Venice spent 6 billion on a dam to stop the sea. There are those who already see it as the only future left for the Bay of Cádiz

In the first two months of 2026, Venice had to raise its large mobile dock 30 times. In the last five years, he has had to do it another 108 times in total. Nobody can say that the work of 6 billion that was going to save the lagoon has not been necessary; What can be said is that it closes so often that it threatens to suffocate just what protects. 2,000 kilometers away, in the bay of Cádiz, the sea is eating away at the largest tidal-influenced saline wetland in Spain. And the shadow of the great dam begins to hover over the problem. Is Venice the future of the Silver Cup? Let’s start by x-raying the problem. The sea has been advancing over the bay for decades, that cannot surprise anyone. Perhaps the only thing that has changed in recent years is that salt farmers, aquaculturists, scientists and ecologists have sat at the same table with a common diagnosis. Its ambition is much smaller than that of Venice, but we are light years away from Venice. What they are asking for is something as simple as the competent administrations coordinating. Coordinate for what? To prevent a good part of the saline wetland from dying. This wetland is structured around the so-called “outside turns“: soft dikes that stop spring tides and storms. They are not “natural things”, they are the product of centuries of human work. And when there is someone who maintains them, they endure, they tame the sea, they control the storms. The problem is that there is almost no one to maintain them. Today, around 80% of the salt mines are abandoned; Of the 160 artisanal salt mines that existed in the 70s, four remain. In other words, what is happening in the Bay is a disaster labeled ‘natural’, but with socioeconomic roots. The result is clear. In points like the south of Puerto Real, the sea advances about 3 meters a year, according to calculations from the University of Cádiz. And it is now just over 200 meters from the first houses. A few kilometers from there, 94,000 inhabitants (the people of San Fernando) live below sea level and this protected natural park is their main line of defense. If the estimates of the Blue Bay Alliance They are right and the sea rises between 55 and 70 centimeters, there will be many people who will suffer the consequences. And we will put our hands on our heads and wonder how it was possible. Then, just then, people will start talking seriously about the wall. But it will be a mistake. So far no one has asked for the Venetian MOSE and, in fact, the ‘concrete’ that the Alliance talks about is something very different and much more surgical. His basic proposal is to return to the walls permeable to the tide: to use all our modern technology to try to rescue traditional engineering. That is, keeping an extremely complex ecosystem alive. And that’s the heart of the matter: the Venice Wall could protect the new parts of San Fernando when the time comes, but it couldn’t keep the bay alive. We have to decide if we want to invest Now it’s cheap, but the risk is diffuse. Or invest later, when it is expensive, but clear and real. Image | Alain Rouiller In Xataka | Venice spent 5 billion euros on flood barriers. Five years later they are already “unsustainable”

Polymarket and Kalshi have moved $130 billion so far this year. Zuckerberg has said he wants his share

The so-called prediction markets such as Polymarket and Kalshi have ceased to be minority apps and have become a global phenomenon, one that has already moved more than 130,000 million so far in 2026. Apart from the ethical issuesit is clear that it is a good business and Meta is preparing an app to get fully into it. What is happening. They tell it in the New York Times. Meta is developing a prediction markets app that they internally call “Arena.” The app is designed as an independent application from the rest of the Meta catalog and, at least for now, it does not work with real money but rather transactions are with a points system as if it were a video game. At the moment, the project is in the experimental phase, but the company has marked it as a high priority. Why is it important. Polymarket and Kalshi have already managed to get rid of the stigma of gambling addiction in betting houses and casinos, disguising their service with an aura of finance and trading. That Meta enters this could be the definitive step towards normalization, turning betting into another activity within online life. Let us remember that Meta has a daily user base of more than 3.5 billion between Facebook, Instagram and WhatsApp. Furthermore, this would give Meta a new type of very sensitive data: it is not only what people see and publish, it is also what they think is going to happen. By crossing all the data, they could outline future beliefs and expectations. It’s not the first. Meta already tried his luck in this prediction markets in 2020, when They launched an app called Forecast which allowed predictions to be made about real-world events, such as the COVID pandemic that was ravaging the world at that time. The app was launched only for the United States and Canada and also worked with a points system. Meta’s goal at that time was not to make money, but to make online conversation more rational. “We were interested in prediction markets because, when they work, they help participants be rational,” said Rebeca Kossnick, project leader. It didn’t last long and In October of the same year they closed it. Prediction markets. At that time, prediction markets were niche apps that almost no one knew about, but in recent years they have become almost a cultural phenomenon that has been announced at major events such as the Super Bowl or the Golden Globes. So far this year, Polymarket has been in the news for various reasons, from bets on Maduro’s capture with insider information its recent blockade in Spainwhere legislation requires them to have a gaming license. We have also learned that the vast majority of users are not making money, rather they are losing it, while professional traders take the lion’s share of the pie. Even so, prediction markets are in fashion and Meta wants to take advantage of the trend. Image | Xataka with Magnific In Xataka | I don’t bet, I invest: Polymarket and company have sophisticated gambling addiction to the point of making it indistinguishable from “investing”

