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Europe invested 15,000 million euros in Northvolt to compete with Chinese batteries. Now it is from the US for a very small part

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Lyten has bought Northvolt. If you have no idea who Lyten is or what Northvolt is, don’t worry, you are not the only one. The basic thing you have to know is that Northvolt was European and had managed to attract 15,000 million euros with a very potential investment of European manufacturers and institutions. But he broke and is now in the hands of Lyten (American). Step by step, we will understand how the greatest hope for the production of electric car batteries in Europe has collapsed and has ended up in the hands of a United States company for a ridiculous price. Lyten Buy Northvolt. For a figure that is not public but that points to just over 600 million euros. Although the terms of the final agreement have not been made public, it is known that Lytena Silicon Valley startup specialized in the supply of lithium-sugar batteries has achieved financing of 650 million dollars until the time of purchase, As reflected on their own website. The final price has not been revealed but in media such as Reuters It is ensured that the company had achieved another 200 million dollars for this purchase. At the moment, it is known that Americans have bought Northvolt “at a small price,” as explained in the news agency. What is Northvolt? This Swedish company was simply the great European hope in the production of batteries for electric cars. In The New York Times They explain that the facilities of this company in Sweden and Germany are among the most advanced in Europe, so they describe the purchase of Lyten as “bold”. His goals were ambitious. They assured that with NorthvoltEurope would go from producing 3% of the total volume of batteries around the world to 25%. To achieve this, the company had 6,500 employees distributed by Sweden and Germany, with facilities that had to reach a production of 60 GWh in Germany. Sustained by a huge investment in R&D. What happened? That broke at the end of last year. The company had announced that I couldn’t cope with their debts (5,800 million euros) and that had to dismiss 1,600 employees. A few months before, BMW canceled an order of 2,000 million dollars In batteries after Northvolt confirmed that he could not give them in time. As domino pieces, everything ended up falling. And, consequently, with the banking company, its facilities, workers and resources were a bargain for anyone. For anyone who dares to face years of losses in the hope of earning money. Lyten has been the company that has taken the front. Lyten. The American company specialized in the production of sulfur-lithium batteries (which is contributing to the US armed forces) has been the one that has confirmed the purchase of Northvoltincluding all its assets (also the projects they had in Canada) but, of course, assuming its debt of almost 6,000 million euros. The company, of which Jeep (Stellantis) owns 2%, believes that with the purchase some of the customers who left the company can return before their fall. The objective is to focus more on the production of batteries for electric cars and return the illusion for a competitive European production against China. However, in Reutersexperts remember that China has cost between 15 and 20 years dominate the supply chain and battery production so it is not realistic to think of short -term benefits. “If you think you can shorten it (this time), then you simply do not understand batteries,” says Rob Anstey, CEO of the Silicon Battery Batteries developer GDI. Lost investments. The most dramatic thing about Northvolt’s bankruptcy is that billions of euros of European companies may have been lost. But, above all, of European public institutions. Volkswagen was the main shareholder of the company (21%) and it is estimated that injected at least 1.4 billion euros. They were not the only ones. It is known that Volvo lifted a Joint Venture with Northvolt by Value of 2.7 billion euros. BMW also invested about 1,000 million euros and had committed another 2,000 million of euros for the purchase of batteries. Scania was also part of the investments. They joined them Financial groups such as Goldman Sachs and various venture capital funds. But we must not forget that in Northvolt he also put public money at stake. The European Investment Bank made available to Northvolt More than 1 billion eurosof which 280 million euros had been contributed and whose last departure (943 million euros) had not been disbursed entirely. To this we must add 700 million euros in direct subsidies committed by Germany and that they have not been delivered but of which Lyten can benefit if, finally, the project of its plant in Heide (Germany) is finished. And also the Quebec government contributed 160 million euros, with the promise of supporting with almost 500 million euros. Photo | Northvolt In Xataka | A new battery made in Europe aspires to solve the cheap electric car puzzle. The key: sodium

