Entrepreneuriat contre la hausse des prix à Miranda de Ebro

L’augmentation exponentielle du coût des produits et des marchandises ne touche pas seulement les grandes entreprises, mais aussi les commerces et constitue une menace sérieuse pour les sociétés. Même si elle finit par être couronnée de succès, comme ce fut le cas pour le nouveau commerce qui ouvrira ses portes ce week-end sur la Plaza de Abastos.

Après la fermeture du seul établissement spécialisé dans la vente de morue à Gaitán, situé dans la rue Ramón y Cajal à Miranda de Ebro, Belén Ruiz, propriétaire de Huevería Nicolás, a vu l’opportunité d’étendre son activité. «J’ai remarqué qu’il y avait encore de l’intérêt pour cette morue et j’ai décidé de l’inclure dans mon offre et de reprendre l’étal voisin, qui était fermé», dit-elle. Cependant, des hausses de prix exorbitantes pour la grande majorité des produits et d’autres problèmes ont sérieusement menacé l’ouverture : «Nous avons hésité à ouvrir parce qu’en fin de compte, quand vous vendez de l’électricité, du diesel, de la nourriture… vous devez obtenir tout cela de quelque part, dit-il.

L’augmentation est évidente «à tous les niveaux». Aussi bien les produits des grandes entreprises comme Danone ou Pascual, que les œufs que mon frère importe de Sagredo». Malgré tout, le projet se poursuit et Belén espère pouvoir servir le public «d’ici samedi».

Cette nouvelle ouverture sur la Plaza de Abastos à Miranda va également favoriser le développement des autres stands. «C’est très visible quand de nouveaux stands sont ouverts, parce que ceux qui vont acheter dans mon épicerie, par exemple, passent aussi devant d’autres commerces et peuvent acheter leurs produits, et c’est le but, qu’au final on puisse acheter sans quitter la place». L’importance des nouveaux points de vente ne réside pas dans l’occupation du nouvel étal, mais dans le fait que «il est moins vide», de sorte que tout l’environnement du marché«s’anime» : «Quand vous voyez de la lumière, vous voyez du mouvement… les gens sont plus motivés pour venir», dit le commerçant.

Contrairement à la grande majorité des entreprises, la pandémie a profité au Mercado de Abastos car «beaucoup de nouvelles personnes plus jeunes sont venues ici». Craignant la possibilité de contracter la maladie dans les grands supermarchés, «ils nous ont rencontrés et sont restés sur la place une fois qu’ils ont goûté à la qualité des produits que nous vendons», dit Belén.

La Plaza de Abastos a une forte valeur ajoutée pour la ville. Belén les considère comme le «centre» de toute ville : «Quand je voyage quelque part, j’ai l’habitude de visiter le marché local, je pense qu’ils sont les symboles des villes. Ce sont des endroits où vous pouvez trouver des produits locaux qui vous aident à connaître toute la région, ce qu’aucun supermarché ne peut vous offrir», dit-elle.

Belén travaille au marché Miranda depuis 23 ans et, malgré le temps qui passe, elle n’a pas perdu sa passion : «J’aimais ça quand j’aidais ma mère et j’aime ça maintenant. Être devant le public, parler aux gens, fixer des objectifs de vente, la confiance que le client vous témoigne… J’aime tout ça.»C’est cet amour du travail qui alimente son désir de s’améliorer et d’offrir des produits de plus en plus performants, «J’essaie tout ce qu’ils m’apportent parce que je veux offrir un bon produit, que vous pouvez trouver dans notre Plaza de Abastos», conclut Belén.

Les voyages seront plus chers, mais l’excellence du service sera plus appréciée.

Les voyages d’affaires montrent des signes de reprise, mais la flexibilité reste un facteur essentiel de la résurgence des voyages, les entreprises étant de plus en plus conscientes de l’empreinte environnementale de leurs déplacements. Cela a été confirmé lors du Forum sur les voyages d’affaires du SMT (Sommet de l’innovation touristique), dont les participants ont conclu que «les voyages deviendront certainement plus chers à l’avenir», comme l’a souligné Ricardo Crespo, directeur des voyages et des congrès chez AbbVie. Bien que ce que les entreprises et les grands voyageurs apprécient le plus aujourd’hui soit, comme l’a souligné Asunción Pérez, directeur des ventes pour l’Espagne chez Air France-KLM, «l’excellence du service par rapport au prix, notamment en termes de sécurité et de rapidité des procédures».

Comme l’a souligné Ricardo Crespo, l’augmentation des prix des voyages d’affaires est due à la hausse des prix du carburant et à la réduction de la fréquence des vols. Cela signifie «un problème pour les employés qui ont moins d’options lorsqu’il s’agit d’organiser leurs déplacements». Pour sa part, Asunción Pérez s’engage à «pouvoir améliorer l’expérience aéroportuaire».

