The EU’s competitiveness has been the talk of the continent (“Draghi hopes to save Europe from itself”, Opinion, September 18).

Former and current prime ministers, business leaders and heads of the EU’s largest investment funds, among other prominent voices, are lamenting what has been termed a “competitive crisis”.

EU leaders are right to focus on this issue. Europe is falling behind.

As leaders look for real solutions to these real challenges, they should take a page from the book of those running US capital markets and get rid of the EU’s antiquated shareholder rights equity issuance rules.

The US method of raising equity capital through open offerings is faster and more efficient, and it ultimately better serves shareholders.

Conversely, the EU’s stringent shareholder rights rules, while designed to protect investors, often impede companies’ timely access to capital.

As chief executive of a fund manager I know that in today’s fast-paced global economy cost, speed and access to capital is critical.

Rights offerings often succeed not because of the companies’ attractiveness — for example, a perception that they are strong and well managed — but because of wide discounts offered that are consequently coercive to shareholders who didn’t want to absorb dilution.

That’s anathema to a competitive market. The prevalence of deeply discounted, defensive rights issues is one of the reasons why European markets have lagged behind the US, in our view.

By modernising these rules, the EU could create a more dynamic and responsive market environment. Simplifying the equity issuance process would make it easier for European companies to compete on the global stage, attracting more investment into the region through the improved access to and cost of capital. Investors are more likely to put their money into markets where companies can act swiftly and decisively.

Moreover, reforming these regulations would send a strong signal that the EU is committed to fostering a competitive and innovation-friendly economy via vibrant capital markets. This could help reverse the current trend of European companies being overshadowed by their American and Asian counterparts.

Joseph Harvey
Chief Executive, Cohen & Steers, New York, NY, US

Columbia Hillen

Every tile tells a story.

Or at least that’s the situation at the 5-star Bela Vista Hotel & Spa in Portimão on Portugal’s Algarve coast.

Century-old hand-painted tiles adorn the walls of this 38-room hotel, none more so than on the ornate wooden staircase leading up to the bedrooms. Here, a series of intricately designed tiles illustrate one of Portugal’s most respected books, The Lusiads, an epic poem written by Luis Vaz de Camoes about Portugal’s ‘golden age’ of discovery.

Columbia Hillen

Elsewhere, an aptly-named ‘tile room’ depicts the arrival in Brazil by 16th century explorer, Vasco da Gama, while religious scenes such as the Last Supper are illustrated in other rooms.

The intricate tile work throughout the hotel is the legacy of the original owners of this 1908 building, once a stately family home. Only in 1934 was it transformed into a hotel, now expanded to 38 rooms, 10 in the main building, 21 in what are termed  ‘garden rooms’ and seven in the ‘blue house,’ both on the same grounds. 

Columbia Hillen

Beautiful tile work is not the only impressive artistic feature of Bela Vista. Ceilings are carved from Brazilwood, a rare variety now protected. There is also a vintage piano in the main lobby dating from 1855.

Columbia Hillen

Bela Vista, as the name suggests, occupies an envious position overlooking the ocean and Praia da Rocha (Beach of the Rocks). In many ways, the hotel is reminiscent of the 1950s Amalfi coast, a white ‘ivory tower’ like structure insulated from the busy hubbub of the streets just beyond its sturdy iron-wrought gates and with an interior design bright with colors, a vivid blue and white on chairs and cupboards and sunny yellow bedspreads.

Columbia Hillen

Our room, 102, was refreshingly decorated in hues of blue, yellow and white with tiles featuring a floral motif covering part of the walls. It also featured a wood-floored balcony with whicker armchairs overlooking the long stretch of beach. 

Columbia Hillen

Even the bathroom, with tub and shower and l’Occitane and Guerlain toiletries, granted clear views over the beach and ocean. A floor-to ceiling linen curtain kept the room dark at night. Two armchairs and a coffee table, a bench and chair and a wall TV were among room furnishings.

Chef Joao Oliveira. Photo by Columbia Hillen

Dining highlight of a stay at this hotel is its Michelin star restaurant, Vista.

Guests are granted a short pre-dinner tour of the basement kitchen where they meet executive chef Joao Oliveira from Porto and his team of seven chefs, as well as a visit to the wine cellar. 

Columbia Hillen

The kitchen renovated five years ago has a special chef’s table for two for unique dining experiences.

Beside the kitchen is a wine cellar with, according to sommelier, Tiago Samarro, 800 different vintages, most from Portugal but also from countries such as Spain, New Zealand and Italy, all kept under constant room temperature. The oldest wine is a mid-1960s vintage.

