Consejeros

Writing Counselors

We want to tell what those who manage our capital, our votes, and our rights think, and why. In the large listed companies and in the major institutions that have emerged to defend and represent us, to set the course.

Articles by Writing Counselors

9 Sept 2026

Spain fails to close its productivity gap

National Macroeconomics

An analysis by CGE and Fedea warns that the Spanish economy fails to converge with Europe in productivity due to business size, lower technological investment, and the training gap.
(©Ignis)

9 Sept 2026

The renewable energy company Ignis prepares for its stock market launch for mid-October

Continuous Market

Valued at around €1.5 billion, the company aims to raise up to €600 million to grow in energy management and data centres. Its majority shareholders are founder Antonio Sieira (68% of the capital) and Vortex Energy (32%).
(Thomas Richter, Unsplash)

8 Sept 2026

Spain asks the European Commission to add 'Resilience' to the DNSH principles

International Regulation

The Government of Spain has formally requested the European Commission to expand and strengthen the DNSH principle to transform it into a combined approach called "DNSH + Resilience" (DNSH+R).
(©Azkoyen Group)

7 Sept 2026

The CNMV accepts the application for the takeover bid from Ohmnia for Azkoyen

Continuous Market

The CNMV has accepted the application for approval of the takeover bid from Ohmnia Electronics for Azkoyen as it considers that the brochure and the rest of the documents meet the requirements. This d...
2 Sept 2026

Housing: The difference between the price of Idealista and that of Notaries is at its maximum: 29%

National Markets

This difference is a good clue to the discount required in the market. Idealista projects the seller's price (almost a letter to the Three Wise Men), but Notaries collect the final price, which would ...
(© Cirsa)

2 Sept 2026

Cirsa, absorbed by Lottomatica (at 6x EV/EBITDA 2926e) through a cross-border share exchange merger

Continuous Market

Cirsa will be absorbed by Lottomatica through a cross-border merger entirely carried out through a share exchange, whereby Cirsa shareholders will receive 0.668 new Lottomatica shares for each Cirsa share they hold.
(Sebastian Sikora. CC BY 4.0)

2 Sept 2026

89% of Spanish companies see financial bureaucracy as the main brake on their growth

National Macroeconomics

According to the data from the Scaling Report 2026 prepared by Pleo, 94% of Spanish companies plan to continue with their expansion plans this year, although nearly nine out of ten will face internal obstacles to do so.
(Lojwe. CC BY-SA 4.0)

2 Sept 2026

The regularisation increases the number of unemployed by 44,400 people in August and softens the loss of contributors to 162,000

National Macroeconomics

Part of the regularised foreigners have registered for the first time in employment offices, while the decrease in affiliation has been less than in August of recent years thanks to the 340,000 contributors provided by the extraordinary process.
(iStrfry , Marcus, Unsplash)

1 Sept 2026

Mortgage loans for homes soar in June to 16-year highs with a historic average amount

National Macroeconomics

In June, mortgage loans grew by 10.8% year-on-year to 45,907, their best figure since 2010, while the average amount granted was 178,365 euros, a record figure. The mortgage market has not yet felt the ECB's rate hike.
(Kevin Ku. Unsplash)

1 Sept 2026

Spanish companies halt their AI projects due to governance and regulatory compliance issues

Corporate Activity

98% of Spanish organisations have delayed or cancelled AI projects in the past twelve months due to governance and regulatory compliance challenges, concludes a report by Cloudera, a company specialised in enterprise data management and analytics.
Bolsa de Madrid. (© Consejeros)

31 Aug 2026

Share buybacks set a new record in Europe (£17bn in August and £170bn year to date)

Corporate Activity

Buybacks in Europe reached approximately $17bn in August, the highest August on record (+14% compared to the previous year). Cumulative buybacks in Europe now amount to ~$170bn YTD, a historical high and 12% above the previous record.
(©Deoleo)

28 Aug 2026

The governments of Italy and Spain take sides for their companies in the bidding for Deoleo

Continuous Market

The Andalusian cooperative Dcoop and the Italian company Coricelli are battling for the 57% of the capital of Deoleo currently controlled by CVC Capital Partners. The Spanish oil sector is asking the government to activate the 'anti-opas shield', but legally it is very difficult to apply.
Parlamento Europeo, Estrasburgo. (Frederic Köberl, Unsplash)

