All posts by Carmen Gomaro

Carmen Gomaro - leading international news and investigative reporter. Worked at various media outlets in Spain, Argentina and Colombia, including Diario de Cádiz, CNN+, Telemadrid and EFE.
INTERNATIONAL

The 'secret' gear of the community machinery

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If someone asked continental citizens to choose an image, a moment, that in their opinion represented and symbolized what the European Union is and how it works, it is most likely that the majority would opt for a photo or video of a great summit.. One of those long Eurogroups or European Councils, a sleepless night with ministers or heads of State and Government fighting against the clock to rescue a partner, an aid fund or the details of climate or energy policies. But if that same question were asked to any of the regulars in the Brussels bubble, from officials to lobbyists to politicians, possibly the answer would be another, a very logical one but indecipherable for hundreds of millions of people: a trilogue.

It is no secret that the European Union works in complicated ways. The system, unique in the world, does not resemble that of local, regional or national governments, making it inaccessible. There are many institutions, many languages, many processes and their own jargon that rarely permeates even the street.. There is an inevitable part, because bringing representatives of 27 countries, with extremely different institutions, traditions, legal systems and practices, to agreement requires an extraordinary exercise of sophistication, flexibility, pragmatism and originality. But that complexity, opacity and distance is also the result of decades and decades of sought-after hermeticism.

The EU rises not only on the ashes of the Second World War, but also on the resentments, hatreds and prejudices matured over centuries. The first steps were economic, commercial, and technical in nature.. And since the model worked, it remained. That meant slow decisions, thinking and rethinking everything.. And also avoid light and stenographers at all costs. Resolve things behind closed doors, between ambassadors, between ministers.

Today's Union, in its configuration, its Treaties, its decision-making process and the adoption of acquis, is the result of those decades of expansion, growth, deepening, integration and patches. There is a Parliament, there are legal texts similar to a Constitution, and bodies such as the College of Commissioners that are somewhat reminiscent of a Council of Ministers.. But in practice, day-to-day life has little to do with it.

And trilogues are the best way to understand from the inside how sausages are made. They are technically informal, but absolutely essential. They are the logical evolution in the face of a political need. They receive very little media attention, little recognition, they are also opaque, technical. But they are the cogs that keep the European legislative machinery running.. These are the formats in which negotiations are carried out in secret, much more than at the level of ministers or heads of state, for days and nights by percentages, commas and adjectives.. But also where everyone, officials and seasoned politicians, trying all kinds of tricks, sharpen their knives and do everything possible to scratch something.

Legislative initiative

In the EU, the legislative initiative lies with the European Commission. It is the one with the bulk of the technical staff, with 30,000 specialist officials in all fields. They are the ones who shape the directives or regulations that are later approved by the commissioners.. From there, that idea, that proposal, begins to take shape.. The vast majority of Union legislation is adopted by the so-called ordinary legislative procedure, also known by its previous name: codecision procedure.. It is the main one and gives equal weight to the European Parliament and the Council of the European Union.

When a text comes out of the Commission's presses, a first reading takes place, in which the European Parliament studies it and can introduce amendments.. The Council (that is, the ministers of the 27 in each of their formats, depending on the topic) reviews the text retouched by Parliament. If you accept it without further ado, the procedure ends. If they don't agree, and on important issues they never agree, the action begins.

“Getting a mandate from Parliament is an arduous and complex task, in which you have to reconcile the priorities of MEPs from 27 countries and seven different political groups, each with different national interests and ideological approaches.. And when it is achieved, we are barely halfway through the process. There remains an almost as complex path for the Council, with 27 other governments from 27 countries, with their different national realities and political visions.. This is a true inter-institutional jeopardy. All this explains why the negotiations take so long, but it guarantees that when an agreement is reached, its foundations are solid and consensual,” explains former minister José Ignacio Zoido, negotiator of the European People's Party for the Control Regulation within the Pact. of Migration and Asylum.

“Having been on both sides of the negotiating table, I believe it is necessary to listen more to the other side, to have more realistic and less maximalist positions, which allow for more pragmatic agreements to be reached and which can be agreed upon more quickly.”