Le directeur exécutif a défendu avec force la nécessité des déplacements professionnels pour l’activité économique et la création de richesse. Il a également fait une prédiction sur les temps à venir:«Les agences vont cesser de faire des réservations. Les machines le feront et les agents deviendront de véritables consultants.

Mais la politique des voyages a un problème, comme le reconnaît Irene Manrique, responsable du tourisme chez BBVA, «car la situation n’est pas stable et il est très difficile de la prévoir». Le directeur a également souligné l’importance d’écouter les voyageurs afin de répondre à leurs besoins.

Le secteur hôtelier tente de s’adapter à ces besoins et, comme le dit Francisca Mérida, directrice des ventes aux entreprises chez Meliá Hotels International, «en peu de temps, il a beaucoup progressé d’un point de vue technologique»Cette évolution se traduit par des services plus agiles, plus rapides et plus personnalisés.

La durabilité est de plus en plus présente
Tous les participants à la session sur l’avenir du tourisme d’affaires, préparée et conduite par MeetIN et Forum Business Travel, ont convenu que les programmes de voyage prennent de plus en plus en compte les critères environnementaux comme une priorité.

Selon Rebecca Avila, responsable de la RSE (responsabilité sociale des entreprises) chez Accor pour l’Europe du Sud, «il est bon de compenser les émissions, mais nous pouvons aussi réfléchir à la manière de les éviter. C’est un grand changement de mentalité. Il nous oblige à repenser la manière dont nous modifions notre offre«.

Il a ajouté que «la responsabilité d’une planète plus durable concerne tout le monde». Il a toutefois recommandé de ne pas se concentrer uniquement sur les émissions : «Nous devons également travailler sur l’égalité, la diversité, l’inclusion et le développement économique des groupes les plus défavorisés».

Le rôle des employés

Les employés eux-mêmes jouent un rôle clé dans le renouvellement des voyages d’affaires. En période d’incertitude, d’insécurité et de confusion, le travail des managers pour améliorer leur motivation est crucial.

Il n’est pas surprenant que, selon Nieves Rodríguez, fondatrice de Fastracktorefocus Coaching, experte en motivation professionnelle et en leadership des personnes. 70% des entreprises échouent dans leurs initiatives de changement, les employés ne sont productifs que 50% du temps et seulement 41% de la journée de travail est consacrée à des tâches réellement importantes.

Pénuries et hausse des prix à Noël, selon les avertissements

La crise mondiale des matières premières et les problèmes de transport par conteneurs, notamment en provenance d’Asie, ont affecté Ceuta, où des pénuries sont attendues pendant la campagne de Noël et où les prix devraient augmenter considérablement dans les semaines à venir.

Les commerçants, entrepreneurs et transporteurs contactés avertissent qu’il est important d’acheter à l’avance, notamment les jouets, l’électronique et les ordinateurs.

Cette situation est généralisée dans tout le pays, mais à Ceuta, elle est encore plus compliquée en raison de sa situation géographique, ce qui signifie que les délais habituels de livraison des produits sur le continent sont toujours plus longs de sept jours. Cela pourrait poser des problèmes aux consommateurs locaux pendant la période des achats de Noël si des retards se produisent en raison de l’allongement des délais de livraison à Ceuta.

Selon le président du Confederación de Empresarios de Ceuta, Pepe Dhanwani, bien que la pénurie de produits dans les magasins de la ville ne soit pas perçue pour le moment, il faut s’y attendre : «Les prévisions sont alarmantes, les coûts de production élevés, les prix de l’énergie, la hausse des coûts de transport et l’augmentation de la demande font qu’il y aura des pénuries de certains produits dans la ville, mais pas de tous, ni même de façon radicale».

Dhanwani explique que les pénuries de produits concerneront principalement les jouets et l’électronique : «Il y aura des pénuries de certains jouets, de certains téléphones portables, de consoles de jeux… mais pas de tous ces produits, dit-il.

Les employeurs de Ceuta sont généralement inquiets pour le moment, car ils craignent que le retard n’arrive juste à temps pour Noël et que cela n’affecte considérablement la campagne.

«Certains hommes d’affaires organisent déjà leurs magasins pour s’approvisionner en marchandises, d’autres compenseront la pénurie de certains produits par des produits similaires, mais il y aura certainement des pertes et cela fera mal, d’autant plus que nous devrions connaître une reprise», déclare le président des hommes d’affaires.

La ville est également très préoccupée par la hausse des prix attendue dans les semaines à venir en raison de multiples facteurs tels que l’augmentation de la demande, la hausse des prix de l’énergie et l’augmentation des coûts de transport. «Les prix vont augmenter et, dans de nombreux cas, lorsqu’un homme d’affaires voit qu’il n’a pas de stock d’un produit, il l’achètera par l’intermédiaire d’entreprises qui le livrent par avion, ce qui augmentera encore le coût», dit Dhanwani.

