The founders of Mimetis Biomaterials joke that the field in which the company worksSuddenly, it worries those who do not know anything about this world: biomimetic synthetic bone regeneration.

Although in the end, fortunately, it is better understood. “Synthetic because the material that we graft onto the patient is not bone of animal origin; and biomimetics because, to produce this material, we replicate as much as possible the way bone is generated in nature ”, says Ana Chinea, biomedical engineer and CEO of the company.

Chinea joined in 2017 a project launched in 2013 by four researchers from the biomaterials area of ​​the Polytechnic University of Catalonia, among them the expert in bone regeneration María Pau, president of the company, and David Pastornino, who accompanies Chinea in the video call.

In 2015, the company launched its first product, calcium phosphate-based granules that, after being hydrated by the surgeon, are injected into the patient.

“It is a product that avoids the disadvantages linked to the use of human or animal bone, such as the eventual transmission of diseases, and that improves current synthetics”, Pastornino argues. Mimetis sells to the dental sector, which uses its product to regenerate the gum bone before performing implants , and to the orthopedic.

Its business model is based on closing contracts with distributors. “We do not have a direct sales force,” Chinea concedes, but that does not prevent 50% of their income from being obtained through their own channels, since part of the company’s 16 investors are also clients.

Although they sell more to surgeons in the dental sector, the higher volumes demanded by orthopedic professionals mean that these contracts represent most of the 120,000 euros that they billed in 2019. At the moment they lack profits.

Mimetis has nine employees and has its small factory in Cerdanyola del Vallès (Barcelona). They started the year by launching a second product on the market – customized solutions based on the patient’s medical image and printed in 3D – but the coronavirus has left them “almost without activity,” Chinea concedes.

“The sectors we work for went into shock and we were especially hit by not carrying out emergency interventions, since regeneration comes after a first stage of containment,” he explains.

The company has been financed thanks to 2.5 million public grants and one million private investment.

They are helped by resisting the loss of income by “an exclusive distribution agreement” signed with Nobel Biocare, one of the main distributors in the dental sector, explains Pastorino. Your next step is to reach a similar pre-agreement in the orthopedic market.

Social networks have already become a repository that stores how citizens are experiencing historical moments. In the case of the pandemic, they have served as an outlet for millions of users who have used them to share their concerns, concerns and discomfort in the face of such a dramatic and uncertain situation.

Based on this idea, several teams from MIT and Harvard University have analyzed the conversations that have been published during these months to find out how the mental health of users has been affected.

Their research, published in the Journal of Medical Internet Research , concludes that users make more references to their anxiety and talk more about suicide than before the coronavirus.

This conclusion also fits with the perception that psychologists have about the consultations that their patients have made so far this year.

Since the confinement began, the most common consultations that mental health professionals have are focused on anxiety, grief management and relationship problems.

“We have seen, above all, difficulties with grief, due to the death of relatives or acquaintances, loss of work and deep feelings of loneliness,” explains Martín Villanueva, co-founder of iFeel, one of the mobile applications that offer psychological help.

Given the recommendations to reduce social contact as much as possible, the use of these apps has skyrocketed. Since March, iFeel, with more than 300,000 users, has noticed an increase in queries of 203%, 90% of them from Spain.

These changes in the needs of patients have been noticed in the networks. Using machine learning techniques to analyze the content of more than 800,000 posts, Harvard researchers found changes in the tone and content of the language that citizens were using as the first wave of the pandemic progressed, from January to April.

Their analysis revealed several key changes in conversations about mental health: They found a general increase in references to anxiety and suicide.

“We discovered that threads related to suicide and loneliness emerged. The number of posts in these groups doubled during the pandemic compared to the same months last year, which is a great concern,” says Daniel Low, graduate student of the Harvard and MIT Speech and Hearing Technology and Bioscience Program and lead author of the study.

