One of the songs from the final stage of The Beatles was The long and winding road (The long and winding road), on the album Let it be, the last one published, even though it was recorded before Abbey Road. Surely the title and parts of the lyrics come to mind for Alícia Romero's Ministry of Economy: "You left me standing here. A long, long time ago. Don't leave me waiting. Guide me to your door." Not only because of the difficulties she has in approving the first budgets of Salvador Illa's legislature, which also, but because of the obstacles in achieving another objective pursued by the different Catalan governments, which is to make the Institut Català de Finances (ICF) a true public bank to cover areas that private financial entities do not reach, or barely do.

Only in two of the last twenty years – in 2008, under the government of José Luis Rodríguez Zapatero (PSOE), and in 2015, under Mariano Rajoy (PP), which was actually a tax reform –, the Treasury has deflated the income tax (IRPF) rate, which means adjusting it to inflation to prevent paying more tax despite having the same or lower real income. And the last two times similar measures were taken was before the call for general elections, in March 2008, in which Zapatero was re-elected for a second term, and in December 2015, when Rajoy repeated in office. Between doing it and not doing it, there is an essential difference: from 2019 to 2024, it has meant additional revenue for the State of between 9,700 and 16,700 million, according to various studies. From the left-wing space, led by the PSOE, it is considered that this type of adjustment advocated by the PP and which applies to all incomes, especially benefits the highest ones. And, therefore, they advocate for more selective and direct measures for low or middle-income families, such as reductions and rebates on public transport and others.

Jordi Muntañola (Barcelona, 1978) has been the CEO of Salvat laboratories for a year. This molecular biologist from Esteve, who also held positions of responsibility at the Werfen group, has placed Salvat in the club of 100 million in turnover 12 months after initiating a major transformation to enhance the values and characteristics of a family-owned pharmaceutical company with over 70 years of history; a portfolio of its own products, with brands like the antiseptic Cristalmina, and a foundation to which it dedicates a portion of its profits. And, moreover, with great prospects, with the acceleration of the third-party production business and the launch during the first half of this year of a new product in the USA, with the prospect of marketing another next year and another in China. Always accompanied by a local partner, the formula it uses for internationalization, which has led it to be present in more than 60 countries. And without ruling out possible acquisitions, a path that the company may incorporate into the 2027-2030 strategic plan, which it expects to have ready this summer.

Ángel Simón (Manresa, 1957) starred in April of last year in one of the most talked-about divorces on the Catalan and Spanish business scene, when he was dismissed as CEO of Criteria, the investment arm of La Caixa. A long relationship with the president of La Caixa and Criteria, Isidre Fainé, had been broken. And one of the sparks to end a term that lasted about 15 months was the dismissal of José María Álvarez-Pallete at the head of Telefónica –participated by Criteria–, in agreement with Moncloa by Simón and behind Fainé's back, according to various sources. For a year, Simón, an executive accustomed to dealing with the Spanish and Catalan socialist governments, had disappeared from the public scene. And now he reappears in the midst of a power struggle at Indra, a company destined to lead the defense business, with the State, through SEPI, as the main shareholder (28%).

The Euribor continues to make mortgages more expensive, one of the consequences of the effects of the war in the Middle East. This indicator, which is the benchmark for variable-interest home loans, but also affects new ones entering the market, closed March at an average of 2.565%, with the largest monthly increase in three years after reaching 2.870% on the last day of the month. As a consequence of this trend, holders of variable-interest mortgages with annual reviews will suffer the first increase in their installments since April 2024 because this month's Euribor is higher than that of a year ago, which was 2.398%.

The industrial company internationalization agency, The Big Move, has signed up former Minister of Business and Labor, Roger Torrent, for its advisory board. Founded by Quico Ramió, this company works with industrial companies looking to grow internationally and reduce costs and risks. The company accompanies them throughout the process of opening new markets, from initial analysis to commercial activation, using a methodological framework that integrates analysis, definition, testing, and market development.

