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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.

Companies, Ibex, In Spain, Spanish economy 15th February 2023

Aena passenger numbers exceed pre-virus levels in January for first time (+2% vs 2019)

Bankinter | Aena (AENA) airports recorded 16.9 million passengers in January, which is +2% compared to January 2019 (pre-virus) and compares with -2% in December. Compared to last year, it is up +63%, although it should be borne in mind that, at the beginning of last year, traffic was still affected by the Omicron variant. Analysis: Good news. Passenger traffic continues to improve in January, surpassing pre-virus levels for the…

World economy 14th February 2023

Japan’s GDP rises by 1.1% in 2022, compared to 2.1% growth in 2021

Link Securities | According to data from the Japanese government cabinet, Japan’s gross domestic product (GDP) increased by 0.2% in 4Q2022 compared to 3Q2022, compared to a revised contraction of 0.3% in the previous quarter, although the reading was below the 0.5% growth expected by the analyst consensus, which was in line with the preliminary reading of the figure. Private consumption rose after the removal of tight border controls, and…

Companies, Spanish economy 14th February 2023

Grenergy acquires 60% stake it did not already hold in Sofos Harbert Renewable Energy.

Norbolsa | The renewable energy company announces the purchase of the remaining 60% it did not already own of the photovoltaic and battery project developer Sofos Harbert Renewable Energy, consolidating its commitment to the US renewable energy market. This acquisition comes ahead of the three-year term of the initial contract and will become Grenergy’s subsidiary in the country. It is currently developing a portfolio of 1.9 GW of solar power…

World economy 14th February 2023

China’s overseas tourism data hint at disguised but smaller capital flights

Alicia García Herrero (Natixis) | As the world awaits the return of Chinese tourists, a long-standing question may reemerge. China has gradually opened its capital account over the past decade, but there are still considerable restrictions. As a result, tourism has become one of the channels for capital flights based on the difference between the balance of payment data in China and globally. But there is a major problem with…

Spanish economy 14th February 2023

Seven European countries oppose Spanish electricity reform

The governments of Germany, Denmark, Estonia, Finland, Luxembourg, Latvia and the Netherlands have sent a joint letter to the European Commission in which they ask that the reform of the electricity sector in the EU be carried out under free market parameters and without price interventionism. The letter, to which the newspaper Expansión has had access, is a harsh blow to the proposal put forward by the Spanish government to…

European economy, Relevant News Item 14th February 2023

European Commission upgrades forecasts but inverted German debt curve points to recession

The European Commission has raised its 2023 growth forecast to 0.9% vs 0.3% and lowered its inflation forecast from 6.1% to 5.65% for this year. The note highlights that domestic demand could turn out to be stronger than expected if the recent declines in wholesale gas prices are passed through to consumer prices more strongly, which we doubt, and consumption proves more resilient. In fact, this has had little reaction…

World economy, World politics 13th February 2023

Russia may be using oil as weapon in economic war: production to be cut by some 500,000 bpd

Link Securities | The Wall Street Journal (WSJ) reported on Friday that Russia’s government had that day announced that it plans to cut its oil production by about 500,000 barrels per day, or about 5 percent, starting next month, in a move it said was in response to Western sanctions. The newspaper notes that Friday’s move is the first in which Russia telegraphed a specific response to oil markets to…

European economy, In Europe 13th February 2023

Helena Viñes to pilot new version of European Platform on Sustainable Finance

F.R. | Helena Viñes, director of the CNMV, is the new Chair of the Platform on Sustainable Finance, the European body that advises the EC on sustainability, including the strategy and also the drafting of specific projects such as the taxonomy. Viñes will lead the new path of a Platform that has reduced its number of members from 57 to 35 in an attempt to improve its efficiency and operability….

Spanish economy 13th February 2023

40,000 electric recharging stations blocked

The situation is so absurd that there are situations where, although there are charging points already installed – at petrol stations, in public car parks or other types of premises – they do not actually have any electricity. They are not operational because some grid connection permit or other final document is missing. This collapse not only puts Spain at the bottom of the European league table in the deployment…

In Spain, Spanish Politics 13th February 2023

Spain loses its bearings: up to 18 months in jail for killing a rat

The Animal Welfare Law promoted by Minister Ione Belarra and approved in Congress with the votes of PSOE, Podemos, ERC and Bildu has introduced an important change in the Spanish Penal Code by changing the term ‘domestic animal’ to ‘vertebrate animal’. A vertebrate animal is any animal that has bones and an articulated skeleton or backbone. Now, under the new law, striking, injuring or killing a vertebrate animal will be…

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