Polymarket and Kalshi have moved $130 billion so far this year. Zuckerberg has said he wants his share

The so-called prediction markets such as Polymarket and Kalshi have ceased to be minority apps and have become a global phenomenon, one that has already moved more than 130,000 million so far in 2026. Apart from the ethical issuesit is clear that it is a good business and Meta is preparing an app to get fully into it. What is happening. They tell it in the New York Times. Meta is developing a prediction markets app that they internally call “Arena.” The app is designed as an independent application from the rest of the Meta catalog and, at least for now, it does not work with real money but rather transactions are with a points system as if it were a video game. At the moment, the project is in the experimental phase, but the company has marked it as a high priority. Why is it important. Polymarket and Kalshi have already managed to get rid of the stigma of gambling addiction in betting houses and casinos, disguising their service with an aura of finance and trading. That Meta enters this could be the definitive step towards normalization, turning betting into another activity within online life. Let us remember that Meta has a daily user base of more than 3.5 billion between Facebook, Instagram and WhatsApp. Furthermore, this would give Meta a new type of very sensitive data: it is not only what people see and publish, it is also what they think is going to happen. By crossing all the data, they could outline future beliefs and expectations. It’s not the first. Meta already tried his luck in this prediction markets in 2020, when They launched an app called Forecast which allowed predictions to be made about real-world events, such as the COVID pandemic that was ravaging the world at that time. The app was launched only for the United States and Canada and also worked with a points system. Meta’s goal at that time was not to make money, but to make online conversation more rational. “We were interested in prediction markets because, when they work, they help participants be rational,” said Rebeca Kossnick, project leader. It didn’t last long and In October of the same year they closed it. Prediction markets. At that time, prediction markets were niche apps that almost no one knew about, but in recent years they have become almost a cultural phenomenon that has been announced at major events such as the Super Bowl or the Golden Globes. So far this year, Polymarket has been in the news for various reasons, from bets on Maduro’s capture with insider information its recent blockade in Spainwhere legislation requires them to have a gaming license. We have also learned that the vast majority of users are not making money, rather they are losing it, while professional traders take the lion’s share of the pie. Even so, prediction markets are in fashion and Meta wants to take advantage of the trend. Image | Xataka with Magnific In Xataka | I don’t bet, I invest: Polymarket and company have sophisticated gambling addiction to the point of making it indistinguishable from “investing”

Today on Disney+, the film that, despite exceeding one billion at the box office, has left the continuity of its franchise up in the air

