Consejeros

National Markets

Geopolitical tension and gas raise the electricity pool to 166.66 euros/MWh, its highest monthly level since 2022

The geopolitical tension in the Middle East, the restrictions on liquefied natural gas supply through the Strait of Hormuz and the proximity of winter raised gas costs.

Opinion

D&O Insurance Following the Supreme Court Ruling on Popular

By Alicia Martín and Juan Sanz

In listed companies, the law holds each of its directors responsible for the information in the securities issuance prospectus towards investors. Directors and officers civil liability insurance (D&O) presents itself as the natural response to that risk. However, in its Judgment 1127/2026, of 10 July, the Civil Chamber of the Supreme Court denied the former president of Banco Popular the advance of his defence costs in the criminal case.

Editorial Opinion

A CNMV for bricks

The real estate market, where 80% of the wealth of Spanish households is concentrated, continues to be marked by opacity, illiquidity, informality, and deep information asymmetries. It could issue non-binding recommendations on housing needs in each region, fight against money laundering...

Opinion

Five, seven and twenty years: the three clocks of an energy board

By Ignacio López Martín

An independent director averages five years on their board, a buyout fund about seven in its portfolio company, and a battery can have guarantees of twenty. That difference rarely has an owner at the table and is paid on the day of sale.

Opinion

The Case of Galletas Gullón: Mediation for Business Families

By Nuria Lasheras

In September 2010, a surprising photograph caught Spain's attention: María Teresa Rodríguez, widow of José Manuel Gullón and the main shareholder of Galletas Gullón, was holding a general meeting inside a car, at the gates of the Aguilar de Campoo factory. A security guard had prevented her from accessing the facilities. The meeting, convened by court order, was held with her daughter Lourdes, the former managing director Juan Miguel Martínez Gabaldón, and a notary. The attendees represented more than 80% of the capital...

Editorial Opinion

Joining the PSOE

It is absurd to keep reading articles about how bad it is. Even those who are going to vote for it on 29 November know it. And so what? In this century, the PSOE transitions from the Tinell to the wall with an increasingly reduced membership that is more capable of swallowing anything. Reversing such degeneration will require bravery.

Opinion

RIS and SIU: a fundamental incompatibility

By Ángel Martínez-Aldama

Accessing a cryptocurrency through a mobile application requires four steps, but buying an investment fund requires almost 20. The final text of the Retail Investment Strategy (RIS) goes against the objectives suggested in the proposal of the Savings and Investment Union (SIU). And it postpones key decisions, delaying decisions about the business model of financial entities, including Fund Managers and their distributors. In its current drafting, RIS will cause the European financial sector to fall even further behind in terms of global competitiveness.

Opinion

Refund: Leaders Wanted

By Emiliano López-Atxurra

We have underestimated industrial policy, defining the energy transition in ideological terms, not technological and supply security terms, in addition to turning our backs on the challenge of an integrated European system of science, technology, industry, and innovation. Now we face the risk of 29 million jobs exposed to Chinese competition, according to ECB forecasts.

Councillor Interviews

"The bubbles are adjusting: There are renewables, especially solar, in complicated circumstances." Ángels Santamaría, councillor of Mapfre

"But the market will adjust through consolidations, sales, or transfer to other types of investors... Investing in renewables sounded good, but one thing is the construction of a plant and another is to operate it for 10, 20, or 30 years," explains the former CEO of Iberdrola Spain from 2018 to 2022.

International Markets

The global M&A market reaches historic highs ($3.9 Trillion in January-September) driven by the surge in large deals

Corporate Activity

Patrocinado

Telefónica accelerates the evolution of Meliá's global technological model driven by AI and cybersecurity

Corporate Activity

Patrocinado

Spain, from island to energy peninsula

Opinion

Bonds: A New Paradigm or a Return to Normality?

By Enrique Marazuela CFA

Editorial Selection

National Markets

Spanish assets managed under ESG criteria increase by 14% and reach 271.470 billion euros

The Spainsif 2026 Study reveals that ESG assets in Spain reach 271.470 billion euros (44.53% of the market). In a context marked by the simplification of European regulation and the promotion of advanced ESG, the report underscores the growth of financing for the transition and the urgency of standardising reliable data.

Interviews

“The corporate results for the third quarter are expected to be exceptional”. Luis Buceta, president of CFA Society Spain

By Managers

Some argue that inflation is always, and in any case, a monetary phenomenon. And some claim that, in a supply-driven inflation, raising interest rates will not reopen the Strait of Hormuz nor lower oi...

Markets

Interest rate hikes stain funds red

By Managers

After the latest interest rate hikes by the ECB and the FED, 12,379 of the 43,688 funds analysed by VDOS, 28%, were in negative territory as of the end of September. Whether with minimal losses, of only -0.01% YTD (Year to Date), like those of GVC Gaesco Crossover, or with more serious losses, from -1.16% of Fondmarch FI A or -3.22% of Sabadell euro bonds to -5.43% of Amundi Euro Government Bond 25+Y. This without considering an inflation rate of -4.9% that multiplies the "real" losses.

Opinion

50 years of indexing: From radical idea to pillar of investment

By Pablo Bernal

A $10,000 investment in the Vanguard 500 Index Fund at its launch in 1976 would have exceeded $2.4 million by 31 July 2026. The essential promise of indexing has not changed: broad diversification, low costs, and patience. Its compass remains intact: stop searching for the needle and own the whole haystack.

Councillor Interviews

“In forgotten Spain there are many possibilities: Our average rent is 500 euros” Henry Gallego, founder and president of Ktesios SOCIMI

“The undisputed American hegemony, depending on the issue, is no longer so undisputed”. Ana García Fau, advisor to Acerinox, Caixabank, Cellnex and Gestamp

“The rise in interest rates has posed a challenge for the entire real estate sector." Débora Santamaría, councillor of Castellana Properties

“The Spanish economy is going to pay for it. It is not a good idea to confront the world's largest economy”. Silvia Iranzo, independent director of Técnicas Reunidas and Airtificial.

“The acquisition of insured individuals is at historic highs”. Ignacio Garralda, president of Grupo Mutua Madrileña, advisor to Endesa and El Corte Inglés

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