One million less places this winter at provincial airports

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The pulse between the government and Ryanair continues to climb. After a summer in which the company had withdrawn 800,000 places from our country, it now ensures that it will withdraw a million seats available this winter. The official reason: Aena’s rates. THE OFFICIAL: THE FINE OF CONSUMPTION TO THE COMPANY. One million less. That is what Eddie Wilson, CEO of the airline, has confirmed to Europa Press. The company will eliminate a million places available during the next winter season. The definitive announcement should occur Next Wednesday, September 3. In his interview, Wilson says that the movement is because they will “invest where we can obtain a return” since, in his opinion, the government is allowing regional infrastructure “to deteriorate and underminate.” Because? The official reason that Ryanair wields is the increase in the airport rates charged by Aena. The company, which manages these spaces and provides services such as safety, cleaning and other logistics -related activities, will raise prices next March. The company wants the new rate increases by 6.5% With a maximum of 11.03 euros per passenger after the price has almost frozen a decade. This only increased (although by 4.09%) in 2024 alleging that the Ukraine War had hit its accounts. At the moment, competition has to confirm whether this increase in rates may or may not be carried out. And, despite everything, it is something that will be applied from next March but Ryanair has already repeatedly threatened With the reduction of the offer if this happened. What does Aena say? The company ensures that not all sites pay the same for the service they offer and have stressed on several occasions that their work is essential for the operation of the airport itself. Payment at Aena’s rates includesamong other services: Aena’s staff Air navigation services (such as communications or meteorological reports) Security services MAINTENANCE AND CLEANING SERVICES Attention to people with reduced mobility In addition, the company indicates that they exist Incentives so that airlines pay less where airports accumulate less offer. For example, the discount in the passenger rate with reduced mobility is 100%. In regional airports that have not recovered prepandymia traffic, the discount is 70%. And there are additional discounts for passengers who make connections or fly to the Canary Islands and Balearic Islands. There is something else. It is not only a matter of rates. Ryanair and the government also maintain a war open for the issue of hand luggage. Consumption fined the company (109 million euros)along with other airlines, because it considers that the size of the suitcase that you can transport for free is excessively small. Europe, however, seems to give the reason to the company. At the moment, the litigation continues. Last June 26, The Superior Court of Justice of Madrid suspended in a precautionary way it and from Ryanair say they have “absolute confidence that The mules will be canceled“For European justice. There is no confirmation of the latter but the truth is that The European Parliament and The European Commissionon their way to reform the regulations that affect travelers, they seem to align with Ryanair. If everything goes ahead, they should define some Minimum dimensions for this backpack/suitcase But these are aligned with those offered by the Irish company that also He has already made his own gesture of goodwill. Those indicated. Regional airports will be those that undergo the changes in Ryanair’s strategy. During the summer season we are living, the company It has already eliminated 800,000 seats from seven airports. In Jerez de la Frontera and Valladolid they have stopped operating. In Vigo, Santander, Santiago and Zaragoza and Asturias have reduced their operations to a greater or lesser extent. This frightened has directly impacted the number of flights made in these airfields. Between April and July (first four months of the summer season) they traveled 240,000 passengers less that in the same period of 2024. It remains to be seen the impact at the end of the summer season but airports such as Valladolid anda have been practically deserted. Photo | Markus Winkler In Xataka | The great secret of Ryanair’s success is that he does not earn money to fly: he does so squeezing you in everything else