‘Avatar: Fire and Ashes’the third installment of James Cameron’s billion-dollar saga, lands in Disney+. A film that opens with a statement against AI, introduces the franchise’s first major Na’vi villain, and leaves the future of two sequels in the airsequels that, despite the extraordinary collections of the franchise’s films, are still not guaranteed to survive. The film picks up where ‘The Way of Water’ left off: the Sullys, grieving the death of their eldest son Neteyam, try to protect another family member while facing two simultaneous threats. The RDA returns with reinforcements and the Mangkwan, known as the People of Ash, also appear: a volcanic Na’vi clan that has renounced the spiritual entity that underpins the entire cosmology of Pandora. It is the first time in the franchise that the Na’vi occupy the role of antagonists, which breaks the moral structure of the first two films: until now, only humans were the aggressors. The film’s visual effects were carried out by Wētā FX, the New Zealand studio that was linked to Peter Jackson. The team signed 3,132 visual effects shotsand the rendering process accumulated 1.248 million computing hours. One of the key technical innovations for the film was Kora, a set of tools for chemical combustion simulations, developed to solve a problem they had already identified in ‘The Way of Water’: photorealistic fire was extraordinarily difficult for artists to handle. Kora makes creating these types of images remarkably easy. In its opening weekend, the film grossed $347 million worldwide, and has already grossed $1,490. It is Cameron’s fourth film to exceed one billion, after ‘Avatar’, ‘Avatar: The Way of Water’ and ‘Titanic’. The three films in the saga total more than $6 billion at the global box office, making it the first trilogy in history to reach that figure. However, calculations say that Disney needed to exceed one billion to make a profit, and that figure is increasingly being exceeded more closely. Without a doubt, an obstacle in the way of an ambitious story that may not tell everything that Cameron has in his portfolio. In Xataka | Today on Prime Video, a disaster movie that lost 45 million in theaters but is sweeping streaming

Amazon invested $50 billion in OpenAI. Four months later, he has hidden an already finished film about Altman

‘Artificial’ is a film already completely finished. Luca Guadagnino, director of ‘Rivals’ and ‘Call Me by Your Name’, filmed it between July and October 2025, with Andrew Garfield in the role of one of the men of the moment, Sam Altman. It has been shown in different test runs and has been liked. It cost 40 million dollars. And on Friday, June 20, 2026, Amazon announced that it would put it in a drawer and not distribute it. What happened. The decision It came from Mike Hopkins, head of Prime Video and Amazon MGM Studios, who personally communicated the resolution to Guadagnino’s team. The director was dismayed and Amazon communicated this in an extremely diplomatic, almost incomprehensible way: “We have the greatest respect and admiration for Luca Guadagnino as an award-winning filmmaker, and also a long-standing relationship that we hope to continue. We believe that ‘Artificial’ will work better in another studio and we are working closely with the team to find it a new home.” Of course, data is missing here. What really happened. On February 27, 2026, four months before the announcement, Amazon and OpenAI announced a multi-year strategic alliance. Amazon will invest $50 billion in OpenAI, starting with $15 billion immediately and an additional $35 billion when certain conditions are met. AWS becomes the exclusive cloud delivery provider for OpenAI Frontier, the company’s enterprise AI agent platform. In addition, OpenAI expands its infrastructure consumption agreement on AWS by $100 billion over eight years, and commits to deploying approximately 2 gigawatts of Trainium capacity, Amazon’s proprietary chips. Why ‘Artificial’ is so controversial. ‘Artificial’ it has a comedy point bitter, and comes with the stamp of screenwriter Simon Rich, who worked on none other than ‘Saturday Night Live’. The story focuses on the 72 hours in November 2023 when the OpenAI board removed Altman and He hired him again days later.. The comparison with ‘The Social Network’, the film by David Fincher and Aaron Sorkin about the origins of Facebook, has come up numerous times among those who have been able to see ‘Artificial’. Also it has been said that Altman is portrayed as a pathological liar, and is described by another character in the film as “one of the most manipulative people on the planet.” All of this, of course, had been approved by Amazon, although the film apparently became darker as filming progressed. Some speculation suggests that Amazon saw the setup, realized the potential damage to its numbers and image, and that they simply did not want to commit billions at a stroke. Even more, is spoken that Amazon’s investment in OpenAI “undoubtedly” influenced the decision to abandon the film. September 2026. OpenAI wants to debut on the stock market in September 2026, with a valuation of between $730 billion and $850 billion. The company filed its confidential S-1 with the SEC on May 22, 2026. If the Initial Public Offering prepared by OpenAI goes well, Amazon’s stake appreciates very substantially. Possibly, the view of Altman as a pathological liar does not benefit this stock market bet, and Amazon does not want to be behind this hypothetical put a spanner in the works. Nobody wants ‘Artificial’. For some time now, we have seen how this same path that ‘Artificial’ has begun to take was experienced by films produced by companies eager not to spend more money than strictly necessary. It happened with ‘Coyote vs.- ACME‘, which has finally found its way, or with ‘The war of tomorrow‘, which Paramount produced and Prime Video released in the pandemic. The curious thing about this case is that no one seems to want to approach the project. CAA Media Finance, which represents Guadagnino, has been conducting private passes for potential distributorsand the likes of Netflix, A24, Focus Features, and Warner Bros.’ Clockwork have all nixed the project. At the moment, only Mubi or Neon are potential candidates. And how is this, that A24, queen of independents and difficult projectsAren’t you interested? Well, because the distributor is backed by Josh Kushner’s Thrive Capital, who sits on OpenAI’s board and is among its most prominent investors. Amazon’s story repeats itself with A24 because AI money is widespread throughout the entertainment financial ecosystem. And so it is difficult to produce ambitious and independent films. In Xataka | AI is going to generate unprecedented wealth. The question everyone is starting to ask is who is going to stay with her?

