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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.
renewables

Spanish economy 7th July 2023

Anti-takeover shield to include renewables companies, which cannot be taken over if investor has over 5% market share

Banco Sabadell| Among the modifications made by the Government (and announced yesterday) to the law known as the “anti-takeover shield” is the inclusion of energy companies (including renewable generation companies) as strategic companies so that any foreign investor that exceeds 5% market share in a specific technology will have to request authorisation from the Government. Assessment: It is possible that the modification made by the Government may have a certain…

yellen elegante

World politics 7th July 2023

Yellen visits China looking to potentially ease tensions between world’s two largest economies

The US Treasury Secretary began a visit to China yesterday that is likely to last until Sunday. The expectation is that these meetings will lead to an easing of tensions between the world’s two largest economies given that, in Janet Yellen’s own words: “A disengagement of the world’s two largest economies would be destabilising for the global economy”. Today she also met with Premier Li Qiang. On the other hand,…

poor

Spanish economy 7th July 2023

Bank of Spain estimates 17% of Spanish households -1.6 million, 376,000 up on four years ago- cannot meet essential expenses

In 2022, 9% of households could not cover essential expenses with their total gross income, compared with 7% in 2020, given the observed growth in inflation and interest rates, according to the report published by the Bank of Spain on the financial situation of households and companies for the first half of 2023. Although the nominal gross disposable income of households was 6.8% higher in 2022 than in 2020, inflation…

grifols blood bags

Spanish economy 7th July 2023

Grifols: European Parliament postpones debate on plasma regulation

Bankinter : The legal proposal was to be discussed at the end of June, but has been left off the official agenda due to a legislative bottleneck. The next dates could be 18 July, 29 August or September. Assessment: Positive news but with limited impact. In Europe it is estimated that 62% of the plasma consumed comes from donations and more than 30% is imported, mainly from the United States…

vertipuertos ferrovial

European economy 6th July 2023

Ferrovial reaffirms commitment to air taxis and signs agreement with Milligan to develop vertiports in UK

Link Securities | Ferrovial (FER) is making progress in its bid to become a major player in the booming air taxi business, according to elEconomista. Ferrovial has just sealed an alliance with British firm Milligan to boost this activity in the UK with the development of its first vertiports in the country. The group’s initial road map includes venturing into this area in the United States, the United Kingdom and…

fed edificio

World economy 6th July 2023

Consensus at Fed for a pause, but majority of policymakers believe further hikes appropriate in future

Bankinter: The minutes of the Fed’s 13/14 June meeting show a broad consensus on the decision for a pause in rate hikes although a majority of directors (16 out of 18) believe that some additional rate hikes in the future from the current level of 5.00%-5.25% are appropriate. There is also a consensus that rates should remain in tightening territory until inflation reaches its 2% target. The minutes hardly change…

alemania ampelmann

European economy 6th July 2023

Germany to return to austerity with 6.4% spending cuts foreseen by 2024

BancaMarch: The German Council of Ministers on Wednesday approved the draft budget for 2024, in which it plans to return to the path of fiscal consolidation and which envisages an increase in defence spending and cuts in all other departments, among which the most affected are transport, science and the family. Spending will thus have to fall by 6.4%, from €476.3 billion in 2023 to €445.7 billion the following year….

santander sucursal 3CM

European economy 6th July 2023

Santander’s Getnet payment system wins operating licences in 33 European countries

Link Securities| Getnet, Banco Santander’s payments solution, is accelerating its expansion in Europe, where it already has licences to operate in 33 countries, in 300,000 European businesses, Expansión reports today. In the last five years, Getnet has tripled its customer base and increased its transaction volume by 2.5 times. This growth in activity has allowed it to increase its market share by 4.15%.

coches general

Spanish economy 6th July 2023

Car sales in Spain in June up 13%, more than 100,000 units, but still below pre-pandemic levels

Intermoney| According to data published by the employers’ associations of manufacturers (Anfac), dealers (Faconauto) and sellers (Ganvam), car sales in Spain maintained a positive performance in June, with growth of 13.3%, accelerating the rate of increase of close-on 8% of the previous two months. More than 101k vehicles were registered in June (the first time since December 2020 that the hundred thousand mark has been surpassed), bringing cumulative sales in…

Madrid Stock Exchange revision

Spanish economy 6th July 2023

Spain reinforces anti-takeover shield for strategic companies

Spain reinforces the shielding of companies considered strategic in the wake of the coronavirus with new legislation on foreign investment. In March 2020, in the wake of the pandemic, the government launched the so-called anti-takeover shield to provide a kind of golden share in the acquisition of large companies by non-EU companies. This measure, which has been permanent since then, is now being developed through a royal decree approved on…