11Onze Check: Banks complain - are they right?

On 21 of June 2020, the European Council approved an economic stimulus package known as the European recovery fund or Next Generation EU (NGEU), with the aim of reviving the economies of member states affected by the Covid-19 pandemic. Banks are complaining that they will not play the same role as they did with the ICO during the pandemic, but are their complaints sufficiently substantiated? We cross-checked the information.

Six months ago, the Spanish government and the banks initiated formal contacts to explore ways of collaboration and to specify the role that financial institutions will play in the distribution of the European fund. Negotiations are still ongoing, but it is becoming clear that the role of the banks in channelling this fund will be different from the one they developed with the ICO credits during the pandemic, since in this case, the state has the money at its disposal. The ICO is a public bank with the function of distributing credit to stimulate the economy and depends on funds provided by the Spanish government. During the pandemic it had no liquidity, and it was the private banks that provided the money for the ICO loans, making it a business for the sector. Now, it seems that the Spanish government does not need private banks because it has the 140 billion coming directly from Europe.

The banks’ outcry did not take long, and it seems that they have all agreed to publicise their grievances. An extensive media offensive that we analyse today by looking at an article published by Economía Digital, “Enfado de la gran banca por su exclusión de los fondos europeos”, but which serves as an example of how other media has dealt with the issue. Is this information biased? Yes, according to the 11Onze Check Bias Method, it has a bias of 70%. We analysed it.

SOURCES

We only hear the voice of the banks. There is only one unidentified source from the Spanish government. There is no reference for all the data provided. It is not possible to trace where this data comes from.

ENDOGAMY

There is no representative of the ICO, nor of the Ministry of Economy, nor any alternative voice to the view of the traditional banks. We only read the opinion of the banks’ representatives. Moreover, unverified statements from the banks are taken for granted. For example: “The president of Banco Santander, Ana Botín, recalled this week that banks have played an important role in the pandemic by protecting businesses, and now they need to strengthen public-private collaboration to do the same with the recovery funds”. If we know that, according to the INE, in nine months of the pandemic 207,000 businesses closed… Are we sure that, as Botín says, the banks have protected companies?

FOG

The information is foggy because the bankers seem angry, but, at the same time, they assure that the arrival of the funds will increase their turnover by 10%. The mechanisms that the banks are proposing to participate in the Next Generation Fund are also unclear and seem to be focused on accompanying the client. In reality, however, it could be a manoeuvre to make sure the public funds go to their clients’ accounts (and not to other entities) in order to be able to count on these funds.

INTENTION

We are not talking about a single news item but about a compilation of articles in the same media outlet, some of them linked to each other, which contain the same rhetoric clearly aimed at discrediting the government’s management and spreading the bank’s vision: 1, 2, 3. Therefore, we can deduce that there is an intention to establish the narrative according to which the banks have to participate, no matter what, in the allocation of public funds.

CONTEXT

The information is simplified, and key elements are missing. For example, it is not explained that the ICO’s function is specifically to provide credit to stimulate the economy. It seems that it cannot function without private banks, and this is not true. Nor is it explained how this aid has been channelled in other countries. And finally, there is a crucial piece of context that is omitted: banking has already recovered pre-pandemic profit levels thanks to the closure of branches and massive lay-offs. Nine billion net since the start of the pandemic. This, coupled with the fact that the price of money is at historic lows, removes any impediment for banks to lend and stimulate the economy. What is stopping them? What do they need Next Generation Funds for?

COMMERCIAL MOTIVES

The article talks about the good role played by banks in channelling the ICO funds and the role they can play in the Next Generation fund, but makes no mention of the benefits obtained by the financial sector through the management of the ICO, nor of the abusive practices that were uncovered during its management. Nor is there any mention of the commercial interests behind this desire to play a key role in the distribution of these new resources. The basic idea is to play the role of intermediary. The money comes from Europe (and therefore does not have to be mobilised by the banks), but it is still channelled through private banks. Why should it be this way? What is the point?

