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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.
spain tourism

European economy 5th July 2023

More than 8.2 M foreign tourists enter Spain in May (+17% over same month in 2022) with UK and Germany still below 2019 levels

Intermoney| The INE published the data on tourist arrivals in Spain during the month of May yesterday, with more than 8.2 million international tourists, 17% more than the same month of 2022 and 4% more than the same month of 2019. The United Kingdom is positioned as the main country of origin of tourists, representing 22% of the total and an increase of 10% over May ́’22. France and Germany…

nunez feijoo 777x400 1

Spanish Politics 5th July 2023

PP presents programme for government

The Partido Popular (Popular Party) has published this Tuesday the proposals with which the party led by Alberto Núñez Feijóo aspires to win the next elections on 23 July. In their 108-page programme, the Popular Party has briefly outlined the axes that will mark the course of their policies. The commitment to adjust the deficit and reduce the debt is the leitmotiv of the document. Changes in legislation on squatting,…

Closed

Spanish economy 5th July 2023

Small businesses shed almost 20,000 self-employed in one year

Bakeries, greengrocers, butchers, hairdressers? The decline of small businesses is being exacerbated by the pressure of costs and lower sales, an explosive combination that is accelerating the trickle of shop closures that began years ago without this decline being accompanied by an urgent support plan. The proliferation of large shopping centres, the consolidation of online commerce and with it the irruption into the market of the technological giants, have taken…

petroleo grua2CM

World economy 5th July 2023

Saudi Arabia and Russia announce new oil production cuts

BancaMarch : The energy ministry of Saudi Arabia, the largest producer in the OPEC+ cartel, announced that the one million barrels per day cut in July will be extended to August to support “the stability and balance of oil markets”. At the same time, Russian Deputy Prime Minister Alexander Novak announced a reduction in the country’s output by an additional 500,000 barrels per day in August. Both announcements are part…

iberdrola megachuli

Spanish economy 5th July 2023

Iberdrola completes €154,773,000 capital reduction through share redemptions

Link Securities | The executive chairman of Iberdrola (IBE) has declared closed and executed the capital reduction through the redemption of treasury shares approved by the General Shareholders’ Meeting of the Company held on 28 April 2023, in exercise of the powers conferred by the Board of Directors. Iberdrola’s share capital has been reduced by €154,773,000 through the retirement of 206,364,000 treasury shares. The share capital resulting from the reduction…

unemployed august

Spanish economy 5th July 2023

Unemployment falls by 50,268 in June and drops to 2008 levels, under 2.7 million

CdM | The number of unemployed registered in the offices of the State Public Employment Service (SEPE) fell in June by 50,268 (-1.8%). This brings the total figure to the lowest since September 2008, falling below the 2.7 million mark to 2,688,842 unemployed. REGISTERED UNEMPLOYED TRENDS The Ministry of Labour and Social Economy stresses that this decline, which is widespread throughout the country, affects all sectors and all age groups,…

red electrica cableado

Spanish economy 4th July 2023

Spike in gas prices pushes up electricity prices 25% in June

ASE Group : The average daily price of the Spanish wholesale market (POOL) in June stood at 93.02 €/MWh. It is 25.35% higher than in May, but still 57.5% below the level of a year ago. According to ASE Group analysts, this rise is explained by the shortage of wind power, which has given prominence to combined cycle plants with gas on the rise. Gas-fired combined cycle plants produce 43.17%…

china yuanesCM

World economy 4th July 2023

China: Caixin Manufacturing PMI continues to expand in June at 50.5 from 50.9

Banca March : In China this morning, manufacturing business confidence falls less than expected. Caixin’s manufacturing PMI index, which is more biased towards smaller companies, came in at 50.5 in June from 50.9 previously, but above the 50 expected. With this figure, business confidence remains in line with the expansion of activity in the sector, a far cry from the weakness shown by these indicators in other major world economies.

Cellnex

European economy 4th July 2023

Cellnex acquires 100% of OnTower Poland after buying Illiad’s 30% stake in Polish company for €510mn

Santander Corporate & Investment | Cellnex (BB+ p, BBB- e) has announced the acquisition from Iliad of its 30% stake in OnTower Poland, the Polish telecommunications infrastructure company controlled by Cellnex. The transaction costs around €510mn and brings Cellnex’s stake in OnTower Poland to 100%. According to the press release, OnTower Poland currently operates a total of 8,500 sites in Poland, plans to deploy up to 3,400 new sites by…

mercosur

World politics 3rd July 2023

Mercosur and EU seek to close unratified free trade agreement reached in 2019

Banca March| The European Union and Mercosur – Argentina, Brazil, Paraguay and Uruguay – reached a free trade agreement in 2019 but it has since not been ratified owing to unresolved differences between the parties. Now the Mercosur members, who are meeting in Argentina, want to close the agreement “once and for all”, although they also warn that it will not be at any price. On the European side, reticence…