables

Ibex, Markets, Spanish economy 23rd September 2020

Iberdrola To Develop The Still Inmature Japanese Offshore Wind Market

Iberdrola is targeting the Japanese market as a new platform for growth in renewable energy, specifically in the field of offshore wind. It has signed a deal with Macquarie’s Green Investment Group to acquire 100% of the local developer Acacia Renewables, which currently has two offshore wind farms under development, with a combined capacity of up to 1.2 GW. The operation will allow Iberdrola to position itself in the early development stage of Japan’s offshore wind market.

European banks

European economy 22nd September 2020

European Banks: Six Months Into The Pandemic, A Tougher Spot But No Crisis

The European banking landscape does not look much worse six months into the pandemic-triggered economic crisis than before Covid-19 struck. Loan-loss provisions are higher, there is negative pressure on top-line revenues and gloomy market predictions linger. But the prospect of a new banking crisis is remote. The principal merit goes to the regulatory architecture set up in Europe after the Great Financial Crisis.