Cependant, la Confédération des employeurs de Ceuta insiste sur le fait que le commerce local doit être soutenu dans cette nouvelle crise qui s’annonce : «Il est important que les habitants de Ceuta achètent dans leur propre ville, qu’ils le fassent occasionnellement, mais qu’ils n’aillent pas faire leurs courses à l’étranger car cela peut être très dommageable pour le secteur et ensuite nous nous gratterons la tête lorsque nous verrons des entreprises fermer leurs portes», a-t-il prévenu.

Pénurie de boissons alcoolisées de marque sur le marché britannique

En ce qui concerne l’approvisionnement en boissons, les commerçants de Ceutí ont averti que les pénuries seront particulièrement évidentes pour les spiritueux provenant du marché britannique, en raison des problèmes d’approvisionnement dont souffre le pays. Toutefois, ils lancent un message de calme à cet égard : «Nous ne pensons pas qu’il y aura une pénurie de boissons alcoolisées pour trinquer à cette période de fêtes. Les fournisseurs locaux et nationaux compenseront les pénuries par d’autres marques. Nous n’aurons peut-être pas toutes les marques de boissons populaires, mais il y aura beaucoup de choix», déclare le président des hommes d’affaires de la ville.

Pour sa part, le président du Centro Comercial Abierto de Ceuta, Juan Torres, a exprimé la préoccupation des commerçants du centre-ville et de la vieille ville qui vendent des jouets, des produits numériques, du matériel informatique, des vêtements et des chaussures. Selon M. Torres, tout indique qu’il y aura une pénurie de produits dans la ville, et il conseille aux acheteurs de faire leurs achats à l’avance, surtout s’ils cherchent des jouets ou veulent quelque chose de spécifique. «Cette année, il ne faut pas laisser les achats à la fin, car vous risquez de ne pas trouver le jouet que vous cherchez, surtout s’il est fabriqué en Asie ou s’il s’agit d’un des plus populaires», prévient M. Torres.

Malgré les mauvaises prévisions, Juan Torres estime que la situation n’est pas aussi dramatique que pendant la pandémie, lorsque l’offre était abondante mais la demande inexistante. «Maintenant les gens veulent acheter, le problème était il y a quelques mois quand les magasins étaient pleins de choses et que personne ne venait acheter», explique-t-il.

Faire venir un conteneur d’Asie coûtait auparavant 3 000 euros, aujourd’hui le prix est supérieur à 18 000 euros.

En ce qui concerne le transport de marchandises, Luis de la Rubia, directeur de Marítima del Estrecho de Ceuta, a confirmé la mauvaise situation du secteur en ce qui concerne le transport de produits en provenance d’Asie, bien qu’il ne pense pas que le problème affecte les produits de première nécessité tels que les aliments.«Nous ne devons pas nous inquiéter parce qu’il y aura un manque d’aliments ou de produits de première nécessité, ce que nous verrons, c’est une pénurie de marchandises en provenance d’Asie, mais à Ceuta, dans toute la péninsule et dans le reste de l’Europe ; ce n’est pas seulement un problème local», explique-t-il.

De la Rubia souligne qu’au cours des derniers mois, le prix des conteneurs dans lesquels les marchandises sont expédiées depuis l’Asie a augmenté de 2 000 % : » Avant, un conteneur coûtait environ 3 000 euros par expédition, aujourd’hui, le même conteneur coûte un montant exorbitant de 18 000 euros «. Cela signifie que pour de nombreux fournisseurs de jouets, par exemple, il n’est pas rentable de livrer des produits, d’autres sont retardés et seules les grandes entreprises peuvent continuer à fonctionner normalement et à supporter les coûts,»dit le directeur.

«Au niveau local, il se passera la même chose que dans le reste de l’Espagne. S’il y a un manque de jouets à Huelva, il y aura un manque de jouets à Ceuta. Ce que je pense que nous allons voir et enregistrer est une augmentation significative des prix,» prévient De la Rubia. Il ajoute que cette situation ne va pas se résoudre à court terme, et prévient d’une évolution négative à cet égard dans les prochains mois, parlant même de problèmes d’approvisionnement au premier semestre 2022.

«La pénurie de produits et la hausse des prix ne seront pas résolues à court terme, et tout indique que la situation va empirer, je comprends donc que les autorités devront prendre des mesures», conclut-il.

cryptocurrency trading platforms have a little secret: they pose as «exchanges», but are often actually brokers.

In almost every respect, these digital asset exchanges are radically different from traditional exchanges, although their names suggest that they are replicas of the markets that exist for equities and other securities.

In fact, unlike conventional exchanges, trading platforms for bitcoin and other digital assets do much more than provide investors with an electronic platform for buying and selling securities. They provide custody, manage client funds, act as a counterparty to trades and, more recently, have begun to lend and borrow.

And according to Simon Forster and Duncan Trenholm, co-heads of digital assets at brokerage firm TP ICAP: «If you have an exchange that does custody, that does betting, that does lending… It looks like a broker or a bank».