VOLUNTEER SERVICE

The public interest is not represented at all. While it talks extensively about how private banks and investment funds are key in advising companies and distributing this fund, no public alternatives, which are there, are given when it comes to channelling this aid. The article does not take into account the consumer’s point of view: is it in the interest of the ordinary citizen that ICO loans are managed by large Spanish private banks?

Therefore, we conclude that this information is 70% biased and shows a partial view of the management of the Next Generation Funds. If you want to know the Bias Method, which we have followed to contrast this information, you will find it here. If you would like to send us economic information to verify, you can do so by writing to us at [email protected]

11Onze is the community fintech of Catalonia. Open an account by downloading the super app El Canut for Android or iOS and join the revolution!

The collective purchase of gold through 11Onze Preciosos continues to be a success, but some customers wonder whether it is better to receive the physical gold pieces at home or leave them in custody. Càrol Rafales, senior sales specialist at 11Onze, explains the advantages and disadvantages of each option.

One of the most recurring questions among clients who invest in the purchase of physical gold is where and how they should store the bars or coins once the purchase has been made. Do I store the gold at home in a safe? Under the mattress? Or do I leave it in custody in a vault of a specialised company? Each option has its advantages and disadvantages.

Home storage

If you decide to store your gold at home, you will have easy access to the pieces and this will allow you to admire your bullion and coin collection without relying on a third party for safekeeping. However, before deciding to store gold at home, there are a few factors to consider.

Firstly, we must ensure that the gold pieces are stored in a suitable environment to be preserved in perfect condition over time, i.e. that they do not deteriorate due to humidity or other corrosives, as this would diminish their value and make it difficult to sell them when we want to recover our investment.

On the other hand, you may have to take additional security measures to ensure that your gold is well hidden and protected. You may also need to take out specific insurance if you do not have home insurance to cover these valuables. Of course, you have to be careful not to reveal too much information about your purchase. As Rafales explains, “having gold at home is something we have to keep secret, and it requires additional security measures”.

Under the custody of a specialised company

Precious metals experts recommend that safekeeping should be carried out at the premises of companies specialising in the safekeeping of securities, thanks to the high level of security offered by these companies. As Rafales points out, “having our physical gold in custody in a specialised company gives us peace of mind, and the gold is 100% insured“.

Perhaps even more important than the security offered by companies specialising in storing precious metals, is the ease of resale. You will be able to sell your gold easily, without having to worry about finding a buyer or an establishment you can trust.

Finally, you have to bear in mind that storing gold at home or in custody has a cost that may vary depending on the circumstances of each individual. Even so, Càrol Rafales analyses the pros and cons of each of these options and helps you decide which option suits you best.

If you want to discover the best option to protect your savings, enter Preciosos 11Onze. We will help you buy at the best price the safe-haven asset par excellence: physical gold.

Taking out home insurance is essential to protect ourselves against incidents that may affect our home, but it is often not easy to understand the policy terminology. We explain some basic concepts you ought to know.

A home insurance policy is a contract by which the policyholder (the person who takes out the policy) pays a premium (amount of money) to the insurance company in exchange for being guaranteed coverage for a risk that is defined in the policy. For this reason, it is important that, when taking out the policy, you study each of the clauses of the contract carefully. We help you to familiarise yourself with the terminology used by the insurer to make the whole process easier.

Building

The building is understood to be all the structural elements of a property, that is to say, the foundations, walls, ceilings, doors, windows, as well as the electrical installation, water and security devices. Basically, all those elements that if we were to turn the house upside down would not fall, as well as any structure attached to it (the garage, the swimming pool…).

You have to bear in mind that each insurance company may have small variations when considering which elements make up the building. Even so, you should be aware that the amount of the building cover does not represent the purchase price or the current market value, but the cost of rebuilding the home.

