PPCC: Pisitófilos Creditófagos. Verano 2023

[Lem]

https://propertyindustryeye.com/disgruntled-vendor-who-threatened-estate-agents-with-a-knife-is-sentenced/

A man who showed up at an estate agency branch on the Isle of Wight with a knife following a disagreement over the valuation of his flat has been sentenced at court.

Peter Lovell of Granville Road, Totland, attended the Isle of Wight Crown Court for sentencing on Monday, after previously pleading guilty to criminal damage and two charges of possessing a knife in a public place at Pittis Estate Agents.

Annabel Hazlitt, prosecuting, said the 40-year-old wanted to put his flat on the market and contacted Pittis for a valuation on 6 February 2023.

Hazlitt told the court that, on 21 April, an agent from Pittis contacted Lovell about a price reduction, which infuriated him.

On 12 June, Lovell entered the Pittis branch in Freshwater, with two agents inside.

The prosecution said Lovell was holding a dark grey four-inch knife and began stabbing counters and computer screens, cutting phone lines and the adverts in the windows, before tipping over a desk.

Hazlitt said that after he put down the knife, one of the agents was able to grab it and lock themselves in a back room. But Lovell brandished another knife and cut the phone line the other agent was using to contact police.

Jonathan Underhill, defending, suggested a suspended sentence to allow probation to help his client get to the bottom of what happened.

Lovell has no pre-existing mental health concerns and still intends to sell his flat, the defence said.

Recorder Daniel Sawyer handed Lovell a nine-month prison sentence, suspended for 18 months, to include 150 hours unpaid work.

aprovecho para compartir nota personal desde la Pérfida.

la letra de mi landlord está a £4700, subida desde £3400. cosa que le da igual porque está ya en unos £40,000 en arras, con un cobrador del frac local llamando a mi puerta y preguntando cuánto pago de alquiler y quién era el agente.

a mediados de Octubre me tengo que mover porque quiere sacarse el muerto de encima. esta es la valoración que le da Zoopla, lo compartí hace un tiempo, cuando estaba en el pico:



Rightmove y otro tracker valoran entre £800k y £1M. calculo el que compre va a tener que poner otros £100k mínimo para traerla a estándares de hoy en día. si la vende por £800k se puede dar con un canto en los dientes.

a mí me preguntó si estaba interesado en comprarla, que estaba valorada entre 900k y 1M... no es una valoración de Estate Agent, porque por aquí no han pasado en los últimos 3 años.

los precios de alquiler son insoportables. yo cada vez me he tenido que ir más a las afueras de Londres. esto es zona 4 (~25 minutos de tren y 4-5 £ ida a Londres), y los pisos (la mayoría inmundos) de dos habitaciones están a £1800+. pisos en los que he vivido hasta ahora (esta era la primera casa) han casi duplicado el precio de alquiler en los últimos 4-5 años. desde la pandemia mínimo 20% en todas partes.

a 5 minutos de dónde vivo han convertido un bloque de oficinas sin uso en viviendas (pisos). 45m2 una habitación, 55m2 dos. £1700 y £1900  respectivamente. estuve investigando y los pisos han salido a £125k por unidad construida (hay unas 75 en el edificio). la constructora y arrendadora es una LTD hecha ad-hoc para esto. la matriz es otra LTD sita en Hong Kong, que tiene varias LTD constructoras / arrendadoras con la misma receta.

aguanto aquí porque Madrid y Barcelona está todo igualmente insoportable. qué les voy a contar, pero en mi pueblo natal de mierda, a 40 minutos en Renfe de BCN, 7k habitantes, y en el que en lo comercial queda poco más que la tienda del paki, por un piso de nueva construcción de 70m2 se piden casi €200k. 100 viviendas en venta, cero de alquiler.

[Vipamo]

https://propertyindustryeye.com/disgruntled-vendor-who-threatened-estate-agents-with-a-knife-is-sentenced/

A man who showed up at an estate agency branch on the Isle of Wight with a knife following a disagreement over the valuation of his flat has been sentenced at court.

Peter Lovell of Granville Road, Totland, attended the Isle of Wight Crown Court for sentencing on Monday, after previously pleading guilty to criminal damage and two charges of possessing a knife in a public place at Pittis Estate Agents.

Annabel Hazlitt, prosecuting, said the 40-year-old wanted to put his flat on the market and contacted Pittis for a valuation on 6 February 2023.

