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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.
eeuu capitolio

In the World, World economy 29th May 2023

US President and Speaker of House of Representatives reach agreement in principle on debt ceiling

Link Securities | US President Joe Biden and House Speaker Kevin McCarthy, a Republican, reached an agreement in principle this weekend to raise the country’s debt ceiling. The agreement is very much in line with press reports last Friday. The debt ceiling is suspended until 2025. Non-defence discretionary spending will remain more or less flat next year and rise 1% in 2025, before the limits are eliminated in 2026. Defense…

elecciones generales

In Spain, Relevant News Item, Spanish economy, Spanish Politics 29th May 2023

Sánchez brings forward general elections to July 23 after debacle in regional and municipal polls

The President of the Government, Pedro Sánchez, has announced that the general election will be brought forward to next July 23 after the electoral defeat suffered this Sunday by the PSOE in the regional and municipal polls. The head of the Executive has assumed this Sunday’s electoral results “in first person” and his response is that this means “submitting the popular mandate to the popular will”, as he has stated…

sanchez elections

In Spain, Spanish economy, Spanish Politics 29th May 2023

Sánchez sinks the PSOE and Spain turns to the PP

Sánchez’s PSOE has insisted on cordon sanitaire not only with the far-right Vox, but even with the right-wing PP, with which it has refused to agree anything, while explaining the benefits of granting amnesty to the perpetrators of the attempted coup in Catalonia, of negotiating with the heirs of ETA, and with the populists of Podemos. Something that is incomprehensible to the vast majority of the electorate, even on the…

inflation rises

Spanish economy 27th May 2023

Does the recent upturn in inflation signal the end of a 40-year disinflation cycle?

Capital Group | In the two graphs published below you can see the evolution of inflation data in both the short and the long term. In the second one, we see inflation and money supply indicators moving downwards (with some logic). On the other hand, if we look longer term, our experts extend the inflation data back to 1955 and wonder whether the pick-up we saw in inflation in recent…

edf campo

Companies, In Europe 26th May 2023

French State raises its stake in EDF to 97.69%, plans to reach full ownership by 8 June via squeeze-out

Santander | EDF has announced that the takeover bid for its shares by the French state has raised the state’s stake in the company to 97.69% of the share capital and that the state will now seek to acquire the minority stakes through a squeeze-out process, which it expects to result in full state ownership by 8 June. In addition, EDF issued a press release yesterday to announce that the…

Talgo

Companies, Relevant News Item 26th May 2023

Talgo to make the first Talgo Avril units available to Renfe in November

Link Securities| Talgo (TLGO) will make the first units of the Talgo Avril very high-speed train available to Renfe in November. According to a statement by the company on Tuesday, they will be ready to go into commercial operation. In this sense, Talgo has indicated that the November date will be reached “provided that the other actors involved in this process comply with the deadlines they have provided Talgo with…

J.Yellen

In the World, World economy, World politics 26th May 2023

US debt ceiling: prepare for a shutdown

Franck Dixmier, Global CIO Fixed Income (Allianz GI) | Investors could be forgiven for thinking they have been here before. As the clock ticks down on the US debt limit deadline, markets are once again getting familiar with the intricacies of US politics. In what has become a semi-regular partisan wrangle, politicians in Washington are in talks over raising the federal debt limit before June, the month when the government…

Repsol's new challenge is the sale of Gas Natural's stake

In Spain, Spanish economy 26th May 2023

Repsol raises dividend by 11% and denounces European regulatory strategy for “lack of planning”

Repsol achieved a record profit of €4,251 million in 2023, a 70% increase, due to the increase in the price of crude oil and gas. The good results were boosted by the refining margin, which increased 6.5 times compared to 2021. Oil production amounted to 550,000 barrels of oil equivalent, down 3.8%. In terms of investments, the CEO, Josu Jon Imaz, announced investments of 5,000 million for this year and…

iberdrolaTC

Companies, Relevant News Item 26th May 2023

Iberdrola and IFC team up on renewable projects in emerging countries such as Poland, Morocco and Vietnam

Link Securities| The Spanish company and the International Finance Corporation, which belongs to the World Bank Group have announced their union to promote the energy transition in emerging countries, the financial portal bolsamania.com reported on Tuesday. Both institutions have launched an alliance to support clean energy and decarbonisation in different developing countries. The agreement is structured in three pillars, according to IBE: (i) First, IFC will provide IBE with a…

UK Parliament 777x400 1

European economy, In Europe 25th May 2023

IMF forecasts UK will avoid recession in 2023, but inflation slows less than forecast in April

Banca March | The IMF forecasts that the UK economy will avoid recession in 2023. Specifically, the body now expects growth for the current year of 0.4%, compared with the slight decline previously expected (-0.3%). The managing director of the Fund, Kristalina Georgieva, thus announced yesterday that the British economy values the evolution of the country’s economic situation particularly favourably compared with other G7 countries. The revision is mainly due…