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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.
abertis

In Spain 21st July 2023

Brussels corrects Government, clarifies that Spain’s recovery plan includes introduction of road tolls in 2024

The issue of tolls is causing a stir in Brussels and the truth is that the European Commission insists on correcting the government: the measure to introduce toll elements on motorways in 2024 is in the Spanish recovery plan, and will be maintained unless the document is changed. For the time being, the EU executive takes this into account as one of the objectives of the Spanish plan, despite Moncloa’s…

Telefonica pantalla

Relevant News Item 21st July 2023

Telefónica joins forces with Celo Foundation to promote open-source blockchain ecosystem

Alphavalue / Divacons | The Spanish telecom has teamed up with the US-based Celo Foundation, which also entails its alliance with the Celo Alliance for Prosperity, which promotes the open-source blockchain-block ecosystem, Celo, and contributes to the decentralisation of the network, it said in a press release yesterday. Telefónica will play a key role in validating transactions, ensuring network consensus, helping stability and maintaining the security of the Celo blockchain.

Europa mediterránea

In Spain 20th July 2023

Italy and Spain likely to need more time to spend recovery funds

S&P Global Rating| The European Recovery and Resilience Mechanism (ERM) will boost public investment in Spain and Italy over the medium term. This follows a significant drop in public spending in both countries over a decade. However, the use of these subsidies is well beyond the initial 2026 deadline. We estimate that Spain and Italy had only implemented 10% and 20% of the available subsidies, respectively, by the end of…

Spanish infrastructures

In Spain 20th July 2023

Government rectifies in Brussels: withdraws proposal to charge tolls on national roads as well

“What I can tell you is that next year we will have to set up tolls, Brussels is demanding that we do so,” declared the Director General of the DGT (the Traffic Department), Pere Navarro, in an interview on TV3 last week. These tolls were included in the document the Spanish government signed with Brussels in exchange for the €70 billion in European funds granted for the pandemic. The document…

globaldominion edificio

Spanish economy 20th July 2023

Phone House, subsidiary of Dominion, plans redundancy proceedings for 304 employees

Intermoney| Phone House Spain, a subsidiary of Dominion (DOM), has notified the workforce and the relevant authorities of its intention to initiate redundancy proceedings (ERE in its Spanish initials) for economic, productive and organisational reasons. This redundancy plan would affect 304 employees at 67 sites in Spain, employing 452 people. In the framework of the negotiations, which will end tomorrow, Thursday, the company is offering the affected workers a severance…

Reino Unido economia

World economy 20th July 2023

UK CPI stands at 7.9% year-on-year in June, first time below +8% in over a year

Banca March: The latest UK inflation data has surprised on the downside as it has moderated more than expected. The UK economy’s CPI slowed its pace of growth in June, rising +7.9% year-on-year versus +8.7% the previous month. In addition, the underlying rate also showed positive signs as it moderated by two tenths to +6.9%, with services inflation also moderating by two tenths to +7.2%. These data surprised on the…

coches aparcamiento

European economy 20th July 2023

European car sales up +17.8% year-on-year in June, annual cumulative sales close to pre-pandemic levels

Bankinter: Car sales increase by +17.8% year-on-year in June. This brings the cumulative annual figure to +17.9%. Assessment: Solid figures, but heavily influenced by a favourable base effect. Sales continue the recovery process that started in August last year. The main markets show solid growth: Spain +24%, Italy +23%, France +15%, Germany +13%. However, compared to the cumulative January-June 2019 (before the pandemic), sales are still -21% lower.

indra helicopter

Spanish economy 19th July 2023

Indra and Oesía team up to modernise new generation systems and services for Armed Forces, Police and Civil Guard

Link Securities| The Oesía group, a Spanish multinational company dedicated to industrial and digital engineering, and the technology and defence company Indra have signed a strategic collaboration agreement by which they will combine key technological capabilities to improve the global offer of new generation systems and services for the Spanish Armed Forces and Security Forces, which will improve the positioning of both companies in the international market and European programmes….

Global debt

Spanish economy 19th July 2023

Spain’s public debt rises to €1.54tn, up 27.5%, under Sánchez’s government

Public debt has risen from €1.20 to €1.54 trillion during the last five years of socialist government. It has risen by €332,768 million, 27.5% from the €1.2 trillion at which it closed in 2018. According to data from the Bank of Spain (BdE), which was reported yesterday by Europa Press, in absolute terms the debt of all public administrations in Spain reached €1.541 trillion in May, which represents a new…

cereales

Relevant News Item 19th July 2023

Wheat prices rise after Russia suspends Black Sea grain export deal

Alphavalue/DIVACONS| Wheat prices have risen following Russia’s announcement that it has suspended a grain export deal across the Black Sea. The White House says that the US will continue to work with other countries to ensure the movement of Russian and Ukrainian grain: “We are not considering a blockade following Russia’s suspension of the grain agreement”.