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Articles by The Corner

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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.
Ismael Ce

Interviews, Spanish economy 20th September 2022

“It Cannot Be That The Number Of Public Employees Rises And At The Same Time The Number Of Hours Worked Falls”

Almudena Díez | Ismael Clemente, CEO of Merlin Properties, explains that “What we are seeing today is that the adoption rate of teleworking in Spain is very low. In fact, it is one of the lowest, not only in Europe, but in the world. With the exception of the public administration, which has adopted it massively, with the risk of generating inefficiency” Q: A Bankinter director told us that the…

Telefonica chuli

Companies, Ibex, Spanish economy 20th September 2022

Telefónica seeks reduced price for Oi’s assets auctioned in Brazil

Renta 4 | Telefónica Brasil (Telefónica (TEF) 74,2%) finalised the acquisition of Oi’s assets which corresponded to the Spanish firm for a total of 1.063 billion euros. Telefónica Brasil paid some 966 million euros on the closing date of the transaction in April 2022. The payment of the remaining 10% is subject to specific price adjustments and potential indemnisation obligations. Separately, Telefónica Brasil took on a commitment to make an extra payment of…

aenasede

Companies, Ibex, Relevant News Item 19th September 2022

Deloitte calculates Aena’s 2020/2021 revenue deficit at €2.482 B

Banc Sabadell | Aena (AENA) is continuing to struggle to reopen the compensation analysis for Covid-19, which the Civil Aviation and the Government have both denied. Now, according to the daily Cinco Dias, Aena will have asked Deloitte to prepare a report. In this, the latter estimates the revenue deficit during 2020, as a result of Covid-19, at 1.394 billion euros ( vs 1.364 billion published by the CNMC) and during…

Ursula

European economy 19th September 2022

Europe | Price Cap On Power

BBVA Research | European Commission proposals to mitigate the impact of electricity price inflation on households disposable income and business costs must consider how they affect security of supply and decarbonization.

budget2021 amendments

Spanish economy 19th September 2022

The Spending Ceiling For The 2023 Budget Reaches Congress: €198,221 mn (+1.1%)

The Government will defend the non-financial spending limit, colloquially known as the spending ceiling, for 2023 this Thursday in the Plenary Session of Congress, in what is considered the first step in the processing of the General State Budget bill for 2023. Specifically, the non-financial spending limit for 2023 amounts to 198,221 million euros, a new record, 1.1% higher than last year’s spending ceiling, including 25,156 million euros of European…

homeofficeok

World economy 16th September 2022

Working From Home In Germany Settles At 1.4 Days Per Week (1.6 USA, 1.3 Spain, 2 UK…)

ifo | The amount of time full-time employees work from home in Germany has leveled off at an average of 1.4 days per week since the pandemic – compared to 1.3 days in neighboring France, 1.6 days in the US, and 1.1 days in Japan. This means that Covid-19 has had a severe and lasting effect on working conditions. That is the finding of a comparative study of 27 countries…

Japan PM

Relevant News Item 16th September 2022

Shinzo Abe’s Economic Legacy: A Glass Half Full

Alicia García Herrero (Natixis) | The assassination on 8 July 2022 of Japan’s longest-serving prime minister Shinzo Abe was one of the most shocking and saddest events in contemporary Japanese history. Abe had surprised Japanese citizens with his sudden health-related resignation in 2020. His resignation opened the way for Japan’s then foreign minister, Fumio Kishida, to win Liberal Democratic Party (LDP) support and the November 2021 general election, to become…

euro coin

Spanish economy 16th September 2022

Moody’s Rates Spanish Companies As The Most Profitable In Europe Due To Their Ability To Raise Prices

The credit rating agency Moody’s has indicated that Spanish companies are the most profitable among the main European countries (United Kingdom, France, Italy and Germany) due to their greater ability to raise prices, according to a report published on Thursday. “Although the sample is small, on average these [Spanish] companies have higher profitability at all percentiles, which suggets a greater ability to pass on costs to consumers and offset inflationary…

Arcelor Mittal

World economy 15th September 2022

China: Overcapacity Remains A Problem In The Steel Sector

Crédito y Caución (Atradius) | About 700 small steel mills, with 140 million tons of steel capacity deemed sub-standard, have shut down since 2016. Another 150 million tons of inefficient capacity at larger firms has also gone. However, steel production continues to climb, outpacing demand