Every five years the European Parliament renews its seats and it may happen, as in this legislature, that more than 70% of the deputies are rookies. This inevitably has an effect on negotiations, especially in the early stages.. The European Commission and the Council have very experienced officials, with decades of similar procedures behind them. That's why it's not just the format that matters, but the character, the experience, the resources.. “Trilogues did not exist before, they have been a necessity, the key meeting for everything to work. And they depend a lot on who leads from Parliament. The normal thing is that they are the rapporteurs of a file, or rapporteurs, but many times the presidents of each of the Parliament's committees are in charge, especially if there is something important or there is a political weight to add,” explains Adrián Vázquez, head of the Ciudadanos delegation and also president of the Legal Affairs Commission. “I usually let the speaker carry the weight, but if he deviates from the mandate and at that moment other shadows are not present [which is how members of other parties that participate in that same negotiation are known] I intervene to direct or remind him that the mandate is such and cannot be deviated. There are times when some try to put in there, at the last moment, what they couldn't before due to the appropriate procedures, so you have to be very attentive,” he adds.

Codecision system

This codecision system, now commonplace, has been refined over time but critics say it is a staged trick. Governments negotiate with deputies, who are often from the same parties as the ministers. Typically, the Council tries to soften or dilute the Commission's proposals or ambitions, and Parliament pulls in the opposite direction.

“In the trilogues you represent all the visions of Parliament and you try to find a point of balance, which is what is complicated. You never negotiate something that openly goes against the interests of your country and ideology, but there are many margins for negotiation. We have a lot of freedom, but we have to find a balance between rich and poor, north and south, left and right, but it always works out,” highlights socialist Eider Gardiazabal, who has been the representative of the chamber in some of the toughest budget negotiations.. “What we want never comes out completely because there are always budget problems. We have an ambitious European vision, but the ministers of the countries explain to you that their margin is minimal and although they could agree…. All budget disputes, annual ones or financial framework disputes that are for seven years, are always the most frustrating, long and tiresome.. But then a pandemic arrives and 750,000 million euros come out for a fund because everyone understands that we must act.”

Gardiazabal, a veteran, rules out that Parliament always gives in or that it is destined to lose, since in the majority of cases of bigger files, or a lot of money, the Council presses to lower the ambitions. “I don't see it that way. When looking for positions we also already know where the Council is going to go, it is a game of balance. It is easier for us to be more ambitious than for governments and we are aware, so we counterbalance national desires and wills.. If we weren't there, it's the EU that would lose,” he adds.

Vázquez agrees with this, who before becoming a deputy worked for years in Parliament. “Many times we put in things that we know are impossible, that are unfeasible, because the Council will ask for the opposite and thus we can meet halfway. The idea is to shoot for the moon, aim for the moon, and then they will come with the sales, and trying to scratch when the Council brings out the steamroller is difficult,” he admits.. From his years of experience in Brussels, and in trilogues, he leaves two pieces of advice. “The first is to play with time. When the Council presses because it is in a hurry, we have to play with the agenda and delay. The second is to know that he who resists wins.. In the trilogues do not drink a lot of water. “Drink little and eat lightly, because there are many hours, a lot of stress, and if you have to get up to go to the bathroom and if there is no break, they can sneak it in doubled.”

ECONOMY

The end of the last mortgage boom and the extinction of the fixed rate spell the change in the cycle in home purchases

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Fixed-rate mortgages were the star product of the last mortgage boom unleashed by the coronavirus. Now that boom has come to an end and fixed rates are in the process of extinction. The change in monetary policy of the European Central Bank (ECB) has ended both processes at once: the Euribor is firmly moving towards 4.5%, credit prices have become more expensive and banks are making it increasingly difficult to grant a loan that is not totally or partially variable.

The change of cycle is a fact in the mortgage scenario. The market has already accumulated six months of consecutive declines compared to the previous year and, what is more complex for families, the conditions to access a home loan have become more complicated. This means, on the one hand, that they obtain less and less financing for this purpose and, on the other, that this financing is subject to less favorable conditions.. Starting with the price.

The average rate at the beginning of the loan stood at 3.24% in July, the most expensive level since August 2016. All in all, it remains almost one point below the 4.13% that the Euribor marked yesterday in its daily evolution, the result of competition between entities that use mortgages to link clients with more attractive profiles.

This competition, however, is not based on fixed-rate mortgages.. During the pandemic, with rates below zero, banks and families opted for this product to the point that for the first time in Spain they surpassed variable rate ones in proportion and reached 75% of the total loans signed. in April 2022. The trend has turned around.

Since the beginning of 2023, fixed-rate loans have been losing ground and in July they accounted for 57.8%, compared to 42.2% for variable ones. “The strategy of financial institutions to make variable mortgages cheaper and fixed mortgages tougher is already having results and it is expected that there will be an even more pronounced change in the trend to the detriment of fixed mortgages.. We are already seeing varieties such as mixed mortgages emerge, which are becoming the star product of banks,” explains María Matos, Director of Studies and spokesperson for Fotocasa.

