Finance Extra for the UK and Spain

Tata handout TATA STEEL is to close its Port Talbot (Wales) blast furnaces but will receive a £500 million (€592 million) government package that will help it secure investment in a £1.2 billion (€1,billion) electric arc furnace.  Once operative, the “green” furnace could produce the steel necessary for the UK’s planned wind turbines.

Closing up ALDI will invest £800 million (€947.25 million) in opening 23 new stores by the end of 2024 as the gap between the German supermarket chain and Asda begins to close after record sales of £17.9 billion (€21.2 billion).  Chosen areas include Muswell Hill in North London and Caterham in Surrey.

Renfe spat SPAIN’S railways operator Renfe and train manufacturer Talgo failed to reach agreement regarding late delivery of 30 high speed trains and are on course to go to court.  Renfe says it is entitled to a €116 million penalty payment, despite Talgo’s insistence that delays were due to “uncontrollable events.”

Some mistake THE Bank of London Group, which was set up to meet the needs of businesses and counts politician Lord Mandelson as one of its board members, has received a winding-up petition from HM Revenue and Customs. A spokesman said the bank, which had “strong liquidity” was unaware of any unpaid debts.

All-rounder MASORANGE plans to sell electricity and gas to 600,000 customers in Spain, the newly-merged MasMovil and Orange company announced. The service was initially aimed at Orange clients but it would be also available to other brands belonging to the group and even clients of other telecommunications companies. 

Digital truants DELOITTE, one of the Big Four consulting firms, has begun to check up on the location of its UK employees, as it takes a tougher line with working from home guidelines.  Internet activity data has revealed that many are logging on from abroad and are working overseas without first obtaining permission from their managers.

Second thoughts DESPITE €2.2 billion half-year revenues for cosmetics multinational Puig, which now lists on the Barcelona stock exchange, shares fell 13.65 per cent after announcing a 26 per cent reduction in profits.  Insiders suggested that Cortefiel owner Tendam, Eupastry and gaming company Cirsa, who are preparing to list this year, could now think twice about their stock market debuts.

Right time PONTEGADEA, the family office belonging to Amancio Ortega, Inditex founder and its principal shareholder, has spent €327 million on acquiring logistics centres in Milan and Rome, Bloomberg reported.  The deal has coincided with a cutback in Italy’s industrial and logistics real estate transactions.

Good news JOHN LEWIS, which owns Waitrose supermarkets as well as stores, reported a pre-tax loss of £30 million (€35.5 million) in the six months ending July 27.  This was almost half of 2023’s half-year losses of £59 million (€69.9 million).

Stat of the week: €18.065 billion in sales for Inditex during the first half of its financial year, 7.2 per cent more than the same period in 2023 although lower than the predicted 8 per cent.