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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.
telefonica logo nuevo

European economy 4th July 2024

Telefónica, through Virgin Media O2 subsidiary and Vodafone strengthen agreement to share mobile networks over next 10 years

Link Securities | The Spanish telecom, through its subsidiary Virgin Media O2, and Vodafone have reached an agreement in the UK to strengthen their mobile network sharing agreement for the next ten years, Expansión newspaper reported yesterday. The deal incorporates the purchase of assets from Vodafone to facilitate a merger with Hutchison subsidiary Three in the country. Perhaps the most novel aspect of the deal is that VMO2, in which…

Europe SMEs

Spanish economy 4th July 2024

SME employers’ association blasts government: “it adopts communist theses”, with an “interventionist and persecutory” policy

Gerardo Cuerva, president of Cepyme, the employers’ association for small and medium-sized enterprises, has particularly attacked the latest negotiation on the reduction of working hours, which is just “the latest example of how the government acts unilaterally, without evaluating its measures and to the detriment of business. The truth is that it is proving that there is little room for private enterprise in the face of a government that adopts…

spain tourism

Spanish economy 4th July 2024

Spain exceeds 33 million tourists up to May, 13.6% more, with expenditure of 43,200 million (+22%)

Each tourist spent an average of €1,263 in May, 7.3% more than in 2023. According to the National Statistics Institute (INE), Spain received 9.3 million international tourists in May, 11.5% more than in the same month in 2023. In the month analysed, the United Kingdom was the main country of residence of tourists arriving in Spain, with more than 1.9 million tourists and an increase of 5.7% compared to May…

airbus cartel 1

European economy 4th July 2024

Airbus delivers 323 aircraft this year, 4% more than in same period 2023

Norbolsa | Airbus (AIR) delivered 67 aircraft in June, bringing the total number of aircraft delivered in the first half of the year to 323, up 2% compared to the first half of last year. In the second quarter it increased deliveries by 4% compared to the same period last year. It intends to slow the ramp-up of production of the flagship A320neo Family, reaching 75 aircraft created monthly in…

Almirall edificio id

Spanish economy 4th July 2024

Almirall announces new sustainability strategy with 20 lines of action such as Zero Net Emissions Plan

Alphavalue / Divacons | The pharmaceutical company launched the new sustainability strategy ‘Act4Impact 2030’ to transform its approach to sustainability, focusing on five main pillars: ‘Planet’, ‘People’, ‘Patients’, ‘Partners’ and ‘Principles’. The ‘Act4Impact’ strategy consists of 20 strategic lines of action that will be monitored over time to assess progress. These include the deployment of its roadmap towards Zero Net Emissions through energy decarbonisation plans, sustainable mobility or supplier engagement…

repsol estacion servicios

Spanish economy 3rd July 2024

El Corte Inglés sells 45% of its service station business, with a turnover of around €60 million, to Repsol

Norbolsa | After 25 years of joint business, El Corte Inglés has sold 45% of the service station business (Gespevesa) to Repsol (REP). Thus, Repsol retains 95% of the company and El Corte Ingles keeps a symbolic 5%. In any case, El Corte Ingles will continue to be the reference supplier of the service stations. Gespevesa manages 40 service stations, with a turnover of €60 million, registering a negative result…

Galp

World economy 3rd July 2024

Exxon, Chevron, Shell and TotalEnergies interested in buying 40% of Galp’s offshore field in Namibia

Norbolsa | Many majors are interested in taking a 40% stake in Galp’s major offshore field in Namibia. Among the candidates are Exxon, Chevron, Shell, TotalEnergies, Petrobras, Woodside Energy and Apache Energy. This field, Mopane, has estimated reserves of 10 billion barrels and could be worth around $10 billion. Namibia, which lacks oil and gas production, has attracted huge interest from international energy companies in recent years following a series…

escriva

Spanish economy 3rd July 2024

Government approves largest public employment offer in history, 40,000 vacancies

The government has approved the largest public employment offer in history, with 40,146 vacancies. However, the trade unions do not support the offer as they consider that it does not cover the staff deficit that the administration has been carrying since the outbreak of the financial crisis in 2008. A staffing gap that the CCOO unión puts at 65,000. The measure does not convince CSIF, the civil servants’ union, which…

Employment

Spanish economy 3rd July 2024

Spain: Record number of Social Security contributors in June – 21.3 million – after 46,783 drop in unemployment

According to data from the Ministry of Labour and Social Economy, the number of unemployed registered with the State Public Employment Service (SEPE) fell by 46,783 people in June compared to May (-1.8%), to 2,561,067 people, the lowest figure since August 2008. The improvement in unemployment was mainly due to hotels and catering and trade. Compared with the level of June 2023, unemployment fell by 127,775 persons (-4.75%). Meanwhile, according…

spains economy

Spanish economy 2nd July 2024

General Council of Economists raises growth forecast for this year 2/10 of a percentage point to 2.4%

The General Council of Economists (CGE) has revised upwards its growth forecast for the Spanish economy. It now expects Gross Domestic Product (GDP) to grow by 2.4% in 2024, which is two tenths of a percentage point higher than its previous forecast. The good performance of private consumption, the recovery in investment and, above all, the good performance of exports and especially tourism have been the main drivers of Spain’s…