OpenAI lost $38.5 billion in 2025, almost eight times more than in 2024. It will still go public

The well-known analyst Ed Zitron has leaked the audited financial statement of OpenAI for 2024 and 2025. The data is overwhelming and shows how the company, which lost $5 billion in 2024, lost almost eight times more in 2025: $38.5 billion. These colossal amounts do not seem to be an obstacle to the company’s new ambition: going public. It looks like a big hole… When analyzing the 2025 numbers, it is clear that OpenAI’s operating business is not the real cause of this hole in its accounts. Much of the net loss is due to the transition that the company made from an entity non-profit (non-profit) to a traditional business corporation (for-profit). By doing soUS tax regulations caused a loss of $41.55 billion due to changes in the value of convertible interests and stock options (warrants) that had been agreed with partners and investors. …but maybe it’s not. The fascinating thing about this situation is that although the data is worrying, it also contains a probable contradiction. OpenAI records this colossal loss of $41.55 billion not because business is bad, but precisely because it is worth much more than before. How do they explain in Financial Timesupon becoming a for-profithad to update all those “accounting promises” at a fair and reasonable value, which generated that notable negative impact on the balance sheet. The “real” loss. The leaked balance sheet explains that if this “technical” loss from revaluation and some other tax credits is discounted, the pure operating loss from its traditional commercial activity is around a much more acceptable figure and less than $8 billion. It is still a huge amount (in 2024, we repeat they lost 5.08 billion), but it changes the perspective. Investors still believe in OpenAI. These data may seem terrifying and should make investors flee. They are doing just the opposite because they firmly believe in the future of the company. A few months ago the company raised an absolutely astronomical investment round of 122 billion dollars to reach a valuation of $852 billion. At the moment the one that wins is Microsoft. The leak also shows who is currently the big financial winner of this AI fever: Microsoft. In 2025, OpenAI paid the Redmond giant a total of $17.2 billion to be able to use the computing capacity of its cloud infrastructure, Azure. The amount Microsoft paid OpenAI for licenses or services was ridiculous by comparison: $303 million. Source: Sherwood News. Revenue is growing. For investors, the metric that is sustaining optimism is the speed at which OpenAI has managed to grow its revenue. The company closed 2025 with consolidated revenues of 13.07 billion dollars, almost tripling the 3.7 billion in 2024. But what is really notable is the evolution of its annualized income (Annual Run Rate, ARR), which allows projecting what is expected to be earned at the end of the year. OpenAI started at a pace of $1 billion per quarter, and then accelerate and end up closing with a turnover of more than 2,000 million per month (per month!). The condemnation of everything free. OpenAI’s commercial strategy, however, may have been its great Achilles heel. The company has paid a high price for wanting to be the free AI of the end user. Keeping hundreds of millions of people querying for free on ChatGPT certainly has a huge impact on operating costs. That contrasts with Anthropic’s approach, which from the beginning focused on business users who pay in much greater proportion. This tactic has allowed the rival company to achieve something unusual: make money with AI. With small print, but they win it. And the IPO, what? The truth is that OpenAI has already sent the confidential documentation that the Securities and Exchange Commission (SEC) needs to start the IPO process. That doesn’t necessarily mean such an IPO is near, but there’s a problem: Anthropic has taken the exact same step. If the company led by Dario Amodei comes forward in that appearance on Wall Street, it will be another reputational battle won just at the moment when OpenAI is generating the most doubts. In Xataka | Anthropic is at the most important moment in its history and has a warning: we must lift the AI ​​accelerator

