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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.

In the World 3rd October 2023

Iberdrola closes €465 million agreement with GIC to grow networks in Brazil

Banc Sabadell| Iberdrola (IBE) and GIC, Singapore’s sovereign wealth fund, have closed the €465 million (BRL 2.4 billion ) deal to develop new electricity transmission networks that they had announced in April and which has already been approved by the National Electricity Agency (ANEEL) and the Administrative Council for Economic Defence (CADE). Both companies will invest in operational transmission assets in Jalapao, Santa Luzia, Dourados, Atibaia, Biguacu, Sobral, Narandiba and…

Relevant News Item 3rd October 2023

Unemployment up 19,768 in September after tourist season ends, while Social Security adds 18,295 new affiliates

Unemployment registered in the offices of the public employment services rose by 19,768 people in September compared with the previous month (+0.7%), driven above all by the services sector, which accounted for a large part of the increase in unemployment due to the end of the tourist season. With September’s rise, this makes it two consecutive months of increases in Unemployment. September ended with 2,722,468 people in a situation of…

In Spain 3rd October 2023

Brussels unlocks third tranche of EU aid for Spain, another €93.5 billion

The European Commission (EC) has endorsed the addendum to the extension of the Recovery Plan and accepts that Spain replaces the commitment to charge for the use of motorways with an increase in rail freight transport. Thus, the EC has given its approval to the addendum to the extension of the Recovery Plan by which Spain requests another €94 billion, between credits and aid, from the Next Generation programme and…

Relevant News Item 3rd October 2023

Ence takes over SNIACE’s forestry assets and seed orchards

GroupLink Securities| Spanish pulp and energy company Ence (ENC) announced on Friday that it has been awarded the forestry assets of SNIACE (SNC) in the auction held as part of the company’s insolvency proceedings, Bolsamania.com reported. Ence said that with this transaction, it continues in sustainable forest management, a strategic business line for the group and fully aligned with its commitment to the bioeconomy. Also, this award will allow the…

World economy 2nd October 2023

World Bank downgrades East Asian growth forecasts due to contagion effect from China’s slumping growth forecasts

Banca March: The World Bank has updated its economic forecasts for East Asia and the Pacific in its October report. Although the regions in question have shown a recovery from pandemic levels, the association warns of slow development. While the outlook for China’s output rates in 2023 is maintained (5.1%), those for next year 2024 are down from April’s estimates (4.8% to 4.4%). Likewise, the contagion effect of the Chinese…

In Spain 2nd October 2023

Sovereign wealth funds like Spain

In 2022, these funds carried out 11 deals in Spain, a record number that equalled the peak reached in 2014. These deals, worth a total of up to €2.9 billion, are as large as those recorded in 2009, when IPIC (now Mubadala) acquired its first major stake in CEPSA. The first quarter of 2023 also showed strong activity, especially with NBIM’s collaboration with Iberdrola in renewable energy and Mubadala’s CEPSA…

Relevant News Item 1st October 2023

Iberdrola could recover around €700m of ScottishPower and Energy East acquisition bonuses following EGC ruling

Banc Sabadell: The General Court of the European Union (EGC) has ruled that the tax relief of the corporate income tax deduction for goodwill generated by the indirect purchase of shareholdings in companies abroad, both in direct and indirect acquisitions, is lawful. Thus, the EGC rejects the EC’s arguments that they are unlawful state aid and incompatible with the internal market. Assessment: Positive news, although with limited impact due to…

In Europe 29th September 2023

European Commission recommends reducing fiscal stimulus to lower Fiscal Deficit by 2024

Bankinter: It is only a recommendation because fiscal policy is the competence of each member state, but it has consequences on inflation, monetary policy and bonds. The EC relaxed the Fiscal Deficit and Public Debt targets due to the CV19 pandemic (2020) and the Russian invasion of Ukraine (February 2022), but for months it has been insisting on the need to return to fiscal discipline in 2024. The key date…

In the World 29th September 2023

Mercosur gives EU ultimatum to ratify pact between the two economic blocs

Banca March| In line with international trade, the South American countries are pushing to speed up the signing of a treaty that has been dragging on for twenty years of negotiations and four years of delay since the 2019 agreement was made. The justification for the wait is due to the environmental commitments that European countries are demanding from South American countries. If the signing does not take place on…

European economy 29th September 2023

EMU CPI comes out better than expected, both headline (4.3%) and core (4.5%) rates

Bankinter: Inflation has fallen significantly and more than expected in September. The General Rate stands at +4.3% against +4.5% expected and +5.2% previously. In the month-on-month comparison, inflation has risen more than expected,+1.7% against 1.3% expected and +0.2% previously. The Underlying Rate, which excludes the most volatile items of the indicator, stands at +4.5% against +4.8% expected and +5.3% previously. By components, energy is the one that has most contributed…

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