27 Aug 2026

A clearer labelling on the applicable criteria for the new SFDR

International Regulation

The European Council proposes to replace the current transparency categories of Articles 8 and 9 of the SFDR with three clearer product categories: “Sustainable”, “Transition” and “Basic ESG”. In each case, at least 70% of the portfolio must be aligned with the chosen strategy.
(©CAF)

27 Aug 2026

CAF wins a contract worth over €150 million in France to supply 15 tram trains for the T13 line in Paris

Continuous Market

Île-de-France Mobilités has awarded CAF a contract worth over 150 million euros for the supply of 15 tram trains intended for the expansion of the T13 line, which will connect Saint-Germain-en-Laye wi...
(Markus Spiske, Unsplash)

26 Aug 2026

The security gaps arising from AI put CEOs' work to the test

Corporate Activity

An analysis by Boston Consulting Group on the management of cybersecurity risks in the age of AI shows that CEOs have nearly doubled their investments in AI and mostly expect positive returns by 2026, but they also fear that poor management of these risks could jeopardise both their positions and the survival of their companies.
25 Aug 2026

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

Councillor Interviews

In 2022, Castellana Properties -controlled by the South African group Vukile Property Fund- purchased 21.7% of Lar España for 93 million, a direct competitor, taking advantage of its strong discount to NAV. It then increased its stake to 28.8%, and in 2024 sold in the takeover bid, with a capital gain of around 70 million, after receiving nearly 40 in dividends. “We identified the right moment to rotate capital and reinvest”
Wall Street. (Sophie Backes, Unsplash)

21 Aug 2026

The SEC stops issuing its “No-Action Letters” and arbitrating between companies and shareholders.

International Regulation

Until now, when a shareholder submitted a proposal - on governance issues, ESG... – for discussion at the shareholders' meeting, the company – if it wanted to exclude it from the ballot – requested a "no-action" letter from the SEC to ensure that the regulator would not take legal action if it removed the proposal. Now, the SEC has definitively stopped issuing these responses.
(Rocco Dipoppa, Unsplash)

19 Aug 2026

United Kingdom extends corporate criminal liability

International Regulation

From 29 June 2026, UK legislation will hold companies liable for any criminal offence committed by a "senior manager" in the exercise of their actual or apparent authority. Alongside the new EU Directive on combating corruption (the Directive) — which establishes minimum standards, including the requirement for corporate criminal liability for corruption offences — corporate criminal liability regimes are expanding. With this comes increased legal risk for companies.
(Headway, Unsplash)

14 Aug 2026

The EU is finalising the reform of shareholders' rights

International Regulation

After closing a key public consultation in May of this year, Brussels expects to publish the final text in the last quarter of 2026
(© Ohla Group)

13 Aug 2026

OHLA reports a profit of 500,000 euros in the first half after accounting for the impact of the Flaggers litigation

Continuous Market

OHLA has recorded a net profit of 0.5 million euros in the first half of 2026, a figure that compares positively with the losses of 29.7 million accumulated between January and June 2025, despite acco...
(© Grupo COX)

10 Aug 2026

Cox advances in Guatemala with a new energy project of 126 million dollars

Continuous Market

Cox has been awarded a new energy generation and storage project using batteries (BESS) in Guatemala for 126 million dollars, strengthening its presence in one of the markets with the greatest potenti...
(© Ecoener)

7 Aug 2026

The MARF admits the first issuance of mandatory convertible bonds from Ecoener for 15 million

Continuous Market

The MARF has admitted the first issuance of mandatory convertible bonds in the history of this BME Fixed Income market. The pioneering operation has been led by Ecoener and its amount is 15 million eu...
(Ding Digital Photography, CC BY 2.0)

6 Aug 2026

Red Eléctrica predicts that the eclipse will reduce solar production in the Peninsula by 5 GW

National Markets

The solar eclipse on 12th August will have a limited and temporary impact on solar generation, specifically on photovoltaics. The Red Eléctrica algorithm estimates that this early sunset will reduce s...
(© European Securities and Markets Authority)

5 Aug 2026

EBA, EIOPA and ESMA propose amendments to the bilateral margin requirements for OTC derivatives

International Regulation

The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) have published this week a final report on the draft Regulatory Technical Standards (RTS), in which they propose to simplify the b...
(ZHENYU LUO, Unsplash)

4 Aug 2026

Spanish investment funds limit their exposure to technology stocks to 11%, although it reaches 31% in equities

National Markets

The latest Financial Stability Note published at the end of July by the National Securities Market Commission warns that market risk - especially that linked to technology stocks - is the main financi...

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