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.

FCC holds revenue in spite of demand contraction in Spain

MADRID | The Spanish infrastructure and services company FCC reported this week it had obtained €2.4 billion in revenues in the first quarter of 2012, on par with the same period last year, with international revenues increasing by 15.6%. FCC obtained a net attributable profit of €16.6 million in the first quarter, suffering a decline of €23.9 million year-on-year, reflecting the impact of the company’s most cyclical activities. Earnings before interest,…

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SVB’s Mantellán: “Cutting waste in the Spanish public sector will help growth”

By Tania Suárez, in Madrid | The director of strategy and macroeconomics at Inverseguros SVB, Alberto Matellán, believes that austerity and growth are not only compatible but should be applied together. Mantellán thinks the European Central Bank could put again in use its monetary policy tools, such as the Securities Market Programme (SMP) or the Long-Term Refinancing Operation (LTRO). Should the ECB lower again interest rates for the euro zone? The…

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Central banks in a position of wait-and-see

La Caixa research team, in Barcelona | The role played recently by central banks in the current scenario is being decisive. Since 2008, they have demonstrated an extraordinary capacity to take decisions and act in response to the financial shocks occurring. Thanks to this sustained commitment they are achieving, at least in part, their desired goals of relaxing tension in the capital markets and boosting economic activity. As is usual, the…

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ACS’ Edmonton highway construction project gets financial go ahead

MADRID | Spain’s ACS Group confirmed the financing for the construction of the Edmonton highway in Alberta, Canada, was in after the success of an initial bond issuance that obtained 500 million of Canadian dollars or €380 million. It is a 34-year duration contract valued at €1.4 billion. The financial City of Madrid welcomed the news as a proof that capital is still available for attractive projects. Foreign deals will…


European mobile roaming regulation to save users €15 billion

New price caps for mobile data roaming are expected to save families over €200 each year and business travellers over €1000, the European Commission said Thursday. From 1 July 2012, the European Union’s mobile roaming regulation will be extended to include price caps for data downloads which will mean significant savings for those using maps, email and social networks when travelling. Overall, the improved EU roaming regulation (taking into account calls,…


Repsol shrugs off YPF episode with 12.4pc increase in net income in Q1’12

MADRID | Repsol released Thursday the company’s results in the first quarter of the year excluding YPF, posting net income of €643 million, that is, 12.4% higher than the €572 million reported in the year-earlier period. Including YPF, quarterly net profit rose to €792 million, an improvement of 3.5% from €765 million year on year. The improved results are mainly due to the improvement of Repsol’s crude oil and gas realisation…


This is what Germany must accept if the euro is to survive

By Luis Arroyo, in Madrid | In brief, Germany would lose out in competitiveness with the rest of the world, were it to accept a monetary expansion policy. Germany is a big exports country, not just to the euro zone but to the outside, too. Check the graph as a proof. Foreign manufacturing orders from the rest of the world, in fact, are growing up quickly while demand from the…

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Ferrovial will set up its Intelligent City research centre in Santander

MADRID | Ferrovial and the local authorities of the Spanish city of Santander reached an agreement to create a research centre for Intelligent Cities, the company said on Wednesday. The Centre’s researchers may also work on projects implemented under the cooperation agreement between Ferrovial and Massachusetts Institute of Technology (MIT). This new public-private initiative in the area of research and urban development will adopt an open innovation approach which enables it to join projects…


How easy is for hedge funds to destabilise financial markets in Spain

By Carlos Díaz Guell, in Madrid | Spain, its public debt as much as its equity markets remain a paradise for investors on short positions who bet demand will go down, while investors interested in the long term just abandon the country because of the lack of reasonable expectations. They are not necessarily evil speculators but simply professionals representing many investors who seek higher returns to their capital and now Spain…

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First exchange traded funds to provide targeted exposure on euro debt

LONDON | The exchange traded funds or ETF platform of global investment company BlackRock on Wednesday announced the launch of eight funds that will provide targeted exposure to the sovereign debt of eight euro zone countries. The launch pushes on the expansion of iShares’ fixed income range to meet growing interest in fixed income ETFs, and to satisfy demand for more specific exposures within the asset class, iShares said. iShares…