Contents

The contents refer to all those elements or goods found inside the property: furniture, electrical appliances and other electronic devices, as well as clothing, jewellery, works of art and any valuable personal effects. Contents cover can help you recover the cost of replacing your items that have been damaged in various situations, or that you have lost in the event of theft.

Bear in mind that you will need to make a list of all items before taking out insurance, and belongings above specifically stated values will require additional cover. It is also important to remember to let the company know if you want to add any new items you have acquired after signing the policy.

Civil Liability

Civil liability cover protects against damage caused to third parties by those legally responsible. In the case of home insurance, it covers the person who has taken out the policy or any member of their family (including pets if they are added to the policy) living in the home, for incidents in the home that may affect another person.

This is an essential type of cover in any home insurance policy. A water leak that causes damage on the floor below, a flowerpot that falls from your balcony onto a car, or the breakage of a neighbour’s window while your children are playing ball, are examples of incidents that would be covered.

Watch out for the small print

Yes, it’s a no-brainer, but we must read the small print of our policy carefully to avoid last-minute surprises. For example, terms such as burglary and theft may seem similar, but while many policies cover damage caused in case of burglary (subtraction of property by use of force or violence), other companies do not insure you in case of theft (theft of property due to negligence), as may be the case if you have left your front door open.

The lack of maintenance of a property or not taking the corresponding precautions if you have a dangerous dog are two more examples of imprudent actions that could be classified as negligence, and which would not be covered by the majority of home insurance policies.

And finally, shop around before you buy. The insurance market offer is very varied thanks to the entry of insurtech and the competition between different companies. Take the time to make a comparative study that will allow you to find the option that best suits your needs and the type of home you want to insure.

If you want to discover fair insurance for your home and for society, check 11Onze Segurs.

We present a collection of the 11 best TikTok profiles made in Catalan. These young people have gained popularity on the trending social network by making videos in Catalan.

When we hear the word TikTok, the trending app born in China in September 2016 that allows us to make short music videos of up to 1 minute, many think that this platform is only dedicated to dancing, fashion, makeup, and fun. However, it brings us Catalans something more. Its use, in the hands of some young people, young influencers, has become a great tool for spreading and promoting Catalan. Today we want to let you know what we can consider the top eleven TikTokers which promote Catalan. Let’s get started!

1. ferranxidk: Ferran, who lives between Girona and Barcelona, is a guy who makes funny videos, has more than 70,000 followers and accumulates more than 9 million likes on TikTok.
2. long_lixue: This other well-known Catalan YouTuber, who lives in Girona and has Chinese nationality, also succeeds at TikTok. Well known for collaborating on iCat, he is also famous for fighting racism with millions of likes to his TikTok profile. 
3. sanyesmag: This young man from La Garrotxa is famous for his magic videos. He has more than 27,000 followers and half a million likes on TikTok. He is a strong promoter of Catalan through this social network.
4. walter_capdevila: with nearly 200,000 followers and 5 million likes on the net, we could proclaim this Barcelonan the king of absurd humour. His TikTok profile is a guarantee of laughter.
5. misstagless: here we have Sílvia, with 10,000 followers and more than 150,000 likes on TikTok. This Valencian fights for the use and defence of Valencian, playing with home-made humour and a lot of personality. 
6. filologa_de_guardia: this student of Catalan Philology is called Aida. Her TikTok profile has more than 5,000 followers and almost 50,000 likes. These will be your new Catalan online lessons!
7. apitxat: here we have Xavier, with almost 50,000 followers and a million likes. He is another activist for the Valencian lands. You’ll have plenty of jokes and humour in Valencian.
8. Can Putades: these girls are from La Garrotxa and live in Barcelona. They have 40,000 followers and almost 1 million likes. Their videos raise unknown words in Catalan from the Garrotxa region, among other funny videos of jokes from their day to day, without ceasing to have Catalan as the basis of their TikTok profile.
9. Aroagr8: here we have Aroa and Paula, with 15,000 followers and over 130,000 likes. Famous from confinement, these two girls play with words according to their region, one in Girona and the other in Amposta. Listening to Catalan had never been so curious.
10. Bertaarocach: if you prefer a Catalan profile that sticks for its energy and its typical teenager performances that you will want to see time and time again, here is Berta. A profile with more than 100,000 followers and 4 million likes. 
11. Julen_gs: as we are in the summer, and with the sun we feel like dancing, we say goodbye with Julen’s profile. He makes some superb versions of well-known songs, playing with Txarango’s music, or doing a mix of Plats Bruts with music from the Friends show. He has about 10,000 followers and almost 90,000 likes on TikTok.

