Finance Extra for the UK and Spain « Euro Weekly News

Stamped out ROYAL MAIL’S parent company International Distributions Services (IDS) wants regulator Ofcom to accelerate a review enabling it to cut services and save cash. At the same time, IDS has rejected Daniel Kretinsky’s £3.2 billion (€3.7 billion) takeover bid, saying it was “opportunistic” and undervalued the postal service. 

Bad idea THE Bank of Spain warned against altering unfair dismissal regulations as proposed by the EU’s Social Rights Committee.  Increasing compensation to make this an unattractive option for employers would create legal conflict while increasing uncertainty and costs “with potentially negative effects on employment”, the Bank said. 

Hard work IF Nationwide’s £2.9 billion (€3.37 billion) takeover of Virgin Money goes ahead, financial advisers  stand to earn £80 million in fees and expenses.  Documents made public on April 23 revealed that the deal would cost Nationwide £41 million (€47.7 million,) with Virgin Money looking at £38 million (€44.2 million).

On course ENAGAS, Spain’s gas grid operator, announced first quarter profits of €65.3 million, an increase of 19.5 per cent on the same period in 2023.  Although demand for gas has dipped over the past two years, the company said it was on course to meet its profit target of between €260 million and €270 million for the year.

Fast fashion ASSOCIATED BRITISH FOODS, which owns clothing chain Primark,  posted operating profits of £951 million (€1.1 billion) for the 24 weeks up to March 2. Shares shot up when the results were announced on April 23 and the company predicted “significant growth” for 2024 thanks to the increased first-half earnings.