Dangerous Delay In Next Generation Funds

The Government has only effectively executed 6,900 million of the Nex Generation EU Funds in 14 months. It is an obviously meager figure considering the expectations that the Executive had raised through its own Budgets, in which 26,000 million were provisioned in 2021 alone.

The data also reflects that most of this European aid launched with the aim of boosting the post-Covid recovery has not reached the real economy. Throughout the days dedicated to the analysis of the management of the funds carried out by elEconomista, the Autonomous Communities have already warned of delays, of no equity in the distribution and of the lack of a defined plan. The regional executives also complained of excessive rigidity, since the Government determines in advance the destination of the aid.

This reduces its effectiveness by not adapting to the problems of companies in each CCAA. It is clear that, far from being resolved, bureaucracy and lack of transparency continue to be the main problems that prevent companies from accessing funds. It is therefore necessary that the Executivespeed up the distribution of European funds and be transparent in the distribution. It is also key that the Government and the Autonomous Communities (50% of the aid is already in their hands) eliminate the administrative obstacles that delay the approval of, for example, the Pertes.

Bureaucracy and politicization mean that the real execution of European aid is still less than 7,000 million

In short, it is essential to speed up management so that companies can justify before the end of 2026, which is the limit set by Brussels, how they have used the aid. Without these improvements in management, there is a serious risk of repeating the failure of the Government aid for SMEs and the self-employed in March 2021 and the money will have to be returned to Europe.

Celsa’s Mistakes And Meloni’s Message Of Calm To The EU

The mistakes that weigh down Celsa’s future
Celsa’s debt holders have filed a pre-contest in court. They offer a restructuring plan that consists of reducing liabilities by 1,291 million in exchange for taking over 100% of the firm, which would mean the end of the Rubiralta family, the owner family, as shareholders. A situation that has been reached despite the fact that SEPI approved a rescue of 550 million for the company three months ago.

The problem is that the disbursement was subject to an agreement between Celsa and the creditors that has not been reached. Quite the contrary, the funds have waited for the entry into force of the new Bankruptcy Law, which allows this maneuver to strike a blow for which the company incomprehensibly had not prepared. This is the latest in a series of management errors in a company that, since 2017,

Meloni reassures the market and the EU
The stock markets have taken the landslide victory of the far-right leader Giorgia Meloni in Italy calmly, despite representing an unprecedented political turn in the country and the anti-EU messages of the next prime minister during the campaign.

The winner herself has now contributed to this calm in the market, who has qualified her radical speech, even asking for the help of Mario Draghi and his team to prepare the Budgets. All a sign of orthodoxy and that the challenge to the European institutions does not seem to be in Meloni’s plans. This is good news for the eurozone and for Italy, which will thus avoid the risk that her risk premium would entail if her government were to maintain conflicts with Brussels.

The diversification of the ‘family office’
The wealthiest families to the point of having to manage their assets through a family office only invest 47% in the stock market. The rest is devoted to fixed income (29%) and alternative investments. This diversification is a competitive advantage for these vehicles at a time like the present with equities subject to the highest volatility due to the war and the threat of recession. All in all, conservative management will prevent millionaires from getting more out of their investments when the stock markets normalize.

Circulo De Empresarios Warns Of The Risk Of Hyper-Regulation In ESG

“We surely live in the best of all possible worlds, in the European Union, but it has a huge tendency to overregulate , in my personal opinion,” said Francisco Román, president of the ESG Working Group of the Círculo de Empresarios on Tuesday. . Visit the specialized portal elEconomista Sustainable investment and ESG.

“Companies face a risk of hyper-regulation, because Europe has generated an enormous machinery, tremendously effective in regulating many aspects, but which has both sides,” he said. On the face of it, this regulation “fuels transformation, encourages all companies, large or small, to be aligned in the same direction,” she explained. On the other hand, “we all know that digesting all that regulation sometimes causes excessive costs . ” Román recalled that Europe “competes with lighter regions in these aspects; you have to ask yourself what price you are willing to pay”, he pointed out.

“Europe has a certain excess of regulatory vocation and that can weigh us down,” he emphasized. That is why “we recommend that we be pragmatic, so as not to overcharge” companies. Particularly, in a country whose productive fabric includes “many small companies for which this can be done more uphill.” This type of “ballast” reduces “competitiveness, ” she added.

Francisco Román made these statements during the presentation of the report Challenges of the Spanish company in the face of a European growth model based on sustainability (ESG) and lines of progress to overcome them , prepared by EY. One of the main conclusions of this study is that “the general level of Spain in relation to the main international instruments of sustainability can be improved”.

