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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.
Tecnic

World economy 25th January 2023

Técnicas Reunidas wins $1bn contract to build fertiliser plant in Kazakhstan

Técnicas Reunidas (TRE) has won a contract to engineer an ammonia, urea, nitric acid and ammonium nitrate production complex owned by Kazazot, Kazakhstan’s leading fertiliser company. With a total planned investment of around $1 billion, the plant will be located in the town of Aktau, capital of the Mangystau province, in the southwest of the country. Técnicas Reunidas will initially carry out the engineering of the facility under a FEED-OBE…

pensiones playita

Spanish economy 25th January 2023

1.1 pensions per pensioner: Spending on pensions soars to 11.902 billion in January, after rising in line with CPI

Spending on pensions has increased by almost 1,000 million euros compared to last December’s payroll and exceeds 11,000 million euros for the first time in history: 11,902 million. This is because, in application of the pension reform, pensions have risen by 8.5% by 2023, as a result of average inflation for the period December 2021-November 2022. In January this year, 10,009,149 contributory pensions were paid out, 0.9% more than a…

Eurozone

European economy, In Europe 25th January 2023

Eurozone activity returns to growth: composite PMI stands at 50.2 in January

CdM: This is what the PMI index data released on Tuesday by S&P Global shows. “Eurozone business activity increased slightly in the first month of 2023, signalling a hesitant return to growth after six consecutive months of decline.” Specifically, the Flash Eurozone Total Activity Composite PMI Index came in at 50.2 (49.3 in December), registering a seven-month high. This figure indicates “the first – albeit only modest – expansion in…

IMF outlook

Spanish economy 25th January 2023

IMF believes Spain will not reach pre-pandemic GDP level until 2024 with growth of 2.4%.

Alphavalue /Divacons| According to the IMF, the slowdown in Spain’s projected growth in 2023 compared to last year “reflects the effects of higher energy and food prices, tighter financial conditions and weaker external demand”. The agency anticipates that activity will reach its pre-pandemic level in early 2024, when it expects GDP to grow by 2.4% and at a rate of 2.2% in 2025. As for inflation, the institution estimates an…

YolandaDiaz

Spanish economy, Spanish Politics 24th January 2023

The “Yolanda effect”: labour inspectors strike for the first time in their history

The Labour Inspectorate has been the latest collective to join the protests of public employees – those of employees of Social Security, the Public Employment Service, the Tax Agency, the Health Service, the lawyers of the Justice Department… -The government has failed to comply with the agreement signed in July 2021, in which it promised to solve the serious staff shortages and the lack of professional careers in the agency….

cnmv

Markets, Spanish economy 24th January 2023

CNMV finalises Code of Best Practices for investors, managers, and advisors

F. Rodriguez | The National Securities Market Commission (CNMV in its Spanish initials) has convened for the end of this month the group of experts that has been advising it on the draft of the “Code of best practices for institutional investors, asset managers and proxy advisors in relation to their duties with respect to the assets allocated or the services provided,” whose public consultation period ended on 16 September…

coronavirus china

World economy 23rd January 2023

China ended 2022 on a gloomy note but reopening will save 2023

Alicia Garcia Herrero & Jianwei Xu (Natixis) | Chinese economy ended 2022 by growing only 3% YoY, with the last quarter GDP slowing further to 2.9% YoY. The figure was finally much lower than the target set during the Two Sessions by the Chinese government mainly because of the heavy mobility restrictions imposed under zero-Covid policies since the Shanghai lockdown. The slowdown in Q4 was particularly reflected in the decelerating consumption…

lagarde

European economy 23rd January 2023

Lagarde insists “staying the course” is her monetary policy mantra

Link Securities | European Central Bank (ECB) President Christine Lagarde said on Friday that “staying the course” is her mantra on monetary policy and urged central banks around the world to do the same to achieve output recovery. Lagarde described 2022 as “a strange, strange year” as the low growth figures seen in the world’s largest economies were “not usual”. However, she expressed hope that “cooperatives, consumers, and state policymakers…

ArcelorMittal

Spanish economy 23rd January 2023

ArcelorMittal achieves €450 million subsidy to decarbonise plants in Asturias

ArcelorMittal will receive direct aid of around €450 million for the transformation of its facilities in Asturias. The European Commission gave its authorization last Friday for the Spanish Government to grant the steel giant the subsidy, which is part of the Perte (Strategic Project for Economic Recovery and Transformation) of industrial decarbonisation, which the Government approved on December 27 and endowed with €3,100 million of public funds. The Council of…

Enagas headquarters

Companies, Spanish economy 23rd January 2023

Enagás plans roadshow to finance near €7,135 million cost of H2Med project, with Germany also joining

The country set to account for the lion’s share of Iberian exports of green hydrogen agreed yesterday, Sunday, with France, Spain and Portugal, to join the H2Med project, which will therefore reach Germany, as announced yesterday by the German and French presidents, Olaf Scholz and Emmanuel Macron. The H2Med project consists of building a large underwater pipeline linking Spain with France, via Barcelona and Marseilles, to transport hydrogen to Europe….