340 million euros that threaten to take it to bankruptcy

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Benidorm is usually news for its enormous flow of tourists or the considerable pressure that these exercise in their public services. Now it is for something very different and much more delicate: its City Council appears to Financial abyss. Literally. An ancient litigation that dates back to two decades threatens to force him to pay the whopping 340 million of euros, a complicated sum for any town in Spain but that in the case of the Almeria town is a Damocles sword: it is equivalent to 2.5 years of budget. The Consistory Keep the battle In court to avoid payment, but He already warns that assuming would force him to do without employees and cut services. What happened? That curves are guessed in the urban, economic and judicial future of Benidorm, one of the great mecas of national tourism. Although there is nothing firm yet, the City Council of the Alicante town faces The threat to have to pay more than 340 million of euros due to an agreement reached in 2003 with land owners located in Serra Gela. To get an approximate idea of ​​what would mean such a disbursement for the Benidormean coffers, it is good to remember that in the municipal budget of last year it was 142 million of euros. Why is it in that situation? To answer that question, it is necessary to go back a couple of decades, to 2003, when the City Council, headed by Vicente Pérez Devesa (PP), reached an agreement with two societies that had urban rights on land of the APR-7 sector, two companies linked to Francisco Murcia Puchadesformer president of the Valencian promoters. What exactly agreed? As remember The countrythe farms in question were located in Serra, declared shortly after (July 2005) Natural Park. The idea of ​​the Alicante Consistory was to take these land and compensate for their owners with urban uses in other parts of the city. That was at least the theory, which gave rise to an agreement extended in 2010 and 2013. And what happened? That the thing was complicated. The years passed, the extensions followed and the agreement did not go from paper. The former owner of the land of Serra Gelado claimed his right to compensation and the Consistory questioned The validity of the agreements since the ordination of the Natural Park knocked down the buildable that initially did the land. Two difficult positions that (as expected) have given rise to a long and complex judicial process, still open, but that has been clearing during the last year. His most recent chapter arrived only two months ago, In Junewhen the Superior Court of the Valencian Community threw a jug of cold water at the claims of the City Council and gave the reason to the former owners of the land. The ruling ratifies an earlier sentence, from May 2024, which considers the agreements signed more than two decades. That does not mean that the Consistory has thrown the towel. In fact already He has resorted to the Constitutional Court. Why is it so serious? Beyond the political debate and the padding of reproaches to which the lawsuit has given rise, the case is serious for a simple reason: the economic repercussions it can have for Benidorm. Seeing that the agreement not executed the former owners of the land requested an assessment that raised the price of the land to 280 million of euros. A considerable amount to which interests are added, which would now exceed 60 million. In total More than 340 millionsuch a high sum that would be equivalent to more or less two and a half years of municipal budget. The Consistory He has already warned That if you are forced to pay them, it would stay against the strings, so it claims the precautionary suspension of the payment, remembering that it keeps open other litigation related to the same case that “they are giving the reason” to the city. “The people of Benidorm asks the Constitutional Court to declare that the fundamental right of the Benidorm City Council has been violated to effective judicial protection without defenselessness and there are consequences,” Crows The mayor. What would he mean for the City Council? You talk of technical bankruptcy. And the City Council has not taken in warn Of the serious consequences that a payment of such caliber would have in its day to day, including the dismissal of employees or the suppression of public services. A few weeks ago the local government warned that disbursement would lead to “a damage of impossible or difficult repair” and that it would need to resort to state or autonomous financing to assume it. The lawyer who represents the owners says that they seek to “open a dialogue to avoid the breakdown”, but the solution does not seem simple: if something does not have plenty of urban land is available urban land of municipal ownership with which to compensate them, as remember The confidentialwhich slides that the city has projected for decades urbanizable land in the Levante plan. Are there more options? Benidorm is a peculiar municipality. Although you only have censored 74,600 neighbors His tourist pole condition gives him a considerable floating population. A recent study The monthly average of visitors in more than 252,000, a figure that is triggered in summer: in August it exceeds 2.1 million. The same report estimates that in its greatest day the city reaches peaks of more than 360,000 people, including residents and visitors. Such a avalanche of tourists affects the pressure that the City Council supports and the demand for municipal services. In summary, there is a considerable difference between the needs that correspond to the census and real population, inflated by visitors, which translates into A huge “hole” of millionaire infinance. The payment of a millionaire compensation would aggravate that imbalance. In his favor, the Alicante City Council has possible revenues derived from tourism, as a sector rate that today its mayor You don’t see … Read more

The 14 million empty homes

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In May 2024, the New York Times launched A report that undressed the situation of the real estate crisis in China. There was no doubt. It was one of the most serious in their recent history and the numbers were devastating: there were four million finished apartments without buyer, and another ten million sold, but still without building. The oversight was a direct consequence of something that had already happened in Japan. A year later, the situation is a bit worse. The Japanese precedent. The comparison between the current Chinese economy and the Japanese of The nineties It was inevitable: both face the consequences of inflated real estate bubbles for erratic fiscal and monetary policies, excessive expectations and an adverse demographic background. Japan lived a boom in housing prices that multiplied by more than two the relationship between cost and rent, sustained by a wave of first -time buyers, tax policies favorable to land and financial deregulation. He mirage of wealth It promoted consumption and employment, but when the population began to age and the number of new buyers was reduced, the real estate values ​​collapsed, dragging the bag and plunging the country into a deflation trap marked by unemployment and falling birth. The Japanese solution. Japan Times remembered That Tokyo’s political response, based on aggressive monetary and fiscal stimuli, misunderstood the root of the problem: it was a Chronic demographicnot of a conjunctural episode. The consequence was to aggravate imbalances, further increase housing, delay marriages and reduce births. With the passage of time, Japan managed to escape from deflation, but was caught in a Long -term inflation circlewith salaries pressured up for work shortage, industrial weakening and loss of competitiveness, all aggravating population contraction and profiling what some call not only “lost decades”, but “lost centuries.” The Chinese challenge. China today faces a panorama even more severe. The accelerated urbanization, the shortage of land imposed by public policies, the fiscal dependence of local governments of land sales and unlimited growth expectations inflated prices until unprecedented levels. At its peak, the real estate sector came to contribute a Fourth part of GDP national and more than a third of public income, while representing near the 70% of family assetsin front of the 50% in Japan In 1990. With price-unworthy ratios more than double than the Japanese and a residential investment that became 1.5 times higher than the Japanese in proportion to GDP, the prick of the bubble has left millions of homes without demand, collapse of construction, chronic overcapacity and a destruction of family wealth equivalent to a whole year of national production. Residential Zone in Shanghai The demographic trap. If Japan suffered the contraction of first -time buyers to from 40 yearsin China the situation is more serious: due to the Single Son Policythe average acquisition of the first home is earlier, towards 28-32 years. That cohort reached its maximum in 2019, just before the burst of the bubble, which means that there will be no second demand such as the one that the Japanese situation in the 2000s partially relieved. In addition, the population over 65 grows at a dizzying pace: what Japan took 28 years, China will reach it in just two decadesuntil 2040. To this is added a very low internal consumption, just one 38% of GDP In 2020, compared to 50% Japanese in 1990, which limits the capacity of domestic demand to cushion the crisis. The Evergrande case. Today, the Chinese real estate market, which for more than two decades was the great engine of economic growth, crosses a descending spiral that has been five years and threatens to chronify. The magnitude of the collapse was revealed with the record losses of Vanke in 2024 and with the Evergrande decision (The most notorious symbol of the boom and subsequent collapse) to retire from the Hong Kong bag after accumulating liabilities by 360,000 million dollars. Evergrande, that at its peak became the largest promoter of the country and the emblem of an expansion based in debt and speculation, He collapsed When Beijing imposed limits on financing in 2020. Its liquidation reflects not only the failure of restructuring attempts, but also the depth of the crisis that drags the rest of the sector. Urbanization, debt and speculation. Bloomberg remembered That Beijing’s problem has its roots in 1998, when the housing market was liberalized in an even mostly rural country. In just two decades, almost 500 million people They moved to the cities, which generated an unprecedented boom in the construction and turned the house into the main asset of Chinese families, until reaching the 80% of its wealth. Between 2000 and 2015 prices are multiplied by sixfed by speculation and a model that allowed promoters to seem homes not yet built to finance their growth. At the same time, local governments became dependent on the sale of land to sustain their budgets, feedback the bubble. At the end of the 2010, the total value of the real estate sector exceeded The 50 billion dollarstwice the United States market. The “three red lines.” In 2020, fearful of a bubble that could destabilize the financial system, the government imposed Hard restrictions: Limits to indebtedness, liquidity demands and brake on the concession of mortgages. These rules, known as The “three red lines”They suffocated promoters who already operated on the limit of their financial capacity. The coup coincided with the Covid-19 pandemic, which paralyzed works and He stopped the demand. In 2021, Evergrande stopped paying his debt, which marked the official start of the crisis. Other giants such as Country Garden and Sunac followed the same path. Since then, Hong Kong courts have ordered the liquidation of several promoters Chinese, included China South City Holdings In August 2024, confirming the structural fragility of a sector built on debt and unreal expectations. Price drop and excess supply. The demand collapsed from 2022, when the economic uncertainty and the loss of jobs eroded the confidence of the buyers. Prices fell strongly, registering … Read more