This multifaceted role raises concerns that platforms may not always serve the interests of the customer. Instead of being a neutral party to transactions, as is the case with an exchange, a cryptocurrency platform may trade against customers, creating a situation where for one party to win, the other must lose, meaning that retail customers risk being treated unfairly.

These risks have been identified in recent studies. In October, the National Bureau of Economic Research found that, unlike regulated exchanges, cryptocurrency platforms lack provisions to ensure that investors get the best possible price.

Anton Katz, CEO of software company Talos, says this is a problem for professional investors entering the market, as some have a «best execution» obligation, i.e. they are obliged to trade at the best possible price.

As a result, they are more comfortable splitting transactions between different providers to minimise conflicts of interest and the extent of disruption in the event of a platform crash or hacker attack.

«In the cryptocurrency space, most exchanges provide not only matching services, but also custody, clearing and settlement, to name a few,» Katz points out. «That said, they are actually more like a [traditional] broker because the customer is actually facing the exchange itself when trading, rather than another exchange customer.»

And cryptocurrency exchanges do so with little, if any, regulatory oversight. Policymakers say this is becoming a problem, as financial and stability risks are growing in a market that is already worth $2 trillion. Many are making a concerted effort to bring this fledgling industry under scrutiny.

As the largest holders of bitcoin and other major digital assets, exchanges are among the most influential players in the world of cryptocurrencies, along with the «miners» who create new monetary units.

They hold clients’ money and ask traders to deposit money upfront to finance trades. They settle trades and ensure that all parties are paid. However, they do this in an environment where hacker attacks are rampant and where there is almost no transparency about prices and what happens on the exchange.

Regulators have been aware of this problem for several years. In a 2018 speech, Ashley Alder, chief executive of Hong Kong’s Securities and Futures Commission, said that crypto exchanges can act both as agents for their clients and in their own interests when trading, making it difficult to detect and monitor major conflicts of interest. He added that investors also face «additional vulnerabilities» because they trade directly with these platforms, rather than through an intermediary.

«These are activities of particular interest to securities regulators because these platforms appear superficially to mimic conventional funds and exchanges,» Alder said. He also noted that custody of investor funds is a «key area of concern».

Last year, Hong Kong’s regulator ruled that all such platforms must register with it, prompting FTX and others to seek a warmer regulatory climate in the Caribbean islands.

Meanwhile, for traditional exchanges, the huge sums amassed by nascent cryptocurrencies in a short space of time have made digital assets as a potential market hard to resist. They also hope that their track record in regulated markets will give them an edge.

Jürg Schneider, head of media relations at Swiss exchange operator SIX, hinted at this when he won regulatory approval to launch a digital asset platform in September.

«We are a globally recognised and regulated exchange,» he said. «All of this represents a completely different construct from cryptocurrency exchanges currently in the market. From a regulatory point of view, they are not considered exchanges.»

«We are a globally recognised and regulated exchange,» he said. «All of this represents a very different construct from cryptocurrency exchanges currently in the market. They are not considered – in terms of regulation – as exchanges.»

But while cryptocurrency platforms face minor challenges from regulators, they have to satisfy another problematic stakeholder: retail customers.

«The reality [is] that disgruntled customers are just a few clicks away from transferring their assets to a competitor,» says Fadi Aboualfa, head of research at London-based digital infrastructure provider Copper.

As regulation tightens and competition from established exchanges intensifies, the ability of investors to move freely may pose the biggest test for digital start-ups.

The climate emergency, the need to adapt to the digital transformation accelerated by the pandemic, and the commitment to the new global social contract established by the UN Sustainable Development Goals (SDGs) for 2030 are placing sustainability at the forefront of business strategy. This was highlighted by the experts gathered at the session «Sustainability as a strategy for long-term value creation», organised by Diálogos en La Vanguardia in collaboration with EY.

The roundtable, held last week at the Círculo Ecuestre de Barcelona, was «a demonstration of the commitment to sustainability across the business spectrum, whether they are listed companies, century-old family businesses or start-ups», according to Joan Tubau, partner in charge of auditing at EY and co-organiser of the event together with Antonio Capella, partner in charge of sustainability at the same professional firm.

Large and small

Participants agreed on the commitment to sustainability across the business spectrum.
They were joined by Cellnex CFO José Manuel Aisa, Sorigué CFO Jordi Gil, Girbau President and CEO Mercè Girbau, La Farga CEO Inka Guixà, and Enerside Energy founder and CEO Joatham-John Grange Sabaté.

Antonio Capella points out that sustainability trends «play an increasingly important role in governance bodies due to the growing demand from stakeholders, the commitment to the 2030 Agenda and the digitisation of non-financial information».

EY recommends that companies «define a strategy, analyse their financial impact and resilience, streamline production processes and be transparent, because investors, shareholders and markets are convinced that sustainability will have a positive impact and they want to be informed about it,» says Joan Tubau.

