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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.
EEUU empleo

In the World 21st November 2025

US job creation higher than expected after shutdown, but unemployment rises to 4.4%

Norbolsa | On Thursday, the US employment report for September was published, providing more complex readings for predicting the Fed’s next steps. On the one hand, we had higher-than-expected job creation figures, with revisions for the previous three months also positive on balance. However, the unemployment rate rose to 4.4% from 4.3% due to increased participation. In addition to the mixed reading of the data, the delay in data due…

BBVA vela atardecer

Companies 21st November 2025

BBVA presents 2025-2028 targets: cumulative net profit of €48 billion and average ROTE of 22%

Alphavalue/DIVACONS | On Thursday, the financial institution presented its ambitious financial targets for the period 2025-2028. The institution aims to achieve a cumulative attributable net profit of €48 billion, an average ROTE of 22% and a compound annual growth rate of tangible value per share plus dividends of around 15%. During her participation in JP Morgan’s annual investor conference, Luisa Gómez Bravo, BBVA’s chief financial officer, explained that profitability and…

movistar futbol 1

Companies 21st November 2025

Telefónica pays €1.464 billion for rights to Champions and Europa Leagues for four seasons

Renta 4 | Telefónica (TEF) acquires exclusive rights to the Champions League and Europa League for four seasons. Telefónica has been awarded exclusive broadcasting rights for the Champions League, Europa League, Youth League and Conference League for the 2027/28, 2028/29, 2029/30 and 2030/31 seasons. This award is subject to the formalisation of a contract with UEFA, which is expected to be finalised shortly. The price amounts to €1.464 billion or…

Judges

In Spain 21st November 2025

Supreme Court Convicts State Attorney General for Revelation of Secrets

Yesterday, the Supreme Court’s ruling was announced, condemning the Attorney General of the State, Álvaro García Ortiz, to two years of disqualification from office and the payment of a fine to the aggrieved party for “revelation of a secret.” The aggrieved party is González Amador, the romantic partner of the President of the Community of Madrid. The process has monopolized Spanish press headlines for months, featuring the unusual image of…

airbus A320

Companies 20th November 2025

Airbus launches second phase of share buyback programme for employee and compensation plans

CdM | Airbus (AIR) has launched the second phase of its share buyback programme announced on 8 September this year, aimed at supporting future employee share ownership plans and share-based compensation plans, the company reported on Thursday to the Spanish National Securities Market Commission (CNMV). The programme is being executed in several phases, on the open market, during a period ending on 16 January 2026, for a maximum of 4,140,000…

exports

European economy, In Europe 20th November 2025

ECB says Eurozone current account surplus reaches in September €38.1 billion, compared to €43.5 billion in same month 2024

Link Securities | According to the European Central Bank (ECB), the Eurozone generated a current account surplus of €38.1 billion in September, compared to €43.5 billion in the same month of 2024. This decline was the result of a sharp drop in the primary income surplus, which fell to €800 million from €12 billion in September of the previous year. At the same time, the secondary income deficit increased to…

ArcelorMittal

Companies 20th November 2025

Trump’s executive order to reduce tariffs on Canadian steel and aluminium would impact ArcelorMittal’s EBITDA by $300 million maximum

Renta 4 | Trump has signed an executive order that would allow the Department of Commerce to reduce tariffs on steel and aluminium from 50% to 25% for Canada, provided certain conditions are met. We recall that Trump imposed a 50% tariff on imports from Canada on 1 April. The impact of the tariffs is around $150 million/quarter at EBITDA level, although we believe that ArcelorMittal would be passing on…

Sabadell Torre Sabadell

Companies, Relevant News Item 20th November 2025

Banco Sabadell pays 300 shares promised to 14,000 employees if BBVA takeover bid failed

Link Securities | On Wednesday, the Catalan bank paid each of its employees 300 shares, as promised by management if BBVA’s takeover bid failed, according to the digital newspaper elEconomista.es. According to Europa Press, Sabadell has invested €13 million in the purchase of this remuneration package. The bank has 14,000 employees, mainly in Spain, the US and Mexico. The total package amounts to 4.2 million shares. Sabadell has confirmed that…

Aena nuevita

Companies 20th November 2025

Mexican group Asur outbids Aena for 20 airports in Brazil

Alphavalue / Divacons | The airport operator will have to look for other growth opportunities in Brazil, as the 20 airports that Motiva 8 (formerly CCR) had put up for sale have been awarded to the Mexican Airport Group (Asur) for 5 billion Brazilian reais (€809 million). The sale agreement was signed yesterday. Almost all of them are located in Brazil (17), although there are also airports in Ecuador, Costa…

wholeshale electricity market

In Spain 20th November 2025

Transition ministry calls for 7% remuneration for electricity networks, in line with industry demands

Banco Sabadell | According to press reports, the Ministry of Energy Transition, in its report on the CNMC’s proposal for the financial remuneration rate (TRF in its Spanish initials) for electricity networks, considers that the TRF should rise to just over 7% (against the announced 6.58%) due to the introduction of risk in investments. This consideration would be in line with the sector’s demands (7/7.5%), while also pointing out errors…