Plan to remove 2,000 million from the chips and give them to critical minerals

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Donald Trump has criticized on many occasions The Chips Law approved in July 2022 by the government of Joe Biden. At the end of last January and just a week after returning to the White House, the US president He made this statement: “In the very close future we will impose tariffs on foreign production of computer chips, semiconductors and pharmaceutical products to return the manufacture of these essential goods to the US (…) went to Taiwan; now we want them to return. We do not want to give them billions of dollars in The ridiculous Biden program. They already have billions of dollars. “ “The ridiculous Biden program.” It is evident that Donald Trump doesn’t like Chips law at all. Three months before, in October 2024, I had already charged ferocity against this program of the previous administration In Joe Rogan’s podcast: “We put millions of dollars on the table so that rich companies came, they borrow the money and build chip companies here. And they will not give us the best companies.” At that time the possibility that Donald Trump dismantled the Chips program if he arrived at the government was on the table, which caused semiconductor manufacturers They were hurry to collect subsidies Before his return. The partial dismantling of the Chips Law is on the table Presumably Intel, TSMC, Globalfoundries and other designers and manufacturers of integrated circuits have already charged the subsidies of the Chips program assigned to them during the mandate of Joe Biden. Or part of these funds. A priori the money that has already been delivered will not be returned to the administration, but a part of the funds remains in the hands of the Department of Commerce, which is currently led by Howard Lutnick. AND, According to Reutersthe government is considering reallocating at least 2,000 million dollars. China is restricting the export of many of these minerals in response to US sanctions and their allies If this measure thrives those funds initially reserved for semiconductor research and the construction of chips factories will be used to finance projects dedicated to obtaining and the processing of critical minerals. At the moment China controls extraction, processing and the distribution chain of a good part of this crucial strategic resource for many industries, such as integrated circuits, telecommunications, batteries or the electric car, among others. And the country led by Xi Jinping is restricting export of many of these minerals in response to the US sanctions and their allies. The US needs to drastically reduce its dependence on critical minerals controlled by China, and the decisions that Donald Trump has made during recent months reflect clearly that he is much more worried about reinforce the American land industry to deliver subsidies to chips manufacturers. However, the reallocation of these 2,000 million dollars will have an additional effect, if it thrives, it is worth not overlooking: Howard Lutnick will expand its influence to the critical mineral sector. And this manager has the total confidence of Donald Trump. Image | TSMC | Gage Skidmore More information | Reuters In Xataka | The US will not be able to contain the technological development of China. Experts from the chips industry forecast it