The rise in mortgage prices is one of the factors behind the 18.8% decrease recorded last July, according to the latest available data presented yesterday by the National Institute of Statistics (INE).. “As the ECB announced, high interest rates will remain for a prolonged period, so the decline in mortgages granted can be expected to continue in the coming months, although the pace will moderate as we approach transaction levels. sustainable in the medium and long term,” says Santiago Martinez, head of Economic and Financial Analysis at Ibercaja

In total, 29,223 new contracts were signed for the acquisition of a property, a decrease caused, in part, by the change in the usual buyer profile.

More than half of sales transactions are closed without the need for a mortgage. In recent months, an increase has been detected in the number of buyers with high financial solvency, with knowledge in the real estate sector, as well as an increase in foreign demand, profiles, in any case, that need less financial help than the average Spaniard. because it has greater purchasing power. Forecasts indicate that its weight in the market will increase. “The buyer profile will specialize and become professional, focused on investment, especially foreign investment,” warns María Matos, from Fotocasa.

ECONOMY

Families withdraw 3.3 billion in deposits in a month due to the need for savings and the search for more returns

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Inflation, the rise in rates, the reduction in purchasing power, the increase in credit prices, the need to draw on daily savings and the search for alternatives to achieve greater profitability are behind the withdrawal of 3.3 billion euros in deposits that Spanish families made in the month of August.

At the end of that month, households had a total of 981.5 billion euros deposited in Spanish banks, the lowest figure since March 2022, after having withdrawn 0.33% of their funds between July and August alone, which which translates in absolute figures into about 3.3 billion. In an interannual rate, the volume is 1.22% lower than that of August 2022, which represents 12.1 billion euros less than then, according to data published this Thursday by the Bank of Spain.

The search for higher returns in other savings and investment products other than deposits would explain part of these movements, since individuals have been searching for months for formulas that allow them to benefit, in a less risky way, from the rate increases that the Central Bank European Commission (ECB) has carried out in the last year. But it's not the only motive.

The increase in inflation has eroded the purchasing power of families, who in many cases are forced to dip into accumulated savings to make regular payments.. In the month of August, in addition, many households resort to that accumulated bag of money to cover vacation expenses..

So far this year, the withdrawal already amounts to 22.8 billion, taking into account that in December the money accumulated in deposits by families exceeded one trillion euros in Spain for the first time in history..

In the case of companies, the balance is not more positive from a year-on-year perspective. Companies in the country also accumulate a withdrawal of 15.2 billion in deposits in the year. However, at a monthly level, the volume increased in August by 1.2% compared to July, which represents a sum of 3.6 billion, up to 302.6 billion.

In a year-on-year comparison, company deposits have fallen by 4.78%, although in recent months they have evolved both up and down, due to current liquidity needs.

ECONOMY

Putin-driven oil rise will slow inflation relief

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Black gold is once again a protagonist on the international economic board and will be decisive from now on in the path of reducing inflation, both in Europe – including Spain, where yesterday a rebound in the interannual rate of inflation was confirmed up to 3.5% in September from 2.6% in August – as in the United States.

In the case of our country, experts such as those from BBVA Research had predicted a year-on-year inflation of 3.2% for September, but they estimate that the indicator has finally risen by 3.5% because there are three additional tenths that respond directly to the increase in prices. of the oil. In fact, they calculate that for every 10 dollars (9.45 euros) that the price of a barrel of Brent increases above its current level, inflation will rise by three tenths.

This Thursday, the price of Brent – North Sea crude – for delivery in November exceeded 97 dollars per barrel (91.9 euros), which in just one week has risen four dollars and could imminently beat its previous maximum, recorded in October 2022, when it exceeded 97.9 dollars (92.8 euros). In just two months the increase has been twenty dollars, since in July it was trading at 79.9 dollars (75.7 euros).

What is the reason for this sharp increase? Mainly due to the decision of Vladimir Putin, president of Russia, to cut crude oil production. To date, Russia (a member of OPEC+) produced and sold as much oil as it could, but this summer it changed its strategy and aligned itself with Saudi Arabia in its production cut, which has caused an increase in the price of this raw material. energy. This way, when you decide to sell the same amount as before, you will earn much more because the price will be much higher.

