Finance Extra for the UK and Spain

Asda therapy WITH Asda shares falling 5.9 per cent over the last quarter, co-owner Mohsin Issa announced a £30 million (€35.5 million) cash injection to offset the retailer’s declining market share, making it the only major supermarket chain to lose customers.  The extra cash will be used to boost staff hours and improve customer service levels.

Jet propelled ROLLS-ROYCE is set for a record 2024 as chief executive Tufan Erginbilgic’s turnaround strategy takes shape, with City analysts predicting half-year revenues of £7.7 billion (€9.1 billion) for the jet engine manufacturer. Sales rose 11 per cent as international flights returned to pre-pandemic levels. 

Wall of China HUAWEI sold more mobiles than Samsung and Apple in Spain in 2019 while the Chinese company’s fibre optic and mobile networks had displaced Nokia and Ericsson.  Witb Huawei now vetoed in US and Germany, Brussels wants Spain to follow suit by exerting pressure on Madrid via the EU’s Next Generation funds.

Evri time EVRI, formerly Hermes, which was acquired by Apollo Global Management from Advent International for £2.7 billion (€3.2 billion) in late July, announced plans to hire 9,000 new employees.  “The biggest-ever recruitment drive promises to deliver another record year,” Evri chief executive Martijn de Lange pledged.

Safe SAF THE IAG group, which owns seven airlines including British Airways, has signed an agreement with Repsol for the purchase of 28,000 tons of sustainable aviation fuel (SAF) over the next six months.  This will be used by all Aer Lingus, BA, Iberia, Iberia Express and Vueling flights when they take off from Spanish airports.

Good for you sLOW-ALCOHOL Guinness sales doubled in Europe as Gen Z drink less than their elders, with Guinness 0.0 accounting for 3 per cent of global Guinness sales, owner Diageo said. Elsewhere, the company’s turnover for spirits and other drinks fell 1.4 per cent to 20.3 billion (€18.8 billion) in the year ending June 30.

No thanks SPANISH train manufacturer Talgo has turned down Skoda Transportation’s takeover offer.  As the Czech engineering company did not contemplate besting the Ganz-MaVag consortium’s offer of €5 per share, Talgo replied that it did not consider this an “adequate moment” to consider a merger.

Looking ahead ON presenting its half-year results, the BBVA bank announced a record net profit of €5 billion, 29 per cent more than during the first half of 2023. Should its hostile Sabadell takeover bid succeed, BBVA revealed that it would save €300 million by closing 300 of  870 BBVA and Sabadell branches located within 500 metres of each other.

BT to WPP PHILIP JANSEN, former chief executive of BT, is replacing Roberto Quarta as chairman of London-based WPP, the world’s largest advertising company.  Jansen will join the WPP board in September, taking over in January 2025 on a £575,000 (€681,539) salary.