Best in ‘E’ for ESG
The level of preparation of the Spanish company to respond to this regulatory challenge and change in the economic model “is not homogeneous for the three ESG dimensions,” says the study. Where this country is best positioned is in the E of the acronym : “In environmental matters, the starting position of Spain could be qualified with a score of 4 out of 5”, it is pointed out.

This statement is based on several strengths: “It occupies position 14 out of 180 in the Environmental Performance Index(2020); Greenhouse Gas (GHG) emissions are lower than the EU 27 average (2019); in renewable energies, it is the country that invested the most (7,394 million euros in 2019), and 21.2% of the country’s total energy comes from renewable sources (2020).” It is also highlighted that, in installed capacity for storage of gas, represents a third of the EU’s total Liquefied Natural Gas (LNG) import capacity by sea and that dependence on Russian gas is minimal However, there are still opportunities for improvement, especially as regards to the clarification of the regulation related to renewable energies and in the connection of gas infrastructures with Europe.

In social matters , Spain’s starting position could be classified as 2 points out of 5. “In terms of corporate health and safety policies, 41% of European companies (including those from the United Kingdom) and 26% of those from the rest of the world consulted by the United Nations Global Compact that declare to incorporate these policies are Spanish (2020); in terms of equality, and from the point of view of equal rights in the legal system, Spain is one of the 12 countries in the world 100% egalitarian; in terms of disability, 72% of active people with disabilities have a job”. However, there are still very important areas for improvement, “especially those relating to the youth unemployment rate (38.3%, which places us at the head of the EU) and total unemployment (15.5%, the second highest in the EU and far from the average of 6.83%).

In terms of governance , Spain’s starting position could be rated 2.5 out of 5. 79% of the Ibex 35 state that they include ESG metrics in their Long-Term Incentives and 29% include them in short-term ones, ” which positions Spain above the EU average”; the presence of women on the boards continued to increase, standing at 26.1% (23.4% in 2019) in listed companies and 31.3% in the Ibex 35 “. Most recent data from the CNMV, which has analyzed The corporate governance reports of the Spanish listed companies reveal that the figure for the Spanish market as a whole is already 29.3%, and exceeds 34% on the Ibex .

“However, there are still important lines of improvement , especially in aspects related to Spain’s position in the democratic quality indices (in 2021 Spanish democracy went from being a full democracy to an imperfect democracy) and in the Perception of Democracy indices. Corruption (Spain occupies position 32 out of a total of 180 countries, with 62 points).

Regarding the Sustainable Development Goals (SDGs), in 2021 Spain was in twentieth position (among 165) with a score of 79.46 out of 100. On the other hand, 81% of Spanish companies are aware of the SDGs and a 86% have established some measure to help achieve them. 70% of companies are unable to meet ESG demands.

Taxonomy: opportunity and challenge
The report also refers to the European taxonomy for green financial activities , which establishes what kind of economic activities fit with the EU’s climate objectives. “On the one hand, banks and investors have to publish from March 2021 what part of their assets are invested in ESG and how this affects their risks (Sfrd); on the other hand, companies will have to explain in their sustainability reports what part of the company’s activity is eligible according to taxonomy criteria (Csrd)”. Also read: 24% of Spanish investment funds already include ESG criteria.

In this framework, “the main opportunity for Spanish companies is to access financing for which there is enormous market appetite.” And the main challenge “will be to transform the company’s balance sheet into green, determining what percentage of its Opex, Capex and Ebitda is eligible” according to the taxonomy.

Aesthetic Medicine Recovers Pre-Pandemic Figures and Invoices 3,585 Million Euros In Spain

The aesthetic medicine sector in Spain recovers pre-pandemic figures and closes 2021 with a turnover of 3,585 million euros. Forecasts for 2022 expect growth of between 8 and 10%. The evolution trend in billing remained progressive from 2014 until the arrival of the pandemic.

The year 2020 marked a break in terms of progressive evolution that caused the average annual turnover for each of the 6,305 authorized centers in national territory to drop by 4.8% compared to 2019 , reaching 568,733 euros.

Facial treatments represent 69% of total turnover , so experts explain that this branch will be the one that represents a higher percentage of growth in the coming years and its turnover is expected to grow around 26%.

The Spanish population evolves with higher life expectancies, which means that self-care and the culture of health have an impact on the growth of the aesthetic medicine market. 40% of the general Spanish population has used aesthetic medicine services on some occasion . By gender, women go to consultation much more than men (71.8% compared to 28.2%).

