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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.
renewables toreras

Spanish economy 12th March 2021

Spain’s Appeal For Investment In Renewables

The national installed capacity of renewable energies between 2006-2021 has increased significantly, especially wind and photovoltaic energy. As pointed by Intermoney, they have grown 139% and 9,110%, respectively. Similarly, the installed conventional energy (coal and fuel + gas) has decreased with declines of 53% and 73%, respectively. Spain would also exceed the European targets for the penetration of these energies with 42% compared to the European 38-40%. For the experts of Renta 4, the very strong operational and financial growth of the companies will be coupled with the growing trend of ESG.

edward leigh

Interviews 11th March 2021

“Even Farmers, Subsidised By The EU Common Agricultural Policy, Voted For Brexit”

Tristan de Bourbon | “In some cities like Boston, on the coast, half the population and half the schoolchildren came from Eastern Europe. But it is true that immigration does not explain all of Lincolnshire’s Brexit vote. Look, even farmers, heavily subsidised by the European Common Agricultural Policy, voted for Brexit because they were fed up with all the European controls. The European system is totally absurd: you receive aid according to the area you own, whether you farm or not,” says Edward Leigh, Conservative MP, former Chairman of the British Public Accounts Committee.

green new deal

European economy 11th March 2021

EU Investors To Report How Sustainable They Are

Asset managers, pension funds, insurers or investment advisors in the European Union (EU) will be obliged to report how they assess the environmental and social sustainability of their products. And when they claim to have a green strategy, to justify it. This is required by the regulation on sustainability disclosure in financial services that came into force on Wednesday and seeks to prevent so-called “greenwashing”, whereby investments not actually climate-friendly are labeled as “green”.

oil rig

Spanish economy 11th March 2021

Crude Oil Imports To Spain Fall 10.5% In January, To 4.475 Million Tons

Crude oil imports to Spain in January reached 4.475 m tons, which represents a 10.5% decrease agaisnt the same month last year, maintaining the levels of the last half of 2020, says the Corporation of Strategic Reserves of Petroleum Products. In January, 27 types of crude oil were imported from 14 countries. Nigeria was the leading supplier of crude oil with 979,000 tons, representing 21.9% of the total. It was followed by Mexico, with 721,000 tons – 16.1% of the total – and Libya, with 608,000 tons – 13.6%.

Fed ECB

European economy 10th March 2021

Fed Memo To The ECB: “My Rates, Your Problem”

Bruno Cavalier (Oddo BHF) | There are two types of central banks in the world. On the one hand, those who believe that the recent rate hike is widely justified. This is the case for the Fed, at least so far. On the other hand, those who think the opposite. This is the case of the ECB, which is exasperated to see European rates rising, not as a sign of a solid recovery, but because of the contagion of the US bond correction.

Inditex crece compressor 1

Ibex, Markets, Spanish economy 10th March 2021

The Two Sides Of Inditex’s 2020 Results: Profit Falls By 70%, Online Sales Grow By 77%

Inditex’s results in the year of the pandemic have shown an annual drop in profit and revenues of 70% and 28%, respectively, although the counterpart for the company has been the rapid conversion of its business model to the online environment, with internet sales growing by 77%. On the other hand, Inditex’s Board of Directors will propose a €0.70 per-share dividend at the Annual General Meeting scheduled for July. It will consist of an ordinary dividend of €0.22 and an extraordinary dividend of €0.48 per share.

working at office

Spanish economy 10th March 2021

The Renewal Of The Insolvency Moratorium Could Worsen The Situation Of Businesses On The Verge Of Bankruptcy

The so-called insolvency moratorium for all companies in a situation near bankruptcy will be extended for the third time since the the health crisis began. A good number of experts believe that with this new extension, the situation of those firms will only get worse, as this is not sustainable indefinitely. In December 2020, the Spanish government did not consider either the criteria of the Bank of Spain, which flagged the moratorium would allow a higher survival rate of non-viable companies.

Eurozone employment

Relevant News Item 9th March 2021

Eurozone Loses More Than 3 M Jobs In Pandemic Year

The number of employed in the Eurozone in the fourth quarter of 2020 reached 157.9 million. This represents a loss of 3.1 million jobs compared to the same period in 2019, before the impact of the pandemic, the EU statistics office Eurostat has reported. In the European Union as a whole, the number of employed people in the fourth quarter of 2020 was 206 million, a figure 3.5 million lower than in the same quarter of 2019.

euro spain

Spanish economy 9th March 2021

Three Funds For The Spanish SMEs’ Aid Package

The new 11 billion euros stimulus package for the financial equilibrium of hotel and tourism firms, as well as small businesses, will get the green light from the government at the end of the week. This aid scheme will be backed by three funds to provide direct help for companies : one with aid to affected businesses channelled by the autonomous communities, a second one for the conversion of ICO credits and a third one for the recapitalization of medium-sized companies.

ACS Cimic

Ibex, Markets, Spanish economy 9th March 2021

ACS Led State Contracts In 2020

Procurement of civil works by the Ministries of Transport and Ecological Transition fell last year by 57%, bringing it back to 2015 levels. The company which benefitted most was ACS, which topped the rankings of both ministries, with a total portfolio of €279Mn. The low activity led a non-civil construction company such as Siemens to take second place (€133Mn), thanks to a railway signaling contract.