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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.
solar panels

Companies, Spanish economy 30th January 2023

Umbrella Solar gets go-ahead for first solar project in UK: 20 MW capacity

Bankinter | Umbrella has completed the permitting, licensing and authorisation phase for its first project in the UK, which will consist of a solar photovoltaic plant with a capacity of 20 MW and lithium-ion battery support. The project is located on the outskirts of the city of Stirling, in Scotland. The construction and maintenance of the entire project will be carried out by the wholly-owned subsidiary IM2 Energía Solar. Umbrella…

spain flag crisis concept 1379 4664

Spanish economy 27th January 2023

After reviewing figures three times, INE says Spain grew 5.5% in 2022

On December 23, the National Institute of Statistics reviewed Spain’s 2022 GDP growth, having already reviewed it in September and October. After all the revisions, two points were added to the growth of the first semester and 0.6 to that of the third quarter. Now, the statistics give a preview of GDP in 4Q22, which would have grown by +0.2%, with which growth for the year as a whole would…

employment

Spanish economy 27th January 2023

Only the public sector is creating jobs in Spain: up 20,000 to 3.52 million in 4Q22

Data from the Labour Force Survey (EPA) for the fourth quarter of last year confirm that the Spanish economy’s potential for job creation has been deflated, with the slowest pace of job creation since 2013 and the smallest drop in unemployment since 2012. This puts the spotlight on the effect of the labour reform. It was a law designed to increase permanent contracts, but whose effects on employment and unemployment…

recession

European economy 27th January 2023

Good European data bolster hopes of avoiding recession

Portocolom AV | The US index of leading indicators, which hit a new low on Monday 23rd, seems to indicate that the US economy will enter recession in 2023. This indicator, which includes key economic data with the aim of predicting the rate of growth, has historically had a very high success rate in anticipating recessions. This has been the case in previous crises, such as the Covid-19 crisis, the…

BrexitBanderolas

European economy 26th January 2023

Could the worst slump in UK services PMIs in two years be a leading indicator for the Eurozone?

Santander Corporate & Research | The worst slump in UK services PMIs in two years, since the 2021 confinements, puts a clear question mark over the sustainability of an expected EZ economic recovery that explains the good momentum in credit markets. True, with these PMIs already above 50pt for the first time since June and the third consecutive month of improvement, our economists believe that the EZ may be able…

Bank of Canada

World economy 26th January 2023

Bank of Canada first to “stop and see” after raising rates another 0.25% to 4.5%

CdM | The Bank of Canada hiked +25 bps to 4.5%, the eighth in a row, and intends to pause to see the impact of its monetary tightening in the face of a slowing economy (consumption, housing sector) and moderating inflation. This pause in rate hikes, the first by one of the major central banks, suggests that they consider current rate levels to be restrictive, but in any case say…

Siemens Gamesa

Spanish economy 26th January 2023

Siemens Gamesa approves delisting after takeover bid by German parent company

Some 98.43% of shareholders voted in favour of the motion to delist the company. For the company to be effectively delisted, approval from the Spanish Securities and Exchange Commission (CNMV) is still required.Christian Bruch, CEO of Siemens Energy and non-executive chairman of the Gamesa Board of Directors, said: “Our top priority is to solve Siemens Gamesa’s current challenges and to turn the business around. Jochen Eickholt and his team have…

Big tech

Spanish economy 26th January 2023

75% of Spanish shop from mobile phones, highest percentage in Europe.

Sunday from 8 p.m. to 9 p.m. is the time chosen by Spanish people to do their shopping. Sixty-six percent of consumers admit to buying products online at least once a month. Twenty-five percent of women shop online every week, while the percentage of men drops to 21%. Clothing (44%), footwear (40%) and electronics (39%) are the most frequently purchased products via e-commerce, These are the findings of the latest…

Telefónica

Spanish economy 25th January 2023

Telefónica agrees 7.8% pay rise for its 13,000 employees in Spain

Renta 4 : The 13,000 employees linked to the Agreement of Linked Companies will receive a 7.8% raise in 2023 plus another €300 in October. This rise corresponds to the adjustment over the period 2019/2022, when the CPI had an accumulated rise of 12.5% and salaries rose by 6.5%, and to a rise of 1.5% in 2023. Work is also underway to update the salaries of non-agreement staff, which includes…

frankreich deutschland 130 v gseagaleriexl

European economy, In Europe 25th January 2023

Confidence in German economy improves. Ifo business climate index rises to 90.2 points in January, up from 88.6 in December

Ifo | This is due to considerably less pessimistic expectations. However, companies were somewhat less satisfied with their current situation. The German economy is starting the new year with more confidence. In the manufacturing sector, the index continued its upward trajectory. Companies assessed their current situation as better. Their expectations for the next six months are also noticeably better. The volume of orders is decreasing but remains at a high…