The number of centers authorized by the Ministry of Health to practice aesthetic medicine has also experienced a growth of 20.2% compared to 2019. The average price spent by a patient who undergoes aesthetic medicine treatment is 1,027 euros per year .

However, those that are performed on an occasional basis cost an average of 581 euros for women and 798 euros for men . The reason for this price differential is given because the treatments that men undergo are usually more expensive than those of women.

During the past year, a total of 871,525 medical-aesthetic treatments were carried out in Spain . If analyzed by branches, 626,778 correspond to facial (72%), 191,515 to body (22%) and 53,232 to other categories, such as hair removal (6%). Among the facial treatments most demanded by users after the Covid-19 pandemic are botulinum toxin (42%), hyaluronic acid (32%) and treatments to improve skin quality (20%).

More and more young people under the age of 30 are becoming interested in aesthetic medicine . A few years ago the average age of entering aesthetic medicine was 35 years, but now the situation has changed. “The use of social networks, the possibility of using filters and the appearance of applications that allow changing the shape of the face have contributed to generating new needs in young patients,” explains Sergio Fernández, second vice president of the Spanish Society of Aesthetic Medicine ( SEME).

Challenges of aesthetic medicine
The ‘Dimensioning study and socioeconomic impact of Aesthetic Medicine in Spain’ presented by the SEME shows a positive balance of the sector in Spain . However, there are still some fronts to fight. The impersonation of functions, VAT and the little support provided by the Ministry of Health to the sector stand out as the main obstacles to aesthetic medicine in Spain.

The impersonation of functions in aesthetic medicine continues to be something common and Madrid and Barcelona are the cities where the most acts of intrusion are committed . The U.48 health license is the one that identifies the clinic as an authorized health center and is granted by the Ministry of Health of each Autonomous Community. The sector has not finished finding support from the Ministry of Health either . “At the national level we have little support from the Ministry. We have much more support from the Autonomous Communities than at the central level,” concludes Dr. Petra María Vega, treasurer of SEME.

15% of the patients who attend the consultations of aesthetic doctors associated with SEME have suffered the consequences of intrusion. “Hence our insistence that patients always ask for their medical license number or medical degree from the professional who is treating them. That way they can check whether or not they are committing a crime before putting their health in the hands of an intruder” , affirms Enrique Fernández Romero, member of SEME.

Another of the handicaps is the Value Added Tax (VAT). For a few years, 21% of the tax has been applied to aesthetic medicine , which has caused many users to decide not to access treatments. 60% of non-users acknowledge that they would consider carrying out a treatment if it did not carry VAT and in the surveys carried out, 7 out of 10 patients consider that a VAT reduction in treatments would increase the number of new patients, as well as the frequency of treatments in current users.

Global Second Hand Car Market 2027 To Report Double Growth

The global second hand car market is booming as people around the world increasingly seek to trade in their old cars for new ones. This is being driven by a number of factors, including the rise of the middle class in developing countries, the increasing availability of finance for car purchases, and the increasing environmental awareness of consumers.

As a result, the second hand car market is growing at a rapid pace, with sales expected to exceed $300 billion by 2020. This is providing opportunities for both consumers and businesses alike, with buyers able to find a wide range of cars at competitive prices, and businesses able to profit from the reselling of cars.

However, there are some challenges that need to be overcome in order to make the most of the global second hand car market. These include the need for better regulation and standardization, the need for increased transparency in the market, and the need for increased consumer education.

Overall, however, the global second hand car market is a thriving and exciting sector that is poised for strong growth in the years ahead.

The global second hand car market size is expected to reach $1 trillion by 2020, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 10.8% from 2014 to 2020.

The market is expected to be driven by the increasing popularity of online classifieds and the growing demand for pre-owned vehicles in developing countries. The market is also expected to be driven by the increasing number of luxury car owners who are looking to sell their vehicles after a few years of use.

The market is segmented by region into North America, Europe, Asia Pacific, and Rest of the World. North America is the largest market for second hand cars, followed by Europe. Asia Pacific is the fastest-growing market, due to the rising demand for pre-owned vehicles in countries such as China and India.

Some of the key players in the global second hand car market are eBay, Inc., Cars.com, Inc., and AutoTrader.com, LLC.

The global second hand car market size is expected to reach $56 billion by 2023, according to a new report by 2027. The report projects that the market will grow at a CAGR of 16% during the forecast period. The growth of the market is attributed to the increasing demand for used cars from emerging markets and the growing popularity of online platforms for buying and selling used cars.