Catalan economists are currently more concerned about infrastructure than fiscal deficit, according to the winter 2026 Economic Situation Survey by the College of Economists of Catalonia. Problems in the functioning of Rodalies, the derailment that occurred on line R-1 at the beginning of the year, and the fatal accident on R-4 have led to a 13-point increase in the proportion of professionals who warn of the situation and consider it a priority issue to address. This is the opinion of 45.1% of respondents, above the 44.6% for the fiscal deficit with the State, which until now was the main concern of this professional group and has now moved to second place.

The relationship between the president of the Spanish employers' association Conpymes, José María Torres, and the Catalan Pimec, one of the founders of this organization, which was established in May 2021, is rapidly deteriorating. So much so that Pimec is considering promoting a split from this organization or achieving a change in the presidency, according to close sources. Torres, who headed the only candidacy for the presidency and renewal of the board in the electoral process that opened last October, has chosen to proclaim himself winner again during the organization's assembly held this Thursday in Madrid, with the majority of affiliated organizations against him.

The Catalan Finance Institute (ICF), the public bank of the Generalitat, has granted to date 846 loans to young people aged 18 to 35 to obtain the down payment for an apartment. The average granted is 36,332 euros and an average housing price of 189,908 euros with an average age of beneficiaries of 29.4 years, according to data presented by the Secretary General of Economy and President of the ICF's governing board, Juli Fernández, and the entity's CEO, Vanessa Servera.

The Spanish National Securities Market Commission (CNMV) downplays the risk of private debt funds, an investment instrument currently experiencing a crisis in the United States, with limited liquidity for investors in some cases, such as a playpenIn Spain, only eight of these free collective investment instruments operate, with a total of €913 million. This figure represents less than 1% of the total assets of this type of fund. In fact, the stricter controls primarily affect those acting as lenders, which have a quarterly or monthly liquidity window—shorter than other funds—for investors to withdraw their money. It does not affect free investment funds that invest in stocks, real estate, and other assets. Furthermore, there are practically no individuals or families among the capital of these free investment funds; the vast majority are institutional or professional investors, according to sources at the stock market regulator. The limited impact of these instruments, which manage around two trillion dollars in the US and have experienced periods of withdrawal restrictions, is due to European regulations and the oversight exercised by the CNMV (Spanish National Securities Market Commission). This structure, which provides loans to companies in exchange for offering participants higher returns in exchange for greater risk than other financial assets, also has many individual investors in the US. In Europe, it generally has a smaller presence.

Grifols is deepening its commitment to full integration and self-sufficiency in plasma production to avoid importing it to countries where blood donations are paid for. One instrument to reinforce this commitment will be the initial public offering with a portion of the capital of the Biopharma division in the United StatesThe company has decided to take this step, announced Tuesday night to the Spanish National Securities Market Commission (CNMV), to strengthen its model in the US. This approach encompasses the entire value chain, from plasma collection to manufacturing, logistics, analysis, and distribution of blood products, comparable to the vertical integration of the Inditex-Zara model. According to market sources, the total value of the business to be listed is between €23.7 billion and €27.7 billion, between 13 and 15 times earnings before interest, taxes, depreciation, and amortization (EBITDA), and could substantially reduce Grifols' debt, which currently stands at €0. The company intends to carry out the operation through an initial public offering (IPO) for a minority stake, which, according to Bloomberg, could raise around €6 billion if 20% of the shares are offered. The company's shares, which had risen more than 8% in early trading, finished 1.36% higher on the Spanish market, reaching €8.96.

