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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.
MonicaHolmeir

Spanish economy, Spanish Politics 22nd February 2023

European Parliament Commission has no answer: Why does Spain downgrade offence of embezzlement while receiving EU funds?

The delegation of MEPs will return from Madrid to Brussels on Wednesday with the feeling of having failed to get “answers” to the main questions that caused their “serious doubts” about Spain’s management of the NextGenerationEU recovery funds. The government has boasted of co-governance, but the Autonomous Communities do not ratify it,” explains an internal source within the mission. “We asked Nadia Calviño and José Luis Escrivá about the reduction…

working at office

European economy 22nd February 2023

Bankruptcies rise 27% and hit record highs in Europe

Santander | One good one, and then… And while flows into IG funds reach record highs of $19mm YTD globally, corporate bankruptcies have also jumped to record highs in the EU. And they grew by +27% in Q4 to the highest level since Eurostat has been collecting data (2015). On the other hand, although the technical picture is undoubtedly good, the trajectory is not. And while Europe is experiencing a…

Cepsa IPO

Companies, In Europe, Relevant News Item 21st February 2023

Cepsa and ACE Terminal Rotterdam consortium to open green ammonia shipping corridor between Algeciras and Rotterdam

Norbolsa : The company has signed a memorandum of understanding with the ACE Terminal de Rotterdam consortium of companies by which the Spanish energy company has initiated a collaboration with the aim of reaching a binding agreement to facilitate the maritime transport of green ammonia between the port of Algeciras and the port of Rotterdam for its final use in industry. The ammonia can also be used directly by fertiliser…

Liquidity

European economy 21st February 2023

Eurozone liquidity falls 12% in three months

Morgan Stanley analysts explain that excess liquidity in the European market multiplied in the post-Covid phase: from €1.7tn in December 2019 to a peak of €4.8tn in September 2022 and this increase helped stabilise the equity market during 2020. But “in the last three months we have seen this excess liquidity reduce by -12% (part of the ECB’s plan, by ending APP reinvestments and reducing TLTROs)

Renfe CAF

Spanish economy, Spanish Politics 21st February 2023

Renfe president and ADIF former president leave posts over scandal of trains too big for tunnels

The president of Renfe, Isaías Táboas, and the Secretary of State for Transport, Isabel Pardo de Vera (former president of ADIF, the company that owns the railway network) have left their posts yesterday, after the major scandal that Renfe, to cover the service of the Spanish north coast, had ordered 31 trains with such dimensions that they did not fit through the tunnels of the route: https://bit.ly/3YSJvIj The fact was…

Spanish Housing Market

Spanish economy 21st February 2023

2022 closes with 650,000 home sales in Spain, up 15% on 2021

Bankinter | Housing Transactions fell -10% in December (year-on-year) vs +11% in the previous two months. This is the first fall since February 2021. Thus, 2022 closed with 650k transactions (+15% vs 2021). On the other hand, according to the Land Registry, Housing Prices fell -0.4% on average in Spain in 4Q 2022 (q/q) vs +0.1% previously. Those of used housing fell by -1.1%, while those of new housing still…

Eurozone

European economy 20th February 2023

Services PMIs to return to positive territory in Eurozone for first time in months

Intermoney | On the European continent, we will be looking forward to the activity data that will be offered by the preliminary PMI readings for February. For the first time in several months we will see readings above 50 in several economies and in the eurozone as a whole, especially in the indicators for services and the composite indicator, while in manufacturing activity the PMIs will again show a very…

china central bank

World economy 20th February 2023

PBOC continues to leave interest rates unchanged with January inflation at 2.1% – lower than other countries

Bankinter : The Central Bank keeps interest rates unchanged. The one-year benchmark stands at 3.65% and the five-year at 4.30%. OPINION: The PBOC is not making any changes, in line with expectations. It is one of the few central banks that maintains an accommodative monetary policy to mitigate the impact of the pandemic, the loss of global momentum, which impacts its exports, and the housing crisis. It is maintaining this…

Europarlament

Spanish economy 20th February 2023

European Parliament mission to find out how Spain spends EU recovery funds arrives

The European Parliament’s budget control committee is arriving in Spain to find out how the government is managing and spending European funds. A long-awaited mission that is keeping the government, which has just received the go-ahead from Brussels to receive a further 6 billion euros, on tenterhooks. The aim of the mission is to investigate how the government has managed and spent the money. But not all of it, but…

Indra

Companies, Relevant News Item, Spanish economy 20th February 2023

Indra wins contract to develop Navy’s new-generation electronic intelligence systems

Link Securities | The Directorate General of Armament and Material (DGAM) has awarded Indra (IDR) a contract to develop and test the Navy’s new generation of electronic intelligence systems within the Santiago national programme of Electronic Defence, according to Europa Press. The systems under development aim to facilitate the detection and generation of strategic information to ensure the access and use of the electromagnetic spectrum for the Armed Forces. Indra…