Meta spent at least $14 billion to win the AI ​​race. It’s been a year and it’s still exactly where it was.

In Silicon Valley, and in technology in general, being huge does not guarantee being prepared to win every race. You can have money, talent, data centers, billions of users and machinery capable of integrating anything new into products we use every day. Still, when the board changes, so does the question. Meta has been trying for years to demonstrate that it can not only distribute artificial intelligence at scale, but rather compete at the center of the conversation. The problem is, when we think about chatbots, it still doesn’t seem to be the first name that comes to mind. 14.3 billion dollars. Ea is the figure that Reuters put on the table for a very specific operation. On June 13, 2025, the agency reported that Meta would take a 49% stake in Scale AI for that amount, in a deal that valued the startup at about $29 billion. Scale itself spoke of a significant new investment from Metaalthough he did not publish the exact amount of the investment. We are not talking, therefore, about everything that the company has allocated to AI, but rather about an identifiable bet within a much broader bill. What Meta saw in Scale AI. It was surely not one of those companies that we had on our radar when we were talking about artificial intelligence. It did not have the public shine of ChatGPT nor the showcase of Geminibut it did occupy an important place in the machinery that makes it possible to train and evaluate models. His work revolves around data that allows training, evaluating and improving AI systems, including labeled or curated data for training. The name behind the operation. Meta was not only betting on Scale AI, it was also incorporating Alexandr Wang into its new stage in artificial intelligence. The agency noted that the main driver of the move was to secure Scale’s founder to lead Meta’s superintelligence efforts. Scale itself confirmed that Wang would join Meta to work on its AI projects. So the investment should not be read solely as an entry into the capital of a data company, but as a way to accelerate leadership and talent. Context. The investment came at a time when Meta needed to strengthen its position in the advanced AI race. It occurred in a context marked by the poor reception of Call 4its latest large family of open models, and due to competitive pressure against companies like Google, OpenAI and DeepSeek. It was not just a matter of having more resources or adding a new piece to the organizational chart. What was at stake was to regain momentum in a field where other names were marking a good part of the technical, business and public conversation. The visible part. The most recognizable result of this new stage is Muse Sparkpresented by Meta as the first model of a new family created by Meta Superintelligence Labs. The company assures that it already powers Meta AI in its app and on the web, and that it is being deployed in WhatsApp, Instagram, Facebook, Messenger and its AI glasses. Here, precisely, there is an important point: Meta does not need to convince the user to install another application from scratch: it already has the channels. But converting presence within their own platforms into public relevance within generative AI is another battle. The limit. Just because the model is within WhatsApp or Instagram does not mean that people use it for many tasks. Muse Spark does not seem to be occupying the place that the GPT or Gemini models do, to name a few examples. Despite this, according to ReutersMuse Spark has performed well in languages ​​and visual compression, although it has lagged behind in coding and abstract reasoning. Meta has managed to be present, but has not yet demonstrated that this presence is enough to change habits. Strategic turn. Muse Spark does not follow the path that had given Llama so much visibility: The Wall Street Journal described it as a closed model. The company itself speaks of an API in private preview for selected partners, not open and general access for any developer. That is to say, Meta has put a new model into circulation, but it has done so in a more controlled way, more integrated into its products and less open than the strategy with which it had tried to differentiate itself in AI. The crack. Meta can integrate AI into gigantic products, but the generative AI race is also played in another field: that of the names that the user recognizes when they need a chatbot. And there Zuckerberg’s company does not seem to occupy the same place as ChatGPT, Gemini, Claude or Grok. The economic doubt has not disappeared either. And, a no small detail, advertising continues to be the engine of Meta’s income. Images | Mark Zuckerberg In Xataka | There is a company proving that AI can be the perfect interviewer for companies. His name is Orbio and he is from Madrid

