investing

The question after the Adamuz accident is whether he is investing in maintaining them

by

On May 7, 2021, rail transport in Spain entered a new dimension. For the first time, a train that was not owned by Renfe stepped on our lines to operate between Madrid and Barcelona. It was the maiden voyage of Ouigoowned by the French SNCF in Spain. Objective: to offer a cheap alternative to the most famous high-speed service in our country. Shortly after, Renfe itself launched a new service to safeguard their backs. The first service AVLO (High Speed ​​Low Cost) arrived on Spanish roads a month later. In November 2022, Iryo It kicked off its operations with a Madrid-Valencia trip as its inaugural trip. In a year and a half, Spanish roads had gone from supporting the weight of Renfe to that of three companies (Renfe, Ouigo and Iryo) and four services (Renfe splits into AVE and AVLO). Over time, operations have increased and the competition that had been initially restricted to Madrid-Barcelona has also reached Levante and the Andalusian corridors. The plans go through continue expanding competition to the Galician corridor and the branches to Asturias and Cantabria, as well as the Madrid-Cádiz/Huelva. To have a clear picture of the increase in traffic volume in the Andalusian corridor, Óscar Puente, Minister of Transport, pointed out last summer that “in the 90s six trains circulated a day between Madrid and Seville (…) today 289 trains circulate”, referring to the drop in Renfe’s punctuality but the increase in complexity in traffic management. However, Renfe has been receiving numerous reviews for their lack of punctuality and their cancellations. But it is not the only company that has suffered significant inconveniences. In May, a cable theft and a coupling of an Iryo train with a catenary caused the collapse in the Andalusian corridor with more than 10,000 affected. Weeks later, a concatenation of incidents originated by an Ouigo train ended up causing a fire on a Renfe train and hundreds of lost passengers for more than 13 hours in the middle of the line spending the night outdoors. Facts that have been accumulating, that have been used as a political weapon (such as Renfe compensation in case of delays) but above all, they have put a recurring question on the table: what happens with investments? Investments in high speed To keep the roads and infrastructure in good condition, Adif (the company in charge of this) receives funds from the State and the European Unioncharge some fees to operators who use their channels to do business and issues bonds. However, the bulk of the money for road maintenance and future investments continues to come from the State. Whether these investments are sufficient or not is something that has been questioned for some time. Operators have long pointed out investments in the roads as insufficient. Ouigo did it when the July case left the Andalusian corridor paralyzed. Since July, Renfe, Adif and Talgo have been living a kind of triangle of love and hate in which they blame each other for the cracks caused in AVRIL trains that covered Madrid-Barcelona, leaving Renfe without this service in the corridor and with trains running at a lower speed as expected as a temporary patch at that time. In an article published in The World Last November it was pointed out that high speed in Spain has experienced three clear phases since the first Madrid-Seville was covered in 1992. The first points to the first years, with sustained investments between 1992 and 2005. The last refers to the liberalization of roads, active since 2021 in practice. Spain has gone from investing 6,558 million euros in the railway sector in 2009 to 2,318 million in 2018 but the figure hides the real maintenance In the middle, an explosion and a stagnation that marks our daily life. Between 2005 and the crisis of 2008 and the years to come, investment in Renfe and Adif skyrocketed. And it is in those years when high speed is extended to Córdoba and Málaga, to Valladolid after passing through Segovia and to the Levante area. High-speed investments in Extremadura or the Galician corridor and expansions to the north of Catalonia are also underway. But the years of crisis hit hard and investment falls. Once the budgets that have been approved in the years before the crash have been concluded, between 2014 and 2020 investments plummet. According to the Railway Observatory In its 2023 edition (last available), the real brutal investment fell from 6,558 million in 2009 to 2,312 million in 2018. Since then, it has grown and in 2023 it touched 4,000 million euros. But those numbers hide another perspective. If railway investments in Spain were reduced by a third in less than a decade, it is also a consequence of a stoppage in the construction of infrastructure. And, as we have seen, the years before the crisis saw a boom in the opening of high-speed stations and new corridors. Since then, expansions have been minimal. Source AIReF The Independent Authority for Fiscal Responsibility (AIReF) shows how the opening of new lines has a direct impact when preparing budget plans. Thus, 88.6% of investments in high-speed railways between 1987 and 2018 were taken by the allocation dedicated to the construction of new lines. The rebound in investments that we have experienced since 2020 is closely linked to this way of acting. In recent years Full high speed has arrived in the Galician corridorwhich includes new gauge trains variable, the AVRILs, and great progress has been made in the Asturian and Cantabrian high speed. Óscar Puente visits the Hitachi Rail factory in Pistoia (Italy) Those numbers are skyrocketing again but they will do so in a different way. Although in 2024 The Government has allocated 4.5 billion euros to the trainof which 2,500 million euros were made in high speed and that the investment in Adif AV (high speed) should reach 12,000 million euros between 2022 and 2026, the announcement for the future is somewhat different. Because in its future investments the … Read more