Advantages Of Cryptocurrencies And Risks Of The Most Controversial Asset

Seven thousand people gathered at the WiZink Center in Madrid in August. A Bon Jovi or Rosalía concert? Any Real Madrid basketball game? Nothing to see. There were 7,000 people attending a cryptocurrency event, which generated enormous controversy.

The National Securities Market Commission (CNMV) warned that neither the organizing company Mundo Crypto nor several sponsors had licenses to operate as investment entities. A warning that caused the resignation of the two initial presenters of the event Jorge Fernández and Cristina Pedroche. The controversy was served.

Cryptocurrencies continue to be one of the most debated financial assets. Despite the risks involved, there are still many people who believe that they can get rich very quickly thanks to them. Not in vain, cryptocurrencies moved close to 60,000 million euros in Spain in 2021, according to a report by the Bank of Spain.

Following the declines in cryptocurrency prices in recent months, some investors are wondering if they have bottomed out and will start to rise again. Is it the time to invest in cryptocurrencies now? We count some advantages and disadvantages of betting on these assets.

Here are some strengths of investing in cryptocurrencies:

Upside potential
One of the best-known characteristics of cryptocurrencies is the volatility of their prices, since they can quickly appreciate in value or suffer a resounding fall. The rapid movements of prices have achieved that there are investors who have obtained significant sums of money. Thanks to this, they have enjoyed a lot of popularity in recent years. However, it can also lead to the complete loss of the money invested.

There is currently no consensus among analysts on how cryptocurrency prices will behave in the coming years.

Possibility of operating 24 hours a day

Unlike other financial assets, investors can trade the cryptocurrency market 24 hours a day. The transactions take place at the moment in which the user decides to buy or sell said asset.

It is supported by blockchain technology

Cryptocurrencies are digital assets that are based on blockchain technology (chain of blocks, in Spanish). This technology allows the transfer of an asset from one place to another, without the intervention of a third party being necessary. In addition, it provides security and transparency to transactions.

Diversify the investment portfolio
Many investors have turned to cryptocurrencies as a way to diversify their investments. When it comes to investing, diversification is one of the main commandments. By spreading your money across different assets, you’re less likely to take a financial hit if only one of your investments fails. However, if all the money is put into a single asset and it goes under, the investor will lose everything.

These are the main disadvantages of investing in cryptocurrencies:

Constant and sudden fluctuations in the price:
Cryptocurrencies were initially thought to function as uncorrelated assets. That is, their prices did not depend on the fluctuations of the stock market. However, this year has shown that cryptocurrencies tend to trade similarly to other risk-sensitive assets, such as stocks.

The price of cryptocurrencies has also suffered in recent days after the speech of the president of the Federal Reserve , Jerome Powell, in which he assured that the central bank would not stop raising interest rates until inflation is controlled. Even though it seemed that Bitcoin had recovered and was close to $25,000, it has had a sharp drop, like many big indices, and has been around $20,000.

The largest cryptocurrency has stagnated in that trading range after the collapse of cryptocurrencies last spring. They are very far from the levels reached in November 2021, when it was close to $69,000.

Lack of regulation
One of the main problems of cryptocurrencies is the lack of regulation and supervision by the authorities. Cryptocurrencies are a very high risk asset, only suitable for people who are willing to risk a large part of their investment

This lack of regulation means that the money invested in this type of asset is not protected in the event of bankruptcy of the entity, as is the case up to a certain amount with other products such as current accounts and deposits. “Investment in crypto assets is not regulated, it may not be suitable for retail investors and the entire amount invested may be lost,” warns the CNMV.

possibility of fraud
Given the popularity of cryptocurrencies, many scammers are turning to them to defraud individuals who are just looking to make easy money. In the United States alone, more than $1 billion has been stolen from 46,000 people between early 2021 and June 2022, according to the Federal Trade Commission (FTC).

Are you thinking of investing in cryptocurrencies? Cryptocurrencies are not suitable for all types of investment. Finect can put you in contact with a professional financial advisor completely free of charge, who will help you plan your finances and make your savings profitable, as well as prevent you from making mistakes.

Casa de Fieras Is A Little Bit Of The Sea Of Cadiz

Casa de Fieras, located in the Retiro area of ​​Madrid, has become one of the most specialized establishments in traditional Navarran cuisine, where the product is the star . Freshness and dynamism in the menu, depending on the season, is what characterizes the DNA of this restaurant. An authentic differential project with gastronomic personality.

The space, divided into three spaces, the entrance with high tables and stools, the bar area and the room offers a modern, relaxed atmosphere with a lot of personality, where the client knows that he will feel at home. Seven years ago, an old leather tanning workshop became a cozy restaurant that invites you to eat well.

