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Articles by The Corner

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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.
renewables auction

Spanish economy 6th March 2024

Spain: Renewables break record in February, with 61% of electricity mix, and set price per MWh 41% below large European economies

Grupo ASE: Renewables beat the record, with 61.7% of the mix and lowering the price of electricity to 40 €/MWh. Wind has covered 32.2% of the mix, hydro 15.4% and photovoltaic 11.6%, while gas and coal only account for 8.1%. Spanish electricity futures are 15-25% lower than those of the German market, the European benchmark. The daily wholesale market price (POOL) for February was 40.00 €/MWh. This is 46% lower…

banks general

Spanish economy 6th March 2024

Spain: Corporate loans at 4.9% and deposits at 3.6%

The ECB published January bank lending rates the day before yesterday, with a slight fall of -1bp to 5.1% in new corporate loans (third consecutive month of declines) and -13bp to 3.9% in new loans to households (for the second consecutive month). Among the major European economies, Spanish and French corporate loans lead the January tightening (-11bp to 4.9% and -5bp to 4.8% respectively), in contrast to the 12bp widening…

MUJERES CEO 768x442 1

Spanish economy 6th March 2024

More female chairwomen and board members in listed companies

F.R.| Women are gaining weight in the positions of chairwomen and CEOs of listed companies, although maintaining limited power quotas with respect to men. According to the report Women on boards and beyond 2023, prepared by the index manager MSCI and the consulting firm Clarity on the 2,400 stocks from 49 countries that make up the MSCI ACWI Index, women ended 2023 as chairwomen of 9.1% of boards and CEOS…

Spains productivity

Spanish economy 5th March 2024

Spanish government to create National Productivity Council to address challenge of increasing this indicator

Banca March: Economic growth, salaries and fiscal policy are some of the issues addressed by Spain’s Minister of Economy. As Carlos Cuerpo said, the ministry is comfortable with the GDP growth forecast of 2% for 2024, above the estimates of other international institutions – IMF (1.5%), Eurostat (1.7%), OECD (1.5%) -. On the other hand, he explained that, in order to tackle the challenge of increasing productivity, a National Productivity…

ROVI MODERNA

World economy 5th March 2024

FDA authorises Laboratorios Rovi to export vaccines manufactured with mRNA technology to the US

Bankinter: After a long process of inspection of its factories, the Company has obtained this authorisation, which makes it possible to manufacture in Spain and sell in the United States Moderna’s anti-COVID vaccine and a next generation of vaccines that Moderna plans to introduce in the market based on the same technology. Assessment: Very positive news that improves the outlook for Rovi’s third party manufacturing, which already represents approximately 50%…

apple 1

In Europe 5th March 2024

Brussels fines Apple €1.84 billion, just 0.06% of its market cap, for preventing competition from music streaming rivals

Bankinter: The EU has fined Apple €1.8 billion for abuse of dominant position in the music streaming segment, following a lawsuit filed by Spotify. Apple has indicated that it will appeal the fine as it considers that no conclusive evidence of harm to consumers or competition in the market has been presented. Analysis: Although the news is undoubtedly negative and in the short term the stock fell yesterday, we note…

mercados recurso crecimiento

World economy 5th March 2024

Macro hedge funds outperform equities as volatility rises

J. P. Morgan | At the beginning of the year, both the equity and bond markets were positioned for an aggressive monetary policy easing cycle. However, with core inflation remaining persistent and the US economy proving resilient, markets are now reassessing how many rate cuts central banks will make this year. In an environment where markets continue to be affected by data surprises, we expect to see elevated volatility. In…

unemployment office

Spanish economy 5th March 2024

Unemployment in Spain falls by 7,452 in February

According to data published yesterday by the Ministry of Labour, the number of unemployed people registered in the offices of the State Public Employment Service (SEPE) fell in February compared to January, by 7,452 people (-0.27%), to 2,760,408 unemployed. In seasonally adjusted terms, unemployment fell somewhat more, by 28,249 persons. In February 2023 unemployment rose by 2,618. Over the last 12 months, unemployment in Spain has fallen by 150,607 persons…

stock markets 777x400 1

Spanish economy 4th March 2024

Norwegian Pension Fund raises its stake in Spanish stock market to €12,407 M, up 23% from the previous year

Link Securities| The Norwegian Pension Fund has €12,407 million invested in companies listed on the Spanish stock exchange, according to the 2023 report from Norges Bank Investment Management (Nbim), up 23% from the previous year, Expansión newspaper reports today. Among its investments, it holds 3.36% (3.59% in 2022) of IBERDROLA (IBE), valued at €2,491.2 million; 2.26% (3.36% in 2022) of BANCO SANTANDER (SAN), valued at €1.355.6 million; 2.84% (2.09% in…

oil

World economy 4th March 2024

OPEC+ members agree to extend voluntary production cuts of 2.2 million barrels of oil per day through 2Q2024

Link Securities| Members of the alliance between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, called OPEC+, led by Saudi Arabia and Russia agreed on Sunday to extend their voluntary production cuts of 2.2 million barrels per day of oil during 2Q2024, giving extra support to the market, in an environment of concern about global growth, and the increase in production of countries outside this alliance. Saudi…