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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.
pensiones playita

Spanish economy, Spanish Politics 23rd December 2022

The Government will improve its offer on pensions – to increase the number of years calculated from 25 to 30 – to try to reach an agreement in January

The government takes it for granted that it will not be able to reach an agreement at the social dialogue table on the second part of the pension reform before 31 December, as it has promised the European Commission. However, government sources claim that the deadlines agreed with Brussels are “flexible” and that negotiations with the social partners could be extended during the first weeks of next year in order…

Cellnex

Companies, Ibex, Spanish economy 22nd December 2022

Cellnex extends until 2026 Retevisión and Spanish subsidiaries collective bargaining agreement

Norbolsa | The company has closed an agreement with the trade union leadership to extend for a further two years until 2026 the collective bargaining agreement for Retevisión and the Spanish subsidiaries until 2026. This agreement sets a 6.7% ceiling on salary reviews. And it provides job stability limiting the possible loss of purchasing power to 2% in the coming years. In effect, the agreement includes the recovery of this…

Montero

Spanish economy, Spanish Politics 22nd December 2022

The Treasury opens the door to dismissing civil servants who fail to meet targets and the unions are up in arms

The development of a point that was already foreseen in the Basic Statute of the Public Employee in 2007 and which caused a great stir at the time, namely the possibility of dismissing civil servants who do not adequately perform their duties, has opened a rift between the Ministry of Finance and two of the majority unions in the Civil Service (CC. OO. and UGT). This comes at a time…

PSOE

Spanish Politics 22nd December 2022

Joaquín Leguina, former socialist president of Madrid, appeals his expulsion from the PSOE, which he accuses of a lack of “tolerance of criticism”

Joaquín Leguina has appealed his expulsion from the PSOE, arguing that the party to which he has belonged for 45 years “has always been characterised by a high degree of tolerance for criticism and internal discrepancy”. And in the “freedom of conscience and expression” that “protects” him as a militant, the former president of the Community of Madrid bases his request for the disciplinary proceedings that have concluded with the…

Spain renewables

Spanish economy 21st December 2022

Spain’s renewables capacity rose almost 30% in November with respect to 2021(4,7 vs 3 GW)

Norbolsa | Redeia (RED) has published its data for November 2022 regarding monthly installed capacity in Spain. The figure for renewables capacity in the year was significant, 4,7 GW (almost 30% higher than the total installed capacity in 2021) vs 3 GW for the same dates in 2021 (1.6x). Opinion: November was a somewhat disappointing month, adding just 208 new MW of renewable capacity (167 MW of solar and 41 MW…

iberdrolaTC

Companies, Ibex, World economy 21st December 2022

Iberdrola will build a hydrogen and green methanol planta in Australia with €1.1 B investment

Bankinter | Iberdrola has reached an agreement with the Abel Enery group to build a hydrogen and green methanol production plant in Bell Bay, in northern Tasmania (Australia). The investment required will be 1.1 billion euros. The project, called Bell Bay Powerfuels, is backed by the Australian government and will be one of the biggest plants in the world. The production capacity of the new plant will be 200.000 tonnes…

Spain public debt

Spanish economy 21st December 2022

Spain public debt would drop to 110% of GDP in 10 years if structural deficit falls by 0.25% annually, according to Fedea

CdM | La Fundacion de Estudios Economía Aplicada (Fedea) calculates that if all the Public Administrations make an effort on fiscal consolidation which reduces the structural deficit to the tune of 0.25% of annual GDP, this would leave the indebtedness level at 110% of GDP in 2032. For the autonomous communities subsector, and with a similar structural adjustment, Fedea flags that the policy objective of 13% of GDP for the…

Unicaja2

Companies, Ibex, Spanish economy 21st December 2022

Ibex 35: Unicaja becomes sixth bank to join selective index on 27 December

Intermoney | The Ibex 35 Technical Committee (CAT) announced yesterday, after the market’s close, that Unicaja will join the selective index from Tuesday 27 December (the markets are closed on Monday 26). Unicaja will replace Siemens Gamesa after the successful takeover bid launched by the latter’s parent company. At the same time, Unicaja’s entering the Ibex 35 means that Talgo will join the Ibex Medium Cap index, replacing the bank….

gas natural almacenamiento

European economy 20th December 2022

EU launches ‘gas cap’ (€180 MW/h) full of exceptions

A record six (mostly extraordinary) meetings were held in the end and the last one produced a white smoke: an agreement to impose a €180 cap on the price of imported gas. The new ‘gas market correction mechanism’ will operate with a double safety key. It will be triggered automatically when, for 3 consecutive days, the price on the Dutch TTF market reaches 180 euros per megawatt hour (MWh). But…

stagflation

World economy 20th December 2022

Stagflation light

Crédito y Caución (Atradius) | The global economy is facing an unprecedented mix of challenges which are bringing it to the brink of recession in 2023. Stubborn inflation is the most dire challenge, which has far-reaching knock-on effects across the entire economy. We now find ourselves in a much-feared ‘stagflation’ reality – one characterised by low GDP but high price growth. Central banks have undertaken an aggressive tightening path to…