Although the authors clarify that they cannot point to the pandemic as the sole cause of the observed linguistic changes, they point out that there was a much more significant change during the period from January to April 2020 than in the same months of 2019 and 2018, ” indicating that the changes cannot be explained by normal annual trends. “

Using various types of natural language processing algorithms, the researchers measured the frequency of words associated with topics such as anxiety, death, isolation, and substance abuse, and grouped posts based on similarities in the language used.

They found that most users started talking about COVID-19 in March, but those who said they had health anxiety started much earlier, in January. As the pandemic progressed, the language used by all users began to look more alike.

The analysis also revealed the impact of the coronavirus on people who already suffered from some type of mental illness before the pandemic. The mental health groups most adversely affected at the beginning of the pandemic were those related to ADHD and eating disorders.

Researchers hypothesize that without their usual social support systems, due to quarantine, people with these disorders find it much more difficult to control their conditions. In those groups, the researchers found posts about hyperfocus on the news and relapse into anorexia-like behaviors, as other people were not monitoring meals.

The findings could help professionals, and even those responsible for different social networks, to better identify and help users who are suffering from some type of problem related to mental health, the researchers say.

“This type of analysis could help mental health care providers identify the segments of the population that are most vulnerable when something serious happens, like a pandemic or natural disaster,” says Low.

The Eurostoxx600 of banks has fallen by almost 40% so far this year and reflects the impact that the coronavirus crisis has had on financial institutions. But European banks, and in particular Spanish banks, already did their homework in the second quarter, by strengthening provision levels and limiting the cost of risk.

In addition, the recent merger agreed between Caixabank and Bankia, together with the open negotiations between Unicaja and Liberbank, seem to be the catalysts that the sector needs to take flight. As the European Central Bank (ECB) has repeatedly warned, the sector needs to accelerate concentration to emerge stronger from the pandemic.

With interest rates at zero and margins under pressure, accelerating bank consolidation is imperative to enhance efficiency and keep costs under control. From this point of view, both operations should underpin investor confidence and boost bank stocks.

Clearly, the market cannot indefinitely ignore that bank stocks are trading at historically low multiples. Giants such as Santander or BBVA trading with a price / book value ratio of 0.3 times, “ratios that can help capture some investor interest,” says Javier Molina, eToro spokesperson in Spain.

Likewise, and based on very long-term technical support, “the ground may have already been seen, leaving the way open for a certain consolidation of current levels”, emphasizes Molina.

This confluence of low fundamental valuations and technical floors is rare and could be an opportunity for investors who want their entry strategies by taking advantage of the eToro platform and the ability to emulate the portfolios of the best traders.

The likely return of dividends

After the outbreak of the pandemic, one of the first recommendations of the ECB was the suspension of dividends in banking. However, within the European issuer they are beginning to consider that the measure harms more than benefits. The entity has already warned that it will review its position in the fourth quarter and the market expects it to lift the restrictions in early 2021.

Furthermore, banks’ capital positions are much stronger than they were after the previous financial crisis. And this is the differential nuance that should end the veto. Without going any further, Santander recently became the first major European bank to propose the distribution of dividends charged to the results of this year, as long as the ECB allows it. And BBVA has also reiterated its intention to resume shareholder remuneration.

Therefore, the return of bank dividends is closer than ever and its effect could be amplified on portfolios as investors monitor other factors that could reduce profitability. For example, commissions, which could be reduced to 0%.

Beyond the stock market, the European sector faces the risk of new restrictions to curb the second wave of the coronavirus. But it is also likely that this impact will be offset by the ECB’s commitment to maintain its measures to support the financial system until the exit from the crisis is no more clear.

In fact, the ECB made it clear that it will pay close attention that the pandemic does not translate into a credit crunch. The role of the bank has been fundamental in this crisis. They have absorbed much of the impact, rather than amplifying it. To get out of the crisis, once entities have strengthened their efficiency and controlled risk, it is essential that money continues to flow into the real economy.

