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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.

World economy 6th October 2021

The Fed Announces An Internal Investigation Into The Financial Operations Of Its Members

The investigation follows the recent resignations of Rosengren and Kaplan, presidents of the Boston and Dallas Federal Reserve respectively, for questionable trading in 2020. The spotlight is now on Clarida, the Fed’s vice chairman, after she moved between $1m and $5m from a bond fund to an equity fund a day before Powell’s statement in late February 2020, in which he announced possible Fed policy action because of the pandemic….

Spanish economy 6th October 2021

Wallbox, The First Spanish Unicorn To Go Public On The NYSE, Hits A Valuation Of €1.263 Bn and a 6.6% rise

The Spanish startup, specialising in electric vehicle charging and energy management solutions, is now listed on Wall Street following its merger with SPAC Kensington Capital Acquisition Corp II. The company ended the session with a valuation of 1,537 million dollars (about 1,263 million euros). In the opinion of Bankinter’s research team, “the outlook for the sector, the guidance presented, its alliances with suppliers of photovoltaic systems such as Sunpower and Otovo and the disruptive products offered by Wallbox make the company an interesting option in the area of mobility and energy transition”.

European economy 5th October 2021

150,000 Brits in Spain Have Applied For TIE Residency Card

The British Embassy in Madrid has revealed that 150,000 Britons living in Spain have been issued with a TIE card since it was introduced in July last year. As Fiona Govan explains in The Olive Press: Brexit meant the Green certificates available to citizens of EU member states would no longer be issued to Brits entitled to residency in Spain. Those who had yet to apply for residency were encouraged…

Spanish economy 5th October 2021

Chaos In The Spanish Electricity Sector

The Spanish government has entered the electricity sector like a bull in a china shop. On the wholesale market the price of energy continues to reach record highs day after day. Meanwhile the Expansión newspaper reports that last weekend, for the first time in history, several wind farms and photovoltaic plants preferred to shut down rather than sell electricity at a loss. According to the daily 5 Días, more than…

Spanish economy 5th October 2021

The Investigation Of Large Fortunes Would Amount To €38 Bn, Half Of The Non-Refundable European Funds

The experts of the Spanish Ministry of Finance (GESTHA in its english acronym) estimate that the investigation of large fortunes would raise half of the non-refundable European funds, after the International Consortium of Investigative Journalists (ICIJ) has uncovered the secret files of 14 law firms that reveal opaque societies of politicians, millionaires and artists from more than 90 countries. Specifically, GESTHA calls for the reinforcement of tax investigations into the most serious tax crimes and frauds in order to close the hole through which 38 billion euros – half of the non-refundable Next Generation EU Funds – are escaping due to the greater differential of the underground economy in Spain compared to the European average.

Temporary layoffs concentrate in activities mainly linked to trade and tourism

Spanish economy 4th October 2021

Spain’s Jobless Falls By 76,113 In September, A Record High For This Month, But How To Recover the 239,200 Still Furloughed?

With the drop in unemployment in September, the total number of job seekers reached 3,25 M at the end of the month. This figure would mean an unemployment rate of around 14.3%. Furthermore, temporary layoffs account for 239,200 workers, which means a decrease of 29,000 still included in these programmes compared to end-August. If we include this group added to self-employed with special benefits, unemployment stands at 3.7 M people, which means an implicit unemployment rate of around 16.3%.

Spanish economy 4th October 2021

Leroy Merlin, The Foreign Multinational That Best Reports On Its Contribution In Spain

The Fundación Compromiso y Transparencia has published the annual report about the contribution and transparency of foreign multinationals in Spain, whose ranking is headed for the fourth consecutive year by the French distribution company Leroy Merlin, which is the only that meets all the transparency indicators required in the report. The telecommunications company Vodafone completes the small group of companies classified as transparent in a report that analyses the 35 leading foreign multinationals in Spain, in order to compare them with the IBEX 35 sample.

World economy 3rd October 2021

Will The Pandemic Threaten The Future Of Big US Cities?

Jared Franz & Lisa Thompson ( Capital Group) | While the data is short term and the jury is still out, there are early signs of a powerful deurbanization trend in the United States and other major developed economies. Since the start of the COVID-19 pandemic, migration from some big cities has accelerated while suburban home prices have soared. Moreover, national labor force surveys indicate an overwhelming majority of employees who have been working from home want to continue doing so one or more days per week.

World economy 2nd October 2021

Some Like It Hot – The True Beneficiaries Of Global Warming

Stephan Eugster (Vontobel) | The energy requirements of the building sector for indoor climate control are increasingly becoming the focus of European sustainability efforts. Companies that can supply energy-efficient heating and cooling solutions for buildings will be able to benefit from this new push by the EU. The Swedish company NIBE is one of the pioneers in this field. The company’s “Climate Solutions” division, of which heat pumps are a part, accounts for 74% of the company’s revenues.

World economy 1st October 2021

Half A Century Later, Cuba Authorises The Creation Of 32 Private Companies

According to El País today, the Cuban government has authorised the creation and operation of 32 private companies. Half a century after the nationalisation of all private businesses by Fidel Castro, micro, small and medium-sized private companies are once again operating in Cuba.On Wednesday, ten days after the law came into force and the first applications were submitted, the government approved the first 35 MSMEs, 32 of them private and…

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