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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.
comisioneuropeaTC

In Spain 22nd November 2023

Brussels warns Sánchez of “very difficult” deficit and debt situation and calls for “credible strategy” for adjustment

Brussels has been giving the new government of Pedro Sánchez economic homework to do from the first day of his mandate. Ursula von der Leyen’s Commission warned on Tuesday that Spain’s fiscal situation is “very difficult” due to high deficit and debt levels and called for “a credible medium-term fiscal strategy”. In the absence of new adjustments, the EU executive could open a sanctioning procedure against Spain for excessive deficit…

Europarlament

In Europe 22nd November 2023

European Parliament to debate ‘Threats to the rule of law as a consequence of the government agreement in Spain’ today

The draft Amnesty Law and its impact on the rule of law comes to the heart of Europe amid great expectations. The Strasbourg plenary session is holding a debate on Wednesday on “Threats to the rule of law as a consequence of the government agreement in Spain” with positions becoming inflamed. In the Conference of Presidents it was approved by all groups except the Social Democrats, Greens and the Left….

Tecnic

In Europe 22nd November 2023

Técnicas Reunidas wins contract to design and execute decarbonisation at three ArcelorMittal plants

Bankinter | ArcelorMittal is to renovate its plants in Dunkirk, Ghent and Bremen. The budget amounts to €2,000M. Técnicas Reunidas will carry out the design and execution of the projects. This order is part of ArcelorMittal’s objective to decarbonise its plants by 2050, for which it plans to invest €75 billion. Assessment: Positive news because it allows it to increase its presence in a high-growth segment such as decarbonisation (it…

eeuu madeinCM 1

In the World 21st November 2023

Conference Board’s advance indicator, below previous month and below expectations: 0.8%

Link Securities| The Conference Board’s index of US leading economic indicators, the Leading Economic Index (LEI), declined 0.8% in October compared to September, after falling 0.7% in September. The FactSet consensus of analysts expected a decline of 0.6%. In the April to October time period (last 6 months) the LEI has contracted by 3.3%, a smaller decline than the 4.5% drop it experienced during the previous six months (October 2022…

Talgo

In Europe 21st November 2023

Takeover bid again highlights possibility of corporate operation in Talgo, subject to Trilantic’s approval

Banc Sabadell announced last week, reacting to a publication in the press, that it had received a preliminary expression of potential interest in launching a takeover bid for 100% of the company’s shares by a Hungarian business group (a family holding company according to the press) at a price of €5/share, which would represent a premium of +28% over the previous day’s closing price (+43% over the average of the…

Spain ratings

In Spain, Relevant News Item 21st November 2023

Fitch confirms Spain’s rating at ‘A-‘, outlook Stable while Moody’s warns of “negative impact” of political deals

Bankinter| Fitch confirmed Spain’s rating last Friday, based on the diversification of the economy and institutions, backed by eurozone membership. The Stable outlook is based on the expectation that the new government will continue to implement policies in line with the Recovery and Resilience Plan. Despite this, it also cautions that “increasing political polarisation” and reliance on separatist support “could pose challenges”. The outlook for GDP growth of +2.3% in…

mercosur UE

In the World 20th November 2023

Countdown for Mercosur and EU draws nearer; no resolution in sight in coming weeks

Banca March : The countdown for Mercosur and the EU is approaching. The creation of an export alliance between Mercosur (Argentina, Brazil, Paraguay and Uruguay) and the EU has been dragging on for more than two decades and could be settled without a resolution in the coming weeks. An agreement was reached in June 2019 but was not signed as a result of European requests to the South American countries…

Gobierno 1

In Spain 20th November 2023

New government: not a day’s respite

Fernando González Urbaneja| Pedro Sánchez will announce his new government today, that of the 15th Legislature, which will not enjoy a single day of respite, harassed by his adversaries in the opposition and the coalition that supports him. So far, there have been five and a half years of Sánchez’s presidency over four legislatures: the 12th, which began with Rajoy’s presidency derailed by the first successful motion of censure in…

Milei

Relevant News Item 20th November 2023

Javier Milei to be new president of Argentina after winning election with 55.69% of votes

With a turnout of 76% and 99.26% of the polling stations counted, the leader of La Libertad Avanza obtained 55.69% of the votes compared to Sergio Massa’s 44.30%. Moreover, he did so in all provinces. Milei won the elections by proposing a radical change in the system in a country jaded by traditional politics, which has experienced a 142% increase in inflation in the last 12 months and a 50%…