This content is for informational purposes only and cannot be considered investment advice or recommendation.

Past performance is not an indication of future performance. CFDs are leveraged products and carry great risk to capital. eToro is an entity regulated in Europe by the Cyprus Securities and Exchange Commission under license #109/10 and registered with the CNMV within the Investment Services Companies section of the European Economic Area in Free Service. Your capital is at risk

The pact by which ERC will support the 2021 Budgets in exchange for the Government promoting fiscal harmonization between the autonomous communities has focused on two regions that represent the two extremes of the debate: Madrid and Catalonia.

The first for displaying a low tax policy, with the lowest regional income tax rate and the highest bonuses on ceded taxes, and the second, for imposing the highest rates on income and leading the tax burden on taxes under its management.

The Madrid coffers, however, end up receiving more in the large taxes due, to a large extent, to the greater concentration of high income in the region. A factor that is both the argument of both sides to defend their position.

Thus, while the Madrid governments of the PP defend that their low tax policy attracts talent and generates wealth, those in favor of imposing homogeneous tax rules accuse the community of taking advantage of its capital status to practice unfair tax competition, ‘stealing’ from its taxpayers more wealthy.

“If there are less taxes, there is more employment and more collection”, defended yesterday, from Barcelona, ​​the president of Madrid, Isabel Díaz Ayuso, who accused the central Executive of “confronting territories”. It was backed by the president of the PP, Pablo Casado, who promised that his regions will “fight” to “continue lowering taxes.”

The fiscal harmonization, defended on the other hand the first vice president of the Government, Carmen Calvo, is necessary to solve “situations of asymmetry and imbalance” in the principle of equality among Spaniards. In turn, the Minister of Transportation, José Luis Ábalos, considered that the measure would improve the equality of the internal market.

“That a region as important as Madrid is practically living in fiscal dumping is bad news for those of us who believe in solidarity through taxes,” added the deputy of Comú Podem, Joan Mena, who argued that “secessionism fiscal ”of Madrid is causing a“ territorial crisis ”.

In turn, the parliamentary spokesman for United We Can, Pablo Echenique, estimated that fiscal homogenization would raise Madrid’s collection by 500 million, while the Ministry of Finance of this community fears that matching its taxes to those of socialist regions would mean an increase tax of 5,900 million.

We will have to wait until next year to see what the Executive’s specific approach is in this area. For the moment, the figures reveal enormous differences in the application of the assigned taxes. Madrid, for example, does not apply the Heritage tax, while in Catalonia it collects more than 500 million, half of the national income.

Since 2015, Catalonia also collects more from Successions (559 million in 2019) than Madrid, which has been raising the bonus among close relatives (and obtained 455 million last year).

The Generalitat also earns more than the Ayuso Executive in Asset Transmissions (1,525 versus 1,162 million, respectively); Documented Legal Acts (567 compared to 398 million); and gambling fees (224 vs. 148 million). Last year, the set of assigned tributes left 3.

Despite this clear difference, the taxes transferred are dwarfed by the personal income tax figures. With the lowest marginal rate in the country, 43.5%, and fewer taxpayers (3.37 million), in 2018 Madrid collected 21,420 million compared to 18,452 in Catalonia, which applies the highest marginal rate, 48%, and it added 3.65 million taxpayers.

To a large extent, the explanation lies in the fact that Madrid concentrates 50% of the country’s high incomes, compared to 25% in Catalonia. Thus, the Madrilenian pays 8,381 euros per year and the Catalan, 6,907.

In parallel, there is the circumstance that in recent years the Madrid economy has surprised the Catalan as the first in the country, while Catalonia has accused the bill of the process , which caused the departure of thousands of companies from the region through the Legal uncertainty that surrounded the threat of declaration of independence of the Government.

Despite the different readings of these figures, the debate has begun and while regions governed by the PSOE, such as the Canary Islands, support fiscal harmonization, others from the PP, such as Galicia, would only accept it “downward.”