For most EU countries, dependent on foreign oil, this rise translates into direct impoverishment and an increase in inflation, since it implies an almost automatic increase in the price of fuel and, as these inputs are production of most productive sectors, companies increase their costs and pass the increase on to final prices.

Gasoline has risen 0.5% in the last week and is already sold at 1.76 euros per liter on average, according to the latest data from the European Union Petroleum Bulletin, although in some pumps the price exceeds that amount. Filling an average 55-liter tank with gasoline costs 97 euros, while a diesel tank will cost 93.

The problem worsens if the outlook for the coming months is taken into account, since experts see it as very possible that crude oil will exceed $100 per barrel (94.7 euros).. “The biggest question for the inflation outlook is the evolution of fuel prices. Oil prices have risen sharply since early summer. As the market will be in deficit for the rest of the year, we expect oil prices to be able to rise above $100 per barrel in the coming weeks as supply cuts by OPEC+ countries will more than offset lower demand due to the slowdown in the global economy,” the ING research service predicted this Thursday.

“The question remains how long oil prices will remain at these high levels. If, as we expect, this is a temporary rebound, the impact on our inflation outlook will be quite moderate. However, the danger is that if oil prices remain high for longer, companies will increasingly pass on these higher prices, which will cause them to once again affect underlying inflation,” they warn, alluding to possible effects. second round.

In principle, the weakening of demand and the fall in confidence that is already beginning to be seen in much of the European continent should help oil prices not remain so high for long, but there remains a risk that This does not happen and there are analysts who are less optimistic.

“Demand for oil products is expected to increase heading into the winter and, with supply remaining limited, we believe the price of crude oil could continue to rise unless measures to reduce production are eased or the demand is slowed down by factors such as a mild winter or the rise in rates,” they point out from Nomura; while at Goldman Sachs they believe “that OPEC will be able to keep the brent in the range of 80-105 dollars in 2024, given the robust growth in demand, especially in Asia,” they point out.

The role of central banks

For central banks, this means that the scenario becomes even more complicated, since in the search for a balance between reducing inflation but not putting the economy into a recession, the impact of very expensive oil is now added.. “Rising oil prices have become the new concern for central banks, compounding the current trilemma: how to balance slowing economies, still too high inflation and the delayed impact of unprecedented interest rate increases,” ING points out.

According to his forecasts, if oil stabilizes next year around 95 dollars per barrel (90 euros) instead of 82 dollars (77 euros), “this would probably raise the ECB's inflation forecasts to 3.3% for next year (from 3.2%) and, more importantly, up to 2.4% in 2025 (from 2.1%). As a result, the return to 2% would be delayed until 2026.”. This delay in reaching the objective, together with the fact that the rise in oil can affect inflation expectations and generate second round effects, “will undoubtedly increase the ECB's concerns, making not only an additional rate hike more likely, but also keep rates higher for longer,” they warn.

SPAIN

Feijóo launches the battle with the PNV to leave Vox without arguments and rebound in the Basque Country

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The second day of the parliamentary debate on the investiture had a clear high point in the hand-to-hand confrontation between Alberto Núñez Feijóo and Aitor Esteban. The leader of the PP, who had until then temporized his criticism of the PNV, in search of a rapprochement, loomed with everything against the jeltzales. If until now he had tried to seduce the leadership of the EBB – he met secretly with Andoni Ortuzar on September 7 – and had praised the Lehendakari Iñigo Urkullu, the president of the PP yesterday completely changed his step and lashed mercilessly and with Marianist remonstrance to the parliamentary spokesperson of the Basque nationalists.

Feijóo asked the PNV why “it competes with Bildu to be the first to surrender to Sánchez” and what project it shares with Arnaldo Otegi's party for Euskadi. He even asked Esteban if he wants to continue being “Sanchez's Kleenex.”. That was music to the ears of the PP bench. “Feijóo has shown on the platform that you can give the PNV a strong hand, but with kid gloves,” a leader from Genoa assured this newspaper.

“It was time for someone to tell four truths to the face of the PNV, and also truths that the voters and leaders of the PNV themselves are saying, who are afraid that Bildu will surprise them because they are involved in the same equation as them,” a veteran deputy reasoned in the Congress courtyard.

OPINION
Internal affairs. Moncloa will have to wait
  • Editor: LUCÍA MÉNDEZ

Moncloa will have to wait

Cold considering. Sole heir of '78
  • Editor: JORGE BUSTOS

Sole heir of '78

But beyond the confrontation typical of the investiture – in the end, the PNV voted “no” -, the background of this parliamentary fight is the PP's attempt to reinforce its brand in the Basque Country to compete for the moderate vote of nationalism in the 2024 regional elections, which will be held no later than July. To do this, the popular ones are going to undertake a renewal of the Basque PP, with Laura Garrido as the favorite to succeed Carlos Irtugaiz and Javier de Andrés in second place on the starting grid, as this newspaper reported.