Polymarket and company have sophisticated gambling addiction to the point of making it indistinguishable from “investing”

by

Prediction markets are no longer a niche of the Internet and datanerds to become the new obsession of Wall Street and Silicon Valley. Platforms like Polymarket and Kalshi are receiving multi-billion dollar valuations by repackaging traditional bets as sophisticated financial instruments. The image that defines the moment occurred recently in Manhattan, according to Bloomberg: the patriarch of the New York Stock Exchange (70 years old, impeccable suit) closing a multimillion-dollar deal with the founder of Polymarket (27 years old, t-shirt and plastic bottle). That meeting sealed the fate of the sector: betting is no longer a game, it is finance. Why is it important. We are facing a radical cultural and regulatory change. By redefining bets as “event contracts”, these platforms try to circumvent gambling legislation (which in Spain would control Consumption) to sneak into the traditional financial system, with the support of giants such as the owners of the New York Stock Exchange (NYSE). The panoramic. Kalshi is already worth $10 billion and Polymarket is looking for $12 billion. They are not beach bars, as we said, the owner of the NYSE has invested there. The hockey league (NHL) and Donald Trump’s media company are already signing deals. It is the traditional financial system embracing chance. It is, above all, legitimation. Semantic reengineering. Polymarket’s true success is not technological, it is linguistic. They have eliminated the stigma of the gambler by changing the dictionary: It’s not a bet. It’s an “investment.” It is not a betting house. It’s a “exchange of contracts”. You are not a gambler. you are a trader which analyzes “market sentiment.” An example of the absurdity of some cases: people betting by Elon Musk entering the race to be president of the United States, oblivious to the fact that Musk was born in South Africa and therefore cannot become president, since the US Constitution vetoes the presidency to foreigners. That is to say: all those bets are money thrown away from minute one. How it works. Instead of betting 50 euros on Trump winning, you buy a “share” of that result that is worth 1 dollar if you are right. This allows the same person who would win or lose money at roulette to now win or lose it in an app with stock market charts. Although the savings fly the same, the user feels smarter and less guilty: he believes that he is operating in something more similar to the IBEX, not in a casino. What’s coming. There is a civil war brewing. The old guard of the game (the owners of traditional casinos) see this as unfair competition. Jay Snowden, CEO of Penn Entertainment (a casino and sports betting company), has already warned: This is a direct threat to your industry. Prediction markets and games of chance overlap. In conclusion. Polymarket has managed to sophisticate gambling addiction for a generation that believes itself too smart to play games of chance. They have created the perfect casino for those who despise casinos, allowing them to risk savings under the illusion of doing financial analysis. In Xataka | Five years ago he worked from his bathroom on the brink of ruin. Today he runs a company valued at 8 billion Featured image | Hush Naidoo Jade PhotographyMockuuups Studio

Mercadona’s ready-meal supplier is investing 150 million more because we have given ourselves

