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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.

Spanish economy 15th April 2025

“Effective unemployment has only decreased by 72,000 people since 2019” according to FEDEA

FEDEA, the Foundation for Applied Economics Studies, published a new document yesterday in which its director, Angel de la Fuente, points out that “The improvement recorded between 2019 and 2023 or 2024 is considerably smaller in the case of effective unemployment than in registered unemployment. Comparing December 2024 with December 2019, for example, registered unemployment has decreased by just over 600,000 people, while effective unemployment has only decreased by 72,000.”…

In the World 15th April 2025

Repsol now producing electricity at its largest wind farm in Chile

Repsol is now producing electricity at Antofagasta Phase 1, its largest wind farm to date and one of the largest in Chile. Located in the Taltal commune, in the Antofagasta region, it has a total installed capacity of 364 MW. Construction of Phase 2, with a capacity of 450 MW, will begin shortly, the energy company reports. With an investment of nearly €400 million, Antofagasta Phase 1, which will become…

Spanish economy 14th April 2025

Fitch maintains Spain’s rating at A-, positive outlook and estimates GDP at +2.5% this year driven by domestic demand

Bankinter | Standard & Poor’s revises Italy’s rating upwards to BBB+ from BBB, stable outlook. The agency highlights the improvement in public finances and estimates a progressive reduction of the deficit in the coming years. Specifically, it anticipates that it will stand at 3.4% this year (compared to 7.2% in 2023) and that it will fall below 3.0% in 2027. It also anticipates a gradual improvement in economic growth. It…

European economy 14th April 2025

European steel sector: EBITDA for 2026 expected to be 7% lower on average, ArcelorMittal among best options

Deutsche Bank | The most pessimistic fears have been mitigated, but US tariffs have created great uncertainty about steel demand, given the complexity of breaking down the impact on end markets. In our new baseline scenario we reflect this situation (although without reaching a full-blown recession) and we cut our assumptions about demand and prices in the sector, reducing our EBITDA forecasts for 2026 by 7% on average. We also…

World economy 14th April 2025

Trump’s tariffs provoke provision of China’s trading partners and raise trade surplus in March

Bankinter| The Trade Balance shows an increase in the surplus in March to $102.64 billion from $31.72 billion previously and $75.15 billion estimated. This evolution is due to the acceleration of Exports (up 12.4% from -3.0% previously and +4.6% estimated) and the contraction of Imports (down 4.3% from +1.5% previously and -2.1% previously). Analysis team opinion: More solid data than estimated. However, it is a one-off improvement. Uncertainty over the…

In the World 14th April 2025

ACS and Ferrovial selected for construction work on military buildings around US

Link Securities | The US Department of Defense has once again selected ACS and Ferrovial (FER) as preferred contractors to carry out construction work on military buildings in different parts of the country, according to Expansión newspaper. In a memo issued this week, the US Army announced that Ferrovial, through its subsidiary Webber, and ACS, through the recently merged Dragados-Flatiron, are among the companies selected to participate in a contract…

In Spain 14th April 2025

Inflation stands at 2.3%

According to the final reading of the data, released by the National Statistics Institute (INE), the Consumer Price Index (CPI) in Spain rose by 0.1% in March compared to February. In year-on-year terms, Spain’s CPI rebounded by 2.3% in March (3.0% in February), a reading that coincided with its preliminary figure and with analysts’ expectations. In March and in year-on-year terms, the groups that stood out most for their influence…

In the World 14th April 2025

Telefónica sells 99.3% of Telefónica Perú – in bankruptcy proceedings – for €900,000

Renta 4 | Telefónica HispAm, 100% owned by Telefónica, has sold the 99.3% stake it held in Telefónica del Perú to Integra Tec International. Furthermore, and as part of the agreement, Telefónica HispAm has sold to Integra the tax credits of up to €39 million that the former granted to Telefónica del Perú in February due to its financial restructuring. The sale price of its stake and the credits is…

Spanish economy 11th April 2025

Brandes Investment increases stake in Grifols’ B shares to 16.4%

Alphavalue/DIVACONS | Brandes Investment Partners has taken advantage of the sharp fall in the stock market value of the Catalan company specialising in plasma products following the tariff crisis to increase its stake in the B shares (non-voting) to 16.4%, with an estimated value of €250 million. This position could be key if Brookfield decides to resume its takeover bid for the company. Grifols shares rose 6.63% on Thursday. Grifols:…

In the World 11th April 2025

US inflation moderates more than expected to 2.4% year-on-year, lowest since September 2024

Bankinter | US inflation eased more than expected in March. The CPI growth slowed to 2.4% year-on-year (March) from 2.8% in February (against 3.0% in January) and is below the expected 2.5%. This is the lowest level since September 2024. The falls in Energy Products (down 3.3% year-on-year) and Petrol Prices (down 9.8%) are particularly noteworthy. The Core Rate, which excludes the most volatile items (energy and food), also fell….

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