Furthermore, this tactical move by the PP would leave Vox “without room for maneuver” to criticize Feijóo for his closeness to nationalism, they judge in Genoa. “They can no longer say in the future that the PP is always trying” to seduce the PNV, they add.

“What we were looking for was to establish our position regarding the Basque elections, but also in general terms,” say sources from Genoa.. Feijóo himself expressed it in the Hemicycle. «There is a PNV voter who is upset to see how his party votes the same as Bildu. “There is a moderate Basque Nationalist Party voter who finds it difficult to understand that he is part of the coalition with Bildu, ERC and the Communist Party,” he said.. “I feel respect from the disagreement for the PNV and also empathy for some of its cadres, for its voters and for its social base, among other things because a good part of its social base is ours,” he told Esteban, to add : «Don't laugh. “We will see in the next Basque elections how we turn out.”

For Esteban, it is “touching” but also “contradictory” that the PP is concerned about the PNV when at the same time it claims that it can attract its votes in Euskadi.. “Mr. Esteban should be careful with the marathons because Bildu is starting to beat the PNV,” said the candidate for the investiture, who was very ironic throughout the dialectical confrontation.. For example: «Don't you think that I also have the right to be progressive just like you? Bildu would then govern in the Provincial Council of Guipúzcoa and in Vitoria. And that's fine with you, right? The truth is that PNV voters learn something more every day, your honor,” he said, laughing.. “But hey, this is the new PNV…”, he charged.

The fight for the Basque middle classes is served. However, in the PP they are aware that it will be very difficult to fight for the “useful vote” of the PNV. Because? Because “when Bildu comes first in the polls, all the useful votes in the center-right space go to the PNV,” as one of the interlocutors of this newspaper acknowledges. “But even so, you have to try to do something new to recover the brand and improve,” adds the same popular position. “We must change leadership and reposition the party,” he concludes.

In Genoa they are aware that the departure from the PNV also has its counterparts, but they believe that it will be “reconcilable” if in the future the Jeltzales break with Sánchez.

SPAIN

The PP considers its objective accomplished: "You just had to see Sánchez's face; they know they were wrong"

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The PP has not considered this investiture as an arithmetic procedure towards La Moncloa. Alberto Núñez Feijóo's team did not escape the fact that – just as now as a month ago – there were no real possibilities of winning a single vote beyond the 172 gathered together with Vox, the Canarian Coalition and the Navarro People's Union.. “We are not stupid,” Feijóo told the PSOE, and that also applies to managing the expectations of the popular people, who knew what they were going for.

But Genoa had not raised this debate as a fungible procedure, but as a first-level political event.. What Feijóo wanted was to take advantage of Felipe VI's commission to define the governance debate, with his sights set more on Pedro Sánchez than on himself and with the amnesty as a “context.”. That is, as the real protagonist of the parliamentary fray.

«We have achieved exactly what we wanted. Portray others. Seeing the faces of the PSOE deputies today [yesterday], we are even happier,” says a leader from Genoa.. “Now amnesty is more difficult,” adds another member of the popular leadership.. “It has helped us that Sánchez does not appear” on the speakers' platform to “not talk about the amnesty”. “They were wrong and they know it,” say the sources.

OPINION
Internal affairs. Moncloa will have to wait
  • Editor: LUCÍA MÉNDEZ

Moncloa will have to wait

Cold considering. Sole heir of '78
  • Editor: JORGE BUSTOS

Sole heir of '78

Feijóo himself said he felt “satisfied” upon leaving Congress: “I can't be more satisfied, honestly.”. What good has the investiture been? «It has been proven who won the elections and who was four votes short of the absolute majority. Is a new stage opening? «On Friday we have to vote again». And then? “And then we will see the votes and we will continue working for our country,” he simply said.

With an eye on his own electoral space, for Feijóo this plenary session has been a before and after. He had to consolidate the leadership (in the opposition, in principle) and establish the guidelines for a solid alternative that not only managed to convince all the PP families at the same time and completely – something that has happened for the first time in many years -, but rather begin to broaden the bases for the next appointment with the polls. Be it January 14, be it in 2027, or before. “Now or soon,” the still-candidate repeats like a responsorial psalm.

