Business Extra for the UK and Spain

Freight mate SPAIN’S rail operator Renfe chose Swiss shipping line MSC to take over 50 per cent of its Renfe Mercancias freight division, whose debts rose to €38 million in 2022.  MSC’s logistics division Medlog and its Medway railway company will be responsible for the operation which first needs the Spanish government’s authorisation.

BBB losses THE state-owned British Business Bank (BBB), reported an annual pre-tax loss of more than £147 million (€169.15 million).  The economic development bank made £1.6 billion (€1.84 billion) in funding agreements but said “wider economic problems” led to a drop in the value of businesses it invested in.  

Food not fuel MORRISONS does not intend to abandon plans to sell off its fuel forecourts despite the UK government’s decision to postpone its ban on new petrol and diesel car sales until 2035. Although the fuel retailing attracted customers, the supermarket chain intends to concentrate on food sales and manufacturing, sources said.

Czech-in INFRASTRUCTURE multinational Ferrovial, which controversially moved its headquarters from Spain to the Netherlands earlier this year, intends to consolidate its presence in Central Europe.  It now hopes to create a consortium to bid for the €1.35 billion contract to build and manage the Czech Republic’s D35 motorway.

Drink up PROFITS for AG Barr, famous as the Irn Bru manufacturer, reported  half-year profits between February and July 30 which climbed 12.6 per cent to a pre-tax £27.8 million (€31.9 million).   Sales rose thanks to recent takeovers and a rise in the demand for soft drinks, AG Barr sources explained.

Sporting chance MARKS & SPENCER will begin selling Adidas and Sweaty Betty products in early October. The retailer launched Brands at M&S in March 2021 after purchasing Jaeger, its first third-party label, in January that year. The high street favourite will now offer 150 Adidas and Sweaty Betty items on The Sports Edit platform, in which it acquired a stake in 2022. Expanding the M&S sports ranges was “just one of the ways we continue to become more relevant to clients’ lifestyles”, Brands director Nishi Mahajan said.

Stat of the week: €5.1 billion plans set out by energy infrastructure company Enagas would distribute clean, green hydrogen to Spanish homes via a 3,800-kilometre network of pipelines and storage centres.