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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.
curacao

In the World, World economy 15th October 2020

Caribbean, European Netherlands Close In on Bailout Deal

The islands — two north of Venezuela, one east of Puerto Rico — are on the brink of financial ruin. Without tourists, their economies have shrunk 20 percent. One in five families rely on food aid. Aruba and Curaçao cut salaries in the public sector by 12.5 percent and required a 20-percent contribution from firms to wage subsidies in order to qualify for a previous round of financial support, but it hasn’t been enough. For another cash injection, the Dutch are demanding that the islands cut red tape, liberalize labor laws and reduce the cost of doing business. The goal, Knops said, is to make their economies more resilient in the long term…

euro digital

European economy 15th October 2020

The ECB’s Public Consultation On Digital Euro Is Already Underway; Will Negative Rates Increase?

On October 2nd, the European Central Bank published a report on a digital Euro, providing a list of possible reasons for its launch. These include increased demand for electronic payments, decreased use of cash, the launch of global private means of payment, digital currencies issued by foreign central banks or monetary policy considerations. The ECB launched a public consultation last Monday, October 12 and will venture to take a decision on the introduction of a digital Euro by mid-next year.

Spain renewables auctions in 2022

Spanish economy 15th October 2020

Spain’s Wind Power Sector Proposes 9 Projects To Raise €12 Bn Of Private Investment With EU Funds

The wind power industry has put forward nine projects using part of the European reconstruction funds allocated to Spain. Earmarking €1.165 Bn from the funds would allow for the activation of private investments worth over €12 Bn and would create more than 30,000 jobs. These projects would make it possible to generate 17.32 terawatt hours of wind power on a national scale. This is equivalent to 30% of the increase in wind power generation envisaged in the National Integrated Energy and Climate Plan (PNIEC).

big techs

In the World, World economy 15th October 2020

Big Tech’s Market Might In Five Charts

Sean Markowicz (Schroeders) | The largest US technology stocks – Apple, Microsoft, Amazon, Facebook and Google (Alphabet) – known as the “FAMAGs”, have largely benefitted from the economic fallout of the crisis, as more people rely on their technology to work and shop from home. However, their increasing dominance is raising concerns about the top-heavy composition of the US equity market and the sustainability of the tech rally.

USA stock exchange

In the World, World economy 14th October 2020

US Equities Are Showing Buoyancy In October

After a lackluster September, US equities are showing buoyancy in October. The NASDAQ 100 Index is up over 2.7% while the S&P 500 Index is up over 3.4% month-to-date[1]. While markets were initially disappointed by delays in the much-awaited US fiscal stimulus, it appears that they are now beginning to price in the strong impact it can have whenever it comes – before or after the US presidential election. Which assets stand to benefit and how could investors position themselves?

US elections, Joe Biden

In the World, World economy 14th October 2020

“Markets In General Just Be Really Happy With Biden’s Lead”

Esty Dwek (Natixis)| “Markets in general just be really happy with Biden’s lead because it’s looking less and less likely that you’re going to have a contested election which means that by November 4th, we probably know who the next president is going to be, and if it is this Democratic sweep, then we also know there’s going to be a lotof fiscal spending in 2021.”

Spanish Ministry of Economy Nadia Calviño and Ministry of Finance María Jesús Montero

Spanish economy 14th October 2020

The IMF Predicts A Lasting Impact Linked With The Coronavirus; Spain, Most Affected In Developed World

The International Monetary Fund revised upwards estimates of global growth in 2020 but warned of a long and asymmetric recovery with uncertainties in which Spain will be the developed economy that falls most in the year. Thus, the agency now expects world GDP to fall by 4.4% in 2020 ( against -4.9% in June), thanks to China’s performance. The IMF forecasts for Spain a fall of 12.8% in 2020 to recover 7.2% in 2021. This drop is more than double that expected for the advanced countries as a whole (-5.8%).

naturgy

Ibex, Markets, Spanish economy 14th October 2020

Naturgy Ends Months Of Disputes With Sonatrach Through A Deal To Cut Price Of Gas Supplies

Spanish gas firm Naturgy has secured its gas supply for the next 20 years at a price lower than the current one. The news comes after Prime Minister Pedro Sánchez’s institutional visit to Algeria. In the wake of this, Naturgy has signed off on the end to the disputes with Algerian state group Sonatrach. At the same time, it has agreed new contracts with the group valued at 20 billion euros over the next two decades.

Telefónica to reduce its reliance on Huawei

Ibex, Markets, Spanish economy 14th October 2020

Telefonica Is Creating A Subsidiary To Invest In Fiber In Germany

Banco Sabadell | Telefónica is in the final stages of negotiating an agreement to set up an independent company, which would be responsible for the deployment of a fiber optic network in Germany. The investment in the project is about 5 billion euros. Telefonica would structure the project through its subsidiary Telefonica Infra, which plans to sign an accord with an infrastructure fund and a group of financing banks around the end of October.

spain teleworking

Spanish economy 13th October 2020

Spain Regulates Remote Working For The First Time

The new regulation for teleworking in Spain, approved on September 22nd and agreed with employers and unions, comes into force on Tuesday. The implementation has been accelerated by the covid-19 pandemic, since up until now there was no specific regulation. Telecommuting will be voluntary and reversible for both the employee and the company.