Hazlitt told the court that, on 21 April, an agent from Pittis contacted Lovell about a price reduction, which infuriated him.

On 12 June, Lovell entered the Pittis branch in Freshwater, with two agents inside.

The prosecution said Lovell was holding a dark grey four-inch knife and began stabbing counters and computer screens, cutting phone lines and the adverts in the windows, before tipping over a desk.

Hazlitt said that after he put down the knife, one of the agents was able to grab it and lock themselves in a back room. But Lovell brandished another knife and cut the phone line the other agent was using to contact police.

Jonathan Underhill, defending, suggested a suspended sentence to allow probation to help his client get to the bottom of what happened.

Lovell has no pre-existing mental health concerns and still intends to sell his flat, the defence said.

Recorder Daniel Sawyer handed Lovell a nine-month prison sentence, suspended for 18 months, to include 150 hours unpaid work.

aprovecho para compartir nota personal desde la Pérfida.

la letra de mi landlord está a £4700, subida desde £3400. cosa que le da igual porque está ya en unos £40,000 en arras, con un cobrador del frac local llamando a mi puerta y preguntando cuánto pago de alquiler y quién era el agente.

a mediados de Octubre me tengo que mover porque quiere sacarse el muerto de encima. esta es la valoración que le da Zoopla, lo compartí hace un tiempo, cuando estaba en el pico:



Rightmove y otro tracker valoran entre £800k y £1M. calculo el que compre va a tener que poner otros £100k mínimo para traerla a estándares de hoy en día. si la vende por £800k se puede dar con un canto en los dientes.

a mí me preguntó si estaba interesado en comprarla, que estaba valorada entre 900k y 1M... no es una valoración de Estate Agent, porque por aquí no han pasado en los últimos 3 años.

los precios de alquiler son insoportables. yo cada vez me he tenido que ir más a las afueras de Londres. esto es zona 4 (~25 minutos de tren y 4-5 £ ida a Londres), y los pisos (la mayoría inmundos) de dos habitaciones están a £1800+. pisos en los que he vivido hasta ahora (esta era la primera casa) han casi duplicado el precio de alquiler en los últimos 4-5 años. desde la pandemia mínimo 20% en todas partes.

a 5 minutos de dónde vivo han convertido un bloque de oficinas sin uso en viviendas (pisos). 45m2 una habitación, 55m2 dos. 1700 y 1900 £/m respectivamente. estuve investigando y los pisos han salido a £125k por unit construida (hay unas 75 en el edificio). la constructora y arrendadora es una LTD hecha ad-hoc para esto. la matriz es otra LTD sita en Hong Kong, que tiene varias LTD constructoras / arrendadoras con la misma receta.

aguanto aquí porque Madrid y Barcelona está todo igualmente insoportable. qué les voy a contar, pero en mi pueblo natal de mierda, a 40 minutos en Renfe de BCN, 7k habitantes, y en el que en lo comercial queda poco más que la tienda del paki, por un piso de nueva construcción de 70m2 se piden casi €200k. 100 viviendas en venta, cero de alquiler.

Gracias por este interesante post. El modelo económico en occidente es un copy-paste. Vaya sistema de mierda que nos hemos montado entre todos. Eso sí, sobre papel somos los más libres y demócratas.

[sudden and sharp]

Somos los más libres y demócratas y tenemos un sistema de mierda. (No quieras saber cómo lo tienen esos otros.)








 

[Vipamo]

Somos los más libres y demócratas y tenemos un sistema de mierda. (No quieras saber cómo lo tienen esos otros.)








 

Lo de “más libres” es discutible. De que te sirve formalmente si en la práctica te ponen un imposible mediante precios para bienes de consumo obligado?

[sudden and sharp]

Que además de los precios imposibles, tienes menos libertad.

[Derby]

https://www.bloomberg.com/news/articles/2023-09-07/-blame-the-boomers-for-surging-house-prices-barclays-says

‘Blame the Boomers’ for Surging House Prices, Barclays Says, Tracy Alloway

Forget the lock-in effect, it’s all about household formation.

Blink and you would have missed the brief fall in US house prices late last year.

