Business Roundup for Spain and the UK

Business Roundup for Spain and the UK

GIBRALTAR: Complying with all recommendations aimed at stemming money-laundering and financing of terrorism Credit: CC/Adam Cli

Follow-up thumbs-up MONEYVAL, set up in 1997 by the Council of Europe, ensures that member states are using effective systems to counter money laundering and terrorist financing,

Moneyval’s follow-up report on Gibraltar has placed it in the top 11 of the global network’s most compliant jurisdictions, with all 40 of the European Union’s recommendations rated as either Fully or Largely Compliant.

“Moneyval’s report, and our position with respect to the ratings achieved, are more evidence as to Gibraltar’s compliance in these areas when measured against the most stringent international standards,” Justice, Trade and Industry minister Nigel Feetham said.

“I am grateful for the continued work from all our stakeholders in this regard.”

Indus Towers deal VODAFONE GROUP raised €1.7 billion after selling 18 per cent of its stake in Indian telecoms infrastructure company, Indus Towers.

The Newbury-headquartered company had initially intended to sell 10 per cent of its 21.5 per cent Indus Towers holding but finally sold 484.7 million shares owing to robust demand from investors.

Funds raised would go towards “significant” repayments against an outstanding €1.8 billion in loans secured against Vodafone’s Indian assets.

Another Ortega

SANDRA ORTEGA, Spain’s richest woman and elder daughter of Zara founder Amancio Ortega, must pay her former wealth manager Jose Leyte €1.6 million.

Galicia’s Upper Court of Justice reversed an earlier decision after Ortega sacked Leyte in November 2020, alleging “loss of confidence.”  Leyte, who claimed a severance package of €1.6 million, was an executive and not a salaried employee, the court ruled, and the dismissal was in line with his contract.

Leyte’s November 2022 appeal was accepted, the earlier ruling was cancelled and a new hearing scheduled for May 2024, although its finding have only just been made public.

Swift profits TAYLOR SWIFT’S Eras Tour will boost the UK economy by around £1 billion (€1.18 billion) Barclays bank said.

Its Swiftonomics report estimated that 1.2 million fans would each spend around £848 (€1003.61) on tickets, travel, accommodation and merchandise to see Swift’s 15 UK performances this summer. This multiplied by 12 the amount usually spent on a night out, Barclays said.

“Swift’s supporters have such a strong connection to her that the desire to spend becomes even more powerful,” Peter Brooks, a Barclays’ behavioural scientist, said.

Ferrovial is flying high SPANISH company Ferrovial owns a 51 per cent stake in the New Terminal One (NTO) consortium contracted to build and operate the new terminal at New York’s JFK airport.

Seven airlines – Air France, KLM, Etihad Airways, LOT Polish Airlines, Korean Air, EVA Airways and Air Serbia – have already signed agreements with NTO and will be using the new terminal when the first phase opens in 2026. Although the project will not be completed until 2029, the consortium is now seeking tenants for the duty-free area, shops and restaurants.

In the meantime, Ferrovial announced on June 14 that it was selling 19.25 per cent of its London-Heathrow holding for £1.67 billion (€1.98 billion).

Bitter-sweet marmalade THE makers of the late Queen’s favourite marmalade has reported its first-ever loss owing to rising energy and raw materials costs.

Wilkin & Sons, the owners of Tiptree Marmalade, blamed “practically all” of the company’s money problems on rocketing energy costs.  These have increased the price of everything from ingredients and glass jars to packaging, company chairman Walter Scott said.

The company posted losses of £1.8 million (€2.13 million) compared with a £1.1 million (€1.3 million) in 2022, Scott revealed.

Flight plan IAG, owner of British Airways, Iberia and Aer Lingus amongst other airlines, wants full control of Air Europa.

It now has offered Spanish tourism company Globalia €400 million for the 80 per cent that IAG does not already own and is willing to divest 52 per cent of Air Europa’s routes instead of the 40 per cent originally offered.

Brussels, which fears that the IAG takeover would create a monopoly, especially on routes to Latin America, said it would announce its decision on August 20.

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Written by

Linda Hall

Originally from the UK, Linda is based in Valenca province 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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