Investor demand is important,» agrees Cellnex CFO José Manuel Aisa. Shareholders «want to know in detail each specific plan, for example, on the carbon footprint or the installation of solar panels on the towers». Explains the CFO of this telecommunications infrastructure operator, founded six years ago and listed on the Spanish stock market and included in the Ibex 35 and EuroStoxx 100 indices.

Sustainability objectives are already central to the strategy and provide competitive advantages.
José Manuel Aisa sees sustainability as «a real change in decision-making». «We are obliged to support it and we take it very seriously,» he insists, pointing to the company’s presence in leading sustainability indices such as the Carbon Disclosure Project, Sustainalytics, FTSE4Good, MSCI and Standard Ethics.

Sustainability creates many business opportunities, as Joatham-John Grange Sabaté, founder and CEO of Enerside Energy, which focuses on «renewable energy generation», says. He believes he has an «advantage», as his company «was born in a green field» and is part of a sector that «will lead the change», allowing him to grow his customer base while becoming a «pole of attraction for talent».

Consensus

Investors, shareholders and markets are convinced that sustainability will have a positive impact.
However, he stresses that while environmental performance is the company’s «pure DNA», it must also strive to meet its social responsibility and governance objectives. «As we are in solar energy, the environmental part is a given for us, but since 2013 we have focused on corporate governance, a less obvious part where we have made significant progress.»

He also stresses that «social aspects are particularly important when introducing new forms of renewable energy generation, which have a major impact on local communities at all levels». «We all have a lot of work to do,» Grange Sabaté acknowledges.

Return

Companies with decades of experience attending the meeting also placed sustainability at the heart of their strategy, pointing to the competitive advantages it brings. «If you act ethically, you get a return. It helps you find talent and investment«, stresses Sorigué’s Director of Governance and Finance.

However, Jordi Gil points out that this privileged position «is not achieved overnight». Even those who have it «in their genes», as is the case of this municipal services and construction company with more than 65 years of history and a team of more than 4,500 people dedicated to the circular economy and renewable energies, do not have to «advance even further» in sustainability.

Positive impact

According to Girbau’s president and CEO, «explaining the purpose of creating a positive impact on people and the planet» is the first step to move forward. According to Mercè Girbau, «sustainability is closely linked to innovation«. In her case, she focuses mainly on «the use of industrial washing equipment by customers», «co-innovating with customers or in joint projects with the textile sector to give garments a second life», the entrepreneur reveals.

Glasgow has to provide the necessary regulatory framework to finance companies.
La Farga’s general manager, Inka Guixà, points out that in her family business, with 213 years of history, the concept is «very internal». She defines her company as «a metallurgical industry that works with copper, which is a 100% recyclable material». The «turning point» that made him «break the mould» and offer this material on the market was the «bankruptcy» of his company in the 1980s, from which he managed to emerge «based on sustainability and innovation».

La Farga now wants to «go a step further» and «convince industry» of the advantages of this material, reveals Inka Guixà. «Everyone thinks about decarbonisation, but it is very difficult to change materials,» she laments. According to this directive, it is difficult to express the idea that «sustainable activities do not always have an economic return». «We have to be willing to lose, because this challenge requires a brutal effort,» she warns.

Organised by

The round table debate was, in the words of Joan Tubau, «a demonstration of commitment to sustainability across the whole spectrum of companies, from listed companies to century-old family businesses and emerging ones».
The pandemic became a «mirror» that showed the company «getting lost in the search for the cheapest on the other side of the world», regrets the general manager of La Farga. Guixà believes that now «things will start to change» and that «European funds can be a brutal opportunity if a real impact is sought», she stresses, while at the same time she is in favour of «forcing change through legislation».

The decisions taken at the Glasgow summit «will create a regulatory framework», predicts Joan Tubau, EY partner in charge of auditing. The expert awaits these obligations with optimism because «the financial world demands clear and stable rules in order to have a secure environment in the long term and to be able to make forecasts».

Spanish companies are increasingly aware of ESG criteria and comply with them.
«Fewer and fewer companies are neglecting sustainability, because the financial world, which wants to minimise risks and seek opportunities, is increasingly demanding in ESG (Environmental, Social and Governance) issues. It is becoming a great catalyst,» says Antonio Capella, partner in charge of sustainability, to which Aisa adds that it is also necessary to unify «accounting criteria that make us all speak the same language in sustainability».

The financial sector «has moved because people wanted it to. If people ask for it, everything goes against the tide», stresses Mercè Girbau. «The recipe for achieving sustainability involves «technology, innovation and a real social focus to be more profitable, attract more talent and be competitive». We are facing the greatest challenge humanity has faced since its creation,» concludes Joan Tubau.

BBVA will strengthen its position in Turkey to acquire 100% of the capital of Türkiye Garanti Bankası (Garanti), in which the CNMV owns 49.85%, as previously announced. The bank has submitted a takeover bid for the 50.15% of the capital it does not control, worth 2.25 billion euros. BBVA shares are down almost 3% on the Ibex 35 index.