Feijóo will continue “yes or yes”

Nobody in the PP leadership or in the map of territorial power saw the investiture in terms of government success, but rather as proof of Feijóo's leadership.. The Galician leader has not only met the expectations of his people, but has sent a strong message: he does not even remotely intend to back down on his national political commitment.. “He is a political animal, of course he will continue to lead the opposition until the next elections,” summarizes one of the 11 government barons of the PP.. “For sure, yes or yes,” he insists in response to the – unfounded – rumors that have circulated in recent weeks in the particular radio yard of the popular ones.

The PP believes that it has achieved two political successes in recent days, understanding politics as the ability to seduce and lead the electorate.. The first was the rally on Sunday, with more than 40,000 people according to the Police and more than 65,000, according to the organizers.. It was a boost of self-esteem for the candidate.. The second, the personal duels with the PSOE, with Bildu and with the PNV, which have raised Feijóo's credit as a parliamentary speaker well above that which he brought from the Senate.

So there is euphoria in the main centers of popular power. The most important leaders believe that the investiture session, although it is sterile and will culminate in a resounding rejection of Feijóo by the Sánchez bloc, has served to consolidate the “alternative” to the coalition government and to “seed” a “social leadership » with a view to the next general elections. With that optimistic spirit, Cuca Gamarra, parliamentary spokesperson for the Popular Group, has risen.

After these two days of debate, he said, “the Spaniards will know that there is an alternative to the cowardice of those who do not even dare to debate.”. “Mr. Sánchez has managed to make his silence give him away, because he does not dare to show his face in this Chamber to recognize that what he is willing to do is sell out Spain in order to obtain a single and exclusive personal interest,” added the number two of the PP.

Feijóo also stressed the same idea in his final argument: “Sánchez has preferred to escape so as not to tell the truth” about the amnesty.. For Gamarra, that is the key to the investiture: the deliberate omission of the debate on amnesty for the crimes of the process. «If the amnesty was good, why has he not included it in his electoral program? If it was convenient, why hasn't he told the Spanish? “Why are you silent?” he prodded.

For Gamarra, the mere possibility of making a clean slate for the Catalan independence movement would be the first step towards “a constitutional mutation” in which it would go from an autonomous State to a plurinational one.. “And that would mean that you are hijacking the will of the nation, because Spain is an autonomous State, not a federal one,” emphasized the Riojan representative.

“In this Parliament there is no progressive majority, what there is is a secessionist minority” that is dragging, in his opinion, the PSOE to “put the rule of law on the back burner, because that is what they are doing”. “Your partners love you for your weakness, and right now you are even weaker,” Gamarra told Sánchez, who returned to his seat during the popular spokesperson's speech.

SPORTS

Barça announces that it closed 2022-23 with net profits of 304 million euros

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The 2022-23 season not only meant Barça's reunion with the First Division League title or the second Champions League of Barça women's football. On an economic level, as highlighted by the entity chaired by Joan Laporta through a statement, it was also a complete success..

According to the numbers made public by the club, last season it closed with net profits, that is, once the corresponding taxes were paid, of 304 million euros.. Figures that, in this case, are even higher than those budgeted last year by the current Barcelona board..

With a view to the current year, meanwhile, the board foresees income of 859 million euros, a reduction largely justified by the transfer to Montjuïc while the remodeling works of the Barça stadium last, which in this case would yield profits before taxes of 11 million euros.

The club's operating income reached 1,259 million euros throughout the 2022-23 season, with operating expenses that amounted to 1,165 million euros. At a commercial level, meanwhile, income increased by 43% compared to the previous year and generated income of 351 million euros. The sponsorship area, for its part, managed to add around 200 million to the club's coffers, while in terms of merchandising sales, according to the numbers made public by the Barcelona entity, in turn represented income of 100 million euros.

At the facility level, meanwhile, the total figure achieved as of June 30 of this year was 229 million euros, of which 121 would correspond to a Spotify Camp Nou which, according to UEFA, had the highest average attendance in Europe. The sale of tickets for women's football, for its part, provided 2.7 million euros, while Barça basketball generated ticketing income of 4.5 million euros.. The club has also registered the sale of 15% of the television rights for men's football for a total of 400 million euros, as approved at the 2022 delegates' meeting.

Reduce debt

The Barça board, finally, points out that with all the measures adopted by the club, it has in turn managed to reduce the entity's net debt, which would have gone from 680 million euros as of June 30, 2021 to 552 million euros as of June 30, 2021. June 30, 2023. The debt, in this case, has been calculated following the methods established by LaLiga, and includes net bank and sports debts. However, as also interpreted by the board of directors itself, it does not include all the loans related to Espai Barça, which would form part of a separate structure that is financed through the resources generated by the project.

