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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.
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Markets 29th June 2012

After stagnation, a change of scene for French economic policy?

By CaixaBank research team, in Barcelona | France's statistics institute confirmed the French economy's stagnation in the first quarter and the year-on-year rate of change stood at 0.3%. In April, the economic climate indicator worsened and, in May, most leading indicators showed this decline getting worse, affected by the economic uncertainty, particularly due to the euro area crisis. The economy is therefore likely to continue slowing down in the second…

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World economy 28th June 2012

“There will be a surrender of sovereignty, but not quickly or emphatically enough”

By Tania Suárez, in Madrid | Intermoney chief economist José Carlos Díez considers that a monetary union with stability and credibility will not be possible unless there is a surrender of sovereignty. He adds that it is not only Germany the one that must be flexible in its position, but all member countries alike. Can be the Thursday-to-Friday summit  considered as “the definitive” or will it result into a new…

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Companies 28th June 2012

Trenitalia partnership to improve Spanish Amadeus’ client loyalty rate

MADRID | Trenitalia, the transport division of the Italian FS Group, and travel technology firm Amadeus, which is a transaction processor for the global travel and tourism industry, announced this week their partnership. Trenitalia will distribute its content through all Amadeus channels. In Thursday's investor notes, financial analysts in Madrid welcomed the business agreement as good news for the Spanish company. Amadeus' bet is that high speed train will be…

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Companies 27th June 2012

Will Correos follow Deutsche Post’s privatisation model?

By Sergio Sáiz | www.expansion.com | SEPI, the State organisation that holds public stakes in Spanish companies, could obtain between €700 million and €2.5 billion with the privatisation of the national postal group Correos. It will depend on the formula used to sell it. The case of Deutsche Post could be a model to imitate. Correos has a staff of around 62,000 people. This point, which could be an engine for employment in Spain,…

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Markets 27th June 2012

Why markets feel suspicious about the Spanish banking audits

From www.valenciaplaza.com | By Tomas Berggren, equity analysts at Saxo Bank | The result of the independent stress test on Spanish banks calmed the market somewhat. According to the report, the total losses in a worst-case scenario are €250-270 billion with the corresponding capital shortfall being €51-62 billion, i.e. well within what was expected and probably in line with what Madrid wanted to hear. The losses are still hefty, though, and should be…

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Markets 27th June 2012

“Germany will accept Eurobonds only when Italy requests bailout”

By Tania Suárez, in Madrid | José Luis Herrera, analyst at CMC Markets, considers that it’s necessary a Federal Europe in order to achieve economic policies with a combination of austerity and growth. In his opinion, authorities need to undertake growth measures that have an effect on the real economy, but avoiding a new bubble. You recently said in an interview that world central banks could take a joint action…

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Companies 27th June 2012

Santander agrees to Seamill Hydro resort £3-million refinancing

LONDON | Ayrshire hotel and resort Seamill Hydro in Scotland will on Thursday be unveiling its new hospitality services after having secured capital support from Santander Corporate Banking. The refurbishment of the restaurant is part of the hotel's wider regeneration programme, backed by a new £3 million refinancing agreement with Santander Corporate Banking. The hotel has been owned and operated as a partnership by two generations of the Sweeney family since 1985….

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Markets 27th June 2012

Tecnicas Reunidas wins Al Jubail’s $400-million contract in Saudi Arabia

Spain's Técnicas Reunidas is the choice of Saudi Basic Industries Corporation (SABIC) and Exxon Mobil for the engineering, procurement and construction contract of the Saudi Elastomers Project. The selection was made through their 50-50 joint venture company, KEMYA. The operation is intended to produce an array of chemical feedstocks, elastomers and related products needed to support an automobile industry project to be undertaken in Al Jubail, Saudi Arabia. The Spanish…

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Spanish economy 26th June 2012

Spanish equipment manufacturers increased revenue by 1.5pc

By www.valenciaplaza.com | The Spanish industry of capital goods (machinery and equipment that integrates the production process) increased by 1% its turnover in 2011 to €39 billion. The sector has some 2,000 companies, the vast majority of which are small and medium-sized firms. According to the National Association of Manufacturers of Capital Goods (Sercobe) last year, SMEs increased their revenues in €404 million to €26.13 billion, with a growth rate of 1.5% compared to…

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Markets 26th June 2012

What can one do with €800 billion?

By Nuño Rodrigo | www.cincodias.es | While our European leaders battle with a crisis seemingly impossible to be resolved, while euro zone third and the fourth economies feel threatened by the danger of being rescued because they cannot afford to access the markets, and while for all of these reasons the world approaches a crisis relapse, the guardian of austerity secrets and price stability wakes up every day with a sack of almost…