Cars and pollution

Cars and pollution

Experts say that one of the indicators of the economy has to do with the number of car registrations. In Spain, this grew by 9.1% last May in relation to the same month of 2016, which means that confidence in the stability of employment has increased. As a result, citizens feel empowered to take on new spending, even though in many cities the municipal authorities have tried to restrict traffic because of pollution. Something to which we will have to get used to waiting for the city councils to seriously consider increasing public transport. A priority that, as an alternative to private vehicles, is not in the process of being solved despite its importance.

Today, the car is a necessity. For many it is an essential tool to go to work. Hence, this type of vehicle-tool is known by the name of utilitarian. A name that indicates that it is not a high-end, luxury car, but quite the opposite, economic and small, as was the legendary Seat 600, whose launch is now sixty years. The six hundred changed the lives of millions of Spanish families and represented a before and after in the national development index.

Despite the warnings of global warming, which these days we live as direct experience as a result of the very high temperatures, it is very difficult to think about dispensing with the car, knowing that it is a pollutant. Certain that less harmful electric vehicles have begun to be commercialized, but for many their performances are not convincing and most prefer those that run on gasoline. At this point the car is something like the extension of our own house, a domestic environment that offers us mobile windows while public account of what is called social status and often is directly proportional to the purchasing power of everyone . Therefore, certain brands, regardless of their quality, seduce for the prestige they give.

For those who trust everything to the appearances and one of them is the ostentation

For those who trust everything to the appearances and one of them is the ostentation

it does not seem the same to go through life in a utility vehicle than to own a car of the so-called premium or similar brands, although this is all they have in their possession. For some, driving a high-end car is continuously exhibiting the sumptuousness of a hotel of super luxury compared to those who are riding in a more than discreet hostel room. Although the world can be so wide and alien from either of the two rooms.

Before the crisis, when the banks gave loans so that the dreams of their clients were mounted on four wheels and boasting became a trademark of corrupt politicians and businessmen, in the parking lots of certain restaurants Porsches, Lamborghinis or Ferraris were exhibited Testarossa The rivalry of the power of the owners of such beautiful machines was more than evident. Today such a contest would not be well seen. Sometimes we see some luxurious limousines strolling through our streets, that kind of horizontal skyscrapers, with beds, champagne and ladies rent incorporated, in addition to two or three televisions, but they are not private property but companies, which rent for parties graduation or bachelor parties, as in the US, where the fleet is infinite.

In America, if we except in the big cities, public transport is scarce, in many places without a car you are worse than an invalid, you are dead. Walking is impossible to get to work, the bank or the supermarket. On the other hand, without getting out of the car, you can do everything or almost everything: take money from ATMs, eat at a restaurant, go to the movies, attend certain religious services and even get married.

Obama had among his plans to recover the railroad, much less polluting than the car.

Obama had among his plans to recover the railroad, much less polluting than the car.

But such an attempt does not seem to please his successor. To Trump the issue of pollution brings him to the fresh air. Climate change does not go with their business plans and in their opinion has nothing to do with that America First that is their motto. His desire is that America stop importing cars from the East and the North American automobile industry becomes hegemonic. It will not be a problem if the indigenous cars pollute more than those imported and put to waste megalomania – Make America Great Again-, a guess that will be huge, as much or more than we used to see in the American films of the fifties and sixties .

As for us, on the one hand, welcome is the news of the increase of vehicles registered last May. Also, if my sources do not fail, our car industry produces almost two and a half million cars, a high percentage destined for export. Some optimistic data that should be rejoiced, without losing sight, of course, of the need to marry them with the urgent need to stop pollution.

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  • It will be in charge of financing, evaluation, execution and monitoring of funds for R & D.
  • About 300 people will work on it with the aim of managing aid more agile, flexible and autonomous.
  • The planning will be multi-year with medium-term objectives, which will provide stability to the calls.

The Council of Ministers has approved the creation of the State Research Agency with the aim of providing the Spanish system of Science, Technology and Innovation with a more flexible, agile and autonomous management. This Agency, a demand of the scientific community included in the Law of Science of 2011, will be in charge of financing, evaluation and allocation of funds for R & D. It will also carry out activities to monitor the actions financed to improve the measurement of results and their impact.



The purpose of the State Research Agency is to improve the efficiency of the services provided by the General State Administration in terms of R & D & I, the incorporation of the best international evaluation practices, the rendering of accounts of the grants granted and the simplification of administrative procedures.

The Agency is created at zero cost with the human and material resources of the R & D & I Secretariat and its implementation will be in 2016. Within a period of no more than 60 days, the governing body of the Agency will be established, The Governing Board, which must appoint as director, sole executive officer, a researcher or technologist with experience in the management of R & D. In this period, provisionally, the direction of the Agency will be assumed by the general director of Scientific and Technical Research.

The new body will have approximately 300 employees who will manage the aid of the State Secretariat of R + D + i. The Agency has the capacity to also manage the R & D aid of other ministries through agreements, and may also add the management of private funds. It will act in coordination with the Center for Industrial Technological Development (CDTI), the other major funding agent of R + D + i, if appropriate especially for the business world.

The State Research Agency will provide greater stability to public aid for R & D thanks to the multiannual planning of its resources, being able to set objectives in the medium term and making it possible for calls for projects or HR to have the necessary predictability in the terms and in financing. It will also have an independent evaluation system based on scientific and technical criteria to ensure the promotion of quality and excellence.