OpenAi already enters 1,000 million dollars per month. They are crumbs compared to what you need to be profitable

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The launch of GPT-5 It has been rather disappointing for users at street level and has arrived accompanied by some problemssomething that has recognized the Sam AltmanCEO of OpenAi. However, it is sweeping a key sector: Companiesfor the quality of its reasoning models and its price. Not being a company that quotes in the stock market, the doubt is how much success translates into large income, and Sarah Friar, Financial Director of OpenAi has given a key fact: OpenAi has entered 1,000 million dollars in a month (July) for the first time in its history. Results as good as insufficient. Openai’s reality is that it is still early to celebrate a figure like that announced by Friar, especially when the executive recognized that artificial intelligence “right now is voracious in GPU and in a computational power.” In that sense, he affirmed that the biggest problem they face is “being constantly under computational capacity.” That is, the demand for the use of GPUs of its models is greater than the resources they have to cover it. The plan to cover your needs is clear, and Friar recalled it: “That is why we launch Stargate”, in reference to that Historical project In which partners such as Microsoft, Oracle, Nvidia and ARM participate, and in which they expect to spend 500,000 million. They expect, because There is still no single contract signedand find more sources of financing It is a huge challenge. With this financial context, the 1,000 million dollars that OpenAi already enters a month are totally insufficient. They look for solutions, but more complications arise along the way. The reality of artificial intelligence according to Sam Altman is that his demand will continue to grow, their training needs will continue to grow and spend “probably more aggressively than any company has done in something for progress.” Given this need, OpenAi seeks solutions, such as selling 6,000 million in shares with an assessment of 500,000 million dollars, after raise 40,000 million in a financing round at the end of Marchwith an assessment of 300,000 million. 18,000 million were going to dedicate themselves to the Stargate projector. The problem is that to get the last 30,000 million of that round, Openai had to become a “For-Profit” company, a path that He has recently abandoned. A problem structure of expenses. As much as Openai continues to have the confidence of large investors such as Softbank or Microsoft, the problem is that the company’s expenses are huge. Not being a quoted company we cannot know official figures, but estimates point to 8,000 million operating expenses per year (They do not count investments, infrastructure or other financial obligations). Even if it continues to enter the current rhythm (1 billion per month), in 2025 it would not go from 12,000 (the estimate they handled for this year, According to The Information). That is, only their operating expenses “eat” 66% of the operating expenses, which do not contemplate their higher volume investments. The cost scheme is very complicated, and Sam Altman came to affirm that They lost money even with chatgpt prothe subscription of 229 euros per month. And the profitability for when. According to An internal studyOpenai will lose 44,000 million dollars between 2023 and 2028, and 14,000 million only in 2026, the triple of those estimated by 2024. It will have to wait four more years, until 2029, so that the company exceeds the Break Even And I achieve The long -awaited profitability. It is something they estimate that they would get 100,000 million dollars annually. Right now, viral moments such as the generation of chatgpt ys imagesor explosion of images of Ghibli either help: “Derritate” servers with a huge cost. The good news is that Sarah Friar confirmed that they have seen acceleration in the adoption of payment subscriptions. But much remains to stop losing money. Image | Dima Solomin In Unspash, Village Global In Xataka | Google has finally revealed how much electricity and water consumes its AI. Estimates could not be more wrong

On his way to become the great resort of Europe, Spain is at the gates of a milestone: 100 million tourists