In parallel, as revealed yesterday by the director of the Tax Agency, Jesús Gascón, in the XXX Congress of State Finance Inspectors (IHE), the treasury has been receiving a “growing demand” from the regions to control the veracity of the changes of domicile of its inhabitants to other regions with less tax pressure, in order to prevent them from faking such moves to pay less elsewhere while generating the same expense for them.

Pfizer and BioNTech, Moderna, AstraZeneca and Oxford … The most advanced vaccines against Covid 19 are being prepared to request authorization through the emergency route for their distribution and will begin to be supplied throughout December and early 2021.

All have reported high levels of safety, which does not prevent some mild or moderate side effects that generally disappear shortly after delivery.

1. BNT162b2 (Pfizer and BioNTech)
   The Pfizer and BioNTech vaccine is the leading one among the projects under development to fight Covid 19.

The companies have applied to health regulators in the US for authorization for the emergency use of their vaccine and are expected to receive light. green in mid-December. They also plan to request authorization in the European Union.

Pfizer and BioNTech were the first to announce encouraging results on their vaccine on November 9. According to the companies, the last stage of trials with thousands of volunteers (phase III) has been 95% effective in preventing the disease without major safety risks.

The trials carried out so far have not shown any serious adverse effects , as the companies have highlighted in their statements. Yes there are minor side effects.

The study “has not reported any major safety concerns related to the vaccine,” Pfizer and BioNTech said . Data from a subset of 8,000 participants aged 18 years or older in the phase 2/3 study demonstrates that “the vaccine was well tolerated” and that most adverse effects “resolved shortly after vaccination.”

The only reported Grade 3 (serious) adverse events with a frequency greater than or equal to 2% after the first or second dose were fatigue in 3.8% of cases and headache in 2% after the second dose. Older volunteers tended to report fewer and milder adverse events after vaccination.

The Pfizer and BioNTech vaccine may become the first to use the technology known as RNA . A small sequence of genetic instructions called RNA, created in the laboratory, is injected into the body that “instructs” the body’s cells to produce a specific antigen against the coronavirus.

The advantage is that the vaccine with this technique is easy and fast to produce. Equipment and laboratory requirements are lower. The biggest drawback is that it is necessary to keep it at a temperature below 70 ° below zero to prevent it from losing effect, that is, it needs special cameras for its conservation.

Another condition is the price . The European Commission would have agreed to pay 15.50 euros per dose per vaccine from Pfizer and BioNTech. As the treatment is two doses, the cost rises to 31 euros per treatment.

1. mRNA-1273 (Modern)
   Moderna’s vaccine is also one of the candidates based on RNA technology. The results of their studies, in which 30,000 people participated in the US, point to an effectiveness rate similar to that of Pfizer and BioNTech, of 94.5%.

In this case, no “significant security problem” was observed , according to the company.

“A review of reported adverse effects indicated that, in general, the vaccine was well tolerated,” he adds. Most of the side effects were “mild or moderate in severity.” Grade 3 (severe) effects with a frequency greater than or equal to 2% after the first dose included pain at the injection site (2.7%), and after the second dose included fatigue (9.7% ), muscle pain (myalgia), in 8.9% of cases; joint pain (arthralgia), in 5.2%; headache (headache) in 4.5%; other unspecified pain (4.1%) and erythema or redness at the injection site (2.0%). Side effects “were generally short-lived.”

Moderna’s vaccine is kept at a temperature of 20º below zero , compared to the 70º below zero required by Pfizer and BioNTech, which is an advantage for its maintenance.

The price is cheaper than that of Pfizer’s vaccine but more expensive than Oxford’s: it will be below 21 euros, but it has not been specified.

Moderna’s vaccine needs a very low storage temperature, although less cold than Pfizer’s

Moderna plans to request authorization from the US for the distribution of its vaccine during these weeks. It also plans to send the petition to the European Union.

