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All posts by Ana Fuentes

inflation in the eurozone

ECB: two quotes, one graph

In Europe

MADRID | The Corner | Mario Draghi: “Some form of cross-country risk-sharing is essential to help reduce adjustment costs for those countries and prevent recessions from leaving deep and permanent scars.”/ Jens Weidmann:Fiscal policy should support the central bank with solid state finances, so that monetary policy can concentrate on its actual mandate, and sustainably secure the value of money.”

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Companies

Ana Botín replaces Santander’s CEO after only 2 years in the job

MADRID | The Corner | Banco Santander CEO Javier Marín will leave eurozone’s largest lender after only two years in the role. Ana Botín, in charge of the bank after her father Emilio Botín died in September, announced Marín’s replacement by  Jose Antonio Álvarez, who has spent the past decade as CFO. Ana Botín also made several changes to its board of directors. Shares in Santander rose 1.8% to 7.22 euros in Madrid following the announcement.

lingotes_oro_recursoTC
World economy

Will bad US monetary policy get worse?

By Benjamin Cole via HistorinhasIn one of the more inexplicable political dementias of our time, the modern-day Republican Party has become fixated on inflation, and peevishly infatuated with tight-money policies—when not blubbering about gold.

luxleaks
In Europe

Luxleaks: the hunter becomes the hunted

MADRID | By Ana Fuentes | Not an easy week for Jean-Claude Juncker. As the new head of the European Commission he is in charge of fighting flaws in corporate taxation in Ireland, the Netherlands and Luxembourg. And yet, he now has to explain how 340 multinationals avoided or potentially avoided millions of euros in tax thanks to signing secret sweet deals with Luxembourg during the 18 years he was the president of this country. The Luxleaks, revealed by the International Consortium of Investigative Journalists (ICIJ) investigation, points to outrageous tax avoidance schemes… which are completely legal.

Markets

Silent whispers: Do murmurings of disaffection within ECB point to mounting obstacles for Draghi?

MADRID | By Ana Fuentes | Was Mario Draghi reckless to announce an ECB balance sheet expansion target? According to Reuters, some of his colleagues at the central bank are particularly aggrieved about a perceived “ secretive management style and erratic communication” and they will apparently  “urge him to act more collegially”. Could this leak be the beginning of a larger problem for the ECB chief? The bank was unwilling to comment on Wednesday.

Alexander_Pechersky2Bandera
World economy

Russian market: Winter is coming

MADRID | By Sean Duffy and Ana Fuentes | Growth is stagnant, sanctions are biting, and Russian investors are getting the cold-shoulder on international markets. So where does the country go from here? The Corner wanted to get a glimpse at market conditions on the ground and the overall sentiment within the country. 

We spoke to Alexander Pechersky, a managing partner from ALT R&C, a firm specialising in advice to investors in the Russian market. In a frank interviewhe cautions against placing too much stock in the effects on sanctions, noting that the economy was a mess to begin with. 

epa spain
In Europe

More (yet less paid) employment in Spain

MADRID | By Luis Arroyo | Last jobless data in Spain were excellent in terms of unemployment rate reduction, the government pointed out on Thursday. But are they 100% reliable? Total worked hours have fallen and they continue to fall. That is, more Spaniards are working, yet more and worse paid hours. In the graph above: total working hours per week.