The previous TikTok profiles have thousands of followers on the trending social network, and best of all, they have gained popularity by showing themselves to the world in Catalan.

11Onze is the community fintech of Catalonia. Open an account by downloading the super app El Canut for Android or iOS and join the revolution!

Can we change the world? What is our real capacity to impact the environment? Lara de Castro, HR Business Partner at 11Onze, explains what conscious consumption is and how we can contribute to the sustainability of the planet with our daily purchasing decisions.

We often underestimate the impact that our individual actions have on the surrounding environment. But all actions, no matter how small, contribute to shaping the world. Lara de Castro explains it in the following video with a very obvious example.

As she warns, there are many people who think that an individual act is often “too weak” to have a significant impact on the environment, “but this is not the case”. Every action counts and has consequences that can add up to those of the rest of the community. The reality is that “our daily decisions are relevant, no matter how small“. In this sense, the role that all purchasing decisions play if we are conscious consumers is very obvious.

What is conscious consumption?

Conscious consumers are people who choose products and services with criteria that go “beyond value for money,” as they include environmental and social impact as a decisive element in their purchasing habits. One consequence is the commitment to local commerce, which “is a way of supporting local producers and avoiding the economic and environmental impact of transportation,” as Lara de Castro explains.

Another example of conscious consumption can be found in water. If we want to reduce pollution on the planet, we can replace the consumption of bottled water, “with all the drawbacks that we know plastic has,” with tap water treated with sustainable filters.

As Lara de Castro points out at the end of the video, if we all become more conscious “in the small details of everyday life” the reality is that “we can change the world.” The decision is ours.

If you want to discover how to drink the best water, save money and help the planet, go to 11Onze Essentials.

Before leaving on a trip, many of us wonder whether we should carry cash or use our cards. And if we are travelling to a country that does not have the euro as its official currency, the question arises as to which is the best option to get the best exchange rate. Sara Casals, junior product manager at 11Onze, answers these questions.

The custom and ease of paying by card or directly from a mobile phone are part of our daily lives thanks to the digital revolution of recent years. Even so, not all countries follow the same pace of development as our financial system, and we may find that the country we are travelling to does not have an extensive network of cash machines or the same facilities for paying with a card in all commercial establishments.

As Sara Casals points out, “you have to bear in mind that in many countries, card payment is not so widespread, and you won’t find a cash machine on every corner“. On the other hand, there is also a security issue, “the practice of stealing bank card data is widespread depending on the country”, says Casals.

Before making a currency exchange, you have to remember that it is not the same to make the change by withdrawing money from your bank as from a cash machine in the country of destination, or changing currency at the airport. As Casals explains, “the exchange rate offered by our banks is extremely abusive, and the same happens if you change money at the exchange bureaux at the departure airport“.

Therefore, the best thing to do is to change money at your destination. But where do I change it? The 11Onze product manager recommends “avoiding airport exchange offices” and looking for establishments that offer a more favourable exchange rate and lower commissions. Even so, she warns us that some exchange houses advertise that they have no commissions, but then offer a less favourable exchange rate.

11Onze is the community fintech of Catalonia. Open an account by downloading the super app El Canut for Android or iOS and join the revolution!

