Summary of Business in Spain and the United Kingdom «Euro Weekly News

Madrid-Barajas: Iberia retains the airport handling contract. Image source: CC/Alex Beltiukov.

Bad loose Airport operator Ena said on November 8 that it hopes Iberia will not rule out an immediate move to new handling companies.

Despite retaining Madrid Barajas, Iberia Airport Services lost the licenses for eight airports after the contracts were tendered.

This money went to Menzies, Aviapartner and Groundforce, a decision which Iberia has now appealed to the Central Court of Appeal (DACRC), under the Department of Finance (Treasury).

The TACRC has suspended the fees while it investigates Iberia’s objections, a process that could take weeks to complete.

Call for transparency Bank of England Governor Andrew Bailey said on November 8 that Brexit had changed the “openness” of the UK economy.

Speaking at the Financial Institutions Conference in Dublin, Bailey said that as a public official, he took no position on Brexit, which is the decision of the British people.

But he stressed that free trade requires “strong regulation” based on agreements with foreign regulatory bodies.

Bailey said he hoped to see closer regulatory cooperation with his counterparts in Ireland to “reduce fragmentation of financial markets post-Brexit”.

Mabvi in ​​Türkiye The Spanish company Mapfre intends to sell its Turkish life insurance unit to the Swiss Zurich Group.

The Madrid company, headed by Antonio Hertz, will now focus its Turkish operations on the non-life sector, according to company sources familiar with financial newspaper El Economista.

“Our goal is to ensure sustainable growth and maintain financial stability by focusing on long-term strategic areas that improve our operations,” said Edink Yurtseven, CEO of Mapfre Sigurta, the Turkish subsidiary of Mapfre.

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The amount included in the Zurich sale has not been disclosed and is awaiting approval from Turkey’s Private Insurance and Pensions Regulatory and Supervision Authority (SDDK).

Contribution Pennsylvania-based Wish Intertechnology has paid $177 million (€168.5 million) to buy the UK’s largest microchip factory in Newport, Wales.

The US sale comes a year after the UK government blocked a Chinese-backed takeover on national security grounds and ordered Dutch company Nexperia to sell its Newport chip factory in November 2022.

Nexperia, owned by Chinese conglomerate Wingtech, appealed the order but has put the plant up for sale.

The company fulfilled a deal that doubled the value of the Newport-manufactured chip in 2021 when Nexperia bought the 86 percent stake it did not own for £63 million (€72.3 million).

Cash withdrawals are on the rise Nigel Farage’s cash-out scandal has opened the door to many complaints about unilateral closure of accounts.

The British news presenter and former Brexit Party leader moved to Lloyds after Coates, now owned by NatWest, closed his account for reasons ranging from his financial situation to his political views.

Figures cited in the British media show that the Financial Ombudsman opened 1,613 bank account closures between March and September alone.

While 2,708 demonetisation cases were reported in the whole of 2022, complaints are expected to rise by 20 per cent to around 3,200 by the end of 2023, Financial Ombudsman Office sources said.

Christmas joy A scientific study used a Christmas quiz in Spain to measure the impact of lottery prizes on consumer confidence and consumption.

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The researchers found that residents of cities or towns that won – even those who won nothing – were “significantly” more optimistic about the Spanish economy than people elsewhere.

The Christmas Lottery sells 180 sets of each number, and since participants usually buy at least a tenth, the huge jackpot spread affects local spending.

The Science Direct article found that municipalities where the jackpot was sold saw a 10 percentage point increase in the number of cars sold, while unemployment fell by 0.3 percentage point.

Both are less related to an improvement in a region’s overall wealth than an increase in trust, the study authors concluded.

Try Madrid British private equity investment firm Maya Capital is finalizing the purchase of the Mayorasco Hotel on Madrid’s exclusive Gran Vía street.

Maya Capital made a formal offer of 60 million euros to buy the 200-room hotel last August, while at the same time requesting a detailed due diligence audit, according to sources cited by the financial daily Cinco Día.

The same sources said that it would usually be completed within a month or two, but it would take longer than expected.

The hotel returned to the black with sales of 8.62 million euros and profits of 1.7 million euros last year, compared to 2019 records of 8.01 million euros and 1.45 million euros, according to the latest accounts provided by the hotel owner, Salazar Hermanos. . .

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