Business Extra for the UK and Spain

Lidl giant LIDL’S largest warehouse in the world opened recently near Luton (Bedfordshire), an 11,000-square metre distribution centre serving 150 stores and creating approximately 1,500 jobs.  The £300 million (€349.8 million) site’s solar panels will also supply all the warehouse’s electricity needs at certain times of the year, Lidl said.

Charge sheet BRUSSELS set a December 28, 2024, deadline for phone manufacturers to adopt a common charging cable.  All new portable electronic devices must use a USB Type-C charger, meaning that Apple, whose iPhones require an Apple-charger, will not be able to sell new phones unless they switched to universal cables.  

Think again MOODY’S, the US rating agency, asked Spain to modify its pensions system.  Failing to do so would put pressure on the country’s credit profile by the end of the 2020s and  make it harder to finance the country’s pensions by making their debt issues more expensive, Moody’s warned.

Read about it WH SMITH’S turnover grew by 28 per cent for the year ending last August despite rail strikes, as sales flourished at airports and the newsagent-convenience retailer expanded into the US.  Analysts predicted annual pre-tax profits of £143 million (€166.7 million) compared to £61 million (€71.1 million) the previous year. 

Autumn ready WITH autumn and cooler weather approaching, Spain, together with Portugal, is the only European country where stored gas reserves stand at 100 per cent, compared with the EU average of 92.65 per cent.  France currently has gas reserves of 88.65 per cent while the UK has 86.42 per cent.

Canada exit SPANISH multinational is selling its Canadian assets located in the Deep Basin (Alberta) to natural gas company Peyto for $468 million (€433 million).  The sale, which included prospecting rights, installations and infrastructure is part of its strategy focusing on oil and gas production in key areas like the United States and Brazil, Repsol said.

New brew SPANISH brewing group, Mahou, is launching its own caffeine-based energy drink Refeel – created to compete with Red Bull and Monster – which the company has been trialling this summer in San Sebastian (Guipuzcoa) and on Amazon.  In 2022, more than 3 per cent of Mahou’s €1.74 billion turnover was the result of innovations launched during that period.

Aberdeen jobs ENGINEERING and consultancy company Wood Group secured a £262 million (€304.9 million) five-year contract with Britain’s largest North Sea oil and gas producer, Harbour Energy which should provide hundreds of jobs in the Aberdeen area. The London-listed company will provide engineering, procurement and construction and operations and maintenance services, for Harbour’s offshore assets “critical to UK energy security.”

Not yet BRITAIN’S prime minister Rishi Sunak ruled out the chances of reaching a rapid trade deal with India ahead of this month’s G20 summit in Delhi. Sources close to the negotiations said that Sunak had rejected an “early harvest” deal, which could have lowered tariffs on goods like whisky but would not deal with complex issues  including professional services.

Stat of the week: €1.2 billion in wealth tax payments was saved in 2021 by 524 affluent people whose fiscal residence was located the Madrid Community, which discounts 100 per cent of the levy.