Finance Extra for the UK and Spain

Finance Extra for the UK and Spain

PRIMARK: Pay rise for UK staff Credit: CC/Mtaylor848

Pay boost FAST fashion retailer Primark will give 27,000 shop staff pay rises averaging 9.1 per cent from April 1 as it joins other retailers in responding to the increase in the minimum wage. This will increase hourly rates in England, Scotland and Wales to £12 (€14.02) and £12.56 (€14.68) for Primark employees working in London.

Huge numbers A SURVEY by management consultants Alvarez & Marsal found that following the Bankia merger CaixaBank now holds €587 billion deposited by clients in current accounts, savings accounts, investment funds and pension plans.  This corresponds to 29.8 cent of the domestic market, overtaking both Santander and BBVA.

Big boss AS Britain’s Chancellor Jeremy Hunt prepares to provide another £6 billion (€7.01 billion) for the NHS, the Office for National Statistics (ONS) revealed that the health service currently accounts for one in three of the UK’s public sector jobs.  The NHS payroll has now risen above 2 million for the first time in its history.

Madrid choice GOLDMAN SACHS chose Marid as the headquarters for its Newdock centre as it expands its European logistics project.  Newdock, headed by Fatima Saez del Cano, focuses on developing and managing ultramodern logistics spaces in Spain, Portugal, France and Italy for Goldman Sachs Asset Management’s clients and entities.

Stored up ANN SUMMERS, known for its“adult toys and accessories”, posted £105 million (€122.7 million) in sales, with profits of £62 million (€72.5 million) for the year ending July 2023. Despite an increased online presence since the pandemic,  its 86 stores were still the most profitable part of its business, the company said.

Back to black THE John Lewis Partnership made a pre-tax profit of £56 million (€65.6 million) in the 12 months ending January 27 2024, compared with a loss of £234 million (€274 million) during the previous year. The retailer, which also owns Waitrose, nevertheless announced that for the third time in four years, staff would not be receiving an annual bonus.

Neutral stance RAUL BLANCO, chairman of Renfe, said that Spain’s state-owned railway company was “absolutely neutral” regarding the possible €619 million takeover of rolling stock manufacturer Talgo by Ganz-Mavag Europe. Renfe had received “no details” of the operation, Blanco said, although the government is known to fear that Russian capital could be involved in the deal.

Power play BRITISH gigafactories and plants refining battery metals will receive cheaper power from April onwards as the government tries to stem dependency on outside sources. China currently controls 70 per cent of the world’s cobalt, 70 per cent of its nickel. 60 per cent of battery-grade lithium and 90 per cent of some rare earths.

Sporting chance FRENCH sporting goods retailer Decathlon intended to change its image and transform its 175 stores in Spain – the company’s second most-important market after France – and was planning to open more, chief executive Barbara Martin Coppola revealed.  In 2022, according to Decathlon’s last available figures, turnover in Spain rose to €2.1 billion with profits of more than €100 million.

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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