Two friends sold their company for 1.5 billion dollars and bought it back for 450 million: today it is worth 150 billion

Buying low and selling high is one of the maxims of any financial operation if you want do well in life. It’s the advice likely followed by two immigrant friends from Asia who met playing basketball in Los Angeles. The story of these two friends is one of the most bizarre and fortunate in the technological business field, since they managed to sell their company for 1.5 billion, and then buy it back for 450 million and turn it into an empire of 150,000 million dollars. Its history is that of one of the best-known RAM and storage device companies since the late 80s: Kingston Technology. Two immigrants and the worst Monday in history John Tu came to Los Angeles from China in the 1970s. David Sun took the same route, but from Taiwan. They were both engineers and were looking for their big break in California. By the whims of fate, they both ended up playing basketball on the same basketball court in Los Angeles in the 80s. Everything else arose from that friendship. His first business was Camintonn, a memory-related components company used by personal computers that were beginning to make the leap from laboratories and electronics hobby clubs to offices and homes, driven by promising young people like Bill Gates or Steve Jobs. After a few years of success and growth, Tu and Sun sold Camintonn in 1986 to AST Research for six million dollars. With that money in their pockets, the future seemed like a bed of roses for the two friends, but their joy was short-lived. The feared Black Monday The October 1987 crash on Wall Street caused a good part of his savings to disappear in one fell swoop. They were left with almost nothing. However, instead of looking for work in a company in the flourishing technology market of the time, they began their adventure as entrepreneurs again. “I told him: ‘You make something and I’ll sell it, like last time,’” Tu said. in an interview for Fortune. John Tu and David Sun, co-founders of Kingston Technology That same year they founded Kensington, a company with a name that seemed elegant and sophisticated, but another company had beaten them to it and registered it. So as they were fans of the folk group The Kingston Triothey chose to rename their company Kingston Technology and launched it in a garage in Fountain Valley, California. How much does current technology owe to California garages! From being born in a garage to being worth 1.5 billion To the contrary to Samsung or other brands, Kingston did not manufacture its own memory chips, but rather bought components from large manufacturers and turned them into products that people use: memory modules for computers, pen drives, flash cards, SSD disks. It was a model without great aspirations, but it worked with a precision that few could match. In fact, it is the same business model that it maintains today. By August 1996, the company was already valued at more than $1.8 billion, and SoftBank acquired 80% of Kingston for $1.5 billion. Masayoshi Son’s Japanese giant was then in the midst of a technological buying spree and Kingston was exactly the type of company it was looking for: profitable, well-positioned and growing. That is, with the acquisition of Softbank, Tu and Sun continued to be a decisive part of the company’s operations thanks to the 10% of the company that each one retained, and they also pocketed 700 million dollars each. Yes, I was not wrong: 700 million for each one, because the founders distributed 100 million dollars in extraordinary bonuses for your employees as a sample of thanks for your work. The deal was perfect because both employees and founders had put a lot of money in their pockets, but they continued working in the same position and with the same conditions as up to that date. What a bargain! …but there was still room for further improvement. Sell ​​high, buy low Three years later, in 1999, SoftBank came knocking on Kingston’s door again. The dotcom bubble was at its highest moment and Masayoshi Son wanted to recover liquidity to invest in the effervescent internet companies. Kingston was still a good business, but it was not the type of hypervolatile asset that Softbank was looking for at that time, so it offered them to recover the same 80% that it had bought from them for 1.5 billion. However, the new price was very different: $450 million. We guess holding back their laughter, Sun and Tu said yes. Obviously. In fact, they were even generous to Softbank. Just like you counted to Fortunein 1996 SoftBank had paid part of the purchase with a promissory note of 300 million that it had to pay in two years, but the investment bank did not fulfill its part and was late in that payment. Faced with such a breach, the founders could have recovered the company by contract in 1998. But they did not do so. They forgave their debt. “SoftBank was shocked,” Tu said. When Masayoshi Son wanted to sell Kingston, his first option was to sell it to them because it was his way of returning the favor they had done a year before. Thus, starting in 1999, Sun and Tu once again owned 100% of Kingston: 50% for each one. According to ForbesKingston Technology had a turnover of about $14.4 billion a year and ranked 28th on the list of the largest private companies in the United States. Its value is estimated at 150,000 million thanks to the memory shortage. A peculiarity of the company is that, despite being one of the most consolidated technology companies, it is still not listed on the stock market. No funds. Without external investors. Just the two friends who met on a court in Los Angeles almost fifty years ago and had two strokes of luck in their career that allowed them to become millionaires without losing control of the company they founded. … Read more

