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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.

Spanish economy 20th January 2023

11 Spanish SMEs in insolvency proceedings unable to go any further because computer system inoperable

José Carlos González Vázquez (CECA Magán) | Today I found out that not only does the liquidation platform not work but, what is much more serious, that the insolvency platform where the 32 electronic forms of the Third Book of the TRLC (Texto Refundido de la Ley Concursal) (Consolidated Text of the Insolvency Law) are uploaded does not work either. Yes, yes, you have read correctly: none of the platforms…

Spanish economy 20th January 2023

IMF lowers growth forecast for Spain to 1.1% in 2023 and calls for fiscal consolidation

The IMF raises its growth forecast for Spain in 2022 to 5.2%, but lowers its forecast for 2023 to 1.1%. Thus, the IMF anticipates that activity will reach its pre-pandemic level at the beginning of 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 average price increase in 2022 of 8.4%, which will moderate this…

Relevant News Item 20th January 2023

Mega dividends under suspicion

Ricardo Jiménez (Harmon) | Albertsons is the second largest food supermarket chain in the United States, by number of shops. The company has more than 2,200 outlets, employing nearly 300,000 people. Its sales exceed $75 billion. In October 2022 it received a takeover offer from Kroger, the largest chain in the country, for a sum of close to twenty-five billion dollars. The merger of the two companies will create the…

European economy 20th January 2023

New EU regulation to fund green industry will counter risks of relocation due to foreign subsidies

Morgan Stanley| According to a Bloomberg report, the German chancellor and his party will ask the EU to create a joint financing system to help compete against green energy subsidies in the US. The article also referred to increased subsidies for batteries, green hydrogen, and increased deployment of clean/green technologies. A positive market reaction is expected, especially from stocks benefiting from a European version of the Inflation Reduction Act to…

European economy, In Europe 19th January 2023

Europe weathers winter, but gas prices 3 times higher than 2010 – 2019

Banca March| This week sees Europe cross the halfway point of the winter season with reserves at 81%, well above the usual average for this time of year, favoured by temperatures in December and half of January that have been unusually high for the winter season. In northern Europe, for example, average temperatures at the end of the year were up to eight degrees higher than the average over the…

In the World, World economy 19th January 2023

US: Christmas campaign hits $936.3 billion, +5.3% compared to +13.5% in 2021, although above average of last 10 years (+4.9%)

Bankinter| Holiday Season sales (1 November to 31 December) increase +5.3% vs +13.5% in 2021 according to the National Retail Federation. The figure falls short of the latter’s forecast of +6%/+8%. They amount to 936,300 M$ vs 942,600/960,400 M$ expected. According to the Association, part of the purchases were brought forward to October to take advantage of the promotions that were launched across the board that month to reduce inventories….

Spanish economy 19th January 2023

Cosentino hires Goldman Sachs and JPMorgan to go public

Cosentino, the Spanish giant that owns Silestone, has hired the services of Goldman Sachs and JPMorgan as global coordinators to prepare its IPO this year, according to market sources quoted by the newspaper Expansión.The family group from Almeria, manufacturer and distributor of surfaces – countertops, flooring, paving, etc. – for the housing, architecture and design sectors, is targeting next summer for its debut on the stock exchange, although the timetable…

Spanish Politics 19th January 2023

The Hispano-French summit in Barcelona and the schizophrenia of Esquerra Republicana de Catalunya

Emmanuel Macron, President of France, the most centralist and Jacobin of European states, will be received today in the most decentralised country on the continent, Spain. The government has chosen Barcelona as the meeting place, the Barcelona mountain of Montjuic, which was the site of the 1929 Universal Exhibition and the 1992 Games, where the pro-independence supporters, led by Oriol Junqueras, await them. The ERC leader pardoned by Sánchez’s government…

European economy, Markets 19th January 2023

ESMA unveils strategy for next five years

F. Rodríguez | The European Securities and Markets Authority, (ESMA), has presented the broad outlines of its strategy for the period 2023-2028, which will have three priorities: “promoting the efficiency and stability of EU markets”, “strengthening retail investor protection” and achieving these two objectives by “reinforcing supervision”. Sustainability and innovation in technology and data processing will be the two “key drivers” in the functioning of the organisation. As part of…

Spanish Politics 19th January 2023

Former PSOE ministers “alarmed” at Sánchez government’s “desertion of constitutional commitments”

A total of 255 personalities have signed a manifesto against the government in which they criticise the recent reforms it has carried out to the Penal Code and the attempt to modify the system of election of the Constitutional Court, warning that the regime of freedoms could fail if this governmental and legislative dynamic continues. The manifesto calls on the PSOE to recover its historic project, which led it to…

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