Elvira Rodriguez, president of Spain’s Securities Commission, noted in a speech to company directors in Madrid on Tuesday that the economic crisis “has revealed weaknesses in the system of corporate governance.” Possibly a candidate for understatement of the year. Ms Rodriguez commented, among other things, on the lack of transparency which preceded the difficulties at Bankia and at Pescanova, the fishing conglomerate. She said that Pescanova was a company that had enjoyed a positive reputation and whose management were known for their wholehearted commitment, which bamboozled the supervisory authorities. These sterling qualities also offered a somewhat distorted impression to … [Read more...] about Tales for Tapas: Profitability and protection
Archives for May 2013
Fracking gives Spain another headache over regional autonomy
The office of Javier Fernández, head of the Cantabrian government’s environmental department, offers a spectacular view across the bay of Santander and the rolling sea beyond. As he points it out, he proudly makes a broader point about Cantabria: it may be one of Spain’s smallest regions, but its countryside is unusually dramatic, ranging from a ragged coastline and unique rock formations explored by cavers, to snow-capped mountains prized by climbers. “This region has special values, both in terms of the landscape and the environment,” he says. Fernández explains that those natural values are what drove the region’s government to propose a law making the region Spain’s first to … [Read more...] about Fracking gives Spain another headache over regional autonomy
Spain still wrestles with immigration
Last month saw the release of the film Alacrán enamorado, the story of promising boxer Julián and his group of heavily-tattooed, neo-nazi friends, who spend their days in the ring and their nights beating up immigrants and members of ethnic minorities. Despite some strong performances, instead of tackling the complexity of the subject full on, this adaptation of Carlos Bardem's third novel is ultimately a superficial story of love and triumph against the odds. All of which is a shame, as Alacrán enamorado raises some potentially interesting questions regarding race relations in Spain. Figures published by the Spanish Institute for National Statistics reveal that immigration has risen … [Read more...] about Spain still wrestles with immigration
La Liga: Relegation battle rages
While most major leagues have wrapped up their domestic championships, La Liga continues to rumble on. And although the winners have long been crowned, the back end of the table is yet to be determined, with four teams ready to fight for their lives during the final jornada of the season this weekend. As it stands, a 3-1 defeat for 17th-placed Deportivo La Coruña at Málaga means that all four teams in the relegation spots – Depor, Celta Vigo, Real Zaragoza and Real Mallorca – still have a chance of avoiding the drop. Celta, in 18th on 34 points, won 2-0 away to Real Valladolid. Zaragoza, who also have 34 points, sit in 19th place and were thrashed 4-0 at Real Betis, while Mallorca, who … [Read more...] about La Liga: Relegation battle rages
Tales for Tapas: On the move
Germany’s employment minister, Ursula von der Leyen, was in Madrid this week to meet her Spanish counterpart, Fatima Báñez. The two ministers unveiled a scheme that could see as many as 5,000 young Spanish workers annually filling apprenticeships in Germany. Not a magic bullet for the problem of mass unemployment, but a positive gesture no doubt from Europe’s prosperous north. Meanwhile, Public Works Minister Ana Pastor was in Brazil, where she suggested the Brazilian economy might benefit from the expertise of Spanish engineers unable to find work at home. Spain is Brazil’s largest investor after the US, and Spanish exports to the country were worth €2.82 billion in 2012, a figure … [Read more...] about Tales for Tapas: On the move
‘Twilight…’
15-M, or los indignados, are two years old this month and in the last few days I’ve been to two very different events marking that anniversary which give an idea as to where the movement is going. The first was a demonstration on May 12 in Madrid’s Puerta del Sol. I’ve given up trying to work out how many people are at such protests, as has the media in many cases, because the versions given by the authorities and those taking part are so utterly contradictory. But while there was an impressive turnout, there were fewer people than on the corresponding date last year – and nothing like the number that turned out in May 2011. The second was a comic opera. Solfónica, an orchestra made up … [Read more...] about ‘Twilight…’
La Liga: The end of a controversial era for Real Madrid
It has been a very long goodbye but finally, on Monday evening, journalists crowded into the press room at the Santiago Bernabéu to hear Real Madrid club President Florentino Pérez confirm what everyone has known for months: José Mourinho will leave at the end of the season. His three years at the club have been marred by controversies and there were numerous other occasions when it was felt he might depart, but in recent months, with results going against Los Blancos and his own players turning against him, his position at the helm of one of the biggest clubs in the world had become untenable. In his first season, Madrid won the Copa del Rey, in the second they stormed to their first … [Read more...] about La Liga: The end of a controversial era for Real Madrid
Spain has melted Mourinho’s aura of invincibility
On a recent visit to Setúbal, near Lisbon, I noticed some massive billboards at the side of the road for an exhibition marking half a century on earth of the town’s most famous son. José Mourinho – 50 anos, documents the meteoric career of The Special One, through photographs of his many professional triumphs, with a few personal moments thrown in. It was a reminder of how revered he remains in Portugal - perhaps the country’s most famed living son, alongside Cristiano Ronaldo. But on arriving back in Madrid, I realised how differently the Portuguese and Spanish regard him. In his adopted country, his reputation has been on a steady slide for much of the three seasons he has spent here, … [Read more...] about Spain has melted Mourinho’s aura of invincibility
Tales for Tapas: Irrational exuberance
Spanish government borrowing costs continued to moderate this week, the latest consumer price index figures showed a downward trend without being full-on deflationary, and the country posted a trade surplus of around €600 million, prompting a practically giddy reaction from Economy Minister Luis de Guindos. Mr De Guindos cited the trade figures as evidence of “the economy’s transformation”. There are three ways to look at this. The first is that the economy minister is a sentimental sort of fellow whose exuberance errs a tad on the side of irrationality. The second is that there has been a transformation but – ask any of the six million unemployed – not a positive one. And the … [Read more...] about Tales for Tapas: Irrational exuberance
Catalonia is close to independence, despite Madrid
I represent the pro-independence Catalan Republican Left in Spain's Congress. Part of my job, therefore, is trying to explain and sustain our quest for social justice and for Catalan Freedom in the Spanish Parliament. It is not an easy job, not only because the two main Spanish parties are against such ideas, but also because they oppose the notion of self-determination itself. In contrast to the Scottish/British scenario, the Catalan/Spanish issue could seem in deadlock, since Madrid does not allow Catalans to vote on their future. There have been a number of proposals for holding a referendum among citizens living in Catalonia to ask the people about independence in a future Catalan … [Read more...] about Catalonia is close to independence, despite Madrid