Inflation continues unabated and the state government maintains its commitment to update pensions in line with the CPI, a fact that clashes directly with the European Commission’s demand for control of the budget, currently at a maximum of 3.3%, and with a new factor that could be decisive: the planned retirement of 50% of the civil service in 2023.

The inflationary scenario we have been experiencing for months has placed the economy of most EU countries in a possible stagflation phase that could inevitably lead to an imminent recession which, so far, has been contained. The European Commission suggests that the solution lies in controlling the budget: keeping the public deficit below 5% in 2023, and 3.9% in 2024, and ensuring that spending does not increase by more than 3.3%, among other measures.

We are in Spain, where this control of public spending cannot exceed 3.3%, leaving the country with a margin of some 20 billion for public administration spending. An insufficient figure that will go almost entirely to cover pensions. In addition to the high level of spending on pensions, there are two key factors: the government’s intention to update pensions in line with the CPI and the expected increase in the number of retired people next year.

Pensions grow at the rate of the CPI

This is the scenario envisaged by the Spanish government, with an expected increase in pensions in line with the growth in inflation, so as not to impoverish this large part of society. This is quite a challenge, bearing in mind that in the event of ending the year with a percentage of 10.8%, as in July, the amount earmarked for pensions would also have to grow by this margin. With this measure, the planned outlay for pensions, which account for a third of total government spending, could amount to 17 billion euros.

This is a high cost that could skyrocket if the number of pensioners grows, which today stands at around 8.99 million people, according to data from the Ministry of Labour and Social Security for December 2021. Spain already suffered a similar situation in 2020, during the pandemic, when more than 10,500 civil servants asked for voluntary early retirement in the face of the uncertainty caused by the transfer of the management of pensions from the Treasury to the Social Security. This led to a 22% increase in requests compared to previous years.

50% of civil servants plan to retire by 2023

The current situation foresees that in 2023 we may once again find ourselves in a scenario with a high percentage of civil servants planning to take early retirement. The retirement age for civil servants is 65 for those who retired before 2011 and 66 for those who joined the civil service after 2011. Like all other employees, they have to have paid contributions for 15 years in order to receive a benefit. There is another case, more worrying for the state, which is early retirement, which is available to the passive classes, and which allows civil servants to take early retirement from the age of 60, provided they have contributed for a minimum of 30 years.

The average benefit for civil servants is usually 2,300 euros, according to the monthly pension statistics compiled by the Ministry of Inclusion, Social Security and Migration, 64% higher than that received by retirees in the General Social Security Scheme, also in the first quarter of the year, at 1,400 euros on average.

At present, the civil service workforce totals some 2.6 million people, of whom more than one million are between 50 and 59 years old, a fact that is expected to precipitate an increase in the flow of retirements in the coming years. In an attempt to curb this scenario, the Ministry of Social Security will study the implementation of incentives for civil servants to extend their working lives beyond the age of 60. The proposal of CSIF, the largest public sector union, is for a 5% annual cumulative incentive.

If you want to discover the best option to protect your savings, enter Preciosos 11Onze. We will help you buy at the best price the safe-haven asset par excellence: physical gold.

As every year, the magazine ‘Forbes’ has published the list of the 100 richest businessmen in Spain. In 11Onze, we have compiled the 25 richest businessmen in the Països Catalans and we try to find out how they have managed to build their millionaire wealth.

Food industries, pharmaceuticals, fashion and cosmetics and hotel groups. These are the four sectors that have made the fortunes of the 25 richest businessmen in the Països Catalans. Many of them are related, others have accumulated family inheritances and a prosperous business since the beginning and middle of the 20th century. Most of them invest their fortunes in art collections, philanthropy and private foundations. These are the richest of the rich.