Even as the Federal Reserve raised benchmark US interest rates at the fastest pace in decades and the average mortgage rate surged above 7%, the housing market has barely budged. It’s a dynamic that’s defied expectations, with many analysts blaming the so-called ‘lock-in’ effect — where inventory is squeezed by homeowners who are disincentivized from selling their house and taking on a new mortgage at a much higher cost.

Economists at Barclays Plc, however, are looking elsewhere to explain America’s weirdly resilient housing market. In a note titled “Blame the Boomers” they point the finger at the millions of aging Americans who are helping to push up demand for homes.

“The US housing sector is on the upswing again, even with mortgage rates at multi-decade highs,” Jonathan Millar, Barclays senior economist, writes in the research. “Although much has been attributed to shortages of existing properties and mortgage lock-in effects, we think strong demand is a symptom of the aging population.”



While the idea of an older population keeping home prices high might seem counterintuitive — after all, an aging and eventually declining population should in theory reduce housing demand — the Barclays analysts argue that we’re currently in a crunch point where more and more boomers are reaching retirement age and forming new households, but aren’t yet elderly enough to actually freeing up existing inventory.

“Many presume that the gradual deceleration in the overall population should diminish the pace of increase in housing demand,” they say. “Although such effects eventually occur, for the time being the dominant effect is from composition, with more of the population shifting into age ranges where people are more likely to form a housing unit. In our view, these upward pressures on household formation are boosting unit demand, helping to push up both prices and construction. Although this effect hit its stride around the time of the pandemic, it has been ramping up for more than a decade.”

To understand the impact on housing, it helps to know about household formation. Morgan Stanley housing strategist James Egan explained the concept on an Odd Lots episode last year:

“So to talk about household formations, let's talk about how we define a household, if you will. And so basically a household is a unit living together in a shelter. It can be ownership or rentorship. I like to use an example where you basically have four people that just kind of, maybe they graduated from college. They moved to, let's say New York City, where we're sitting right now. And they live in one apartment. They are one household. When they moved, when they graduated, when they moved to the city, that was a formation of a household because as part of their parents' household before, that they didn't count as one. So you have one household formation.

What we're really going to be talking about is headship rates. That's the percentage of any group, cohort of the population, how you choose to define it — we're defining it by age here — that heads their own household. So this group of people, okay, their headship rate’s 25%, four of them in one household, two years later, they all move into their own apartment. We now have four households. Formation would be three. We went from one to four. It's a net figure. And the headship rate for this very small cohort is a hundred percent. So when we think about how household formations are going to evolve, we're looking at how those headship rates evolve in particular by age.”

As Egan notes, headship rates are intertwined with age. The rate picks up as people tend to leave college or move out of their parents’ house in their twenties, and then continues to rise as they leave their roommates and start new families in their thirties. Later on, people may get divorced or retire, and this can start a whole new wave of household formation and a boost in headship rates.

That means that even though population growth in the US may be slowing, the sheer number of baby boomers still in household formation mode is boosting demand for houses and outstripping existing supply. People of retirement age (65 years or older) now account for about 16.5% of the US population, compared to just 13% in 2010, Barclays says.

“Given this age profile for the headship rate, it is not surprising that aging places upward pressures on household formation,” that analysts add. “Although decisions to form households are economic ones at a micro level, we can gain a strong sense of the state of housing demand by applying assumptions about the aggregate headship rates within age groups to population projections for each age group through time.”



For Barclays, all of this leads to a supply-demand imbalance in US housing that’s unlikely to be resolved any time soon, with higher home prices the result. US house prices have already defied expectations even as mortgage rates rise. (At Morgan Stanley, Egan expects US house prices to reach a new record next month). And of course, boomers who have already spent decades accumulating their wealth have a leg-up on younger would-be homeowners. The one silver lining is that higher house prices seem to be encouraging construction of new houses — for now.

“Data suggest that demographics are likely to support demand for the foreseeable future, consistent with annual household formation of around 1.3mn units through the end of the decade,” the Barclays analysts say. “Meanwhile, the accumulated shortage of new housing units remains considerable, putting upward pressure on house prices and rents, thereby encouraging additional construction.”

[Derby]

https://www.ft.com/content/7ed06bf8-fe60-4127-b5fe-c8181a0ec8cb

Germany’s industrial gloom deepens as production falls

Sharp decline in carmaking drives third consecutive drop, as second-quarter eurozone growth is revised down to 0.1%

A sharp decline in carmaking fuelled a downturn in German industry as production fell for the third consecutive month in July, intensifying pressure on Berlin to lift the economy out of the doldrums.