by

Familia Martínez, the group that manufactures packaged lasagnas, gratins and roasts for Mercadona, has announced aAn investment of 150 million euros in two new facilitiesboth in areas affected by DANA 2024: A 20,000 square meter plant in Buñol dedicated exclusively to roasted products. And a rapid distribution center of 3,500 square meters in Torrent with capacity for 1,000 pallets. Both will be operational between 2025 and 2026. In one of the openings there is a nod to the founding of the company: it started in the 70s with a butcher shop in Torrent. Qor what is important. This expansion responds to the explosive growth of fifth-range prepared dishes in Spanish supermarkets. We are not talking about food from the counter that is sold hot (the ‘Ready to Eat’ section), but about refrigerated packaged products that the consumer heats at home: cannelloni, lasagna, roast ribs… A few months ago The Spanish have consumed 17 kilos per person of prepared dishes in 20246.6% more than the previous year, and Mercadona has bet heavily on this category: Juan Roig said a few months ago that “in the middle of the 21st century there will be no kitchens” and is transforming the chain accordingly. The figures. Familia Martínez closed 2024 with a turnover of 480 million euros (8% more) and a net profit of 31 million (15% more). Production exceeded 92 million kilos, with a growth of 6.2%. The group directly employs more than 1,900 workers in Valencia and Madrid. More than 600,000 gratin dishes and 200,000 roasts leave the Buñol plant every week. In total, it has invested 320 million euros in the last seven years. The context. The Martínez Family integrates four companies: Martínez sausages (minced meat and sausages). Traditional dishes (gratins, lasagna and fifth-range roasts). Five Forks (traditional roasts). La Pila Food (semi-finished products for industry). Mercadona represents 85% of its business. Last year, the group paid 68 million euros to the French group Fleury Michon to keep 100% Traditional Dishes, the jewel in the crown. The money trail. The investment in the new Buñol roasting plant is the most ambitious in the history of Familia Martínez. The center has been designed under criteria of energy efficiency and sustainability, with special attention to water savings. According to the CEO, Raúl Martínthe group is “in a moment of important growth, in line with the good progress of our main client”, in direct reference to Mercadona, which represents close to 80% of its business. The disappearance of kitchens that Roig predicts not only translates into more prepared dishes, but also a radical simplification of fresh products. During 2024, Mercadona has expanded its “reengineering” of the fishmonger’s section to offer products that do not require the intervention of a fishmonger in the store. Salmon nuggets, gluten-free hake sticks or clean sole are examples of this strategy. The rapid distribution center in Torrent will include semi-automatic shelving and two refrigerated warehouses with automatic management and robotization systems. This will shorten delivery times and improve the operational efficiency of the current Embutidos Martínez plants in Cheste and Torrent. In Xataka | The boom in prepared food in supermarkets has a blind spot: nutrition. Are we putting the foxes to guard the henhouse? Featured image | Martínez Family, Mercadona

For years we were condemned to physical travel agencies. The English Court is investing millions in demonstrating otherwise

by

The English Court has renewed 60 of its 430 travel officesand plans to reform another 44. The idea is to implement open spaces, sofas, digital screens, previous appointment and advisors with “emotional connection.” Why is it important. The message to be sent is that the physical store has not died, but only needed a new experience. In perspective. It is the classic play of retail Traditional: redesign the spaces to sell a transformation that between, especially, by the eyes. Along the same line as the changes applied to the low floors – the accesses – of some of its stores, modernizing the bookstore or giving more weight to the section Gourmet. EITHER The premiumization of its supermarkets. What is at stake is the role that a traditional physical agency can play in the Skyscanner era, Google flightsAirbnb and Booking. What is happening. Travel El Corte Inglés is more profitable (More than 100 million euros from Ebitda8% more than a year ago), but loses in volume against its great rival, Ávoris (Barceló Group). To renew your offices is a way to reaffirm as a premium brand and differentiate in a world in which the average customer has become accustomed to organizing their vacations from your mobile. The physical network is reduced to transform. Personalized attention is insisted as an advantage over the digital model. Between the lines. The reform is real estate, but first of all it is a way of sustaining the story: we are not a vestige, we are a luxury; We are not an agency, we are a space of inspiration. From store a Boutique. The passage of time will tell us if this is a real modernization or if it is rather an attempt to keep the physical channel alive. The company has not gone wrong: after years seeing how the environment rewarded its new competitors, the English Court is still alive despite insistent rumors of serious crisis. There is also the doubt of the long -term value of that “human contact” as a differential pillar. He is seductive, but difficult to climb. Yes, but. The new model has a very good press, but with the unknown of whether there is insufficient demand. There are still many clients who continue to go to a physical office, but they are increasingly minority. And those who do it, often look for something very concrete: custom trips, honey moons, large budgets. Can you sustain an entire model so capillary around those profiles? In addition, post-pandemic tourism has recovered, but It has also changed. The traveler has become accustomed to certain flexibility levels, price comparators, online opinions, immediate decisions. All of that has a difficult fit in an agency by appointment. The decision to invest in so many offices sends a message: trips El Corte Inglés remains convinced that there is a place for physical agencies if they become experiences. It is quite possible that it is right, although it is a commitment against the direction in which the future of the sector seems to go. In Xataka | Spain has become a country addicted to something that some years ago enjoyed little prestige: the white brand Outstanding image | El Corte Inglés trips