1. AZD1222 (AstraZeneca and University of Oxford)
   AstraZeneca and Oxford have announced that the study carried out in the United Kingdom and Brazil on their vaccine showed that it was very effective in preventing Covid 19, and no hospitalizations or serious cases of the disease were reported in the participants who received the vaccine.

It is effective, on average, in 70% of cases and can achieve protection of up to 90%.

“No serious vaccine-related safety events have been confirmed,” the company said in a statement. AZD1222 was well tolerated “in both dosing regimens”.

Although the definitive data of this vaccine are not yet known, the side effects reported in an earlier phase of the study of this vaccine were similar to those of the previous ones. Fatigue, headache, low-grade fever and myalgia were the most reported systemic adverse reactions, according to The Lancet .

All of them disappeared shortly after administration and the incidence decreased with the second dose. None reported fever (more than 38º).

In September, AstraZeneca and Oxford discontinued clinical trials of their vaccine due to an adverse reaction from a participant. A few days later, the academic institution said it considered it safe to go ahead with the tests.

AZD1222 belongs to the type of non-replicating viral vector vaccines. That is, it was formed from an adenovirus of a type that does not cause disease and is unable to reproduce. Inside it, the genetic code of SARS-CoV-2 was inserted , to provoke a reaction of the immune system.

This vaccine has advantages in its distribution. It is kept at a temperature between 2º and 8º (any refrigerator) compared to the requirements of the Pfizer vaccine (70º below zero) and Moderna (20º below zero if it is stored for more than 30 days).

In addition, the price is much lower than that of Pfizer and Moderna. The AstraZeneca and Oxford vaccine would cost 5.9 euros in total for the two doses, making it by far the cheapest

The technological revolution has had a full impact on the investment universe and has favored the freedom and autonomy of the individual investor when operating in the financial markets.

The revolution of the democratization of investment is reflected in the ‘ Barometer of the digital transformation of investment in Spain ‘ published by eToro .

The study, where investment professionals from advisers to CIOS and professional investors have participated, reveals that 92 percent of the advisers surveyed are confident that technology will democratize investment.

This situation means that 94 percent of the advisers are clear about the fact that new investment vehicles will emerge and costs will be reduced thanks to digitization.

This change of scenery causes professionals to agree that new professions will also appear in the financial industry.

The new investment framework must bring with it an increase in financial education, which is key for investors to adapt to the market that is to come.

Therefore, another determining conclusion of the barometer is that training will be one of the main challenges in this democratization that is already latent.

Brokers play a fundamental role in the change and eToro is aware of this when verifying that it is the third most used platform to make investments in Spain by professionals, outside their work, and individuals.

Social investment, on which eToro is based as a unifying vehicle for the evolution of investors , is already fully known by the market.

And, 8 out of 10 advisers already know this type of investment and 71 percent of them have come to consider making social investment their way of life.

Investment professionals like the fact that other users are allowed to follow the steps and operations of other investors to become professionals in the sector and make operating in the markets their way of life.

Based on this situation, eToro has launched the ‘ Investing Time Machine ‘, a project to definitively boost financial culture. It is an interactive tool to see, for example, how much money they would have earned had been invested years ago in the company for which they show the most interest.

Thus, through this free simulation, it is intended to bring out the investor that we all carry inside. It is a didactic and interactive way of bringing markets, generally perceived as complex and inaccessible, closer to the common citizen.

The ultimate goal of this tool is to make investors aware that past returns are not a reliable indicator of future results. This is the essence of ‘The Machine’: to provide added value, but also remember that we must always inform ourselves before investing.

This content is for informational purposes only and cannot be considered investment advice or recommendation. Past performance is not an indication of future performance. CFDs are leveraged products and carry great risk to capital.

eToro is an entity regulated in Europe by the Cyprus Securities and Exchange Commission under license # 109/10 and registered with the CNMV within the Investment Services Companies section of the European Economic Area in Free Service. Your capital is at risk.