The 0.8 per cent month-on-month decline reported by Germany’s statistical office exceeded the 0.5 per cent fall forecast by economists in a Reuters poll. It would have been even bigger without a rebound in energy and construction output in July. Production in Germany’s car-making sector fell 9 per cent.

“Germany’s industrial production continues its nosedive and even diehard pessimists are getting frightened,” said Carsten Brzeski, an economist at Dutch bank ING, who calculated that the measure was still 7 per cent below pre-pandemic levels.

Europe’s largest economy has shrunk or stagnated for the past three quarters and its recovery from the coronavirus pandemic has been slower than the US or the overall eurozone. The country’s industrial heartland has been hit particularly hard by higher energy prices, rising interest rates and a slowdown in trade with China — its second-biggest export market.

Ralph Solveen, an economist at German lender Commerzbank, said the continued decline in industrial production had affected “all manufacturing groups”, indicating it was likely to continue “contributing to a contraction of the German economy in the second half of the year”.

Adding to the gloom, the EU’s statistics office cut its official estimate for eurozone growth in the second quarter from 0.3 per cent to 0.1 per cent. The move follows reductions to growth estimates by Italy, Ireland and Austria and means the eurozone is lagging further behind the US, whose gross domestic product grew 0.6 per cent in the quarter.

The euro fell 0.3 per cent to a three-month low of $1.0688 against the US dollar on Thursday.



There are rising fears about German industrial groups shifting production abroad. BASF, the country’s leading chemicals company, chose to build a new €10bn petrochemicals plant in China and it is downsizing its sprawling headquarters on the banks of the Rhine in Ludwigshafen.

The German Chamber of Commerce and Industry recently found that 32 per cent of companies surveyed favoured investment abroad over domestic expansion.

The government has come under intense pressure to tackle the country’s economic woes. This week chancellor Olaf Scholz vowed to boost growth and banish the “mildew of bureaucracy” by speeding up digitalisation for online government services and e-invoices — areas in which Germany lags behind — and making it easier to found and grow start-ups.

Scholz has rejected the idea of a subsidised electricity price for energy-intensive companies or a large stimulus package to boost growth. Last week he unveiled plans for a €7bn package of corporate tax relief, which includes new rules on the depreciation of investment costs for construction, digitisation and green energy. 

“The positive news is that the sense of urgency has finally increased,” said Brzeski. “Let’s now wait for more concrete policy action. Until then, stagnation in industry and the broader economy looks like the new normal.”

Destatis, the federal statistical agency, said the year-on-year decline in industrial production in July was 2.1 per cent. The most energy-intensive industries, such as chemicals, metals and glass, have suffered a bigger year-on-year fall of 11.4 per cent.

German manufacturers are working through their backlogs of orders but these are shrinking. New orders for German industry fell 10.7 per cent in July from the previous month, the biggest decline since the first pandemic lockdown shut many factories in April 2020.

“Though the backlog of unfilled orders is still high, it has been declining steadily so is unlikely to support production much longer,” said Franziska Palmas, an economist at consultants Capital Economics. “We expect production to drop further in the rest of the year and contribute to Germany falling back into recession.”

Another factor holding back many German companies is the shortage of labour. A survey of 9,000 companies in the country by the Ifo Institute last month found 43.1 per cent reported a shortage of qualified workers, an increase from the previous month but down from an all-time high of almost half of all companies last year.

[Vipamo]

Que además de los precios imposibles, tienes menos libertad.

Que razón tienes. 37 meses seguidos perdiendo libertad y subiendo precios.

https://www.lavanguardia.com/economia/20230907/9210719/precio-vivienda-encadena-37-trimestres-alza.html

[Derby]

https://www.bloomberg.com/news/articles/2023-09-07/eu-us-plan-new-tariffs-on-china-steel-in-bid-to-end-trump-era-trade-conflict#xj4y7vzkg

US, EU Plan New Chinese Steel Tariffs in Bid to End Trump-Era Trade Conflict

The transatlantic allies need a metals deal by end of October
A deal would be part of global steel and aluminum arrangements

The US and European Union are working on an agreement that would introduce new tariffs aimed at excess steel production from China and other countries, as well as put behind them a Trump-era trade conflict.

