Study Group: Political Experts (EU)

GLG News^SM Analyses by this Study Group's Leading Experts(?)

What do hedge funds and venture capture bring to society.

April 27, 2009

Analysis by:Sebastian Mariz, Managing Partner,

Analysis of:Industry attacks draft EU hedge-fund bill | www.euractiv.com

This article is important because it shows that regulation of the hedge fund and private equity sectors is imminent and could seriously curtail investment opportunities and decisions unless the sector acts fast.   Furthermore, the article proves that the debate on the hedge fund and private equity sector is being monopolised by the left and by a limited group of EU countries as an escape goat for all the evils of the current financial and economic crisis.   The sector is reacting but seems to have quickly fallen into the trap of arguing against the contents of the proposed Directive and not against the Directive itself and the logic behind it.   

Optimistic at Mid-term

March 30, 2009

Analysis by:Peter Dehnen, Partner,

Analysis of:Original title: Business confidence hits 18-year low in Germany | www.ft.com

Business confidence in Germany is at an all-time low. The business climate index, as surveyed by the Munich-based Ifo Institute, has reached the lowest result measured since the survey began in 1991. Even worse is that, according to Ifo’s president Hans W. Sinn, the bottom of the downturn has not yet been reached. That’s the bad part of the news. Here comes the good news: Although the part of the survey which measures current conditions continues to decline, the part of the survey measuring optimism for the next six months has increased steadily since the beginning of the year.

The purchase of Union Fenosa by Gas Natural is going to be slightly delayed

February 4, 2009

Analysis by:Miguel Bunuel, Executive President,

Analysis of:Retraso para Gas en la CNC | www.enervia.com

1) Nothing seems likely to avoid that the CNC finally approves the purchase of Unión Fenosa by Gas Natural. What remains to know is how deep the CNC is going to get into mandating Gas Natural to make disinvestments, but we shouldn’t expect that the CNC requires large ones. The CNC cannot hurt the building of a stronger Spanish energy company, especially strong in the gas market. 2) ACS is going to have to wait a little bit more to get the money that it needs to fight for the control of Iberdrola… an interesting battle to come with an unpredictable outcome.

More news on the Spanish Photo Voltaic (PV) solar market

February 4, 2009

Analysis by:Miguel Bunuel, Executive President,

Analysis of:Incredible growth in Spanish solar energy market spells good and bad news for PV industry | www.solarplaza.com

1) Again, it’s clear that the new feed-in tariff still makes investing in PV solar in Spain a profitable business. 2) The sector is going to be paralyzed a little bit longer, until promoters know that their facilities have been approved.

The strength of the wind: Bad news for power blackouts, but good news for Red Electrica Espanola - REE (and wind power generators)

February 3, 2009

Analysis by:Miguel Bunuel, Executive President,

Analysis of:Red contra el viento | www.enervia.com

1) The need for a thicker power grid that keeps us safe from power blackouts is obvious in many countries, including Spain. REE’s investment plans of thickening the grid in Spain, and interconnecting France and Spain through other points, should be completed as projected before the current financial crisis. 2) Social rejection to the construction of new power lines from some people (die-hard ecologists and others) is against sustainable development. 3) The growth of renewable energy production is also good news for REE’s investment plans, since it requires that those plans are completed as projected.

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