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There are figures that are more than figures. For some time, the Spanish tourism sector fantasizes with one that says a lot for example about its obsessions, objectives or drift that the industry has followed over the last years: exceed the brand of 100 million foreign visitors annually. In 2024 Spain stayed close, with almost 94 million of foreign travelers, and if things do not twist There are those who believe that this year will grow until the milestone of the three digits will crown. The big question is … What tells us about Spanish tourism? A figure: 100 million. The figures are just that. Figures Sometimes, however, they are loaded with symbolism, as the Spanish tourism sector is checking, it has long immersed in the race for exceed the barrier of the 100 million annual visitors. Last year he stayed close to that round figure, with a balance of 93.8 million of foreign tourists (10.1% more than in 2023), and since then there are many The voices that They have theorized (for and against) on whether the coveted milestone of the three digits will be reached throughout 2025. Is it possible? The million dollar question. At the beginning of summer June observatur I saw it feasible As long as they clarified, the bullish trend is maintained and the market is not shaken by unforeseen events. Others believe that Spain will keep honey on the lips and will not pass from 98 million of tourists or even They slidebased on the INE, which in 2024 was already pulverized by the 100 million mark. A percentage: 4.7%. Vaticinios and elucubrations apart, for now the most reliable track we have to know if Spain will or may not crown the 100 million summit is the statistic of border movements of the INE, which it already brings A ‘photo’ of the first semester of 2025. What does it show us? That there are reasons for optimism. And caution. Between January and June the flow of tourists that visited Spain grew 4.7% to touching 44.5 million, which approximates the country to the annual milestone. Well, right? Yes. And no. That balance hides another less flattering reading. In recent months, the flow of international tourists has clearly slowed down, which shows doubts in turn about the growth rate in the remaining of 2025. Between January and April the influx of international visitors grew between a 3.8% and 10.1%but in May marches until staying in the 1.5% And in June marked 1.9%. Taking into account that in 2024 Spain received 93.8 million tourists, to reach 100 million this year should rise together 6.6%. “The power of banality”. In A column published recently in The country Óscar Perelli of the Master, vice president of Execeltur, took importance to whether the three digits will be crowned this year, the one that comes or the next. “The possibility of reaching in 2025 the 100 million arrivals of international tourists to Spain (not tourists, some visit us several times a year) has raised an exaggerated interest,” warns. “It is the power of round figures and banality.” In his opinion there are other equal or even more relevant parameters, such as domestic demandthe duration of the average stay or the visitor spending. “The important thing is that in 2025 tourism will generate 220,000 million euros in Spain, it will exceed three million jobs, with a daily volume of tourists (Spanish and foreigners) somewhat higher than 7.4 for every hundred residents,” Point out. For now, the Ministry of Industry Calculate that during the first semester the expense of foreign tourists has exceeded 59.6 billion euros. Click on the image to go to Tweet. Beyond the figures. Although it is true that the milestone of 100 million is only that, a milestone, a symbolic brand, actually helps to understand some keys to the tourism sector. The main, saturation. As he is headed towards 100 million visitors or fools with the idea of overcome France and become the busiest destination on the planet (something feasible in 2040, According to Google and Deloitte calculations), Spain dealt with the effects of hypermasification tourist, which has already derived in protests in The streets. Throughout the last months there have been marches in Catalonia, Balearics, Canary Islands either Cantabriabetween Other parts of the countrywhich warn about the effects of massification and cry for a more sustainable economic model. Among other reasons for The impact that has had on the housing market the proliferation of tourist floors, which has even led to local, autonomic and state administrations has moved token for brake to your offer. Going down to detail. The career of the 100 million annual visitors also hides another reality that has marked the tourist drift of the country. As The flights And the accommodation was increasing until reaching record levelsSpain has become more a destination For foreigners than for premises. The reason is very simple: often the latter are already equal or even more profitable travel abroad than to the Canary Islands or Balearic Islands. Prices They have climbed so much that there are even British changing The Spanish coast for Morocco. What do the data say? The INE provides some data that help to better understand that reality. His Frontur statisticson tourist movements at the borders, it shows that in 2024 Spain received 93.8 international tourists10.1% more than the previous year. The growth was led by the British, French and Germans and the most demanded destinations were Catalonia and the Balearic Islands. If we talk about the flow of Spanish tourists the photo is quite different. The Family Statistics that measures the trips made by the population resident in the country reflects that in 2024 the Spaniards we made 184.4 million trips, 0.8% less than the previous year. This setback hides however an even more interesting reading: when we plan our vacations, the Spaniards look more at a time with more interest the destinations located outside our borders. “Internal destination (trips) decreased 2.3% while those … Read more

A technology entrepreneur sold his company for 1,600 million and only stayed with 100