Sweden is investing millions of euros in a silent war. The enemy to beat: an epidemic of solitude

by

Sweden has declared a war, one that seems to worry especially to its authorities, which has been speaking for years and in which it is willing to invest millions and millions of euros. The enemy to beat? The loneliness. It makes all the meaning if you take into account that A sensitive part of its inhabitants suffers unwanted isolation, especially between the younger and older layers of society, and there are who considers To Sweden the loneliest country in the world. After all, loneliness is a “Public Health Problem” And something else: complicates the efforts of the authorities for Strengthen your defense civil. The loneliness numbers. It is not the same to live alone than feeling alone. Just as not all societies face loneliness in the same way. Throughout the last years, however, different agencies have published studies that give us an idea of ​​the scope of both phenomena in EU countries, including Sweden, a nation that has declared war to unwanted isolation. In 2017 Eurostat published A study which shows that more than half (52%) of Sweden households are formed by a single person, the highest percentage of all EU countries and significantly above the community average, which is around 33%. If what we are talking about is a population, statista calculates that 26% Of the Swedes live without any company, data that only exceeds Finland (32%). Do you feel alone? The thing changes slightly if we talk about loneliness, unwanted isolation. The percentages can dance based on the source and the approach, but confirm that the sensation is present in Swedish society. CE surveys show that most or all the time feel alone in the country Between 16 and 17% of the people, while The data of 2024 of the public health agency reflect that 13% of the population claims to have that feeling “occasionally” and 6% invades “often or constantly.” “Almost two million Swedes over 16 suffer isolation. 26% of children from 3rd to 6th year say they feel alone in school. One in three young adults experiences loneliness and isolation, as well as 40% of women and almost 30% of men over 85 years old,” needed The Government in 2023. “A health problem”. Sweden is not the only one country that deal with loneliness, but there the data is consistent enough for its government to have declared that involuntary isolation is “A public health problem” And want to stand up. “It is a growing problem and the elderly experience it more frequently,” warns The Minister of Social Security, Anna Tenje. On the table the executive has reports that show that the isolation affects above all to certain groupsas elderly, young people or unemployed people. A fact: 27 million a year. Convinced of the challenge that supposes, in Stockholm they have decided to move from words to the facts. In 2023 the government activated A triennial plan (2023-2025) that is around 300 million of annual Swedish crowns (around 27 million of euros) to support initiatives that “fight and prevent” isolation. In February the Public Health Agency even presented A strategy “Against loneliness and favor of the community.” And what are you doing? Your strategy touches several sticks. The government a few months ago advertisement For example, the distribution of 49 million Swedish crowns (4.4 million euros) between organizations that work precisely to reduce loneliness. It is not the first initiative in that line. Over the last years he has allocated funds to campaigns Health -centered, promote The socialization of the elderly, their stake in sports activities or The study of the phenomenon and its approach from different areas, such as The business either The educational. “Taking care of friends”. For now, Sweden has received recognition from WHO, which He has cited it as an example for initiatives deployed in the country. A few days ago the newspaper I monde He dedicated a report to a specific one: “Vanvard” (“Taking care of friends”), which is taking pharmacies employees to dedicate part of their day to fight loneliness. At the end of 2023 the Ministry of Social Affairs also promoted the creation of A business network With about twenty companies that work with the same purpose: to end marginalization. Defense earrings. I monde Slide Another key idea: loneliness is not only “a public health problem”, it also implies an obstacle in a country that He is strengthening your civil defense system, as well as Other nations Nordic. That effort collides with a complex reality: isolation. More than half Of the Swedes they barely know their neighbors. With that backdrop, last year the Swedish Civil Contingency Agency promoted a campaign with A slogan That speaks for itself: “When we know each other, it is easier to help us.” Images | Magnus Östberg (UNSPLASH), Eurostat and EC In Xataka | Loneliness is already a matter of public health. We have more and more evidence that animals help us to placate it

