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
el pais
Juan Luis Cebrián: last man standing?
In November 2010, Juan Luis Cebrián, the founding editor of El País, and CEO of the Prisa Group, the media empire to which the newspaper belongs, announced the sale of 70 percent of Prisa for €900 million to a New York-based investment group The reason for the sale was a €4.7-billion debt he had created after an expensive foray into pay-TV was followed by the financial crisis and a downturn in advertising. At the time of the sale, Prisa’s debt was more than 12 times its withered stock market value. The sale spelled the end of Cebrián and the Polanco family’s control of Spain’s leading media group, which had been founded on the success of El País over more than three decades. "Better 30 … [Read more...] about Juan Luis Cebrián: last man standing?
The importance of being ‘El País’
One of my clearest memories from the years I spent working at the English edition of El País newspaper was a 6pm editorial meeting in 2007, the day of the launch of rival publication Público. These evening meetings are when the paper’s section heads tell editor-in-chief Javier Moreno what they are going to publish. I remember them as dull but rather tense affairs, where each head would deliver his (it was almost always a man) spiel, and hope not to have it verbally machine-gunned by the boss. But on this particular occasion, Moreno began the meeting with an appraisal of new arrival Público. “Whatever else one might think, they have a very clear idea of Spain and who their readers are,” he … [Read more...] about The importance of being ‘El País’
Falklands commentators wage virtual war
In his account of the Falklands War and its build-up, The Land that Lost its Heroes, Jimmy Burns wrote: “In a sense it was the last war of modern times not subject to immediate scrutiny. The concept of twenty-four-hour news and Internet-based ‘real time’ was yet to come.” Twenty-eight years after the conflict, as tensions between Buenos Aires and London rise once again following the British decision to start drilling for oil in waters around the small Atlantic islands, news, real-time and otherwise, rages, with the media voicing the opinions not just of its columnists and editorial boards, but also readers and citizen journalists. What’s more, with the click of a mouse, a journalist in … [Read more...] about Falklands commentators wage virtual war