Rafael López has been directing this great “orchestra” since 2017. Casa de Fieras cuisine stands out “it’s fun, simple and very, very rich”… Flavors that surprise for their authenticity, where the product is king.

Are you dedicated only to your project?

I am not a chef, but from my admiration for them and from our experience as a team I will give you my opinion. The chef profession is absolutely vocational , the volume of work, the pressure during the service, the need for learning and innovation and everything that managing a kitchen entails, can only be understood from a very deep vocation, investing most of your time On it. However, teamwork and knowing how to delegate are essential in order to have time for new projects and for your personal life.

What gastronomic proposal do you offer?

CDF’s gastronomic proposal is based on a product of exceptional quality , where the work of our kitchen is to pamper and present the product. Much love and respect for the raw material.

How would you define the kitchen of your restaurant?

CDF’s cuisine is fun, simple and very, very rich…flavors that surprise for their authenticity, the product is king.

Would you be able to define the cuisine you offer with a flavor?

Casa de Fieras is a little bit of the sea of ​​Cádiz, another bit of the Huerta Navarra and all seasoned with the Madrid tradition, so defining it with a single flavor is complicated.

What was your first fulfilled dream?

See how my gastronomic idea could become a business , see how the kitchen team was able to improve and take extraordinary products to heaven and enjoy watching our customers when you walk through the dining room and see their expressions of satisfaction at what they are eating .

When did you know that you wanted to dedicate yourself to restoration?

I have been in the hospitality industry for more than 15 years and I think I always had the idea of ​​developing a business that could express my love of cooking and giving good service . Seeing how people enjoy themselves in front of a dish is one of the most rewarding sensations for a hotelier.

Who were your teachers?

My grandmother Amalia had a large Mexican family and as a child we spent a lot of time with her. Her house was the passage for many Mexicans who came to Madrid.

Seeing how he treated them, the love with which he cooked and his eagerness to serve and hospitality stayed with me. She was my great teacher and the concept that I wanted to implement in the Restaurant.

Where do you think gastronomy is headed?

Without a doubt , more and more work will be done with ecological products , respect for the land and the sea, proposals for healthy, quality food, with surprising flavors and textures.

Something that can never be missing in your kitchen?

The Tuna (I’m in love with the Tuna)

Which chefs inspire you when creating new dishes?

Angel León, what he does is magical.

How is the client who arrives at your restaurant?

We have clients of all kinds, but above all it is someone who is looking for honesty in the kitchen and having a good time.

Andalusia Will Authorize VTCs In Cities But Far From Airports And Hospitals

The Andalusian taxi sector burns again with the movements of the Ministry of Development of the Andalusian Government to carry out a decree law that regulates Vehicles with Driver (VTC). Police charges and two arrestedwere the balance of the first protest by taxi drivers against the Andalusian administration’s announcement to allow VTCs to continue operating in urban centers from October 1, although requirements will be established for these measures to guarantee “coexistence” and offer “the best service to the citizen”.

Among these measures that can compensate taxi drivers is establishing special protection zones around airports and stations, hospitals and even four-star hotels and venues for events, such as concerts or football matches.

On the negotiating table is the proposal to establish a minimum parking distance of 300 meters for airports, ports, train and bus stations and 150 meters for other spaces such as hospitals, four-star hotels, courts or places where events are held.

From the Board they indicate that it is a measure that is not included in any other regional regulation in Spain and that it arises from a proposal from the Ministry of Transport itself to a query from Andalusia and that it complies with the State Land Transport Regulation Regulation that prohibits VTCs from attracting customers. In addition, this regulation by distance would avoid repeated conflicts between VTC and taxis at certain points in the affected cities.

More measures
There are also proposals to reinforce the information that the VTC have to offer to the administrations for their Registration, thus increasing their inspection and control , that geolocation is not allowed before contracting the service by the client to avoid the capture of users, require professional training of VTC drivers with a test like taxi drivers and a validity period for the training certificate, require a minimum lengthto VTC vehicles according to their environmental classification (4.70 meters in length for hybrids, 4.50 meters for electric vehicles in general, a minimum measure of 4.90 meters to differentiate the service offered by VTC and taxis), and increased inspections and tougher penalties for offenders.

Trading since 2019
In fact, the negotiation that is now open already began in 2019 as a result of the approval of the current regulations of 2018, known as the Ábalos Decree, which abolished the urban services of these vehicles with a transitional compensation period of four years, until on October 1, 2022 , forcing the autonomous communities to regulate to enable the urban service from that date. If there is no decree in Andalusia that day, the VTCs will not be able to provide service in urban centers.