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The History of Brian O’Kelley It stands out among business and technology holders for a very rare decision in a context of Technological Millionaires. Like many others before him, O’Kelley gave a millionaire ball selling his company Appnexus in 2018 for 1.6 billion dollars. The most surprising thing is that, instead of withdraw with full pocketshe chose to be alone a small part of fortune and donate the rest to beneficial causes. Such and as they counted in Fortunehis position has given what to talk about, especially in a context where more and more entrepreneurs reflect on The social impact of their fortunes and the responsibility of returning part of the benefits to society, instead of limiting itself to accumulating Large amounts of money that would not spend Not in seven lives. His vision of ethical wealth Brian O’Kelley sold his company to AT&T for an amount of $ 1.6 billion in 2018. instead of retire to enjoy your new fortuneO’Kelley had with his wife what he defined as a “really interesting conversation”: decide How much money they needed To live comfortably. “We simply calculate an amount that we consider enough to buy a house and things like that, we double it and give it the rest,” confessed the entrepreneur to Fortune. The final figure were nothing negligible 100 million dollars, equivalent to 10% of their participation in the company after the acquisition. The rest, more than 1.5 billion dollars, was allocated to beneficial causes and social projects. O’Kelley maintains a very clear philosophy about The accumulation of money: “I don’t believe in billionaires. I think it’s simply ridiculous.” For the entrepreneur, the really important thing is to keep the feet on the floor and limit personal wealth to continue making responsible decisions in everyday life. “We never wanted to have so much money that we did not have to make decisions. We have an incredible life, we can do almost everything we want. But we cannot do everything we want. We have to talk about our budget as any other person,” said the millionaire businessman. O’Kelley It is not the only millionaire that assumes one Ethical perspective of its wealthand insist on demanding governments a greater tax imposition For great fortunes. The Founder of Appnexus considers that accumulating billions and show off it It takes you away from reality. “I do not understand why you need 200 billion, 500 billion or even 1,000 million. The joy of appreciating what we have and making those difficult decisions is really fundamental.” Millionaires who do not want to leave inheritance Brian O’Kelley either wants his children to enjoy a life ofprivileges without making any effort To deserve it. “I feel fatal because my children can fly in Business“, says the millionaire of 1.96 m, ensuring that he does it for comfort.” I have flown all over the world in a tourist class many times, this is to give me a whim, but I do not want to spoil my children. And a lot of this leads me to think about how they see life from their eyes. I want them to share a little of that fight that I had to do to get there. “ This approach goes in line with the growing trend between millionaires like Bill Gates, Warren Buffett or Mick Jaggerwho have announced that They will not leave their fortunes to their children and prefer allocate your money to social works. Gates, for example, states that 99% of his fortune will be donated and that only 1% will go to their children, so they can learn The value of the effort. O’Kelley is overwhelming when talking about ostentatious lifestyles pointing out that hopefully more people question why the style of Jeff Bezos life. “You cannot have a yacht, a helicopter, an island and a large building with your name and all those things, because then you are a bit unbearable. No human being can really appreciate that. It is a waste of incredibly ridiculous money in a world where there are so many people who do not have it.” The entrepreneur considers to stay connected with normality and have limits that allow you to carry A responsible life. “There is something to stay connected to normal that is really important. I don’t want to get to act without consequences. I think that is the greatest risk, how can we be responsible when we have so much money that we can buy anything?” In Xataka | There is a less painful solution for an inheritance not to become a ruin for heirs: give up it Image | Flickr (IAB UK)

25 million for a reddish rock without electricity or water

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It is not the most expensive or the most remote, nor does it stand out for its size, but Red Rock Isand It has been a time of the most peculiar “candy” in the American luxury market for some time. The reason: a sum of factors among which are their price, their characteristics and especially its location, in the middle of San Francisco, where it stands out as The only one Private Island His is a privileged location, but who is willing to spend the 25 million dollars that it costs will find a reddish rock (hence its name) without water or light, populated by birds and in an convoluted administrative situation. Things of the most select luxury market. In a place on the west coast … More specifically in the Bay of San Francisco, very close to the busy Richmond-San Rafael Bridgethrough which almost almost 13 million vehiclesis a small island baptized as Red Rock Island. The name is no coincidence, it takes it from the manganese concentration, mineral that for a while attracted the interest of the miners. If Red Rock Island stands out for something, it is nevertheless for its tone, or location, but for its administrative condition: it is The only one Island of private property of San Francisco’s bay and stands between three counties different (San Francisco, Marin and against Costa), with which any procedure related to its lands must take into account the regulations of those three administrations. A reddish rock in the Pacific. Red Rock awakens the curiosity of the drivers who circulate on the Richmond-San Rafael bridge because it rises as a reddish, steep and soulless promontory in the middle of the San Francisco Bay. After all, the islet It is uninhabited. His only tenants They are the seagulls, the Canadian geese, bats and the occasional rabbit that raises among their reddish rocks, bushes and excavated tunnels decades ago by the miners. Red Rock Isand measures approximately 5.8 acres, about 2.3 hectares. Its dimensions are discreet for an island, although not far from there are islets like The Brothers and The Sisters Even smaller. It is estimated that Red Rock measures 150 meters wide, 230 long and 54 high. Chris Lim, Christie’s International Real Estate, in charge of The management of your sale, stands out However, the insula is located in the deepest part of the bay and its coast is “perfect” to arrive aboard a yacht or with a helicopter. Perhaps they are not the most economical means of transport or the most accessible; But it is that Red Rock Island has not been put up for sale in a suitable market for any pocket. Are you left over 25 million? If so, congratulations, you can have your own private island in a privileged place on the west coast of the US. That is the price for which went on sale Red Rock Island last year, a sum that, as remember The Guardianplaces it in the “mid -range” of the private island market, well above the between 600,000 and several million dollars that can cost a small island in the Bahamas, but below the more than 100 million that are paid for some specially coveted insulants of the Caribbean. Click on the image to go to Tweet. 25 million .. and something else. Of course, if the Red Rock buyer has in mind to build in the islet must have that those initial 25 million will be added another amount, equal or even more generous, to move materials, personnel and supplies. Red Rock lacks electricity and running water. And any future plan must take into account that it is between three counties. For lim The island is nevertheless more than a simple islet with potential. In his opinion it is a kind of “collectible” luxury, just like there are those who choose to hang a Mark Rothko of your living room or bid for one of the very expensive pieces of da Vinci that come to auction. “Unique and prestigious investment”. Thus the island is announced in The portal of Crhistie´s International Real Estate, where the offer is still active 213 days after its publication. “This extraordinary island offers unparalleled natural beauty, historical importance and an infinite potential for the demanding buyer who seeks a unique and prestigious investment,” The agency emphasizes. Whether or not a “cholo”, the truth is that Red Rock Island seems to have attracted market interest. In Julio Lim assured to the CBS News chain that the seller had already received two offers and there was at least one “active”, on the table, in which they were working. What is your current state? This same The Guardian He informed That at the end of July a contract was signed with a buyer who, at least for the moment, has asked for anonymity. The operation would not have yet been completed. “It will be a long process and the closing of the deposit will not be carried out until next year”, explained Recently the agency spokesman The Real Deal. In any case, the announcement is still active in the catalog From Christie´s International Real Estate, where it is also allowed to request information from adults or schedule a visit to the island. Something more than luxury and nature. Red Rock Island is not just a reddish islet in the middle of Francisco’s bay populated with shrubs, seagulls, bats, geese and the occasional rabbit that hides between its pines. The island has an interesting story behind. It is said that he served as a home to merchants of Russian skins, who around 1850 lived in it the commander and businessman Selim E. Woodworththat in the nineteenth century worked in it miners interested in manganese oxide and in 1964 it was acquired by David Clickman for a sum today: $ 49,500. In The 80s He was about to go to the controversial guru Bhagwan Shree Rajneesh And there are those who saw in its size and location a reef … Read more

