Business extra for the UK and Spain

Business extra for the UK and Spain

SCUNTHORPE: British Steel’s blast furnaces to be replaced with electric arc technology Photo credit: Jonathan Thacker

Cleaned out BRITISH STEEL, owned by China’s Jingye Group, plans to close its Scunthorpe blast furnaces, putting up to 2,000 jobs at risk.  They will be replaced by an electric arc furnace in Scunthorpe and another in Teesside in a £1.25 billion (€1.43 billion) project to turn British Steel into “a clean, green and sustainable business.”

Ill wind SPAIN’S Association of Petroleum Product Operators (AOP) warned that extending Spain’s windfall tax on large energy companies endangered €16.5 billion in investments. Repsol has already delayed plans for a hydrogen plant in Bilbao, while Endesa’s chief executive condemned the tax as “discriminatory and unjustified.”

Naked truth NAKED WINES shares plummeted more than 30 per cent after the group cut its annual forecasts, with adjusted pre-tax earnings cut to between £2 and £6 million (€2.3 and €6.9 million).  The company’s chief executive Nick Devlin announced that he was stepping down from the business “with immediate effect.”  

Settle up MADRID’S Provincial High Court handed Carlos Iglesias, brother of singer Julio Iglesias and his former manager, a six-month prison term and a €30 million fine for failing to pay corporation tax on land he sold in Madrid.  The transaction was carried out by the Panama-registered company of which Carlos Iglesias was also the manager.

Prime time ASSOCIATED BRITISH FOODS, which owns Primark, attributed rising profits and sales to alliances with celebrities who have included Rita Ora.  The group’s total revenue grew by 16 per cent to £19.7 billion (€22.6 billion) in the first three quarters of 2023, with Primark sales rising 15 per cent to £9 billion (€10.3 billion).

Trickling back METRO BANK deposits fell by 5 per cent from £16.4 billion to £15.6 billion (€18.8 billion to €17.9 billion) during the third quarter of this year.  Customer withdrawals have normalised after October’s emergency £325 million (€379.2 million) rescue deal from investors and bondholders plus £600 million (€688.4 million) in debt refinancing, the bank said.

Levi’s rise LEVI STRAUSS’S Spanish subsidiary reported sales of €45.5 million last year, 12 per cent more than in 2021 but still 9 per cent below the €49.9 million registered in 2019 before the pandemic hit.  Spain accounted for 96 per cent of the company’s 2022 turnover, while Portugal’s 4 per cent was one percentage point more than in 2021.

PwC cuts ACCOUNTANCY firm PwC announced that it is preparing to lay off between 500 and 600 employees, explaining that it finds itself overstaffed owing to a reduced call on its services.  The group will cut between 500 and 600 jobs via a voluntary redundancy scheme in a move affecting 2.4 per cent of its 25,000 employees in the UK.

Record results CAR component manufacturer Gestamp’s turnover grew by 17.9 per cent to €9 billion by the end of 2023’s third quarter with net profits of €225.3 million, up 23 per cent on the same period last year.  These were the best results since the Spanish multinational was floated on Madrid’s stock exchange six years ago.

Stat of the week: €490 million paid by Inditex founder Amancio Ortega’s investment company Pontegadea for the purchase of a 49 per cent stake in Repsol’s Spanish windfarms and solar power plants.

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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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