Aragon, Catalonia, the Balearic Islands, the Basque Country, Galicia, Valencia and Murcia have already regulated the services of VTC-licensed vehicles, generally requiring a pre-contract time of 15 to 60 minutes, and have received million-dollar property claims from companies VTC, existing contradictory judicial resolutions throughout Spain. “However, the European Commission recently published a communication on good regulatory practices in the sector with recommendations to review and adapt the regulations to the guidelines and free competition that avoid unnecessary and harmful restrictions and limits on market access, among them, it is recommended avoid pre-contracting with time or returning to the base”, recalls Fomento.

The Board insists on the need for a state standard and not 17 different models
“We defend that in Spain there cannot be 17 different models of VTC regulation and that, therefore, it must be the Government of Pedro Sánchez that approves a regulation for the entire country, but given its inaction and its decision to attribute the communities this regulation, we have decided to approve a decree law”, the councilor said days ago after meeting with representatives of the Andalusian taxi.

The counselor has assured that the future norm is still being negotiated and that it is not sought to “damage the taxi”. The three communities with the highest number of VTC licenses are Madrid (8,266), Andalucía (3,256), Cataluña (2,580) and Comunidad Valencia (681). Andalusia concentrates 19% of the VTC authorizations that exist in Spain and the proportion is one VTC for every 2.7 taxis, since 8,782 taxis are registered.

In practice, almost all of the VTCs that operate in Andalusia are concentrated in Seville, the city of Malaga and the Costa del Sol area. In the rest of the towns their presence is testimonial.

taxi driver’s anger
“They have deceived us, in essence they have deceived us,” argued Francisco de la Piedra Vega, representative of the Andalusian Federation of Self-Employed Taxi (FAAT), during Thursday’s protest at the gates of Parliament that ended with police charges and two arrested . The taxi drivers consider that “overnight and with the absolute majority of the PP, the discourse has changed completely” in San Telmo and they feel “betrayed” before the movement of the Ministry, which they have warned that they will not hesitate to appeal to the courts.

“Let them know that we are going to denounce if they continue with this regulation that they intend to do. They will know what they are doing,” he has pointed out both in relation to the Minister of Public Works, Marifrán Carazo – who was appearing in the department’s commission in Parliament — as well as the entire Board.

There are reasons to fear an escalation of tension and episodes of violence. In 2017 there were already serious disturbances with the burning of nine Cabify cars as the most prominent episode.

VTC Associations
The rental associations of Transport Vehicles with Driver (VTC) of Andalusia, Andeval and Unauto VTC have warned that the demands of the taxi to the Junta de Andalucía “would condemn the sector to its disappearance” due to the “expropriation of licenses and arbitrary restrictions to your activity.

Both organizations have warned through a statement that the “pressures” to “eliminate these public services to Andalusian mobility users” consist, “among others, in the establishment of disproportionate restrictions on the sector’s operations that could, as minimum, eliminate 25% of the services currently enjoyed by users in Andalusia, with the extinction of up to 8,500 jobs and significant damage to the economy of the region”.

“The restrictions that the taxi sector is proposing to the Ministry of Development, Articulation of the Territory and Housing contemplate, among others, the establishment of a minimum length for VTC vehicles, a minimum pre-contract time, as in Catalonia, and the obligation that the authorizations have provided service during the last 12 months”, they added.

Spanish Funds Unknown By Many Investors That Should Be On The Radar

In a year when the markets are posting double-digit declines, it is good to remember the phrase attributed to Warren Buffett that only when the tide goes out is it discovered who was swimming naked. This aphorism, applied to investment funds, could be applied to the long-term profitability of their managers, which becomes more imperative in times of crisis. And then it is discovered that many of the best performing collective investment vehicles, in the conservative categories, are Spanish.

The problem is that most investors do not know them, because by having a Spanish ISIN (the exclusive registration number used to identify each product) their marketing in other distribution networks than those of their bank – the usual channel of purchase for an investor – is an almost impossible mission, if you do not go to certain platforms.

In some cases, they are even funds belonging to financial entities, so their sale is limited to their clients. And a few of these products, although backed, are actually private banking client strategies that are not actively traded, although any eligible investor can purchase them.

But compared to their competitors, both from other Spanish managers and those from international firms, they achieve a very long-term performance that places them at the top of their category. In many cases, these are mixed funds , those that are more suitable for a conservative investor, so their profitability data stands out even more.

