BUSINESS EXTRA

Simple sums

BRITAIN’S chancellor Jeremy Hunt’s use of a cup of coffee to explain rising inflation was ridiculed for maintaining that a coffee now costs ‘almost £3 (€3.4)’. Both economists and consumers pointed out that a medium latte already costs £3.25 (€3.71).

It’s a gas

SPAIN expects to produce 20 per cent of Europe’s green hydrogen by 2030, revealed Enagas. The partly publicly­sector company, which operates and owns the country’s gas grid, also plans to invest €4.8 billion in distributing the renewable gas inside Spain.

Branches pruned

LLOYDS and Halifax has announced future branch closures in England and Wales due to begin in April and continue in June. Lloyds Banking Group which owns both, intends to bring the shutters down on 22 Lloyds and 18 Halifax branches.

Count your blessings

A KPMG report on Spain’s Episcopal Conference revealed that the Church in this country generates an annual €32.5 billion.

Property accounts for most of the wealth, complemented by companies, universities, schools, hospitals and the financial assets of investment funds. Banks like Santander and CaixaBank provide experts with a comprehensive knowledge of the Church’s finances while orders like the Jesuits, Augustinians and Marists usually manage assets via private bankers and fund managers. One of these, Portocolom, recently revealed more than half of the €1 billion financial assets they advise on belongs to religious orders. “Some possess assets amounting to €2 million, but others have more than €50 million,” the source said.