Spain and the United States - Real Instituto Elcano

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100 SPAIN AND THE UNITED STATES antagonising non-Hispanic communities but could require a certain level of proficiency in Spanish, which would tend to favour Hispanic students. One of the main needs of the Hispanic community is better access to capital to start businesses. Spanish banks are well placed to do this as they are very solvent and understand the Hispanic business culture. Moreover, the two largest ones, Santander and BBVA, have invested heavily in acquiring banks in Latin America, particularly in Mexico. BBVA has two small banks in the United States: Valley Bank of California and Laredo National Bancshares (LNB) of Texas (see Chapter 3). A significant factor behind the purchases of these two banks was BBVA’s desire to build on its large market share of the remittances business and begin to offer basic products to Hispanics. In 2004, BBVA helped to launch the Palladium Equity Partners Fund III, the largest private equity fund aimed at the Hispanic market. Other leading investors are the California Public Employees’ Retirement System, New York State and Local Retirement System and the Los Angeles Fire and Police Pension Fund. The fund made its first acquisition in June 2005 when it bought Taco Bueno, a Mexican fast food chain with 136 restaurants in Texas, Oklahoma and Kansas. The investment opportunities identified by Palladium are: • Sectors which capture a higher percentage of Hispanic money, such as consumption and entertainment. • Sectors with a lower penetration within the Hispanic community, but in which higher growth rates are expected, such as financial services. • Companies which cover certain needs of Hispanics, who, for cultural or economic reasons, remain left out, such as those related to the healthcare and food sectors. • Products traditionally considered Hispanic that are extending to American society in general. Another promising area for Spain is the business related to the growing interest in the Spanish language in the United States (see Chapter 6). The United States is the fifth-largest Spanish-speaking country in the world, after Mexico, Colombia, Spain and Argentina (the 2000 census identified 28.1 million who spoke Spanish regularly, see Exhibit 5.7). Spanish is the most commonly taught foreign language in American schools and universities, providing opportunities for Spain’s publishers (see Chapter 4). There has also
THE HISPANIC COMMUNITY 101 been a take-off in the number of Spanish newspapers, radio stations and TV stations. The leading Spanish-language media company serving the Hispanic community is Univisión, which includes TeleFutura and Galavisión. The number of Spanish newspapers roughly doubled between 1990 and 2004 to just over 700 and their ad revenue rose eightfold between 1990 and 2003 to more than $800 million. Recoletos, Spain’s second-largest media group, helped to set up a chain of Spanish-language newspapers in Texas in 2004 and then sold its stake in May 2005, while Grupo Prisa, Spain’s largest multimedia group, has radio stations and sells textbooks to learn Spanish and English. Caracol Miami is the leading radio station among Hispanic audiences in Miami, and in January 2005 it received permission to boost its broadcasting power to reach audiences in southern Florida. In April, Prisa acquired the 690AM (XTRA) radio station, which broadcasts in Los Angeles and southern California. The enormous interest in news from Spain and Latin America among the Hispanic community is underscored by the spectacular growth in the Hispanic news service of Efe, Spain’s state-owned news agency, which earns more in the United States than from the whole of Latin America. Exhibit 5.7 Spanish-Speaking Population of Countries (millions)* The largest number of Spanish businesses is in the state of Florida, whose largest city, Miami, is called the “capital of Latin America”, as it is the city of reference for Latin American business and finance and where one in every six people speak Spanish at home. Florida, whose Hispanics are predominantly Cuban, accounts for around 10% of the 100,000 Spaniards who live in the United States (0.3% of the total population). Between 2000 and 2004, the number of Spanish businesses in Florida rose from 200 to more than 350 (more than in China), and two-way trade amounted to $1.2 billion, making Spain Florida’s 20th largest trading partner and the fifth among European countries (see Exhibit 5.8). One factor in Spain’s relative success in Florida, albeit an intangible one, is the greater importance (compared to Anglos) that both Spaniards and Hispanics attach to personally getting to know their business
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Spain and the United States The Que
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Published by the Real Instituto Elc
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ACKNOWLEDGEMENTS This is the third
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CONTENTS Preface ..................
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PREFACE Once again, our long-time c
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CHAPTER 1 OVERVIEW Had it not been
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OVERVIEW 13 French of more than two
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OVERVIEW 15 committed Protestant, a
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OVERVIEW 17 money was used to purch
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OVERVIEW 19 Later, the runway at Ro
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OVERVIEW 21 a much more balanced re
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OVERVIEW 23 The position of the Eis
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OVERVIEW 25 The first such school i
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OVERVIEW 27 significant proportion.
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OVERVIEW 29 3,631 in 2003 (the four
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OVERVIEW 31 forces were not happy a
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OVERVIEW 33 It is fair to say that,
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OVERVIEW 35 sovereign Basque state)
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OVERVIEW 37 by those countries for
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OVERVIEW 39 was the main instigator
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OVERVIEW 41 magnitude needed in a
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OVERVIEW 43 The Spanish decision in
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OVERVIEW 45 There was a flurry of v
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154 APPENDIX 4 NET SPANISH DIRECT I
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156 APPENDIX 6 FOREIGN DIRECT INVES
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