Business Extra – News in Brief for UK and Spain


Rice pests COYPUS, non-native otters from South America, are one of Cataluña’s most recent invasive species.  They are also causing problems in the traditional rice-growing area of Ampurdan (Girona) where growers asked the regional government to intervene to save this year’s crop.  

Less good The International Monetary Fund (IMF), believes that 2023 may be better than expected for the global economy, as positive figures ease predictions of worldwide recession. The outlook is less good for Britain, predicted to have the G20’s lowest 2023 growth.  

Argos goes ARGOS will close its 34 stores in Ireland in late June.  Recent accounts for its Irish operation showed a pre-tax loss of €13 million in 2022 and the company maintained that the investment required to modernise operations there was inviable.

Tax blow SPANISH multinational Telefonica’s Peru subsidiary lost its long-running multi-million tax dispute against the government in Lima regarding tax declarations made between 1998 and 2005. The Supreme Court in Madrid ordered the company to pay €790 million compensation, its largest-ever fine.

Royal bounty KING CHARLES announced that profits from his £1 billion deal leasing six offshore windfarms off different sections of the British coast would be used for the “wider public good.”  This follows Charles’s reference to the cost-of-living crisis in his Christmas speech.

Stat of the Week  THE International Monetary Fund reduced Spain’s predicted 2023 growth rate to 1.1 per cent but foresaw that inflation would drop to 3.7 per cent, while pronouncing labour reforms as “positive.”


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Written by

Linda Hall

Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share? Then get in touch at [email protected]