Finance Extra for the UK and Spain

Burn-out FRAGRANCE company Jo Malone’s profits fell by 15.7 per cent to £24.4 million (€28.48 million) during the year that ended in June 2023. The company, which is owned by Estee Lauder, blamed inflation and the cost-of-living crisis for a drop-off in sales of perfume and candles costing up to £370 (€432.83) each.

All alone JOSEP OLIU, president of Banco Sabadell, rejected suggestions of a merger with any of its competitors, and Unicaja in particular.  Talking to the media before the shareholders’ Annual General Meeting on April 10, Oliu said that the bank’s roadmap followed  an unaccompanied route, focusing on increased profitability and its share price.

Too much PHARMACEUTICALS company AstraZeneca’s Pascal Soriot could be the first FTSE 100 chief executive who takes home a £150 million (€175 million) paypacket if investors approve salary and bonus proposals.  Two shareholder advisory groups are now encouraging shareholders to vote against the “excessive” pay plan.

Pay back CATALUÑA’S regional government has ordered power company Endesa to compensate 82,000 clients with sums of between €30 and €75 after its Environment department found that they had been overcharged. Endesa sources attributed the discrepancies to “profound and continuous changes in the regulations.”

Not so subtle FORMER Shell chief executive Ben Van Beurden hinted recently that the company could leave London’s Stock Exchange and list in New York as US investors were “more positive” about fossil fuels. Van Beurden also suggested that the UK market “massively undervalued the £180 billion ((€166 billion) company.

Take note ANTONIO GARAMENDI, president of Spain’s Confederation of Business Organisations (CEOE), said that employees should receive Social Security contributions with their salaries and pay them in themselves.  That would help to make them aware of the real cost of these payments to employers, Garamendi added, even though the amounts paid always appeared on their payslips.

Talking down THE TalkTV news channel lost at least £90 million (€105.2 million) before Rupert Murdoch switched to streaming in March 2024.  News UK accounts revealed that the broadcaster, which began operations in 2022, lost £54 million (€63 million) in the year ending July 2023, with losses of £88 million (€102.8 million) in only two years.

Tous profits SPANISH jewellery firm Tous reported a €477 million turnover for 2023, an increase of 6 per cent on the previous year and 21 per cent more than its 2019 sales.  Net profits in 2023 rose to €50 million, 40 per cent more than those of 2022 and 72 per cent up on 2019 before the pandemic slashed sales.

Oil rich DESPITE future net zero carbon regulations, UK energy company EnQuest will begin drilling at the biggest North Sea oil field to be discovered in 20 years.   Two sites adjoining the Kraken oil and gas field 80 miles (128.7 kilometres) off Shetland have the potential to produce between 600 million and one billion barrels of crude oil, EnQuest said.