Business Roundup for Spain and the UK

Nissan ignores Sunak NISSAN is continuing with plans to sell only electric vehicles (EVs) in Europe by 2030.

Despite PM Rishi Sunak’s intention of moving the UK deadline on new petrol and diesel vehicle sales from 2030 to 2035, the Japanese company said that all new models sold in Europe will be 100 per cent electric by the end of this decade.

Nissan, which employs 7,000 people in the UK is on the point of launching two new EVs in Europe. One will be a successor to the Micra, while another vehicle will be built via a £1 billion (€1.15 billion) project at its huge Sunderland plant.

Santander-EY split SANTANDER and consultancy and accounting firm, Ernst & Young (EY), have parted ways in the UK.

This signals the termination of their contract and a multimillion refund following “failings” in EY’s work on preventing financial crime and money-laundering, revealed sources quoted by the Financial Times.

Santander brought in EY when it found itself under scrutiny from British regulators, the sources added.

The work the company carried out was so allegedly so substandard that it found itself in a position where it had to offer the bank a refund of approximately £15 million (€17.2 million).

EY’s Santander mission, codenamed Project Morgan, “went badly wrong over an extended period” the Financial Times said, adding that it was unclear whether Santander would now carry out the work itself, or call on another firm.

On-off deal FROZEN seafood company Nueva Pescanova cut redundances at its Madrid and Chapela (Pontevedra) installations from 100 to 81.

The company, 97.8 per cent owned by Abanca, reported €53 million losses for the year ending in March and has been negotiating for months the sale of an 80 per cent stake to the Canadian seafood giant Cooke.

Talks have stalled although Nueva Pescanova said these would resume in September.

Meanwhile, a spokesman rejected rumours that a large cash shortage and financial mismanagement threatened the deal, which Cooke reduced from €150 to €100 million plus a €200 million capital injection last July.

Aena’s Brazilian investments SPAIN’S publicly-owned airports operator Aena will build a new terminal at Conghas airport in Sao Paulo (Brazil).

The airport, the country’s second busiest, should be completed by 2028, Aena said.

As well as Congonhas, Aena will take over the running of 10 smaller Brazilian airports in October and November after putting in a $479 million (€465 million) bid for the 30-year contract in August 2022.

The company, which already operates six airports in Brazil, revealed that in the meantime it has already invested approximately €620 million in the new acquisitions.

Ofwat reprimand WATER companies in England and Wales were ordered to lower bills and return £114 million (€131.2 million) to customers next year.

The annual report on the companies from the Water Services Regulation Authority, Ofwat,  said that most water and wastewater firms had underperformed.

Fewer than 50 per cent met targets and progress had been “too slow” on leakages as well as sewage spills.

Thames Water, Southern Water and Welsh Water must return £101 million (€115.2), million), £43 million (€49.5 million) and £24 million (€27.6 million) respectively.

However, Severn Trent and United Utilities were authorised to hike bills after meeting targets.