Investing in carbon capture instead of renewable energy is to throw money

by

The fight against climate change is fundamentally based on reducing the amount of carbon dioxide from the atmosphere. One of the most direct solutions is carbon capture: extract the co₂ from industrial fireplaces or ambient air. So why don’t you finish taking off in front of renewables? Short. Carbon capture technologies are equipment that is placed in industries or outdoors to eliminate pollution without modifying the source. Although it sounds promising, A recent Stanford study It shows that carbon capture is in the long run much more expensive and less effective than direct transition to renewable energy. In addition to improving air quality and stopping climate change, for most countries of the world, electrifying the industry and obtain Energy, compared to a total bet for carbon capture that maintained the consumption of fossil fuels. The study. The researchers compared two extreme scenarios: a world that bets 100% for renewable energies and electrification; and a world that continues to burn fossil fuels, but tries to reduce its impact with carbon capture and improvements in energy efficiency. In contrast to intuition, the most profitable option is by far completely replacing fossil fuels by sources such as wind, sun, geothermia and hydroelectric energy. Because They directly eliminate the use of fuelswhich is the main source of pollutants in the air, and because they reduce energy demand instead of continuing to increase it. More profitable. Clean sources and electrification would not only directly reduce carbon dioxide, avoiding five million deaths a year caused by pollution. Since carbon capture consumes energy, the first scenario would also involve economic savings compared to the other scenario, reducing energy consumption by 54% and energy costs by 60%. The key is the opportunity cost. Using renewable energy to feed carbon capture systems prevents those same energies from being used to replace polluting sources. “If you spend a dollar in carbon capture instead of renewables, you are increasing carbon dioxide, air pollution, energy requirements, energy costs, pipelines and total social costs,” Explains the main author of the studyMark Jacobson. Conclusion. What the study points out is that, although carbon capture may seem an attractive technical solution, in practice it maintains the inefficient and polluting infrastructure of combustion. How to try to empty a bathtub without closing the tap. The substantive problem is not solved: the use of fossil fuels. The researchers conclude that, to face the climatic crisis effectively, it is much more beneficial to abandon the idea of ​​cleaning the air after polluting and betting on a total transformation towards renewable energies. The evidence says that investing in clean energy is not only cheaper, but also the safest option for the environment and global health. Image | Pixabay In Xataka | The big business in which CO2 is becoming captured and burying it underground

The most valuable company in the world has no interest in investing in data centers fever

by

Big tech are investing Absolute fortunes in data centers. Almost all seem to be prepared to meet the colossal demand for computing capacity for AI tasks. And yet, there is a curious and surprising exception. Money, money and more money. In recent days, several large technology have announced their investment plans by 2025. In all cases astronomical budgets for the construction of data centers for AI: Microsoft were announced: Microsoft He spoke of 80,000 million dollars, Google of 75,000Goal of 65,000 And at the end of the week Amazon exceeded all those figures and promised to invest 100,000 million dollars In this area. To get a slight idea of ​​what that figure supposes, a comparison: GDP Bulgaria was of 102,407 million dollars in 2023 (that of Spain, 1.62 billion). Apple. However, in Apple things are very different, and their capex planned for 2025 will remain almost flat compared to 2024 and will be 12,000 million dollars. It is a remarkable figure, of course, but is far from its competitors in the field of AI. And it is the one that has the most money. It is also interesting to compare the investment that these companies will make regarding their Market capitalization. Amazon is the strongest bet here: its capex is 4.12% its current market capitalization, followed by Meta and Google. Microsoft is somewhat more cautious (2.63%), but it surprises again that Apple, which is the world’s first company for market capitalization, has a capex of only 0.35% of all its value. Wall Street rules. The decisions of these companies seem to be very influenced by the behavior of stock markets. The presentation of financial results and short -term forecasts has caused a kind of contagious effect: if we do not invest a money in data centers, shareholders are going to punish us a lot, they seem to have said the Big Tech with those colossal figures. The great beneficiary is Nvidia. Meanwhile, it is likely that the great beneficiary of these colossal investments is Nvidia, which will be the one that will receive a good part of that money if everything follows the current trend. There will undoubtedly other beneficiaries in this area, but the Capex de Nvidia is comparatively ridiculous, both with respect to these companies and Regarding its current market capitalization (3.18 billion dollars). It is estimated that in fiscal year 2025 it will be about 3,000 million dollars, a quarter of the Apple, for example. In 2024 his capex It was barely 1,000 million dollars. Apple goes to another rhythm with AI. The firm of Cupertino seems clearly to have a very different strategy than that of its rivals in this segment. He has barely offered news since he presented Apple Intelligencewhose options are limited and whose deployment is being slow. The feeling, even internally, is that In Apple they are clear followers And that at the moment will not change. Image | Ekapol With Midjourney In Xataka | Is Tim Cook the Apple Ballmer and Nadella is the Microsoft Jobs?

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.