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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.
5g

Spanish economy 21st December 2020

Spain Will Auction Frequencies For 5G For A Minimum Of €1.17 Bn

Last week the government published the terms and conditions for the 5G auction to be held in Q1 21. Eight frequency blocks (700 MHz) will be bid on with a total starting price of 1,170 million euros, a one-off payment and a 20-year usage period. Obligations of 100% coverage are established for populations of more than 20,000 inhabitants in a period of 3 years, equivalent to providing service to 70% of the population. In addition, coverage will have to be given to highways, freeways and high-speed train stations.

No Picture

In the World, World economy 20th December 2020

Learning To Become The World’s Second-Richest Man

Peter Isackson | A year ago, Elon Musk was officially worth about $20 Bn. Two weeks ago, he became the world’s second-richest person, with a fortune estimated at $128 Bn. Thus, Musk deserved a lengthy video interview with the Wall Street Journal. It could probe into how Musk managed to become the world’s wealthiest and most admired innovator. The Journal couldn’t saddle any random hack with that formidable task, and so its editor-in-chief, Matt Murray, rose to the occasion. The interview lasted half an hour and can be viewed on YouTube.

brexit

European politics 19th December 2020

What Are Australian-Style And Canadian-Style Brexit Trade Deals?

David Collins via The Conversation | The terms “Australian-style” or “Canadian-style” Brexit are meant to convey to the British public the kind of trade relationship they can expect with the EU if no preferential free trade agreement (FTA) is concluded between the UK and the EU at the end of the transition period. They are a short-hand way of telling the public that it is perfectly normal not to be a member of the EU or Single Market, because both Australia and Canada manage this and remain functional and amicable trading partners with the EU. 

heathrow

Spanish economy 18th December 2020

Ferrovial: Heathrow’s Third Runway Ruled Legal

The British Supreme Court has overturned a court ruling that forced to stop the construction of a third runway at London’s Heathrow airport, Britain’s biggest airport, which is currently controlled by the Spanish group Ferrovial. The judicial decision considers that the work is not illegal and, from now on, Ferrovial may request permission to undertake the project. In February, the London Court of Appeal ruled in favor of environmental activists against the expansion of the airport.

three gargantas

Spanish economy 18th December 2020

China’s Three Gorges Already Has A Subsidiary In Spain

The Chinese state-owned company Three Gorges has been hovering over the Spanish renewable energy sector for months and has now fully landed. Last August it closed its first operation in Spain with the purchase of 500 MW of solar assets from X-Elio. And now it has created a subsidiary in Spain, China Three Gorges (Spain) S.L, to directly manage its investments in the country. According to the Official Gazette of the Commercial Registry (BORME), the energy giant’s subsidiary in our country started its activity on October 28th.

Reig Jofre

Spanish economy, Spanish Small & Mid Caps 17th December 2020

Spanish Pharma Reig Jofre To Large Scale Manufacture Johnson & Johnson’s Covid-19 Vaccine

Reig Jofre, company listed on the Spanish stock exchange and specialized in the manufacturing of sterile injectable products, has reached an agreement with Johnson & Johnson (Janssen), to execute the technology transfer to manufacture its investigational COVID-19 vaccine candidate. Reig Jofre is completing the construction of a new state-of-the-art factory in Barcelona, tripling its existing capacity and boosting effienciency, which will be opened in 1Q21. The investment reaches to 30 million euros.

The “R” club is recruiting

European economy 17th December 2020

Sharp Rise In Public Debt: Will The Euro Area Resist?

Adriá Morrón Salmerón (CaixaBank Research) | The COVID-19 pandemic is causing a sharp increase in debt. Since the outbreak of the pandemic, public debt ratios have risen suddenly and significantly to almost unprecedented levels (the historical precedents are closely linked to major wars). For instance, in Italy and Spain a jump of +25 pps of GDP is expected in just one year, whereas it took five and three years, respectively, to amass a similar increase after the financial crisis of 2007-2008.

 

New Spanish renewables auction

Spanish economy 17th December 2020

Spain’s Government To Transfer The Cost Of €7 Bn Renewables’ Aids From Consumers To Energy Firms

The Spanish government has agreed that the cost of subsidies for renewables from now on will be assumed by the energy firms, no matter if they are oil, electric or gas companies. This is instead of consumers assuming that cost through the electricity bill they pay every month. The total amount stands at 7 billion euros/year and it represents approximately 16% of the domestic power supply bill. The transfer would be done gradually over 5 years. The first year 20%, the second 40% and so on up to 100% in the fifth year.

housing market spain cities

Spanish economy 16th December 2020

Spain | A Surprise In Housing?

GDP contracted by 8.7% in the third quarter of 2020 compared to the same period in 2019, while housing sales increased by 4%. In Spain we are used to housing being the cause of recessions and being one of the last sectors to recover. The vigor of the upturn in purchases has therefore been a surprise.