Puig's shares surged by almost 15% on the stock market after reporting on Monday, at the close of trading. who is having talks with the American Estée Lauder to study a possible business merger. Shares of the majority family-owned company ended the day with a 12.97% gain, reaching €17.59 – the best-performing stock on the Ibex 35 – allowing it to recover some of the losses it has suffered since its initial public offering on May 3, 2014. According to statements made Monday night by the Catalan perfume and cosmetics company to the Spanish National Securities Market Commission (CNMV) and by Estée Lauder to the US regulator, the SEC, no final decision has been made nor has any agreement been reached between the parties. In this regard, the company emphasized that, without a firm agreement, there is no guarantee that the transaction will materialize, nor on what terms. But the markets have already done their calculations regarding a deal that could create a new giant in the sector, with a greater capacity to compete with the current leader, the French company L'Oréal (with brands such as Lancôme, Garnier, and Maybelline), whose main shareholders are the Bettencourt Meyers family and Nestlé, and which has a value of over 10.

The board of directors of Criteria, the investment arm of the La Caixa Foundation, has promoted its current general manager, José María Méndez, to the position of CEO, making him a member of the company's governing body. He was appointed CEO Last May, after a stint as assistant to the former CEO of CriteriaCaixa, Angel Simonwho was dismissed. This appointment, which completes the restructuring of the company's leadership, represents recognition of the work of this executive, who is responsible for the day-to-day management of Criteria, according to sources within the organization. The accounts for the past year were also approved, showing a net profit of €2.325 billion, a 120% increase thanks to numerous extraordinary results during the year. At the same time, the Foundation's board of trustees appointed IESE professor Nuria Chinchilla, venture capital expert Julia Salaverría, and auditor Xavier Brossa as independent directors of Criteria. They replace José Antonio Asiaín, Marcos Contreras, and Jean-Louis Chaussade, who have completed their 12-year terms and, therefore, lose their independent status, according to the organization's bylaws. Following these measures, the 25-member board "achieves 40% female representation on the holding company's highest governing body," according to the company.

There are developments in the beauty, cosmetics, and perfume sector. The Catalan company Puig Brands confirmed tonight that it is in talks with the American company Estée Lauder, also majority-owned by the family. In a statement to the Spanish National Securities Market Commission (CNMV), the group controlled by the Puig family acknowledged that these negotiations are taking place, as previously reported by [the Spanish news outlet]. Financial TimesIn the same statement, the multinational—which owns brands such as Paco Rabanne, Nina Ricci, Jean Paul Gaultier, Byredo, Charlotte Tilbury, and Carolina Herrera, among others—adds that the talks are focused on "a possible combination of businesses with The Estée Lauder Companies Inc." In any case, they assure that "no final decision has been made nor has any agreement been reached." And they add that "until there is an agreement, there is no guarantee that a transaction will take place, nor its terms." The Wall Street Journal Information has emerged about the operation, which would create a cosmetics giant valued at over €30 billion. Following news of the talks, shares of the US firm fell by more than 8% on the stock market. Estée Lauder is larger than Puig Brands, which also has a portion of its capital publicly traded. The US group's value is around $30 billion – it fell to $28 billion on Monday – while Estée Lauder's is valued at approximately $9 billion. IPO

The Catalan group, which debuted on the stock exchange on May 3, 2024, launched at €24.50 per share, a price it has not yet recovered. This Monday, it closed at €15.57, up 3.59%. The family that owns the Catalan multinational, with a 112-year history, retained more than 90% of the voting rights despite its IPO. In 2025, Puig reported net revenues of €5.042 billion, a 5.3% increase, and profits of €594 million, an 11.9% increase.

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The Spanish government is maintaining its standoff with Indra's president, Ángel Escribano. The dispute between the company's two main shareholders—the State, through SEPI, with 28% of the capital, and the Escribano brothers, owners of Escribano Mechanical & Engineering (EM&E), with 14.3%—continues ahead of the ordinary board meeting scheduled for this Wednesday. This meeting will take place after the Escribanos attempted to stem the pressure from the Spanish government by shelving the proposed merger of Indra with their family company.

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A well-known economist assured me this week that there would be a Catalan government budget for 2026. He was very convinced. In fact, he had no doubt whatsoever, after applying game theory, a branch of mathematics used to model situations involving negotiation, conflict, competition, cooperation, and other similar interactions. This theory aims to determine the best possible strategy for each player and the expected outcome of each situation. Games can be zero-sum (the gains or losses of some players are offset by the gains or losses of others) or non-zero-sum, meaning everyone can win or lose.