SPORTS

Chumi Ortega, the boxer's son: "I prefer to 'hit' on the court"

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The memory of the father in the ring is imperishable. «I was five or six years old, it was the only time I saw him live. It was an exhibition match and I haven't forgotten one silly detail: his pants had to be too big and he was constantly trying not to let them fall down,” relives Chumi Ortega (Yecla, 1997), from this weekend, player of full right of the Endesa League. His story, already remarkable in itself, that of a self-made guy, hero of Zunder Palencia's promotion to ACB this summer, contains one of those peculiar father-son ties.. His father, José Ortega Chumilla, was a heavyweight, the Tigre de Yecla, six-time champion of Spain and Olympian at the Seoul 88 and Barcelona 92 Games.

To know more
Endesa League. An ACB without stars, with young people on the run and with 70% of foreign players
  • Editor: LUCAS SÁEZ-BRAVO Madrid

An ACB without stars, with young people on the run and with 70% of foreign players

From the ring to the basket, a family of values. Chumi (José Francisco), who inherits his nickname from his paternal second surname, was never hit by the blows. He was drawn to football, but it was his father's push that took him to the fields.. «He told me that they had made a club in the town, and that, since it seemed like it was going to be high, I should try. I did soccer and basketball at the same time, but I soon fell in love with basketball. From the beginning I was good at it, I had manners,” he told EL MUNDO who on Saturday made his debut again in the top category (18 minutes, six points and seven rebounds in the defeat of Palencia in the visit to Monbus Obradoiro), since he had already debuted as a UCAM Murcia youth player at 19, nine games, “garbage minutes.”

Until reaching the top, Ortega – “an intense, charismatic player, of intangibles and dirty work,” he defines himself – had to, like so many nationals without opportunities, take steps back.. LEB Silver in Albacete and Alicante and two seasons in Gold with Palencia, until he became a local idol, captain and MVP of the historic rise of the Castilians this summer, the day he stopped being the day of 'dirty work' to become the star from Pedro Rivero's team. «It has been a long road. But I'm not going to waste this opportunity.”. He scored 32 points with a single miss in the shot in the derby against San Pablo Burgos, during the final match for promotion: «That day I was touched with a magic wand. “Everything came out.”

Chumi Ortega, during the first day. ACB PHOTO

«The enthusiasm I see in people, with fans spending nights at the ticket offices to get season tickets. As if we were the Beatles…”, Chumi jokes about the club's first time in the Endesa League. The Murcian rejects the word “permanence” and warns: “We are going to fight a lot.”

The boxer's son dismantles clichés outside the courts. In the Zunder Palencia locker room they know him as 'the one with the books'. He has just finished his degree in Psychology at UCAM and is going to start, also remotely, the second one, Labor Relations.. «My future involves something related to dealing with people and the business world». «And I'm also with English, last year I got the B2 and this year I'm going for the C1. I want to educate myself, after sport there is a life and I want to be prepared,” he adds, who finds in reading a corner where he can “cleanse his mind and not think about basketball all the time.”

Bachelor of Psychology

From boxing, which he practices in the summer at the gym where his father continues to train young fighters, Chumi also draws lessons, although he is concerned about 'hitting', “on the court.”. His father, also a retired firefighter, who recently returned to fight in the European Police and Firefighter Games, told him about his competitions, his victories and his defeats, VHS videos of that sport where it is preferable to “give than receive.” , as pronounced by Mike Tyson. «But, above all, he tried to instill in me what he has learned, the values, the competitiveness, the desire to fight, the desire to do what you like.. Respect for others, commitment and perseverance at work. All of that is what has made me get to where I am, slowly but surely,” he details.

For Chumi, it is clear that the gloves also help him physically – “you think you are in shape until you start boxing” – but it is in the mind where the key lies.. And he knows what he's talking about, and not just because he has a degree in Psychology. «When I played in Alicante I was about to give up basketball, I had a mental breakdown». He recovered thanks to Rocío, a psychologist from Alicante who helped him with his black clouds.. «It is something that must be treated and cared for daily. What Ricky Rubio has done is an example of humility. It must be respected. It seems that if you go to the psychologist someone is going to think strange things about you. It is not normalized yet,” reflects the boxer's son.

