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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.
inteligencia artificial

In the World 7th June 2024

US competition authorities open AI market power investigations into Nvidia, Microsoft and OpenAI

Norbolsa | US competition agencies on Thursday opened market power investigations into artificial intelligence market power at Nvidia, Microsoft and OpenAI. The Federal Trade Commission will focus on investigating the market power of Microsoft and OpenAI, while the Department of Justice will focus on Nvidia. For the time being, not much impact is expected from the investigation, which we understand is in its early stages and may take time.

spain savings rate

Spanish economy 7th June 2024

IMF raises growth forecast for Spain by half a point to 2.4% but warns investment not taking off

The International Monetary Fund, yesterday raised its growth forecast for the Spanish economy this year by half a point to 2.4%, although it also warned that inflation is reluctant to moderate and that sluggish investment and rigidities in the labour market could weigh down developments in the medium term. The Fund recalls that investment remains below 2019 levels, which is weighing on productivity growth per hour worked and could stifle…

employment office

Spanish economy 7th June 2024

Permanent contracts in Spain account for 43% in May, but this percentage steadily declining

Intermoney | In Spain, the labour market behaved very favourably as unemployment continued to fall, reaching a total of 2,607,850 people in May, the lowest figure for a month of May since 2008 and also the lowest figure since August of the same year in question. On a month-on-month basis there are 58,650 fewer people unemployed, i.e. a cut of 2.2%. And if we look at the year-on-year terms, unemployment…

iberdrola offshore

European economy 6th June 2024

Iberdrola or Engie could finance purchase of Electricity North West but better synergies expected with Iberdrola

Morgan Stanley | Rob Pulleyn raises the scenario of the purchase of the grid company Electricity North West by Iberdrola (IBE) or Engie, as they are mentioned in press articles: Iberdrola, in the final bid for Electricity North West as potential buyers (expansion.com). Rob sees no problems in financing the operation in either of the two, at the valuation that has been put forward in the press (€4-5bn). In both…

bank of japan

World economy 6th June 2024

BoJ Preview: To further adjust policy as early as June even with glass half full

Alicia García Herrero (Natixis) | Recently, the virtuous circle between wages and inflation has begun to strengthen. Following the highest wage hike in the past thirty-three years at the spring wage negotiation, nominal base wage surprised on the upside by rising +2.3% year-on-year in April, the largest increase since July ’94. Furthermore, with inflation expectations remaining above 2%, corporate service prices also picked up by +2.8% year-on-year in April. On…

Spain home market

Spanish economy 6th June 2024

Home sales and purchases up 25.2% in April

The sale and purchase of homes increased by 25.2% in April in year-on-year terms, to 61,683 units, and the granting of mortgage loans for the purchase of housing rose by 37.8%, to 30,147 operations, according to data released this Wednesday by the General Association of Notaries. The average price per square metre stood at €1,669, which represents an increase of 0.5% compared to the same month last year, with particular…

The arrival of immigrants has invigorated the Spanish population

Spanish economy 6th June 2024

OECD says 2019 minimum wage reform increased wages of directly affected workers almost 6% and reduced employment by only 0.6%

OECD | Spain has been confronted with weak wage and productivity growth for several decades. This report provides an overview of the role that labour market policies as well as other policies can play in reviving broadly-shared productivity growth in Spain. The emphasis is on wage-setting institutions, employment protection and job retention support, consistent with the focus of recent reforms. Wage-setting institutions have been strengthened to promote a broader sharing…

naturgy eolica

Spanish economy 6th June 2024

Naturgy approves roadmap with ambitious network investment plan of €1.34 billion up to 2027

Banc Sabadell | Naturgy (NTGY) has approved a roadmap for its electricity distribution network subsidiary with an ambitious investment programme, proposing to invest €1.34 billion until 2027 to digitise and reinforce infrastructure, according to press reports. Assessment: Positive news with limited impact, where Naturgy could be reviewing its current roadmap that expires in 2025 regardless of what happens with the takeover bid (currently under negotiation). It would make sense that,…

vivienda españa

Spanish economy 5th June 2024

House prices rise 1% in May, surpassing 2007 crisis peak

CdM | The price of used housing in Spain has registered a rise of 1% during the month of May, standing at €2,120/m2. This figure is the record for the price of used housing in Spain, surpassing the previous record set in June 2007, according to data compiled by idealista. By Autonomous Communities, all show higher prices than last month. The Balearic Islands (1.6%) lead the increases, followed by Navarre…

1008p2 Wall Street sign Main i

World economy 5th June 2024

S&P 500 CEOs earn 200 times more than their employees in 2023

Emisores | Senior executives at S&P 500 index companies earned a total salary package in 2023 that was 13% higher than in the previous year, according to an analysis by Associated Press based on data from Equilar. For CEOs, the rise was 12.6%, to an average annual total compensation of $16.3 million – the equivalent of €14.99 million – which was 200 times more than the average salary earned by…