The levies would primarily be focused on imports from China that benefit from non-market practices, according to people familiar with the discussions, who said talks were ongoing. The scope of the measures, including other countries that could be targeted and the level of the tariffs, are still being discussed. It’s also expected to provide a framework for other nations to join in the future.

The agreement would be part of the so-called Global Arrangement on Sustainable Steel and Aluminum that the EU and the Biden administration have been negotiating since 2021. The talks are aimed at settling a dispute that started when President Donald Trump slapped tariffs on metals imports from Europe, citing risks to national security. (...)

[Derby]

https://www.elconfidencial.com/empresas/2023-09-07/repsol-cierra-su-mayor-compra-renovables-en-eeuu-por-715-millones-de-euros_3731177/

TRAS VENDER EL UPSTREAM DE CANADÁ POR 430 M
Repsol cierra su mayor compra de renovables en EEUU por 715 millones de euros

La energética ha adquirido la compañía ConnectGen, propiedad de Quantum Capital Group, que cuenta con una cartera de proyectos de 20.000 MW de eólica terrestre y otras tecnologías

Repsol acelera su transformación de petrolera a compañía multienergética. Tras anunciar esta misma mañana que vendía sus activos de exploración y producción de hidrocarburos en Canadá por 430 millones de euros, la empresa acaba de revelar la adquisición de ConnetcGen. Se trata de una compañía con una cartera de proyectos de 20.000 MW de eólica terrestre y otras tecnologías en EEUU propiedad del fondo Quantum Capital Group, al que ha desembolsado 715 millones de euros, según ha remitido en un hecho relevante enviado a la CNMV. Repsol incorporará a su filial de renovables a los empleados de la firma que acaba de comprar, incluido su equipo directivo.

Con este movimiento, que espera cerrar a finales de año, Repsol desembarca en el negocio eólico en EEUU, donde ya contaba con activos de fotovoltaica. Esta es la segunda gran operación de renovables de la firma presidida por Antonio Brufau en EEUU tras la adquisición del 40% de Hecate Energy en 2021, una operación valorada entonces en 250 millones de euros. Actualmente ya tiene 245 MW operativos en el gigante americano. Según Repsol, este paso contribuye a la consecución de su plan estratégico, que se comprometió en 2021 a tener 20.000 MW de capacidad instalada verde en 2030.(...)

[Derby]

https://www.ft.com/content/6921f231-b707-4280-ae6a-d1af1a513cba

European Investment Bank must take more risk, says Margrethe Vestager

Danish candidate to run EU bank argues prudent lending will be insufficient for green transition and Ukraine

Margrethe Vestager has vowed to take more risk at the European Investment Bank if she becomes its president, arguing the lender’s conservative approach will be insufficient for the green transition and reconstruction of Ukraine.

The former EU competition chief described the EIB, the world’s biggest multilateral lender, as playing an “increasingly strategic” role for the union in her first interview since stepping down from the European Commission in order to campaign for the top job at the bank.

Vestager said accelerating funding to rebuild Ukraine even as the war was still ongoing would be one of her priorities. “I am looking for a mandate from the governance of the bank for it to be faster and in doing so can be even more relevant,” she told the Financial Times.

“It is crucial to partner with businesses to start the reconstruction while the war is still ongoing. You can’t wait,” she said, adding that she would focus on the bank’s ability to raise more funds while “being more risk taking”.

Vestager’s intervention comes as EU capitals are intensively debating how to finance the reconstruction of Ukraine and the scale of the capital required, even as Russia’s war against the country still rages.

Vestager’s candidacy faces a strong challenge from Nadia Calviño, the Spanish economy minister, whom many EU diplomats see as the frontrunner for the top position at the Luxembourg-based lender.

Calviño, a former director-general of the commission’s budget department, will have an advantage of hosting a gathering of EU finance ministers in Santiago de Compostela later this month as Spain currently holds the EU’s rotating presidency.

Vestager, a liberal who served as Denmark’s economy minister, will promote her record as an experienced EU administrator as she seeks to win backing from member states for her candidacy.

The EIB, which has a balance sheet of around €544bn, has a lending power prized by EU member states but has a reputation for caution in dispersing funds. None of the bank’s loans were written down in the first 50 years of its existence.

With Europe expected to shoulder a large proportion of the total estimated rebuilding bill of over $411bn, according to a World Bank forecast, many are looking to the EIB and other multilateral lenders to make large commitments and assume more risk, both to underpin and encourage private investments into the country.