Among the mixed products classified as aggressive by Morningstar, those that can allocate a greater part of their portfolio to equities, are Bestinver Mixto , with 5.79% annualized over 20 years, and Bona Renda , from GVC Gaesco, with 4 .89%, which are among the top five in their group for profitability in this period of time. The first belongs to one of the most recognized independent firms by investors, although its flagships are pure stock market products, such as Bestinver Bolsa or Bestinver Internacional , while the second belongs to one of the most deeply rooted firms, especially in Catalonia. .

If aggressive mixed but with a global strategy are considered, Fontibrefondo , from Santander AM, stands out, earning 6.02% annualized over twenty years, the second best product of its group.

Among the flexible mixed funds, four Spanish funds hold the top positions for twenty-year annualized returns. This is Inverbanser, another product from the Santander catalog, which leads its category in this period of time with 5.17% , followed by Espinosa Partners Inversiones , with 4.43%, Fondcoyuntura , from Renta 4, with 3 .7 %, and Welzia Coyuntura , with 3.66%.

The first, managed by atl Capital, can have an exposure to equities of up to 100%, although this usually ranges between 30%-60% , they say at the firm. “The current exposure is approximately 30%, since it covers part of the portfolio with futures of the European EuroStoxx 50 index. Regarding the selection of securities, it incorporates actions that it sees as driven by fundamentals, but taking into account the macroeconomic situation. It currently has a blend-value bias and is overweight in pharma and basic resources. It has practically no currency risk”, comments Félix López, partner and director of atl Capital.

The Welzia fund, which was created in 1991, is heir to Foncafix, which was managed by Arcalia Inversiones, a team to which the current co-manager of the vehicle, Rafael Vilarrasa, belonged. After the creation of the firm Egeria Activos in 2011 , the fund was renamed Egeria Coyuntura, a monent in which José Gregori joined as co-manager. After the merger of Egeria Activos with Welzia Management to date, the fund continues to maintain the same management team.

“Welzia Coyuntura has lived through different economic cycles, but has always remained faithful to its investment philosophy, characterized by its global character. Depending on the economic situation, we can invest the portfolio in equities up to a maximum of 75%. Companies that listed in Europe are the most represented.

The rest of the assets are invested in fixed income, with no duration limit or credit rating. Currently, given the complicated macroeconomic scenario, it shows a cautious positioning with a portfolio that has exposure to equities around to 60% and where we can find companies like Novo Nordisk, Capgemini or LVMH among its main positions”, point out those responsible.

Within the global flexible mixes, Rural Multifund 75 Standard appears , with 3.46%, Abante Asesores Global , with 3.41%, Gesrioja , managed by Trea AM (inherited after the acquisition of Novo Banco), with 3 .38%, and Renta 4 Delta , with 2.72% among the ten most profitable.

In the group of moderate mixed funds , GVC Gaesco’s Financialfond , with a twenty-year annualized return of 4%, Caixabank Fonduxo Universal , with 3.99%, Santalucía Fonvalor Euro , with 3.49%, Gesconsult León Valores Mixto Flexible A , with 3.27%, Caixabank Mixto RV 50 Universal , with 2.85%, and March Paribas Global Asset Allocation , with 2.71% can also boast of being among the ten most profitable in their category, although the rest of the products of the group that has this history of life are also Spanish.

A circumstance that is also repeated within the global moderates, led by Patribond , of the manager Patrivalor, with 5.13% annualized over 20 years. Merch-Universal , with 4.10%, Fonprofit , from Gesprofit, with 3.28%.

The Gesconsult León is one of the oldest investment strategies, since at the beginning it was managed through one of the first sicavs that were registered in Spain, until it began its journey as a fund in 1991. It has a replica in Luxembourg , the Gesconsult Flexible Equity and offers an annualized return since its inception of 3.82%.

Gonzalo Sánchez, investment director of the manager , explains that the fund’s flexibility has allowed it to take advantage of the revaluation of the equity or fixed income market depending on the market situation. “During recent years it has been more difficult to find value in the debt part, although now there are opportunities again. Currently the exposure to the stock market is around 52%,but the fund can reach up to 70% within its investment range.

Although we are living under pressure from the fallout from inflation, the Ukraine war, and the energy price shock, and normalization is taking a long time and losing visibility, we are invested in companies that can perform very well in a challenging environment. of recession due to the quality of its business and which form part of the core of the fund’s portfolio”, Sánchez underlines.