1. Juan Roig Alfonso, president of Mercadona (3.7 billion). He is one of the most admired men in Spain, according to the consultancy Brand Finances, but also one of the most hated by small producers and by the political left. His supermarket chain has more than 1,600 shops on the Iberian Peninsula and has been awarded the Prince of Asturias Award for Business Excellence in 2019. Roig is an avowed admirer of FAES, the Partido Popular’s think tank, where he has donated large sums of money, and dedicates part of his income to supporting sports and entrepreneurship initiatives. Phrases such as “In Spain we have to imitate the hard work culture of the Chinese bazaars” are attributed to him.
2. Hortensia Herrero, shareholder of Mercadona (2.3 billion). Hortensia Herrero and her husband, Juan Roig, have turned Mercadona into an empire. In addition to her business activity, she has started a philanthropic and sponsorship task with the Hortensia Herrero Foundation in the País Valencià, which promotes artistic heritage.
3. Sol Daurella Comadrán, President of Coca Cola Europacific Partners (1.9 billion). At only 54 years of age, she is president of the Coca Cola bottling company and distributes its products to 13 countries in Western Europe. She is the granddaughter of the cod businessman Santiago Daurella i Rull and daughter of the businessman Josep Daurella i Franco. Sol Daurella has been a shareholder of Banc de Sabadell, Ebro Foods and Acciona and is a member of the board of the Círculo de Economía de Barcelona, chairs the board of directors of the Teatre Nacional de Catalunya and is a patron of the Palau de la Música Catalana. She has been a member of the Advisory Council of Diplocat, a fact that has provoked a great deal of criticism from the most pro-Spanish sectors.
4. Isak Andic, owner of Mango (1.6 billion). The fashion businessman was elected president of the Instituto de la Empresa Familiar in 2010. He comes from a Sephardic family that moved from Turkey to Barcelona in the 1970s. His fashion business started when he returned from a holiday with a pair of shirts that he sold to his friends. He began to sell to order until he sold them in a market in Barcelona and expanded his business by importing hand-embroidered outerwear from Afghanistan. In 1984 he opened the first Mango shop on Paseo de Gracia with his brother. He now has more than 2,100 stores worldwide.
5. Fernando Roig Alfonso, owner of Pamesa (1.4 billion). Juan Roig’s older brother is the owner of one of the five most important ceramics groups in the world, having bought Azuliber in 2020 and 40% of Argenta. He is also the third largest shareholder of Mercadona, president of the Vila-real football club and of the energy company Renomar.
6. Manuel Lao, ex-owner of Cirsa (1.3 billion). His family origins are in Almeria, but at the age of 12 he emigrated to Terrassa. He has lived in Matadepera for many years, where he has raised the average income to make the municipality one of the richest in Spain. With his brother Juan Lao, he set up the Cirsa group, an operator of casinos, bingos and electronic games. Manuel Lao bought 44% of the shares from his brother for 120 million euros and in 2018 sold the company to Blackstone for 2.2 billion euros, despite the fact that a debt was deducted from this amount. Lao now invests his money through Nortia Capital and, among other investments, controls 8.16% of Merlin Properties.
7. Alberto Palatchi, former owner of Pronovias (1.3 billion). He was the director of Pronovias until 2017, when he sold 90% of the company he founded with his father in 1922 to BC Partners for 550 million euros. Now, Palatchi invests his capital through Galma Capital, which controls two of the most profitable sicav in the country, Gesprinsa and Hermoprisa. He also owns real estate and invests in art.
8. Miguel Fluxà Rosselló, executive chairman of Iberostar (1.2 billion). He is president of one of the most important Spanish hotel groups in the world. The Mallorcan-born group operates 70% of Cuba’s hotels with Melià and Barceló. 
9. Antonio Gallardo Ballart, shareholder of Almirall laboratories (1 billion). Antonio, together with his brother Jorge Gallardo, are the main shareholders of Almirall pharmaceutical laboratories, through the corporations Genbad and Zamap, in which their sons also participate. The company has more than 1,900 employees in 13 subsidiaries in Europe and the United States. The family business started in 1862 with a small pharmacy in Barcelona.
10. Jorge Gallardo Ballart, Chairman of Almirall Laboratories (1 billion). According to Forbes, the pharmaceutical group has obtained very positive results with the development of its new drug against atopic dermatitis. Almirall has almost doubled its stock market value in recent years, from 1.4 billion euros in 2017 to 2.6 billion today.