Saudi Arabia cuts 8,000 million dollars its budget

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He Neom megaprojectit has been the closest to the construction of the great pyramids that Middle East has lived. The project intended Undoil to Saudi Arabia of its dependence on fossil fuels that have supported the country during the last decades, to make it an attractive destination for investments and High purchasing power tourism. According to published Reutersthe Public Investment Fund of Saudi Arabia (PIF for the acronym in English of PUBLIC INVESTMENT FUND), which promotes these initiatives, announced a reduction of 8,000 million dollars in its budget for Neom. An 8,000 million ax. The PIF has opted for Recalibrate your investmentsprioritizing more realistic objectives and extending the deadlines for execution to relieve financial burden on the sovereign fund of the country. The very high costs of projects and complicated geoeconomic situation has forced Saudi Arabia to make an important financial adjustment that Question viability of some of the Pharaonic projects that had been planned in different parts of the country. Neom touched, but not sunk. According The published data by him Financial Timesthis cut implies a reduction of approximately 12.4% of the total value of the five key megaprojects that formed the Vision 2030 plan, with Neom as one of the most affected. The declared value of these projects went from 241,000 million riyales in 2023 to 211,000 million in 2024. That depreciation in the value is equivalent to about 8,000 million dollars, which is an important cut in investments. Oil price plays against it. The budget adjustment responds mainly to the Petroleum price drop and the accumulation of significant cost overruns in these megaprojects. CNBC He pointed outThat the value of the projects has been reduced due to delays, cost overruns in their execution and changes in the geopolitical situation of the area that have pushed down the profitability of the PIF. Mónica Malik, Chief Economist of the Abu Dhabi Commercial Bank, pointed to Reuters that “the recalibration is also important to contain the bad allocation of resources and the cost pressures of the projects”, prioritizing investments For those projects that are already committed to the organization of world events such as the football stadium that will house The Line on its roof on the occasion of the 2034 Soccer World Cup. 1,000 stroke jobs. Financial difficulties had already forced to review the scope and rhythm of development in the past. For example, in The Line HE They reduced expectations Initials 170 km long from the project, 2.7 km by 2030. In this new scissors, they will be affectedthousands of employees. Many of them have already been fired to reduce costs, while more than 1,000 workers will be relocated to the most priority projects, which will slow or put in technical break to Other projects for lack of personnel and financial resources. Reality was not as spectacular as Renders. In addition to Neom, other linked projects have shown less promising results than expected. Trojena, the ski resort that will house the 2029 Asian Games and the 2030 Winter Olympic Games, faces considerable challenges Due to the climatic conditions and the limitations of its infrastructure, generating doubts about their ability to meet the initial expectations. Another example of little interest that are provoking the infrastructure that has already ended Saudi Arabia is Sindalah, The tourist island Within the Neom Plan, showing that in addition to offering some Renders Futurists Of your projects, it is also necessary that the result be good enough to attract investors. In Xataka | An inverted and bunkerized skyscraper: the idea of Saudi Arabia to attract multimillionaire tourism Image | Neom

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