Fernando Rodriguez | “When the Long Term Investment Directive appeared, analysts at JPMorgan or Fidelity received you in London with a smile… The ‘engagement’ was something already insisted on by the company. Where I hope it will have more impetus – the transposition of the directive – is with Spanish investors or funds, which are very passive. When you want to mobilise their vote, it much more difficult than it is with foreign funds, which have taken it more on board ,” explains Rafael Piqueras, chairman of Emisores Españoles* and a board member of Enagás.
Mari Pinardo | Soltec has launched the first initial public offering in Spain in two years, and with unquestionable success: it was trading at 4.8 euros at the end of October and in mid-December the share price had risen to 7.62 euros. In 2019, the firm supplied 9% of the solar trackers installed worldwide, and it occupies the 3rd position in the global accumulated amount. We talked to CEO, Raul Morales.
Lidia Conde | According to the US political scientist Mark Hallberg, “in bilateral relations (US/EU) there will be no automatic return to Obama’s policy. In trade relations I do not expect a new version of the trade treaty, nor a further version of the TTIP. But the tone will be better… I hope, for example, that Biden and Macron will get along. They have a similar world view.” Hallberg is currently Dean and Professor of Public Management and Political Economy at the Hertie School of Governance in Berlin.
Fernando Rodríguez | “All the risk committees of every company list them exhaustively in their reports, and nobody had foreseen the risk of the pandemic. Everything was done by looking at the past. Of course the concept of risk has changed,” explains William Connelly, Chairman of the Supervisory Board of AEGON, Vice Chairman of Amadeus, Director of Société Générale and Singular Bank. “How do you manage that? There are two parts. One is immediate risk. Then the strategic risk”, he adds.
Tristan de Bourbon | His book ‘Remaking One Nation’ was launched on the first day of the British lockdown, March 23rd. An ideal moment to talk about the many challenges facing the Conservatives, his own party. Nick Timothy, former advisor to Theresa May, is an atypical figure. In the book, he tackles the cultural gap between politicians and the majority of the population. Also the need to recreate a common identity in a socially and ethnically diverse country, which he considers devastated by “ultraliberalism.”
Pedro A. Muñoz | PharmaMar has just announced positive results for its APLICOV trial with Aplidin against COVID-19. This antiviral achieves the primary safety objective and the secondary efficacy goal, as well as a significant reduction in viral load and C-reactive protein (CRP) in hospitalized patients. A few days before this news, the company’s president, José María Fernández Sousa-Faro, gave an interview to The Corner.
María Fernanda Martínez Sierra | “Investment portfolios usually contain positions of different risks, and today covering that part of high risk assets not correlated with the rest is a problem. That is why many investors access this market… many savers only contract bank deposits, because of their low risk, and then buy lottery. The strategies in investment portfolios are not so far removed from that analogy,” says Alberto Toribio’s, whose company was the first Spanish to be set up with crypto-currencies.
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.
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.
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.