Since Russian president Vladimir Putin’s full-blown invasion last year, the EIB has allocated more than €3.2bn in funding for Ukraine, including an €840mn package agreed in June specifically for reconstruction of critical infrastructure such as social housing, hospitals, schools, water supplies and transport networks. 

On the EU’s ambition to move to green technologies, Vestager said member states had different requirements to build their infrastructure and that the bank must have “equal treatment as a guiding principle” when allocating funds.

“The bank must have a presence to accelerate what we’re doing. Otherwise there’s a risk that will get trigger points that will make climate effects much more severe as the summer has shown,” she said.

Once considered the favourite in the EIB race, Vestager’s prospects were dented by a controversy over her decision to appoint an American as the EU’s top competition economist. The move was ultimately derailed by France, one of the EIB’s three biggest stakeholders.

When asked how that would affect her chances, the Danish politician said: “I wouldn’t do it if I didn’t think there was a fair chance. But it’s not a given that you get the job. I want the EIB to be more risk taking so I need to show that I’m willing to take a risk not knowing if I will get it or not.”

[Derby]

https://www.channelnewsasia.com/asia/india-fertility-rate-faces-sharp-decline-amid-rising-concern-over-lifestyle-factors-infertility-ageing-society-3750081

India’s fertility rate faces sharp decline amid rising concern over lifestyle factors, infertility

Recent official statistics showed that the general fertility rate in India has fallen 20 per cent in 10 years, with some 30 million people affected by infertility.

[Derby]

https://www.cityam.com/tourist-tax-means-uk-is-missing-out-on-1bn-brexit-boost-mps-warn/

Tourist tax means UK is missing out on £1bn ‘Brexit boost’, MPs warn

Britain is missing out on a £1bn pound “Brexit boost” for as long as it fails to reinstate VAT-free shopping for international tourists, MPs have warned.

Many high street retailers, including Mulberry and Watches of Switzerland, have called for the tax relief scheme to be reinstated, after it was scrapped by Rishi Sunak two years ago, when he was Chancellor. The move to scrap the VAT-free shopping scheme has since been dubbed the ‘tourist tax’.

Speaking during a debate on the issue in parliament today, Conservative MP Geoffrey Clifton-Brown said the EU is currently enjoying a “Brexit bonus” at Britain’s expense as international visitors flock to Paris and Spain to enjoy tax-free shopping,.

“Brexit was an opportunity to bring change within our economy to truly benefit the UK creating new opportunities for growth and innovation. Instead, the EU is enjoying a Brexit bonus at Britain’s expense,” he said. “Britain is missing out on a one billion pound Brexit boost.”

Nickie Aiken, another Conservative MP, said international visitors “are the lifeblood” for so many businesses in areas such as Knightsbridge and the West End.

“World famous department stores like Selfridges and Liberty, as well as the luxury brands along Regent Street and Bond Street, rely on international visitors from China, India, USA and the Middle East,” she added.

Recent figures from tax refund company Global Blue show that a staggering 10 per cent of UK spending by international visitors in 2019 has now been diverted to EU countries.

Research by the New West End Company found that 89 per cent of firms it surveyed had reported a decrease in spending by international visitors.(...)

[sudden and sharp]

Todo sea por la credibilidad de las cifras hoficiales.


El INE británico dice que su PIB está subestimado y lo infla en 50.000 millones
https://www.libremercado.com/2023-09-07/el-ine-britanico-dice-que-su-pib-esta-subestimado-y-lo-infla-en-50000-millones-7046812/
El Financial Times alza la voz por la mala calidad de la estadística oficial, mientras el gobierno saca pecho con los números revisados.

La Oficina de Estadísticas Nacionales de Reino Unido viene de revisar muy al alza las cifras de crecimiento del año 2021. Asimismo, el organismo homólogo del INE español ha modificado sus cálculos de actividad para 2020. En su conjunto, el tamaño de la economía británica para dicho bienio habría sido un 1,8% mayor de lo que se había aceptado hasta la fecha.

Con la bendición del FT.   

---------
[ Si hay que crecer más, se crece más. ]

[Cadavre Exquis]

https://www.expansion.com/empresas/banca/2023/09/07/64f8dfe1e5fdea3d758b45e5.html

Saludos.