Business Roundup for Spain and the United Kingdom

Spain's Gold Reserves Look Set To Remain Underground

Gold. Photo credit: CC/Alliance for Responsible Mining

All that glisters GOLD is a traditional standby providing protection against uncertainty and inflation although

prices can experience intense fluctuations, experts warned.

“I wouldn’t recommend this type of investment for someone wanting short term returns,” financial adviser Victor Alvargonzalez said.

Gold shot up at the start of the pandemic and the beginning of the Ukraine war but tumbled between March and October 2022.  An ounce of gold fetched $1,824 (€1,728) in February, 11 per cent below the maximum of $2,067 (€1,958) it reached in early August, Alvargonzalez said.

“Gold isn’t meant for speculation, it’s more of a strategic investment,” added market analyst Javier Molina.

Dual listing is feasible SPAIN’S National Securities Market (CNMV) is analysing possible limitations for Spanish companies wishing to list securities in Spain and the US.

Rodrigo Buenaventura, CNMV president, explained that “numerous” Spanish companies traded on US stock exchanges via the American Depositary Shares (ADR) system of certificates deposited with a US bank.

“Some indexes, like Nasdaq, admit ADRs,” Buenaventura said.  “Others, no.”

He stated that until now the CNMV had not received enquiries regarding the hypothetical difficulties cited by Ferrovial in listing a Spanish company in the US while registering shares in Spain.

Morrisons upkeep blow MORRISONS warned at least 83 property maintenance suppliers that their services would no longer be required, endangering around 1,000 jobs.

The debt-laden supermarket chain, taken over in October 2021 by US private equity group Clayton Dubilier & Rice, will switch to a single provider for repairs and upkeep.

Morrisons is also likely to lay off roughly 50 office staff who handle maintenance in Bradford and other locations.

The suppliers, many of whom had worked with Morrisons for decades, said they were warned that their contracts might come to an end during a short video call in which they had not been able to ask questions.

Do it now GOVERNMENT advisers want ministers to take control of the UK’s renewable energy system.

They needed to remove planning permission obstacles for Britain to meet net-zero goals, Chris Stark, chief executive of the Committee on Climate Change, explained.

The existing planning regime prevented construction of onshore windfarms despite official promises to remove barriers which, together with lack of investment, were delaying construction of connections to the national grid, Stark warned.

“It would be an enormous mistake to wait until the next general election to introduce new ambitious policy,” he added.

Ocado takes on Tesco OCADO is now price-matching 10,000 Tesco items.

The online grocer’s announcement came as the company reported losses of more than £500 million (€561.6 million) in 2022.

Food prices began to surge last year after the war in Ukraine sparked a huge rise in energy costs and at the same time disrupted imported supplies of grain, vegetable oil and fertiliser.

While prices at all supermarkets have risen during this time, the big chains are now in fierce competition to maintain their share of the market.

Ocado has price-matched Tesco in the past but had not done so recently. However, on March 1 it began comparing prices with 10,000 “like-for-like” products on Tesco’s website and will give customers money off their next shop if their order would have been cheaper at Tesco.

Buoyant Greggs GREGGS will open 150 new shops and trial 24-hour drive-through outlets after a rise in sales and profits despite increased overheads.

The chain renowned for its sausage rolls announced plans to resite 40 shops in larger premises and refurbish another 150 stores this year, as demand for its products remained buoyant notwithstanding the cost of living crisis.

The London stock exchange-listed company reported that sales had risen by 23 per cent to £1.5 billion (€1.68 billion) in 2022, with pre-tax profits 1.9 per cent higher at £148 million (€166 million).

Grifols doubts GRIFOLS CEO Steven F Mayer’s surprise resignation has disconcerted shareholders.

Mayer resigned from the pharmaceutical company that specialises in plasma-derived medicines at the end of February, citing “personal motives” five months after taking over.

This coincided with the presentation of the Barcelona-based multinational’s savings plan, created to demonstrate commitment to tackling its share price crisis and the €9 billion debt dogging the company since the pandemic.

Tactics include laying off 8.5 per cent of Grifols’ global workforce and other measures aimed at saving an annual €400 million.

Mayer has been replaced by Swiss national Thomas Glanzmann, Grifols vice-chairman since 2017.

Tickets hiked RAIL fares in Britain have experienced the largest increase in more than a decade despite record levels of poor timetable reliability.

Fares in England and Wales rose by up to 5.9 per cent on average, adding hundreds of pounds to the outlay for most annual season tickets, consumer groups said.  The annual rise was the largest since the 6.1 per cent hike across the country that was announced in 2012.

Britain’s Rail minister Huw Merriman justified the increase which he maintained was “well below” inflation.

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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 editorial@euroweeklynews.com.

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