11. Carmen Daurella Aguilera, shareholder of Arcelor Mittal (950 million). Sol Daurella’s cousin controls Haberes y Servicios, an indirect shareholder of Coca Cola Europacific Partners through Cobega, the Daurella’s holding company. Carmen and Sol Daurella sold Copesco, the family cod company, to the Basque group Angulas Aguinaga.
12. Gabriel Escarrer, founder of Melià Hotels (900 million). It is one of the most quoted hotel chains on the stock market, but the pandemic crisis has taken its toll. According to Forbes, Melià has lost 51% in capitalisation since 2017, and its stock market value is currently 1.3 billion.
13. José Elías, shareholder of Audax Renovables (900 million). He is a major shareholder of Audax Renovables, Audax Green, Ezentis, Aspy, Atrys Health, and the supermarket chain La Sirena. This uncontrolled growth has allowed him to enter the lists of the world’s richest people in just two years.
14. Manuel Puig Rocha, Vice-President of the Puig Group (850 million). Puig markets its products and fragrances in more than 150 countries. Puig operates under the Carolina Herrera, Nina Ricci and Paco Rabanne brands and in the fashion sector it is a shareholder of Jean Paul Gaultier. In addition to these businesses, Manuel Puig holds 5% of Fluidra’s capital, a percentage that has brought him a great deal of joy, as the company has increased by 50% on the stock market.
15. Thomas Andreas Meyer, owner of Desigual (850 million). He is of Swiss origin, but has made his professional career in Barcelona. Desigual competes with Zara and other brands of the Inditex group and this year has established a four-day working day after workers voted in favour of it. Meyer is known to lead a life away from the spotlight and is a champion of sustainability. No photographs of him had been published until 2008.
16. Carlos March Delgado, chairman of the Alba financial corporation (850 million). He chairs the corporation and is majority shareholder of Banca March, with his brother Juan, and ahead of his sisters Gloria and Leonor. March is married to the philanthropist Concepción de la Lastra. 
17. Ricardo Portabella, owner of Anpora (800 million). His fortune comes from the inheritance received from his grandfather, Luis Portabella Conte, who partnered after the Civil War with Daniel Carasso, son of the founder of Danone. His grandfather presided over Danone España for more than four decades and Ricardo Portabella was the sole heir of his uncle, Antonio Portabella Ràfols, who owned a lot of Danone shares and a large real estate portfolio.
18. Juan March Delgado, shareholder of the financial corporation Alba (750 million). With his brother, Carlos March Delgado, they are the majority shareholders of Banca March.
19. Carmen Thyssen-Bornemisza, art collector (750 million). Carmen Cervera, widow of Baron Heinrich Hans August Thyssen-Bornemisza de Kaszó, from whom she took her married name, is one of the world’s most sought-after art collectors and is a leading figure in the art press. Last July she reached an agreement with the government to rent her collection for 6.5 million euros a year and return the Mata Mua painting by Paul Gauguin.
20. Óscar Serra Duffo, shareholder of Fluidra (600 million). He is one of the founders of this manufacturer of swimming pool design and production. Founded in 1969 by the Planes, Serra, Corbera and Garrigós families, Fluidra has increased its stock market value fivefold since 2017.
21. Tomás Arrufat Pujol, president of Proeduca (550 million). He is the promoter and main shareholder with 76% of Proeduca Altivos, the company that manages online training at La Rioja International University.
22. Nuria Roura Carreras, shareholder of Grífols (550 million). She is the widow of Víctor Grífols and one of the main shareholders of the pharmaceutical laboratories. She also promoted the Víctor Grífols Foundation on bioethics.
23. Alicia and Mercedes Daurella, shareholders of Coca Cola Europacific Partners (550 million). Carmen Daurella Aguilera’s sisters are also shareholders in the company chaired by their cousin Sol. 
24. José Ignacio Comenge, shareholder of Coca Cola Europacific Partners (550 million). This Valencian is also a shareholder of Coca Cola Europacific Partners and has important stakes in Compañía Vinícola del Norte de España (CVNE), Ebro Foods and Ence.
25. Mauricio Botton Carasso, owner of Germina Finance (450 million). He is an investor through Germina Finance and owner of the La Gramosa estate. His fortune, like Ricardo Portabella’s, comes from the sale of Danone’s Spanish subsidiary to several shareholders.