Columbia Hillen

A ‘tactile’ menu, including grains of sand affixed to it, is provided to guests, created by local artist, Inês Barracha, followed by a jigsaw-like miniature map of three Algarvian regions indicating from which products for the restaurant’s 11-course pescatarian tasting menu are sourced.

Our dinner began with a veritable explosion of taste, a marble-size, lime-green ball filled with a liquid blend of horseradish, ginger and apple that simply blasted flavour throughout my mouth.

Columbia Hillen

Innovative dishes that followed included violet shrimp (camarao listado), a thin sheet of rice flour with the shell of a shrimp imprinted on it.

Another was a tomato dish comprising marinated cherry tomatoes from Quinta Das Castelhanas, a local farm, three tomato gels flavored with yuzu, camomile and Moroccan lemon combined with garlic flowers and capuchinha (aquatic leaves) and a sprinkling of ‘tomato water,’ all sprayed with camomile-infused vinegar.

A langoustine from Sagres slightly roasted and decorated with flowers of pickled cauliflower and an emulsion of white grape was also among the culinary offerings.

Columbia Hillen

Our dinner also included turbot and anchovies and delicious sourdough bread with olive oil from the hotel owners’ grove, Daniel Proença de Carvalho (DPC).

Even the butter on the menu is far from standard fare – being a blend of goat, cow and sheep milk, according to Neuza, our gastronomic guide for the evening.

Columbia Hillen

A second restaurant is the Bistro. In season, it is outside on a poolside patio facing the beach and sea; offseason, in the elegant ambience of the bar area with a mosaic floor and what can best be described as three-dimensional wall paintings – some featuring parakeets perched on keys in a cage; others, a system of mirrors that seemed quite nautical on a background of broken coconut shells. 

Columbia Hillen

A furnishing highlight is the ceiling of Brazilwood beams, deftly painted in a leaf and grape filigree.

Here we enjoyed Portuguese cod fish cakes, fresh cheese, mushrooms and thyme ravioli with celery broth and extra virgin olive oil; langoustine and scallops carpaccio with champagne and Ossetra caviar designed as a rosette reminiscent of a cactus flower like the ones on the hills nearby, formed by thin petals of langoustine and scallops, layered, with a pistil of caviar and surrounded by a smooth, champaign and butter sauce. 

Columbia Hillen

A gym, and outdoor swimming pool surrounded by tall swaying palm trees and a spa offer leisure opportunities.

John Plender is right to draw attention to the growing preference of defined benefit scheme trustees and the schemes’ employer sponsors to insure their pension obligations (“The lucrative pension fund transfer trend needs urgent scrutiny”, Opinion, September 17). However, the primary reason for this trend has, perhaps, been overlooked.

Beneficiaries of a defined benefit pension rely on the strength of their former employer’s corporate covenant being sufficient to meet, in all circumstances, the “promise to pay” implicit in a DB pension.

Conversely, following a transfer to an insurer, this promise is underpinned by the solvency capital requirement and the Financial Services Compensation Scheme. In other words, a “promise” becomes a closely-regulated commitment. Hence the market’s rapid growth now that this protection is evidently affordable.

Mark Wood
Chairman, PensionBee, London SE1, UK

Reading your editorial on the situation in the Middle East is rather depressing, for two reasons (“Israel’s reckless pager attack on Hizbollah”, FT View, September 19).

First, it is absolutely accurate to describe the seriousness of the situation and how it could further degenerate into an all-out war, taking an appalling toll in terms of casualties, displaced peoples and destruction.

Second, the editorial seems to follow an inescapable logic, although it ends with a prudent hint of hope in the US plan. Unfortunately, this applies to other conflicts around the world too.

The sense of ineluctability and resignation appears widespread among governments, at the UN — whose main objective is averting the scourge of war — and at the EU, which was established to promote peace and stability through economic integration and prosperity.

Diplomacy and the peaceful settlement of disputes seem to have been dismissed in favour of a race towards armament and militarisation. This is not to say that governments and relevant international organisations should not upgrade, test and strengthen their military defensive capacities. Obviously, they have to take such steps, and we are grateful they do so. But they cannot afford to neglect any suitable peaceful means to prevent and defuse international conflicts, however difficult and complex the task may be.

Needless to say, a diplomatic solution to the crises in the Middle East — or in Ukraine or elsewhere — unavoidably requires, from the parties involved, a willingness to make mutual concessions and sacrifices, and from any mediator or broker both vision and perseverance. Territorial disputes, individual criminal responsibilities, liability for the damages caused throughout the crisis, reconciliation and reconstruction are all formidable challenges but not inexorably insurmountable obstacles.