The deal, recommended by Bank of America, was accepted by the market with a 5% drop in the first minutes of trading. The Spanish bank is offering a premium of 15%: 12.20 Turkish liras in cash for each share of Garanti (€1.06), so the maximum amount to be paid by BBVA will be 25.697 million Turkish liras (€2.249 million), assuming that all Garanti shareholders sell their shares. BBVA will pay the price with its current capital.

However, the purchase will not be immediate. BBVA’s acquisition of more than 50 % of Garanti’s capital is «subject to obtaining approval from various regulatory authorities».

The Turkish Capital Markets Board (CMB) has confirmed to BBVA that it will not authorise the takeover bid until it receives confirmation from the bank that it has obtained the relevant regulatory approvals. The deadline for accepting the takeover bid will only commence once the transaction has been approved by the CMB. Given the deadlines and the need to obtain regulatory approval, BBVA estimates that the takeover bid will not close until the first quarter of 2022.

BBVA Chairman Carlos Torres Vila and Group CEO Onur Genç have assured analysts that BBVA’s risk profile will not change after the deal. They also explained that the offer creates «enormous value» for shareholders, eliminates capital inefficiencies and is in line with the group’s strategy to grow in its key markets. They highlighted Turkey’s «solid fundamentals» and «long-term growth potential», despite the country’s short-term fluctuations.

The takeover bid was the only way for BBVA to increase its stake in the Turkish bank, which it entered 11 years ago and after increasing its stake to almost 50% in 2017; given that the target is 100% of the capital, BBVA can in any case subsequently increase its stake without having to make a takeover bid if it exceeds 50% as a result of the current offer.

«The sale of the US subsidiary provides us with a strategic opportunity to invest excess capital in our core markets, among others,» said Onur Genç.

«A great opportunity.

The group’s chairman, Carlos Torres Vila, said the transaction is a «great opportunity» to «create value for our shareholders», as it will mean «a high return on the investment and a very limited capital consumption» thanks to the current treatment of minority shareholders. As for the price, Torres said it was «very attractive for Garanti BBVA’s minority shareholders». Turkey is BBVA’s third largest market in terms of earnings and the bank can take advantage of the weak lira.

Torres told analysts that the risks of the current deal with Turkey are already discounted in the group’s share price.

The deal announced this morning will take place three days before Investor Day on 18 September.

BBVA estimates that, if the offer is accepted in full, BBVA’s earnings per share will increase by 13.7% in 2022 and tangible book value per share will increase by 2.3% in September 2021. In terms of solvency, the maximum expected impact on the CET capital ratio would be a decrease of 46 basis points. In the event of a dividend payment, BBVA «reserves the right to reduce or adjust the price of the voluntary offer» by the corresponding gross amount.

BBVA notes that the takeover bid does not include Garanti’s two subsidiaries, Garanti Faktoring and Garanti Yatırım Ortaklığı, which are listed on the Istanbul Stock Exchange. Each of these two subsidiaries represents less than 1% of the Garanti Group’s consolidated assets, and BBVA intends to apply to the CMB for an exemption from the obligation to submit mandatory takeover bids for these subsidiaries.

Since the acquisition of Garanti, BBVA has always defended this operation, although the supervisory authorities have warned in some cases of the risk of Turkey, but also of the risk of other holdings in Latin America in general.

BBVA, like its Spanish competitor Santander, has tried to grow in Europe, but in recent years it has focused more on emerging markets, where it finds greater opportunities.

BBVA’s commitment to Turkey is the opposite of what other banks are doing in the country. Last week, UniCredit sold its remaining stake in Yapi Kredi to Kok Holding for €300m.

BBVA has been hedging in the currency markets for several years to protect its profits and capital from the fall of the Turkish lira.

In this context, Torres said that the bank is well aware of the fall of the Turkish lira and the country’s macroeconomic situation, but argued that Garanti has been part of the group for more than a decade, so he knows the assets and their resilience in crisis situations well. «We have a BBVA model with multiple entry points that does not change, and in the extreme case, another risk of this investment is the investment itself, the 2.2 billion euros we are investing with a capital consumption of 1.4 billion euros,» he explained.

Analysts highlighted the political and macroeconomic uncertainty in Turkey, but executives stressed that BBVA’s multiple entry point model minimises risk and that Garanti is fully integrated into the group’s risk management framework.

The sale of the US subsidiary

In the United States, where the bank decided to exit the business, with the exception of the wholesale business, it followed the opposite approach. In March, it sold its US business, which generated revenues of 9.6 billion euros, and raised capital of more than 8 billion euros to focus on cost-cutting in Spain, where it implemented its first redundancy plan, and on boosting shareholder returns, buying back 3.5 billion euros, 10% of its capital.

Moreover, it explained that its intention was also to strengthen its presence in markets where it was already present, which led it to negotiate a merger with Banco Sabadell, which collapsed shortly afterwards.

