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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.
Pedro Duque has acknowledged setting up a company to hold his own home

Spanish Politics 1st October 2018

Justifying Tax Evasion Undermines Fiscal Rectitude In Spain

J. P. Marín- Arrese | Undoubtedly, former astronaut Pedro Duque enjoys ample recognition for his past feats. His nomination to the R&D Cabinet portfolio was widely praised and welcomed, even if he confessed his utter lack of experience for the job. Thus, news on his dubious record as a taxpayer came as a nasty shock. He has acknowledged setting up a company to hold his own home and a beach resort dwelling where he spent his holidays, thus reducing his tax bill.

The trick of the Italian budget law

In Europe 1st October 2018

And Finally Italy Takes A Stand Against Brussels

Last week the Italian Government approved a public deficit targets of – 2.4% of GDP for 2019-21 which will be included in the draft budget for 2019. The Minister of Finance, Giovanni Tria, has been under considerable pressure from the Lega and Five Stars, and has had to accommodate their electoral promises in the budget. One of the most important consequences of developing these budget will be a ferocious debate with the EU.

brexit the corner

In Europe 29th September 2018

Brexit: The Countdown Has Begun

Orsolya Raczova | The UK is due to leave the EU on March 29, 2019, but because of the necessary ratification procedures of an agreement, the plan was to reach a deal by the EU summit starting October 18. Although this deadline has been extended to mid-November, there is still worry that no deal would be reached.

SAN BBVA

Ibex 28th September 2018

The Two Spanish Big Banks Have Announced Changes In Their Top Management

A few hours after the announcement that Santander (market capitalisation of 71.3 billiones euros) will have a new CEO in 2019, Andrea Orcel, BBVA the second Spanish bank by stock market capitalization (36.7 billion euros) reported that its chairman Francisco González will also leave his post at the beginning of next year. From January 1, the current CEO Carlos Torres Vila will be the new chairman of the Group.

The Strait of Hormuz was temporarily closed by Iran

World economy 28th September 2018

Oil Prices: What If The Strait Of Hormuz Was Temporarily Closed By Iran?

A key issue that President Trump’s speech at the UN General Assembly helped highlight was the rising tensions in the Gulf. As one measure of this, analysts at BNY Mellon note that “while it’s tempting to dismiss this as saber-rattling by both sides, the debate over Iran’s ability to close the Strait of Hormuz has been going on since the early 1980s.”

Jerome Powell

World economy 27th September 2018

Jerome Powell Does Not Believe The Current Fiscal Policy Is Sustainable

The Federal Reserve raised its benchmark interest rate by 25 basis points. The effective rate will evolve in a corridor between 2% and 2.25%. The dots graph reflecting monetary policy committee members’ expectations suggests 3 rate increases in 2019, 1 in 2020 and none in 2021. As pointed by Philippe Waechter from Natixis IM, this profile, for 2019 and 2020, is unchanged from last June forecasts.