Spain’s industrial sector slowed in October as a result of a sharp rise in production costs and a slump in demand across the Old Continent, where figures “clearly indicate that the manufacturing economy is in recession”. Spain’s Purchasing Managers’ Index fell by 4.3 points to 44.7 in October, both the worst figure among the major European countries and the biggest decline of all. And the worst figure since the coronavirus…
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…
Ezentis, formerly Avanzit and Radiotrónica, is once again facing serious financial problems that threaten its viability. The company has asked the Sociedad Estatal de Participaciones Industriales (SEPI) for help on the verge of the end of the public business rescue fund. The energy and telecommunications infrastructure installation company has confirmed to the CNMV that it has requested 70 million euros in public money. The aim is to recover the group’s…
Hamza Mudassir (The Conversation) | The world’s richest man, Elon Musk, is now Twitter’s largest shareholder after acquiring a 9.2% stake in the social media platform for just under US$3 billion (£2.3 billion). The announcement drove Twitter’s share price up 27%, and it continued to grow in after-hours trading. This investor enthusiasm is not surprising. Social media platforms have been suffering lately thanks to newly developed pressures in their ecosystems….
Fernando González Urbaneja | The same PP leaders who last year closed ranks with Casado as a firm candidate for the Moncloa (the polls were favourable to them at the time) have applauded with the same intensity another leader who emerged from a fratricidal internal crisis that was hardly exemplary. A crisis with a few victims (Casado and his few loyalists) that has weakened the party, several of its leaders…
Fernando González Urbaneja | The risk of inflation which last autumn seemed temporary, caused by a temporary rise in energy prices, has become systemic. And the longer-term and worrying consequences threaten stagflation (inflation without growth and with unemployment). Economic textbooks warn that inflation is a monetary phenomenon that can be cured with monetary policy, with restrictions in the form of interest rate rises and a reduction in the money supply….
J.P. Marín-Arrese | Biden needs to bolster his tarnished presidency before the upcoming elections. Failing to deliver his electoral promises for the less well off, he faces the grim prospect of losing control of the Chambers. His economic record seems appallingly lacklustre as inflation is eroding incomes of most American households. Moderate Democrats allied themselves with Republicans to dump bombastic plans to provide widespread social benefits. Growth and jobs are…
Nick Ottens (Atlantic Sentinel) | Spanish employers and trade unions have done a deal with Pedro Sánchez’ socialist government to overturn several labor reforms of his conservative predecessor, Mariano Rajoy. I argued against repeal. Rajoy’s liberalizations helped bring down unemployment, from a peak of 26 percent to 14 percent before the pandemic, and encouraged business growth. They allowed companies to opt out of collective bargaining agreements and expanded trial periods….
The Government is facing a ‘hot’ end of the year in the face of demands being made by economic sectors as important to the Spanish economy as the countryside, the automotive industry and transport. They have already announced demonstrations in response to the problems their respective activities are going through. The Spanish economy is recovering the momentum it lost with the arrival of the pandemic. However, the global supply crisis…
Nick Ottens (Atlantic Sentinel) | Spain’s ruling left-wing parties have agreed to reverse the labor market liberalizations of the previous conservative government, which made it easier for firms to hire and fire workers. The decision is hard to justify even by the standards set by proponents of repeal. The reforms did not create more precarious jobs, they did not cause higher structural unemployment and they barely made a dent in…