MADRID | By Francisco López | As lower provisions, sale of assets and gains from financial operations enable big names such as Santander, BBVA, Caixabank, Bankia, Popular and Sabadell to multiply profits by four, the FT encourages to invest on Spanish banks, especially on medium size entities. However they have an unfinished business: profitability.
MADRID | The Corner Team | Three Spanish financial institutions set the example of the country’s incipient recovery just after the banking bailout program came to a clean end: Santander gained 90% more than last year; Caixabank, 118% and BBVA, 30%.
MADRID | By Julia Pastor | A Downing Street report, elaborated as part of the political campaign before Scotland’s independency referendum, explains that Iberdrola’s subsidiary Scottish Power could lose the regulation advantages that London negotiated with Brussels. Some have understood the issue as a warning or a threat about risks for Iberdrola to be forced to sell its electricity transportation grid at Great Britain’s north. It only would comprise high-tension lines, which means a little portion of 20-25% of Iberdrola’s income coming from Scottish Power.
MADRID | By The Corner Team | Spain’s GDP expanded 0.3 percent in the quarter ended Dec. 31 from the previous three months. For the first time since 2011, the euro region’s fourth largest economy’s growth increased for a second straight quarter, according to official estimates. Market makers are underlying their faith on this new-found economic momentum, and their trust comes as fresh air for the government, who predicted a faster rate recoverty than initially expected. Still, job creation needs to pick up from a depressing 26%.
MADRID | By the corner team |Sheila Bair played an important role during the financial crisis in the US as chair of the Federal Deposit Insurance Corporation, the public organisation that guarantees banking system’s deposits and resolve institutions.
MADRID | By Fernando G. Urbaneja | Spanish banks are starting to offer mortgages and commercial loans again, as their staff advices clients to buy and invest, spending is back on track, even if people are putting it on their credit cards. A sign of recovery cash flowing.
MADRID | By Fernando G.Urbaneja | With no possibility to devaluate currency, 3.7 million jobs have dissapeared in Spain’s society. This data should force Spanish political leaders as well as population to start a long and profound debate.
MADRID | By Francisco López | The new season for presenting results starts this week with much better expectations than in previous years. After two years recording negative results in Spain, most market watchers consider that 2013 allowed the return to positive figures thanks to cost reductions, the increase in financial operations, the low interest margin and a lower impact on the accounts of the harsh restructuring process started in 2009.
BARCELONA | By Joan Tapia| The crisis and recovery start management in Spain could be clearly improved. As a consequence, the economic confidence index stands at a gloomy 30.8 in December but have increased by 41% regarding 2012’ same month, while political sentiment is even lower at 27.1 and continues falling.
MADRID| By Francisco López| Spain’s banking sector wholesale maturities will reach € 88,000 million in 2014 and € 72,000 million in 2015. Experts forecast that more than half will be financed via foreign markets.Only BBVA estimates to sell around € 7,000 million in bonds and covered bonds.