11Onze is the community fintech of Catalonia. Open an account by downloading the super app El Canut for Android or iOS and join the revolution!

We are not sufficiently aware of the power we have as consumers to influence the economy. But we have to start believing it: citizens can change the market and make local and sustainable trade even more important.

The pandemic has made us rediscover the importance of community and proximity. Restrictions on mobility have made us realise that relying on products from the other side of the world makes no sense. In fact, we are still suffering from delays in the supply and trade of products because of the global confinement we have experienced and the geopolitical turmoil that never stops. 

When we talk about local products, we often only think of food products, but we must also think of services: telephony, health care, energy, finance… All these services are usually offered by large corporations that have their headquarters outside Catalonia and, therefore, do not invest their profits in the citizens of Catalonia. 

On the other hand, if we contract the services of companies, businesses or cooperatives in Catalonia, the profits obtained are invested in our community, and also contribute to providing work for thousands and thousands of people.

11Onze is the community fintech of Catalonia. Open an account by downloading the super app El Canut for Android or iOS and join the revolution!

How does machism manifest itself in the socio-economic world and in the consumerism of our society? Are we sufficiently aware of the micro machismo that we encounter in our day-to-day lives? What do women have to do to join and fully develop in the labour market? In a new episode of La Plaça de Territori 17, Lara de Castro, from the 11Onze Human Resources team, and Gemma Vallet, director of 11Onze District, answer all these questions.

Fortunately, ideas, attitudes and practices based on a learned cultural attribution of male superiority are becoming less and less present in our society. However, there is still a long way to go to eliminate sexist attitudes and micro machismo from everyday life. Looking at a man if you buy a car, or at a woman, if you buy a hoover, are behavioural practices that we have come to accept, but which are becoming increasingly unwelcome in a society that continues to evolve towards gender equality in all socio-cultural spheres.

As de Castro points out, “all of this is so commonplace, so normal, even for women, that until all of this is nipped in the bud, we will not be able to move forward“. Even so, there must also be a change of attitude on the part of women, “we will become more accepting of our bodies, our age, our wrinkles and the fact that we are women. That we are also capable of managing certain things that until now have only been managed by men”.

Gender pay gap, an unresolved issue

According to a report issued by CCOO, the gender pay gap has been reduced, but the average salary of women would have to grow by 24% to be equal to that of men. As Lara de Castro explains, “The pay gap is huge. But it is all about confidence, not only the confidence that the world gives me when it comes to earning money but also the confidence that I have when it comes to creating this money” she continues, “when I earn the money, it empowers me and makes me change my mentality”.

Advertising marketing has not facilitated this empowerment of women, on the contrary, it has helped to reinforce the macho attitude of society, even so, as Gemma Vallet points out, “advertising, in the end, is a mirror of society. And it is a mirror that amplifies. But as we adopt new behaviours, advertising will have to reflect these new behaviours”.

11Onze is the community fintech of Catalonia. Open an account by downloading the super app El Canut for Android or iOS and join the revolution!