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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 companies' cost of financing at minimum lows

In Spain, Spanish economy, Spanish Politics 12th June 2023

Companies with over 250 workers must now set up internal complaints channel

Tomorrow, Tuesday 13 June, three months after the entry into force of the law, all companies with more than 250 workers must have an internal information system in place in their organisation, through which reports of regulatory infringements can be made. This reporting channel must also have a system to protect whistleblowers. The aim is to ensure that whistleblowers are completely anonymous and cannot be retaliated against. Companies with 50…

Spanish economy 12th June 2023

FCC allegedly paid kickbacks worth $178M to Panamanian government between 2010 and 2014

Banco Sabadell : According to the press, a report by the UCO (Guardia Civil) concludes that FCC allegedly paid illegal commissions between 2010 and 2014 amounting to 178 million dollars (126 million euros at the time) to senior officials of the Panamanian government to secure more than a dozen public contracts. Assessment: Pending the outcome of the process, which in our opinion could result in a financial fine rather than…

Spanish economy 11th June 2023

Iberdrola to build first green ammonia plant in Southern Europe, with €750-million investment

CdM| Iberdrola will build the first green ammonia plant in southern Europe, which will be viable thanks to European funds and will involve an investment of 750 million euros, the company has announced, but has not yet detailed in which country it will be located. The operation is part of the framework agreement signed by the energy company with Trammo, the world’s largest maritime trader and distributor of anhydrous ammonia,…

In the World, World economy, World politics 11th June 2023

Global economy to grow by 2.7% in 2023 and 2.9% in 2024, down from 3.4% average in seven years prior to pandemic, says OECD

Intermoney| That the recovery is weaker in China is a reality, but certain issues should not be magnified, because as has been seen, there is a certain boost to domestic demand and it would be a problem of confidence among Chinese citizens that could be reversed. For the moment, the politburo does not seem to be taking any more generous measures than might be expected. Moreover, yesterday the OECD’s forecast…

In the World, World economy 10th June 2023

Inflation stays at surprisingly low levels in China, close to zero, deflation likely

Bankinter : CPI +0.2% in May (year-on-year) vs. +0.2% estimated and +0.1% previous; Producer Price Index -4.6% in May (year-on-year) vs -4.3% estimated and -3.6% previous. Assessment: Inflation remains at surprisingly low levels in China, close to zero, and with some probability of entering deflation in view of producer prices. Sufficient arguments for the PBOC to lower interest rates (currently at 4.30% 5A and 3.65% 1A), which would also encourage…

In Spain, Spanish economy 9th June 2023

Euro area GDP enters technical recession after 0.1% drop in 1Q23, first time since beginning of pandemic

CdM| The Gross Domestic Product (GDP) of the euro area recorded a contraction of -0.1% in the first quarter of 2023, marking the entry into technical recession of the region’s economy, following the fall in activity also of -0.1% in the fourth quarter of 2023, according to the latest revision of the figure published by Eurostat. In this way, the community statistics office has revised its previous estimate, published in…

European economy, European politics, In Europe, Relevant News Item 8th June 2023

European Commission calls for end to emergency energy measures

Banco Sabadell: According to information in the press, the EC in a report sent to the Council and the European Parliament is calling for the withdrawal of emergency interventions in the wholesale market, such as the cap on income in the electricity market (€180/MWh in Europe and €67/MWh in Spain) for infra-marginal technologies (renewable, hydro and nuclear). The EC considers that electricity price peaks are not expected next winter like…

World economy 8th June 2023

ACS subsidiary to build new Buffalo Bills stadium in New York State for $1.5 billion

The US construction company Turner, a subsidiary of the ACS Group, chaired by Florentino Pérez, will be in charge of building what will be called the New Highmark Stadium, the new home of the Buffalo Bills American football team. It will work in consortium with the local Gilbane Building Company and the construction budget is close to $1.5 billion, according to the newspaper 5Días. The Bill’s future home, which they…

Spanish economy 8th June 2023

Home purchases fall by 20.7% in April (to 49,639 units), average mortgage at €142,000

The number of home sales and purchases fell by 20.7% year-on-year last April, to 49,639 operations, according to notaries. Meanwhile, the average price per square metre stood at €1,622, 0.9% more than in April 2022, according to data from the General Council of Notaries published on Wednesday. By housing type, sales of flats fell 20.2% year-on-year to 38,269 units, with prices down 0.2% – to €1,787 per square metre –…

European economy, In Europe 8th June 2023

Corporate lending significantly higher in Germany (+7.9%) and France (+6.6%) than Italy (-1.5%) or Spain (-0.6%).

Santander Corporate & Investment : Rising interest rates continue to take their toll on bank lending in the eurozone, as shown by the ECB’s data on lending to the private sector in the eurozone published last week. It confirms the progressive slowdown in bank lending to +3.5% year-on-year in April vs. +4% in March and a peak of +6.5% in September last year, thus approaching its pre-pandemic levels of +3%…

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