With the creation of this Agency, the Law of Science, Technology and Innovation of 2011 is complied with, the Law of General Budgets of the State of 2015 and the National Reform Program. In addition, a comparable model is established with the leading countries in science of the EU and the recommendations of the Council of the EU and the ERAC Peer Review, which made an audit in 2014 of the Spanish system of Science, Technology and Innovation at the request of the Ministry of Economy and Competitiveness.

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OHL will highlight its strength as a builder in the imminent presentation of its Business Plan



The company carries out an update of its Business Plan this April that will be followed with great interest

  • The sale of its subsidiary of Concessions will allow a clear economic recovery and return to the dividend payment, but also generates doubts
  • Experts say that OHL will have to “explain well that it is capable of generating business in a recurring and sustainable manner”


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April is being an important month for OHL . The construction company has closed the sale of its Concessions business to the Australian fund IFM Global Infrastructure Fund in an operation that has reported 2,235 million euros . This milestone is the change, ‘de facto’, of the nature of OHL, which today more than ever can be defined as a construction company. Now, the company faces the challenge of convincing its ability to continue growing precisely by building and ending the doubts that this operation has generated … that there are also.

OHL will try to win the favor of the market with the presentation of the update of its Business Plan scheduled for this month. The construction company has not yet specified the date on which it will make public its ‘new’ Business Plan because, according to company sources, until now it was necessary to focus on closing the sale of its subsidiary of Concessions. Once closed , it seems that the announcement will be imminent, although it will be necessary to see if they coincide in time with the communication about the dividend (which is expected also in the next days) or if it is done before or after it.

It is speculated that the dividend of OHL will amount to 1 euro, but Ángel Pérez, Renta4 analyst, recognizes that they estimate that it could reach 2 euros

The sale of the Concessions business will allow OHL to resume the payment of the dividend suspended two years ago by means of an extraordinary dividend, on which much is being speculated and whose details will be known shortly. There is talk that it will amount to 1 euro, but Ángel Pérez, Renta4 analyst, acknowledges that they estimate that it could reach 2 euros . “We believe that it is going to be an attractive dividend due to Grupo Villar Mir’s financial situation and because it is going to take advantage of the dividend payment to heal,” says this expert. Of the money received from the sale, and after facing the debt, there are over 1,400 million, explains this analyst. “If we divide that money by 300 million shares, 4 euros come out, if half is destined to Capex and the other half to a dividend, 2 euros will come out,” he concludes.


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The sale, therefore, can be considered ’round’, meaning that it will significantly improve the group’s financial situation (all corporate debt will be liquidated, amounting to 943 million at the end of 2017) and also for what it contributes. to the shareholders -including the Villar Mir Group- with this distribution of the dividend. “It’s very positive because the price they pay you is very good,” says Javier Mielgo, an analyst at Mirabaud. However, Mielgo warns of the fact that OHL now has to “resize”, since it goes from being a group with several lines of business “to a mere construction company” . In this regard, as soon as the operation was confirmed last October, Banco Sabadell experts stressed the attractive sales price but at the same time warned: ” OHL sells its main source of income and growth and is now focused on developing its construction, industrial, development and services businesses “.

Therefore, the updating of the Business Plan should not focus so much on the benefits obtained with the sale of Concessions but on how the group will rethink its future without that division, even if its financial situation has benefited. “They will have to explain well that they are able to generate business on a recurring and sustainable basis with large margins: the balance sheet position, the net cash position that they want to keep and the construction business, once the problem businesses are over, will be able to generate recurring results, “explains Javier Mielgo. “At the end we will try to see how the company is after the sale of Concessions, it remains a bit empty, a lot of its value was in the Concessions”, emphasizes Ángel Pérez.

“It is also a matter of whether or not the market creates the OHL forecasts, and has presented strategic plans in recent years that are very optimistic and has not complied,” Pérez points out.

All in all, OHL continues to be favored by analysts today. It is true that ‘only’ 27% advise ‘buy’, but the percentage of those who recommend ‘maintain’ is significantly high (64%) and only 9% advise ‘sell’. In addition, they give a target price well above the current price of quotation (5.23 euros, 28% above), although we must take into account that OHL is left 17% in 2018.

“We recommend ‘buy’ OHL for how the net cash position is with the closing of the operation (with IFM) and for its participation in developments, valuing zero construction”, indicate from Mirabaud. Making this calculation, they specify, “you would go to 5.3 euros, without adding anything for construction,” they stress. On the other hand, from Renta4 they have an advice of ‘overweight’ for OHL and a target price of 5.6 euros, although they warn that they only recommend it “for tolerant profiles”.


<strong>... AND THAT THE MARKET CREATES YOU</strong>

Experts expect concrete data to be updated in the Business Plan, Pérez and Mielgo continue to explain ‘Bolsamania’. OHL will have to detail the evolution it expects for the portfolio projects, especially those it has in the United States and Latin America. Also specify if it will return to the path of building concrete concessions, make them grow and, at the moment they reach their maturity phase, sell them. Likewise, OHL is expected to explain how well it is positioned in the United States to take advantage of the infrastructure plan and to provide forecasts on profitability and the level of margins , which is where the construction companies have been most pressured.

In this sense, Pérez explains that one thing will be that their forecasts will convince and another that investors will believe that, really, OHL will comply with them. ” OHL has presented some strategic plans in recent years that are very optimistic and has not complied, and will have to demonstrate, quarter by quarter, that it is capable of generating cash and shareholder value,” he concludes.

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