Finance Extra for the UK and Spain

Finance Extra for the UK and Spain

PORT TALBOT: Shareholders are allegedly 'weary' if pouring money into the steelworks

Fiery words The global chief executive of Tata Steel, TV Narendran, defended the Indian company’s decision to cut thousands of jobs at Port Talbot by substituting two blast furnaces with an electric arc furnace.  Shareholders had “grown weary” of spending “billions of pounds” on the Welsh steelworks , Narendran said.

Ready to go Telefonica has received 2,118 applications for its voluntary redundancy plan, covering 62 per cent of planned job cuts for the telecoms’ three Spanish subsidiaries.  Union sources revealed that 1,825 applications had come from Telefonica, 244 from Telefonica Moviles and 49 from Telefonica Soluciones.

Vinyl revival Parent company Sunrise Records & Entertainment profits reported that HMV profits soared from £2 million (€2.34 million) to £5.3 million (€6.2 million) over the year ending May 2023. A growing interest in vinyl records boosted sales which jumped 18 per cent from £151 million (€177.1 million) to £178 million (€208.8).

Imagine that Imagina Energia, which specialises in solar power installations, reported sales topping €100 million in 2023 following its merger with Quantica Renovables. The group, which intends to spend €1.5 billion over the next 10 years, now has more than 23,000 clients, who produce more than 67 megawatts of electricity. 

More trouble Telegraph co-owner Alistair Barclay (34) faces bankruptcy after reportedly defaulting on a £946,754 (€1.1 million) loan from Investec, whose clients must have a net wealth of at least £3 million (€2.5 million). Barclay did not make monthly £200,000 (€234,595) repayments from August 2023 onwards, Investec said.

Clean green The Spanish bought approximately 20,000 cars costing more than €60,000 in 2023, 51 per cent more than in 2022 although although the Agencia Tributaria tax authority took only an average €5,800. Tax is calculated on the amount of pollution generated, which in the case of expensive electric vehicles is usually zero, insiders said.

Danone downer Danone, France-based but founded in Spain in the 1920s, is closing its Barcelona factory, the second closure in less than two years.  The household name, beset by “own- label” supermarket competition, reported net results of €10.8 million in 2022, 36.8 per cent below 2021’s €17.1 million although sales of €768.9 million were 9.6 per cent up on 2021.

BT profit Telecoms company BT made a pre-tax profit of £1.5 billion (€1.75 billion) in the nine months ending in December 2023, a 15 per cent increase on the same period in 2022 resulting from a 14 per cent price-rise for mobile and broadband clients.  Revenue was up 3 per cent at £15.8 billion (€18.5 billion).

New habits The UK’S Channel 4 confirmed plans for its biggest-yet staff reduction involving 240 personnel as it struggles to adapt to changes in television viewing habits.  The broadcaster also announced that it intends to sell its former Westminster headquarters in Horseferry Road for a hoped-for £90 million (€105.5 million) and will also look for smaller offices in central London.

Stat of the week: €831.4 million in earnings for Real Madrid FC during the 2022-2023 season, a 17 per cent increase that put it ahead of all other top-earning worldwide teams for the 13th time.

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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