Caixabank’s Fonduxo is a product inherited from Bankia and one of the best-performing long-term products of managers of financial entities. “It is a fund with high discretion when making investments in equities and fixed income, focused on Europe, although without giving up other markets, where it can dedicate around 20% of its assets. The investment selection process is based on an in-depth analysis of the markets from both a fundamental and technical point of view.

The versatility in the investment process together with the speed to make changes in these assignments, adapting to market conditions in a very flexible way, are the key to its remarkable evolution. For example, in 2011 and 2020, with a Eurostoxx showing negative returns, the fund was able to obtain positive results,” says its manager, Manuel Miguel Sanabria.

Merch Universal, for its part, belongs to the historic firm Merchbanc, which Andbank acquired four years ago. It is a mixed fund that has a global portfolio, “with an eclectic style: neither growth, nor value, nor cyclical, nor defensive, which is born from a deep knowledge of values, key in an artisanal selection based on fundamental criteria “, assures Marian Fernández, head of Macro at Andbank Spain, who underlines that it is a low-rotation product, with conviction management that is reflected in outstanding weights in some names.

“In the first positions we arewith the best of the Merchfund equity selection -which also belongs to Merchbanc-, together with a greater defensive profile, either with more weight in securities of this type also present in Merchfund (Axa, Roche), or incorporating other spreads.

The fixed income strategy is a ladder strategy, with low duration risk and maintenance of the bonds until maturity. It has corporate issues of high credit quality (2022-2024 bonds) and government issues, mainly Spanish bills and short American terms, with recent entries in German debt,” Fernández points out.

more cautious profile
Among the most conservative mixed funds, those with a cautious profile, according to Morningstar’s terminology, are Bestinver Patrimonio , with a 20-year annualized return of 5.18%, Fondonorte , from the management company Gesnorte, with 2.921%, Sabadell Urquijo Patrimonio Private 2 , with 2.41%, Ibercaja Gestión Evolución , with 2.31%, Caixabank Mixto RF 30 Universal , with 2.29%, Fonemporium , with 2.2%, Gesconsult Renta Fixed Flexible A , with 2%, and Gestifonsa Mixto 25 Base, with 1.98%

And among the global cautious, Artac Fund , managed by Santander AM, with 2.86%, and Dalmatian , which was managed by UBS Management (now integrated into Singular Bank), with 2.3%, are the only Spanish funds which are among the ten most profitable at twenty years, although March Portfolio Max 45 A also appears in the first quartile , with 2.18%, CS Director Bond Focus , managed by the local manager of Credit Suisse in Spain, with a 2.17%, GCO Mixto , from Catalana Occidente, with 2.1%, or Ibercaja Sustainable and Solidarity , with 2.04%, also appear among the best.

Desigual Bets On China, Plans To Open 60 Stores In Five Years

Desigual expands its borders in search of recovering sales that have fallen since 2015. The Catalan company has focused on Asia to grow and China stands as one of the priority markets in which to increase its business. The company has been present in the country since 2014, but now it is drawing up a plan to reach a turnover of 40 million euros and open up to 60 stores in the next five years.

The organization founded by Thomas Meyer announced on Tuesday the creation of a joint venture with the Chinese E-Shine to develop both online and physical business in the Asian giant. Desigual’s new ally is one of the shareholders of Septwolves Industrial, a fashion firm listed on the Shenzhen stock exchange.

With the association, the Spanish company aims to reach sales of 40 million in five years: half would come from the digital business and the other half from the stores. Although e-commerce platforms are the main reason for the agreement, the opening of new stores in Shanghai and Beijing is planned. In five years, the number of 60 stores would be reached.

“The collaboration is in line with the strategy of developing the business in the Asian market, growing in China, Japan – Desigual’s first market outside of Europe – and South Korea,” said the firm’s general manager, Alberto Ojinaga. Asia today represents 6.5% of the company’s international business thanks mainly to Japan, which is the fifth largest country in the group worldwide.

The importance of Asia for Desigual
The pact also reinforces the digitization of the firm. “Our goal is for sales generated through the digital channel and those from geographies outside Europe to jointly represent 60% of turnover in 2023. Right now this percentage is 49%,” added Ojinaga.

Desigual has been in China since 2014, when it began selling through the Tmall platform. In 2021, it went a step further with various communication campaigns, but it has not been until now that it has made its definitive commitment to the country. It does so through a local partner, something that theoretically should make it easier for you to land by knowing the market.

“Knowledge of consumer habits and preferences in the Chinese market is key to success. Our goal is to grow even more in the digital environment and get closer to new customers with products designed for them and adapted to the characteristics of the market”, settled Ojinaga.