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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.
china coal

In the World 18th December 2023

World coal demand increases 1.4% in 2023, reaching more than 8.5 billion tonnes

Alphavalue / Divacons| Global coal demand will reach a record 8.5 billion tonnes this year. According to a report on this raw material published by the International Energy Agency (IEA) on Friday and reported by Europa Press, this rise in demand will mean an increase of 1.4%. However, the Paris-based institution points out the deep divergences between economies, in addition to the expectation that consumption will gradually decline until 2026.

ERTES extension

In Spain 18th December 2023

The Minimum Wage and public contracts

Fernando González Urbaneja| The SMI (Minimum Wage) is one of the assets of the Sánchez government that the vice-president of Sumar chalks up as a win. It is a minor but very visual asset, raising the SMI sounds good, especially to all those who do not have to pay it. Because raising the SMI is a free power of the government, since it is a wage cost for companies that…

solaria operario

Spanish economy 18th December 2023

Solaria acquires 500 MW of photovoltaic modules for €0.093/W, a price at historic lows

Renta 4| Solaria (SLR), through a CNMV (National Securities Market Commission) filing, has announced the acquisition of 500MW of photovoltaic modules at a price of €0.09.3 per watt from a Tier 1 manufacturer, which represents a 62% decrease compared to last year’s prices. Assessment: Positive. After 2 years of inflation, the main materials that make up the photovoltaic parks have resumed the downward trend in costs. The price paid by…

Alemania PIB

European economy 15th December 2023

Germany tightens belt with budget cuts of €17 billion

Banca March : Germany opts to tighten its belt. The German country has managed to agree on significant budget cuts of €17 billion in the wake of the funding gap, as the transfer of unused pandemic funds for climate purposes has been declared illegal. Thus, adjustments will be made in construction subsidies, transport spending, as well as in green energy and industry support. Climate funds will reduce spending by €12…

banks general 777x400

Spanish economy 15th December 2023

Ten Spanish banks examined by EBA register worst capital ratio in Europe: 12.64% in 2Q23

Alphavalue / Divacons| Spanish banks had the worst capital ratio in Europe in the annual transparency exercise conducted by the European Banking Authority (EBA) for the second time in a row, behind even their Greek peers. Specifically, the ten Spanish banks that took part in this EBA exercise recorded a CET fully-loaded capital ratio of 12.64% in 2Q23, the cut-off date for this year. This figure increased by +34 basis…

inflation board

Spanish economy 15th December 2023

CPI falls to 3.2% in November

The Consumer Price Index fell by 0.3% in November, according to the National Statistics Institute (INE), reaching a year-on-year rate of 3.2%. Core inflation also fell in November, reaching 4.5%, its lowest level since April 2022. The Consumer Price Index (CPI) fell by three tenths in November, reducing its year-on-year rate to 3.2%, according to data published by the National Statistics Institute (INE). One of the main reasons for this…

bolsa madrid 1CM

Spanish economy 15th December 2023

Elecnor, Applus, Amrest and CAF join list of companies whose shares are subject to Tobin Tax

Link Securities| Elecnor (ENO), Applus (APPS), Amrest (EAT) and CAF have joined the list of companies whose shares will be subject to payment of the tax on financial transactions – known as the “Tobin tax” – in 2024, which includes Ferrovial (FER), Siemens Gamesa, Pharmamar (PHM), Linea Directa (LDA) and Mediaset, according to the business and economics daily Expansión. The Tax Agency has published the list of the 52 companies…

Acciona energia

World economy 14th December 2023

Acciona Energía bids to develop 800 MW in Morocco

Intermoney| Acciona Energia (Buy, €34) is among the pre-qualified bidders in the tender for the development and operation of 800 MW in Morocco, a phase included in the overall plan to promote a total of 1,600 MW. The company is participating in this tender with a local partner, while Iberdrola, also pre-qualified, has presented itself alone. The other participants include Vinci, which is represented by Cobra, acquired two years ago…

Telefónica Alemania nuevo

European economy 14th December 2023

Telefónica Deutschland recommends acceptance of Telefónica’s voluntary takeover bid for 28.19% of its share capital

Link Securities| In connection with the publication of the relevant offer document relating to the voluntary partial takeover bid launched by Telefónica – through Telefónica Local Services GmbH – for shares of Telefónica Deutschland Holding AG, the company informs that the Management Board and Supervisory Board of Telefónica Deutschland have issued the relevant joint report on the Offer. According to the report, the Management Board and the Supervisory Board of…

espana techo gasto 2024

Spanish economy 14th December 2023

Council of Ministers approves State’s non-financial expenditure ceiling for 2024 at €199.12 billion, 0.5% up on 2023

Bankinter| The Council of Ministers on Tuesday approved the non-financial state spending ceiling for 2024 at €199.12 billion (0.5% higher than in 2023). The spending ceiling includes an advance of €9,905 million from the NGEU funds. Excluding European funds, this would amount to €189.215 billion (up 9.3% year-on-year). In addition, the joint general government deficit of 3% in 2024, 2.7% in 2025 and 2.5% in 2026 was approved. Assessment: The…