Interviews

Santiago Fernández Valbuena, President of Aedas Homes, Vice President of EBN Banco and board member of Ferrovial

“The CaixaBank-Bankia Operation Is The Teaming Up Of Two Peas In A pod”

Manuel Moreno Capa | “The concentration of entities is a mantra of the ECB and the EBA. For me it is not evident that the reduction of costs -slow and expensive- is going to make profitability appear where there is none. Caixabank and Bankia are the outcome of several large mergers and takeovers from the 2009 round. Therefore they have not overcome their difficulties,” said Santiago Fernández Valbuena, president of Aedas Homes, vice-president of EBN Bank and director of Ferrovial.


Rocío Hortigüela

“In The International Arbitrations, The Spanish Regulator Agreed With The Electricity Oligopoly’s Arguments”

Mari Pinardo | Rocío Hortigüela, member of Grenergy’s Board of Directors, explains that a “healthy struggle” between the regulator and the regulated is natural. “But when the forces can be unbalanced in certain situations of crisis or misgovernment, we need to rely on a truly independent and agile judicial system to put things back in order,” she adds. “Unfortunately, in Spain’s case, when these imbalances have occurred in recent history, the judicial system has proved to be neither agile nor independent,” says.


David Fyfe

“OPEC+ Will Start To Recover Power In The Oil Market As Demand Slump Hits US Output”

Pablo Pardo (Washington) | One of the most exciting stories of the world economy in 2002 is the oil price collapse. David Fyfe, chief economist of one of the world’s largest suppliers of raw materials’ prices, Argus, is aware that the oil market is not going to be the same after this collapse in demand. It will take years for prices to recover – if they do – and US production will be lower.


David Edgerton

David Edgerton: “Joining Europe Meant Liberalising The British Economy And That Hasn’t Changed In 50 Years”

Tristan de Bourbon (London) | “The United Kingdom joined the European project because the elite wanted to return to a much more open economy, to liberalise the British economy. They also discovered the United States would never treat the United Kingdom as an equal and would remain protectionist,” explains David Edgerton, Professor of History at King’s College London and author of the recent book The Rise and Fall of The British Nation, where he analyses the ideology behind the government’s action.


Ian Bremmer

Coronavirus: “The Loser, For The Moment, Is The West” Says Ian Bremmer

Pablo Pardo (Washington) | We don’t know yet what will happen but, for the moment, it is clear that the fact that China has apparently been able to contain the pandemic better than the US or much of the EU will considerably strengthen that country’s political appeal and capacity for influence. The loser, for the moment, is the West. The economic damage was inevitable. But the political damage, for example in the US, due to the lack of preparation and the scant attention paid to experts, could have been much less…


cristina garmendia

Cristina Garmendia: “Many Companies Are Giving Lessons On How To Behave”

Manuel Moreno Capa | This interview took place two weeks after the declaration of the State of Alarm, in place since March 15. And someone like Cristina Garmendia -scientist, businesswoman and former minister of Science and Technology- is surely amongst the best qualified to analyse many of the aspects concerning the biggest non-war crisis affecting us as far back as we can remember.


stiglitz

“The Global Legal And Economic System Is Biased In Favor Of Capital”

Pablo Pardo (Washington) | Joseph Stiglitz is undoubtedly the most famous Nobel Laureate in Economics in the world… after Paul Krugman. Also the most controversial and the one who has entered more directly into the public debate. However, he does not want to assess the Spanish political situation, despite the fact he has been an informal collaborator of Podemos since he received Pablo Iglesias in his office at Columbia University five years ago.


UMB5063

“Loyalty Shares May Make A Takeover Bid More Difficult And A Company Less Attractive”

Mari Pinardo | “Loyalty shares, which confer additional voting rights to investors who have held shares for two years, strengthen the position of majority shareholders and produce a gap between their economic commitment and their voting power. They can make a takeover bid more difficult, reduce liquidity and the value of a company less attractive,” says Maria Rotondo, co-director of the IE executive sustainability program.


ken fisher

“Political paralysis can be beneficial for the markets”

Pablo Pardo (Washington) | Ken Fisher is a curious multi-millionaire, who talks in plain language and loves the media. At 69, he is retired from the day-to-day management of his fund, Fisher Investments, which holds more than 100 billion dollars in management, and seems to be enjoying himself as a columnist in, among other media, the dailies Financial Times and USA Today and the weekly Forbes, where he sets out his ideas about markets in a plain language easily understood by everyone. And he does not hesitate to runs against the current when, for example, he says “I am not a fan of philanthropy”, although, it also has to be pointed out that he has donated millions to protect woods in the US, especially the redwoods, a species of sequoia which reach more than 100m high and are one of the largest trees in the world.


Safe assets

“If we want a euro with more weight and a normal perception of risk, we need safe assets”

Ana Fuentes | After various decades in the private and public sector, Josina Kammerling, responsible for regulation at the CFA Institute, knows in detail the ins and outs of the financial market and its rules. She can therefore indicate its pros and cons. And do so in fluent English, Dutch, French or Italian … And also in perfect Spanish learnt as a girl in Burgos, where she moved when she was two: “My father opened the Heineken factory there” she recalls with a smile.