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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.
cnmv

Spanish economy 17th July 2023

CNMV chairman acknowledges damage to corporate governance caused by Indra, NH and Unicaja cases

F.R. “There have been specific cases in the last year that have had a very negative impact on the perception of the quality of governance of some large Spanish listed companies. And I don’t want to beat around the bush: I am referring, among others, to Indra, Unicaja and NH. With different nuances and peculiarities, these are cases where independent directors have been the adjustment variable for shareholder changes, changes…

Iberdrola

Relevant News Item 17th July 2023

Iberdrola to repower Hagshaw Hill wind farm, one of Britain’s oldest

Alphavalue/DIVACONS | The Spanish utility company, through its subsidiary ScottishPower, will repower the Hagshaw Hill onshore wind farm, one of the oldest in Britain, which will allow it to generate five times more “green” electricity with almost half as many turbines. The farm, which has a total capacity of 16 MW, with its 14 new and more powerful turbines -almost half of the current ones- will have an installed capacity…

Innovation Europe

Relevant News Item 15th July 2023

Eurozone finance ministers sign joint declaration committing to fiscal adjustment in 2023 and 2024

BancaMarch: With the aim of restoring balance to public finances after the Covid-19 crisis, eurozone finance ministers yesterday signed a joint declaration committing themselves to fiscal consolidation in 2023 and 2024. This is a gradual reform plan with country-specific action plans that will not only aim to reduce the public coffers deficit but also to increase investment through public and private sources.

Spain countryside

Relevant News Item 14th July 2023

Drought takes historic toll: more than €430M in compensation payments

The lack of rainfall during the first half of this year, barely alleviated by the heavy rains at the end of May and the first part of June, is taking an unprecedented toll on the Spanish agricultural insurance system, known as Agroseguro (Agrupación Española de Entidades Aseguradoras de los Seguros Agrarios Combinados). According to figures released this Thursday and reported in the digital newspaper “La Información”, as of July 13,…

nadia calvino bruselas

Spanish economy 14th July 2023

Brussels requires Spain to publish list of 100 biggest beneficiaries of EU funds, 14 countries already have

The European Commission is warning Spain for not having yet published the list of the 100 largest final beneficiaries of Next Generation EU funds, an obligation for all Member States as of this year. Half of the countries have already made their lists public, but 13 countries – including Spain – have yet to do so. “We are addressing the Member States that have not yet sent the list, asking…

Enagas headquarters

Spanish economy 14th July 2023

Enagás awards logistics services contract for LNG plant at El Musel (Gijón) to Endesa

Link Securities| Enagás (ENG) has awarded Endesa (ELE) the logistics services for the El Musel liquefied natural gas (LNG) plant in Gijón, according to Europa Press. This step marks the end of the binding phase of the capacity allocation process (Open Season). A total of 13 bids were received between 5 and 30 June, the period during which this final part of the process took place. The logistics services offered…

china shipping

World economy 14th July 2023

China’s trade surplus falls to $70.62 billion in June against $97.37 billion a year ago, reflecting economic slowdown

Bankinter| According to data from the General Bureau of Customs, China’s trade surplus fell to $70.62 billion in June from $97.37 billion in the same period last year, a lower reading than the $74.8 billion expected by the analyst consensus, as exports fell more than imports, amid persistently weak global demand. Exports through customs fell by 12.4% year-on-year in June, a larger drop than the 9.5% expected by the consensus…

eeuu inflacion precios

Relevant News Item 13th July 2023

Not so fast! More volatile core inflation components would explain surprise in US CPI

Santander Corporate & Investment| And, as a result, and with the Beige Book still pointing to an improving economy since May, our economists anticipate a rebound in inflation and an unchanged road map for the Fed (hike in July of 25bp, pause in September and hike in November). The first pleasant surprise, seeing how the improvement in inflation came from the core side, which retreated to +0.2% m/m (+0.4% p)…

Servers

In the World 13th July 2023

OECD in favour of extending global tax veto on big tech

Banca March: More than 130 countries have extended by 18 months, until 2025, the controversial ban on taxing tech giants wherever they operate. Five countries, including Canada and Russia, oppose the extension. Plans to introduce national taxes on digital services were also agreed to be postponed for another 12 months. The aim is to allow more time to ratify the global tax agreement signed in 2021, which they have not…

cnmv

Spanish economy 13th July 2023

CNMV bans CFD advertising in Spain: over 70% of investors lose money

The CNMV has published its new guidelines for the marketing, distribution or sale of CFDs and other leveraged instruments to retailers, which were approved this week by the CNMV’s Executive Committee. The new measures, which will be published in the BOE in the coming days, include “the prohibition of CFD advertising aimed at retailers or the general public, the sponsorship of events (including sporting events), as well as brand advertising…