Disney has invested more than 5.7 billion euros in Disneyland Paris. He still hasn’t recovered even half of that amount.

On March 29, 2026, Josh D’Amaro inaugurated World of Frozen before Emmanuel Macron, Penélope Cruz and Naomi Campbell. It was his first major public act as CEO of Disneyeleven days after taking office. However, he did not do it in the now classic Disneyland in Orlando, but in Paris. A park that, according to French commercial recordsaccumulates a deficit of 4.2 billion dollars after more than three decades open. Disneyland Paris is Disney’s most profitable international subsidiary and even so, it still You have not recovered your initial investment. So…why is it still open? On paper, all good. When Disney makes public the financial results of your parksit doesn’t break it down by installation. But since Euro Disney Associés (EDA), the company that manages the complex, is obliged to publish detailed accounts in France, we can know the Parisian figures: in the year ending in September 2025, EDA’s income reached a record of 4 billion dollars, 8.4% more than the previous year, driven in part by the implementation of the controversial dynamic prices. Net profit reached 304.2 million, also the highest in its history. For its part, the results of Disney’s international parks segment They rose 25% in the last quarter of fiscal year 2025and the company explicitly attributed that improvement to the pull of Disneyland Paris. Do the math. However, since opening in 1992, what was initially known as Euro Disney has only made a net profit in 13 years. Accumulated losses total 3.7 billion dollars. In other words: Disney has invested a total of 6.8 billion dollars (5.7 billion euros) in the complex and has not yet recovered that figure. With 304 million annual profits, it is difficult to think of it being recovered. The French trap. EDA operates within particular financial parameters. France gave up the coveted 2,230 hectare land in Chessy (almost a fifth of the area of ​​Paris) in exchange for the complex being organized as a public-private collaboration. Disney started as a minority shareholder with 49% and since it was not the main shareholder, Disney did not capitalize the company as it would have done in its American parks. It only contributed 132.1 million of the 4.9 billion that the construction cost. The remaining 59.8% was covered by a bank loan assumed by the Euro Disney joint venture. EDA was listed on the Euronext, which on the one hand forced accounting transparency, and on the other hand chained the company to a very fragile capital structure just before the first great recession of the time hit. A year after the opening, Philippe Bourguignon, president of Euro Disney, recognized that the company’s financial imbalance was so severe that its very existence was at risk. Crisis after crisis. In reality, the history of Disneyland Paris is a summary of the great economic crises that the sector and, specifically, France has experienced. The park opened during a recession that affected all of Europe, but especially the country (with a drop in GDP of 1.5% in 1993). French tourists rejected the prices of tickets, the absence of alcohol in restaurants and English as the dominant language. Disneyland Paris’ second park, Walt Disney Studios (renamed Disney Adventure World in 2026), opened in 2002 just as global tourism was suffering after 9/11. The worst year came in 2016: Disneyland Paris posted a record net loss of $961.8 million after the November 2015 attacks plunged attendance at the park. Disney’s reaction in 2017 was to buy the remaining 51% of shares for 250.8 million and pay another 1,700 to eliminate all the accumulated debt. But the misfortunes did not end: the 2020 pandemic cut off the recovery that this sanitation had started. And things are not over: the war in the Middle East affects energy and flights, and it remains to be seen how it will impact the business in the medium term. The clear accounts. For 34 years, the royalties and other management expenses that EDA has paid to the American parent company total 2.4 billion dollars: fees for attraction design, licensed characters, costumes, show production… But Disneyland Paris receives 16 million visitors a year, it is the most frequented tourist destination in Europe and, according to the study itself contributes 6.1% of France’s total tourist income. In 2025, the parks and experiences divisions generated the 57% of Disney’s consolidated operating profiton total revenues of $94.4 billion. It is the weight of that segment that took D’Amaro from parks management to CEO. But one thing is clear: EDA cannot distribute dividends until its accumulated losses are fully compensated. At 304 million in annual net profit and with the historic hole unclosed, that moment is not around the corner: it seems that we are not talking about short-term compensation. Header | Pablo Monteagudo In Xataka | Abu Dhabi Disney Park will be like no other. For a hot reason