After the share buyback, BBVA’s pro forma capital ratio stood at 13.18 in September, and the bank still had a capital surplus of around EUR 3.6 billion. BBVA has also just launched an online bank that has entered the Italian market.

BBVA is the largest private bank in Turkey, with a market share of 20% in loans and 19% in deposits. At the end of September it had 21,651 employees, 5,535 ATMs and 1,009 branches. Onur Genç comes from this bank

Entrepreneurship against price increases in Miranda de Ebro

The exponential increase in the cost of products and goods is not only affecting large companies, but also businesses and poses a serious threat to companies. Even if it is successful in the end, as was the case with the new business that will open this weekend in the Plaza de Abastos.

After the closure of the only establishment specialising in the sale of cod in Gaitán, located in Calle Ramón y Cajal in Miranda de Ebro, Belén Ruiz, owner of Huevería Nicolás, saw the opportunity to expand her business. «I noticed that there was still interest in this cod and I decided to include it in my offer and take over the stall next door, which was closed», she says. However, exorbitant price rises for the vast majority of products and other problems seriously threatened the opening: «We hesitated to open because, at the end of the day, when you sell electricity, diesel, food… you have to get it all from somewhere, he says.

The increase is evident «at all levels….. Both the products from big companies such as Danone or Pascual, and the eggs that my brother imports from Sagredo». Despite everything, the project continues and Belén hopes to be able to serve the public «by Saturday».

This new opening in the Plaza de Abastos in Miranda will also help the development of the other stalls. «It is very noticeable when new stalls are opened, because those who go to buy at my grocery shop, for example, also pass by other businesses and can buy their products, and that is the aim, that in the end you can buy without leaving the square». The importance of the new outlets lies not in the occupation of the new stall, but in that «it is less empty», so the whole market environment«comes alive»: «When you see light, you see movement… people are more motivated to come», says the trader.

Unlike the vast majority of businesses, the pandemic has benefited the Mercado de Abastos because «a lot of new and younger people have come here». Fearing the possibility of contracting the disease in the large supermarkets, «they have met us and stayed in the square once they have tasted the quality of the products we sell», says Belén.

The Plaza de Abastos has a high added value for the city. Belén considers them the «centre» of any city: «When I travel somewhere, I usually visit the local market, I think they are the symbols of cities. They are places where you can find local products that help you get to know the whole area, something that no supermarket can offer you», she says.

Belén has been at the Miranda Market for 23 years and, despite the passage of time, she has not lost her passion: «I liked it when I was helping my mother and I like it now. Being in front of the public, talking to people, setting sales targets, the trust that the customer shows you… I love it all.» It is this love of work that fuels her desire to improve and offer better and better products, «I try everything they bring me because I want to offer a good product, which you can find in our Plaza de Abastos», concludes Belén.

Travel will be more expensive, but excellent service will be more appreciated.

Business travel is showing signs of recovery, but flexibility remains a critical factor in the resurgence of travel as companies become increasingly aware of the environmental footprint of their travel. This was confirmed at the TIS (Tourism Innovation Summit) Business Travel Forum, whose participants concluded that «travel will certainly become more expensive in the future,» as Ricardo Crespo, Director of Travel and Conventions at AbbVie, pointed out. Although what companies and frequent travellers value most today is, as Asunción Pérez, Sales Director for Spain at Air France-KLM, pointed out, «excellence in service over price, especially in terms of security and speed of procedures».

As Ricardo Crespo pointed out, the increase in business travel prices is due to the rise in fuel prices and the reduction in flight frequency. This means «a problem for employees who have fewer options when it comes to organising their trips». For her part, Asunción Pérez is committed to «being able to improve the airport experience».

The Executive Director made a strong case for the necessity of professional travel for economic activity and wealth creation. He also made a prediction about the times ahead: «Agencies will stop making bookings. Machines will do it and agents will become real consultants.

But travel policy has a problem, as Irene Manrique, head of tourism at BBVA, acknowledges «because the situation is not stable and it is very difficult to predict». The director also stressed the importance of listening to travellers in order to meet their needs.

The hotel sector is trying to adapt to these needs and, as Francisca Mérida, director of corporate sales at Meliá Hotels International, says, «in a short time it has advanced a lot from a technological point of view» This evolution translates into more agile, faster and personalised services.

Sustainability is increasingly present
All participants in the session on the future of business tourism, prepared and conducted by MeetIN and Forum Business Travel, agreed that travel programmes are increasingly taking environmental criteria into account as a priority.

According to Rebecca Avila, head of CSR (Corporate Social Responsibility) at Accor for Southern Europe, «it’s good to offset emissions, but we can also think about how to avoid them. It’s a big change of mentality. It forces us to rethink how we change our supply«.

He added that «the responsibility for a more sustainable planet concerns everyone». However, he recommended that the focus should not only be on emissions: «We also need to work on equality, diversity, inclusion and economic development for the most disadvantaged groups».

