Business Extra for the UK and Spain

Business Extra for the UK and Spain

SMOKING: BAT hit as more people stop

Up in smoke BRITISH AMERICAN TOBACCO (BAT) has taken a £25 billion (€29.1 billion) hit and will write down the value of some US brands as more people stop smoking.  Camel, Pall Mall and others acquired in BAT’s 2017 Reynolds £40 billion (€46.6 billion) takeover are now worth considerably less than originally foreseen.

SAF for Zara REPSOL is supplying sustainable aviation fuel (SAF) for Atlas Air which it will use on all flights from Zaragoza Airport for its customer, Inditex.   New York-headquartered Atlas Air is also establishing an industry milestone as it is the first cargo airline to use SAF regularly on flights to and from Spain. 

Jobs saved OMNIPLEX, which owns 38 cinemas in Ireland, will pay more than £22 million (€25.6 million) for five sites belonging to the UK’s collapsed Empire operator which went into administration in July last year. The expansion of Ireland’s largest cinema chain onto the British mainland for the first time will also save 150 jobs.

Mine deal CANADIAN Denarius Metals Corp is paying €25 million for a 50 per cent holding in the Aguablanca copper-nickel mine in Monesterio (Extremadura).  The installation which belongs to Rio Narcea Recursos is located 88 kilometres away from Denarius’s own Lomero Project in Los Cerros del Andevalo (Huelva).

Not here The Competition & Markets Authority (CMA) told Marks & Spencer and Morrisons to “improve compliance” after they blocked rivals from opening up near their own stores “on multiple occasions” between 2011 and 2020.  “Competition between supermarkets must work well to help people get the best deals,” the CMA said.

No grudges AIRPORTS operator Aena called on Iberia to be “bighearted” and instead of hindering the handover to other companies to accept that it lost ground handling licences at Spanish airports because rivals presented better offers.  Iberia retains Madrid-Barajas but has lost Barcelona-El Prat, Palma de Mallorca, Málaga, Alicante, Gran Canaria, Tenerife Sur, Ibiza and Bilbao.

New role  THE Coca Cola Company announced that Spanish national Manuel Arroyo takes over as executive vice-president on January 1, although he would also retain the post of global chief marketing officer which he has occupied for the last four years.  Arroyo, who first joined the company in Madrid in 1995, was initially responsible for the group’s operations in the Asia-Pacific region.

Hard times THE Somerset Capital Management co-founded by the Tory MP, Jacob Rees-Mogg,is preparing to wind down following the departure of its most important client, wealth management company St James’s Place. Rees-Mogg’s business has lost around £2 billion (€2.3 billion) in assets, leaving it with approximately £1 billion, a sum generally regarded as too small for an effective hedge fund.

Don’t go yet THE UK’s Financial Conduct Authority (FCA) plans to ban High Street banks from closing unless local residents have access to free-to-use cash machines.  When proposing to close, banks will have two months to report to the FCA with details of facilities for cash withdrawals as well as deposit services for businesses and current accounts.

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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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