a 4.5 billion bridge over the Panama Canal

Panama-David. That is the name of the most important railway project in the Central American country. A 450 kilometer long route that aims to connect the country by train, crossing its width at speeds of up to 180 km/h. A route that also includes routes for the transfer of goods and that has a critical step over the most famous canal in the country. And to verify that everything is going correctly, Panama has trusted Renfe. Panama-David. It is “the flagship project” of the Panamanian Government. So, in fact, It is how the state website itself defines to the Panama-David railway line. The project aims to connect the entire country by crossing its width with a high-speed train line that can travel at 180 km/h. This railway line, which will employ more than 50,000 Panamanians, according to official information, will have 14 stations and the capacity to transport goods on rails at a maximum of 100 km/h. The plans included starting the works this year and, for this, Renfe will be key. The approval. And Renfe will be in charge of approving the technical reports that have already been developed by AECOM (Architecture, Engineering, Construction, Operations and Management), the American company to which Panama commissioned the evaluation of the project in 2024. Now Renfe will have to certify that the project, according to the bases designed by this company, are viable. The feasibility of the planned train stations and workshops will be studied, among other aspects, but it is a bridge that is really worrying. A bridge that will cross the Panama Canal. The Bridge. At one end of the line, the fifth bridge over the Panama Canal has been planned. This bridge will be in charge of carrying the line to the border with Costa Rica, where the project ends. It is estimated that building this new step would cost about 4.5 billion dollars. From the little that is known, it has been published that the bridge would be parallel to the Centennial Bridgethe second to be built in this enclave and which was designed to relieve traffic from the Bridge of the Americas, the first to be built over the Canal. Why Renfe? They explain in the local newspaper The Press that the Panamanian Government has chosen Renfe because of the prestige that the company has when evaluating technical railway projects. The assignment falls on Renfe International Projectsthe division of the company that is responsible for offering service or advice outside our borders. In Panama they highlight that Renfe will be key to understanding if the preliminary report is viable and if the bridge can be built as planned. The company will also analyze future expansion possibilities and technical concepts such as work to be carried out underwater or evacuation routes. All of this will allow, according to the National Railway Society (SNF) of Panama, “to reduce technical and operational risks, and strengthen informed decision-making to guarantee the viability, efficiency and sustainability of the railway project.” another assignment. As we said, Renfe International Projects is the company in charge of carrying out railway work outside our borders. Last year it had a turnover of 20 million euros (the Panamanian project will bring in more than 300,000 dollars, according to local media) and its star project is the AVE to Mecca. In addition, the company is also interested in operating on the French high speed and look for your place in Italy but it is also present in Latvia, Estonia and the Czech Republic. Photo | André Marques and Paulo3082 In Xataka | Mexico spent a fortune building its Mayan Train to attract tourists. Things are not going as expected.

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