The role of employees

Employees themselves play a key role in the renewal of business travel. In times of uncertainty, insecurity and confusion, the work of managers to improve their motivation is crucial.

It is not surprising that, according to Nieves Rodríguez, founder of Fastracktorefocus Coaching, an expert in professional motivation and people leadership. 70% of companies fail in their change initiatives, employees are productive only 50% of the time and only 41% of the working day is focused on really important tasks.

Shortages and rising prices at Christmas, warns warnings

The world raw materials crisis and container transport problems, especially from Asia, have affected Ceuta, where shortages are expected during the Christmas campaign and prices are expected to rise considerably in the coming weeks.

Traders, entrepreneurs and transporters contacted warn that it is important to buy in advance, especially toys, electronics and computers.

This situation is generalised throughout the country, but in Ceuta it is even more complicated due to its geographical location, which means that the usual delivery times for products on the mainland are always seven days longer. This could cause problems for local consumers during the Christmas shopping season if delays occur due to longer delivery times in Ceuta.

According to the president of the Confederación de Empresarios de Ceuta, Pepe Dhanwani, although the shortage of products in the city’s shops is not perceived at the moment, it is something to be expected: «The forecasts are alarming, high production costs, energy prices, rising transport costs and increased demand mean that there will be shortages of some products in the city, although not of all, not even radically».

Dhanwani explains that product shortages will be mainly in toys and electronics: «There will be shortages of some toys, some mobile phones, games consoles… but not all of them, he says.

Employers in Ceuta are generally concerned at the moment because they fear that the delay will come just in time for Christmas and that this will greatly affect the campaign.

«Some businessmen are already organising their shops to stock up on merchandise, others will make up for the shortage of some products with similar ones, but there will definitely be losses and that will hurt, more so now that we should be experiencing a recovery,» says the businessmen’s president.

Also of great concern in the city are the price rises that are expected in the coming weeks due to multiple factors such as increased demand, rising energy prices and increased transport costs. «Prices will go up and, in many cases, when a businessman sees that he has no stock of a product, he will buy it through companies that deliver it by air, which will further increase the cost,» says Dhanwani.

However, the Confederation of Employers of Ceuta insists that local trade must be supported in this new crisis that is looming: «It is important that Ceuta residents buy in their own city, that they do so occasionally, but that they do not go shopping abroad because this can be very damaging for the sector and then we will scratch our heads when we see businesses close down,» he warned.

Shortage of branded alcoholic beverages in the UK market

As for the supply of drinks, Ceutí shopkeepers have warned that shortages will be particularly evident in spirits from the British market, due to the supply problems the country is suffering. However, they are sending out a message of calm in this respect: «We don’t think there will be a shortage of alcoholic beverages to toast this festive season. Local and national suppliers will compensate for shortages with other brands. We may not have all the popular brands of drinks, but there will be plenty to choose from,» says the president of the city’s businessmen.

For his part, the president of the Centro Comercial Abierto de Ceuta, Juan Torres, expressed the concern of traders in the city centre and the old town who sell toys, digital goods, hardware, clothing and footwear. According to Torres, all indications are that there will be a shortage of products in the city, and he advises shoppers to make their purchases in advance, especially if they are looking for toys or want something specific. «This year you shouldn’t leave shopping to the end because you run the risk of not finding the toy you’re looking for, especially if it’s made in Asia or if it’s one of the most popular,» warns Torres.

Despite the poor forecasts, Juan Torres says the situation is not as dramatic as during the pandemic, when there were supplies but no demand. «Now people want to buy, the problem was a few months ago when the shops were full of things and nobody came to buy», he explains.

Bringing a container from Asia used to cost 3,000 euros, now the price is over 18,000 euros.

Regarding the transport of goods, Luis de la Rubia, director of Marítima del Estrecho de Ceuta, confirmed the bad situation of the sector when it comes to transporting products from Asia, although he does not believe that the problem affects basic necessities such as food. «We should not worry because there will be a lack of food or basic necessities, what we will see is a shortage of goods coming from Asia, but in Ceuta, in the whole peninsula and in the rest of Europe; it is not just a local problem,» he explains.

De la Rubia points out that in recent months there has been a 2,000% increase in the price of containers in which goods are shipped from Asia: «Before a container cost around 3,000 euros per shipment, now the same container costs an exorbitant 18,000 euros. This means that for many toy suppliers, for example, it is not profitable to deliver products, others are delayed and only large companies can continue to operate normally and bear the costs,» says the director.

«At the local level, the same will happen as in the rest of Spain. If there is a lack of toys in Huelva, there will be a lack of toys in Ceuta. What I think we are going to see and register is a significant increase in prices,» warns De la Rubia. He adds that this situation is not going to be resolved in the short term, and warns of a negative evolution in this regard in the coming months, even talking about supply problems in the first half of 2022.

«The shortage of products and rising prices will not be solved in the short term, and all indications are that it will get worse, so I understand that the authorities will have to take action,» he concludes.