Diplomacy cannot surrender and must claim and honour its role.

Tarcisio Gazzini
Professor of International Law, University of Padua, Veneto, Italy

Zafiro Palace Andratx

With an influx of buzzy new hotel and restaurant openings, new direct flights from the U.S. and a focus on sustainability, Mallorca, Spain shows no sign of slowing down. While peak summer months cater to those seeking a lively Mediterranean atmosphere, fall in Mallorca provides a more serene and laid-back vibe. Notable autumn events include grape harvest festivals, traditional fairs, the Mallorca International Film Festival and the Port de Sóller Classical Music Festival.

The abundance of the constantly evolving island is personified at the five-star Zafiro Palace Andratx, the crown jewel of the Mallorcan family-owned Zafiro Hotels portfolio. Resplendent in authentic island character, secluded terraces give way to sweeping views of the rugged Serra de Tramuntana mountains and white sand beaches. Just a short stroll away from the serene seaside village of Camp de Mar and a quick drive from the lively harbor town of Port d’Andratx, the resort is the perfect destination for a fall getaway.

Zafiro Palace Andratx

A variety of restaurants to suit every taste, gorgeous garden and skyscape pools, a luxurious spa and wellness center and bespoke amenities bring the splendor of the island into the grounds of the hotel. Zafiro Palace Andratx’s 304 generously sized suites are resplendent in authentic Mallorcan character and adorned with locally sourced décor. Standout artwork is from female-owned ABA ART and take-home vanity cases are designed by Teixits Vicens. Each suite is appointed with a private pool or hydro-massage bathtub and a secluded terrace offering unrivaled views.

Zafiro Palace Andratx

Designed for guests seeking access to over-the-top service and enhanced amenities, the new Zafiro Club Suites – debuted in 2024 – showcases the very best that the hotel has to offer. Guests who book a Zafiro Club Suite receive exclusive access to a private pool and bar area, Jo Loves in-room amenities (created by Jo Malone), daily fresh flowers, a personalized concierge service, massage for two, romantic dinner, and more. In addition, the resort unveiled one of the first luxury all-inclusive options on the island last season with its All-Inclusive Redefined package.

Zafiro Palace Andratx

Hotel guests can now book a sustainable excursion on a 100% electric-powered llaut, the traditional boat of the Balearic Islands. Available exclusively for Zafiro guests, the experience consists of a trip for up to 6 people along the southwest coast of Mallorca, with opportunities for water activities such as SUP and underwater scooters, as well as onboard food and drinks featuring locally sourced products. This innovative and sustainable experience causes no emissions, has no carbon footprint, and causes no stress to local marine wildlife.

Zafiro Palace Andratx

As Mallorca continues to blend luxury with sustainability, visitors have the unique opportunity to immerse themselves in both cultural events and eco-friendly experiences. Whether indulging in the island’s culinary delights or exploring its pristine waters on a zero-emission boat, Mallorca offers a perfect balance of relaxation and responsible tourism. The resort is open through early November and now is the ideal time to experience this Mediterranean gem

Zafiro Palace Andratx

Delphine Strauss reports on union warnings that employers could sidestep Labour’s workers’ rights upgrade by hiring people as self-employed contractors (Report, September 16). While I agree this is a palpable risk, a Supreme Court ruling last week has made it harder to prove that someone is genuinely self-employed. This is not the positive development that it may appear to be to some.

In an employment status dispute between HM Revenue & Customs and Professional Game Match Officials Limited, the body that assigns referees to professional football matches, the court ruled that some casually self-employed referees should actually have been paid and taxed as employees. The judges looked at whether PGMOL and the referees had “mutual obligations” to each other to offer and complete work — a key indicator of employment. HMRC has long argued that merely by agreeing to take on work, a contractor has established “mutual obligations” with their client, regardless of the length or frequency of that work. This view was backed by the court.

This will not only affect future employment status rulings, but also the advice that employers will receive before attempting to classify their workforce as “self-employed contractors”. However, those who want to be self-employed have just lost one of the legal avenues to prove that this choice is legitimate.

Having a thriving self-employed sector is great for the economy, for hirers, and for the people that choose to work independently. But while workers with employment contracts are set to be granted greater flexibility in work, the traditionally flexible freelance sector is being placed in a bind.

The unions are right — our employment status rules are in dire need of reform. If government proceeds with its plans for a single status of “worker” without updating the rules that decide who that status should and shouldn’t apply to, it risks placing even more strain on a struggling labour market and shutting down the ambitions of those who one day may wish to work for themselves.

Andrew Chamberlain
Director of Policy, IPSE — The Association of Independent Professionals and the Self-Employed, London WC1