SPORTS

Rematch encourages Jon Rahm at the start of the Ryder Cup in Rome

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Jon Rahm will open the Ryder Cup today with the intention of revenge after the European defeat in the last edition. The Spaniard will be paired with the Englishman Tyrrel Hatton in the first foursome match (alternating strokes) at 7.35 in the morning on the impressive first tee of the Marco Simone, which recreates the Colosseum in Rome. About 5,000 people will be in the stands from the first hour. The Europeans will face the Scottie Scheffler-Sam Burns couple. Scheffler (number one in the world) already beat Rahm in the only match in which the Spaniard lost in the last edition of the Ryder Cup, in the singles format.

In the second match of the day, the Americans Max Homa and Brian Harman will face one of the couples hidden by Luke Donald: the Norwegian Viktor Hovalnd (in yesterday's practice session he made an albatross, hole in one on a par 4) and the Swede Ludving Aberg, the first golfer in history to play a Ryder without having played a major. The third match will pit Ricky Fowler and Colin Morikawa against Sepp Straka and Shane Lowry. The foursomes will be closed by the classic American couple, made up of Xander Schauffele and Patrick Cantley, who will face Rory Mcllroy and Tommy Fleetwood.

Before the debut, the European team came together. “You should be able to see the locker room,” stressed Jon Rahm.. And the European team room is overwhelming. On one of the walls the blue polo shirts of the players with their names appear. They have also recovered the white polo that Severiano Ballesteros wore the last time he played the Ryder Cup. “Seve is part of the essence of the Ryder Cup,” says the Spaniard.

What will the Ryder Cup have to make Jon Rahm say that he would pay to play it, or that Novak Djokovic is as excited as a child to witness the matches live? “The Ryder Cup has been my best sporting experience,” said Pep Guardiola after attending the 2012 edition, in Medinah.

Since 1979, Europe has won 10 Ryders. The Americans, nine. Continental dominance extends to nine in the last 11 competitions, but the last defeat stings, in Whistling Straits, in 2021, where the US defeated 19 to 9. That was the biggest beating of the modern era of the competition. “Revenge is the first thing on everyone's mind, it's one thing to lose and another to do it like we did,” says Jon Rahm.

Europe will notice the losses of Ian Poulter and Sergio García. However, Rory Mcllroy downplays its relevance: “They are the ones who are really going to miss Ryder”. The only LIV player will be the American Brooks Koepka, absent in the initial matches.

An issue that has surprised everyone has been the high temperature. It is expected that 30º degrees will be reached and that could be decisive in the game if we take into account the hardness of the course's slopes, especially on the second nine holes.. The Ryder is very demanding, since 36 holes are played daily. From the North American side they are worried because they have not brought any additional caddy. In Europe there are up to four reservations, so it could happen during the intense weekend.

SPORTS

Irish gymnastics federation apologizes for girl's racist video

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Gymnastics Ireland (GI) has apologized after a 2022 video that has now gone viral showed a judge at a medal ceremony leaving a black girl without an award, images that have outraged stars such as American gymnast Simone Biles.

The event occurred in March 2022 in Dublin, although the video has gained prominence on social networks in recent days, uncovering a chain of disagreements between the authorities of this sport and the little girl's family, which has not occurred. to know to protect it.

The images show a row of minors in which the affected person in question is the only black one, so it is striking that the judge passes by, even if she looks at her for a few seconds, while she hangs all the other medals on each one. of the winners.

Biles, an Olympic medalist, has declared on her X account (formerly Twitter) that viewing the scene has “broken” her heart and has explained that she has sent the girl a video message to support her.

“There is no place for racism in sport or in anything,” wrote the gymnast, who has been joined by other teammates such as Jordan Chiles, also an Olympian, who described the incident as “very painful.”

The Irish Gymnastics Federation (GI) stressed in a statement that it apologizes “unreservedly” to the little athlete and her family “for the discomfort caused.”

“What happened that day should not have happened and for that we are deeply sorry.”. We also regret that what has happened since that date has caused more discomfort,” added GI, in reference to the management carried out, among others, by this organization and by the highest sports authority in this country, Sports Ireland.

Its executive director, Una May, declared after the incident in March that it was not “racism,” as she attributed it to a confusion on the part of the judge, who, she said, had her medals “tangled.”

Now, GI insists that it “has always acted in good faith” and “with the best of intentions” to try to resolve this “difficult and delicate matter.”

“We offered an apology in person after the event because we believed it was the best approach. “Later we understood that mediation was the best way to move forward,” the federation said in the aforementioned statement.