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The price war at gas stations has erupted. At least temporarily, and with greater savings the more contracts and service agreements signed with the companies. This comes after fuel prices soared the day after the outbreak of war in the Middle East and the surge in oil prices, which reinforced the situation. from the control of abuses by the National Commission for Markets and Competition (CNMC)The major companies have entered into a price war ahead of Easter. In any case, the biggest discounts are obtained if other services related to electricity or gas are contracted.

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€53.8 billion by 2043 to prevent the collapse of infrastructure in Catalonia. This is the calculation made by the Barcelona Chamber of Commerce through its new Infrastructure Observatory, which produced the study. Strategic projects for Cataloniawhich affects airports, railways, roads, ports, logistics, and water transition. "Current investment must be doubled," summarized the Chamber's vice president, Miquel Martí. Without addressing the investment deficit, "the system will collapse," he said. The Chamber representative called for a national agreement on the matter, led by the Catalan government. The president of the Chamber and of the Council of Chambers of Commerce of Catalonia, Josep Santacreu, stated that the necessary effort cannot be undertaken "without a united effort," such as "a major national agreement on infrastructure," and called for "local management" of these projects.

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Indra's board of directors, in an extraordinary meeting, decided to postpone the planned merger with Escribano Mechanical & Engineering SL (EM&M). The decision was proposed by the chairman, Ángel Escribano, who also co-owns EM&M with his brother Javier. With this move, Escribano circumvents the demand from the State, Indra's largest shareholder through SEPI, which had called for his resignation should the integration project proceed. SEPI, the state-owned holding company that controls 28% of Indra's capital, considered this the only way to avoid a conflict of interest, even though measures had been taken to prevent the businessman from participating in the merger aimed at creating a major Spanish defense group. SEPI argued that a conflict of interest would arise if the integration went ahead and Indra acquired a company co-owned by its own chairman. The Escribano family, for their part, have opted to propose to the board of directors that the merger be halted and that Ángel Escribano remain as chairman of Indra. EM&M holds 14.3% of Indra's capital, Ángel Escribano is its chairman, and his brother is also a board member. In this context, the company's shares registered a significant drop, exceeding 16%. The session ended with a loss of more than 12%, down to €50, and a reduction in the company's value of approximately €1.3 billion. The session had already begun in the red after SEPI acknowledged on Wednesday night that a conflict of interest existed regarding the potential acquisition of EM&M. In a communication to the National Securities Market Commission (CNMV), the state-owned company stated that it had conveyed to Indra its "concern about the influence that the conflict of interest has on the analysis of this operation, despite the measures taken to mitigate it." He insisted that any conflict of interest between Indra and EM&E should be resolved before the transaction took place. For this reason, he requested that "this conflict of interest be resolved so that we can continue with the analysis of the transaction and make a decision that is as advantageous as possible for Indra."

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The challenge isn't so much creating a company as making it last. The data reflects this. Around 100,000 companies are established in Catalonia each year (this figure includes everything from corporations to sole proprietorships and others), but only three are over 300 years old (Codorniu, which is no longer owned by the Raventós family; Raventós itself, which has other businesses in the sector; and the Publications of Montserrat Abbey). This data was presented by Oriol Amat, professor at Pompeu Fabra University-Barcelona School of Management (UPF-BSM) and director of the Family Business Observatory. Together with a colleague, Jordi Tarragona, Amat analyzed family-controlled companies and concluded that only 17% have a high level of professionalization. The experts based their findings on responses from 129 companies out of a sample of 1,200. And this refers to professionalization, understood as the opposite of improvisation, lack of systematization, or acting solely on intuition, which is key to business survival, according to these researchers. The fact that survival is a challenge is demonstrated by the fact that only 30% of companies reach the second generation and only 13% the third.

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