Business Roundup for Spain and the UK

Business Roundup for Spain and the UK

IAG: BA and Iberia owner could reinstate dividends

Dividend possibility IAG could reinstate dividends as early as this year although no details were given at the annual shareholders meeting in Madrid on June 26.

The airline owns British Airways, Iberia, Aer Lingus and Vueling and currently hopes to persuade Brussels to approve its purchase of Air Europa,.

IAG last paid a dividend in 2019, not long before aircraft were grounded worldwide owing to the pandemic and all travel was restricted.

Brickworks transformation A HOLLYWOOD theme park on the site of a former brickworks outside Bedford could boost the economy by an expected £50 billion (€59.1 billion).

Universal’s parks division, which acquired the site covering 480 acres (194 hectares) in December 2023, said the theme park would generate £35.1 billion (€41.5 billion) during construction and the first 20 years of operations.

Added to this, the film studio said, the project would contribute up to £14.1 billion (€16.6 billion) in taxes paid to the Treasury during the same period.

Drivers look elsewhere SPAIN is Europe’s leading car manufacturer after Germany, although 90 per cent of the 2.45 million vehicles leaving its factories in 2023 were destined for export.

Spanish vehicle manufacturers’ association, Anfa, said that only 30 per cent of the remaining 10 per cent that were bought in Spain last year were made here.

The Morocco-made Dacia Sandero was the most popular car in Spain with 13,068 models sold in 2023, while the Toyota Corolla, made in the UK, was second with 10,197.

The Seat Ibiza, whose only factory is located in Barcelona’s Martorell plant, was third, with 9,202 models sold.

Wet winter profits ONLINE electrical goods retailer AO World’s profits rose to £34.3 million (€40.5 million) over the year that ended on March 30, 2024.

This was 186 per cent more than the £12 million (€14.18 million) posted in 2023 thanks in part to continuing sales of air fryers as well as more demand for tumble dryers during a very wet UK winter.

Television sales also increased as people brought new models in preparation for this summer’s Euro 2024 tournament, AO World said.

Growing season SPAIN’S economy grew by 0.8 per cent during the first quarter of 2024, instead of the predicted 0.7 per cent.

This was the best figure since the second quarter of 2022, the National Statistics Institute (INE) announced on June 25.

The increase was due principally to greater household spending, which rose by 0.4 per cent, INE said.  Imports climbed by 2.2. per cent during the first three months of 2023, but exports went up to 3.3 per cent during this time and public administration spending dropped by 0.6 per cent.

Along the same lines, S&P Global’s latest Eurozone Economic Outlook Q3 report said that “Spain, noticeably, continues to beat expectations.”

Stellantis EV showdown STELLANTIS, which owns the Vauxhall, Peugeot and Citroen names, called on the UK government to provide more help for electric vehicle (EV) makes.

Maria Grazia Davino, UK managing director, said that the company did not want to cease operations in Britain but she warned that Stellantis could close its Luton and Ellesmere Port plants unless there was greater demand for EVs.

Britain also needed to “loosen” regulations, Davino said. “The demand is not coming. We expect the government, whoever it is, to respond to this.”

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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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