Finance Extra for the UK and Spain

Tram lines The Stadler plant in Albuixech (Valencia) will build the 504 trams that the Swiss company has been contracted to provide for a consortium of German and Austrian railway companies. A €45 million subsidy from the Valencian Community’s regional government was instrumental in the decision, which will provide nine years of stable employment for the Albuixech factory’s 2,200 staff.

New role HSBC’S Finance chief Georges Elhedery, appointed chief executive following the unexpected exit of Noel Quinn for personal reason, takes up his new role in September. In a nod to Asian investors who are exerting pressure on Europe’s biggest lender to switch its headquarters to China,  Elhedery will be the bank’s first Mandarin-speaking chief executive.

Inching up Supermarket shoppers are returning to Waitrose for the first time since 2022 as the cost-of-living crisis begins to ease with sales rising  3.3 per cent in the 12 weeks ending July 7,  market researchers Kantar said.  The chain owned by John Lewis now has a 4.5 per cent market share, compared with 4.4 per cent a year ago.

 Off the list CANADIAN fund Brookfield Capital Partners and the Grifols family’s proposed joint takeover to delist the blood plasma pharmaceuticals company has resulted in a price rise for shares.  These now hover at around €10 for the first time since they plummeted to €6.90 following an attack by short-seller Gotham City.

Doing deals Goldman Sachs is boosting bankers’ pay, including bonuses, by 17 per cent after second-quarter profits more than doubled following an increase in deal-making.  This will inevitably bring much larger rewards for Goldman’s 6,000 employees in the UK who are no longer affected by the previous bonus cap. 

Naturgy fined Two companies belonging to Spanish multinational Naturgy were fined $14 million (€12.8 million) for their deficient electricity distribution in Panama. This was the “highest, most historic fine” yet imposed for a flawed service, Zelmar Rodriguez who heads Panama’s National Public Services Authority (ASEP), said.

Off the hook Charlie Stayt, the BBC Breakfaster presenter agreed to settle an unpaid tax bill of about £190,000 (€225,261) to avert imminent bankruptcy.  HMRC had filed a bankruptcy petition against Mr Stayt and his wife, Anne, which it withdrew after they reduced the amount of the debt and agreed to pay the remainder.

Record profit Bankinter beat its own record with pre-tax profits of €715.4 million during the first six months of 2024, 14.4 per cent higher than in 2023.  The bank’s net profit of €473 million was 13.3 per cent up on the same period last year.

Rescue op A consortium led by British millionaire, “Cosmetics King” Mike Jatania, has agreed to buy The Body Shop out of administration.  No financial details were revealed but the administrators have agreed to an “exclusivity agreement” following a “competitive bidding process.”