Fallout over Ferrovial

AS expected, reactions to multinational Ferrovial’s decision to relocate its headquarters to the Netherlands were not slow in arriving.

Nadia Calviño, Spain’s principal vicepresident and Minister for Economic Affairs, criticised the decision, although the infrastructures giant will continue to pay tax on its earnings in Spain, amounting to an annual €280 million. Nor will Ferrovial president Rafael del Pino’s decision affect the 5,000 or more employees working for the group inside Spain.

But Calviño declared to an Onda Cero interviewer that Ferrovial ought to have a certain degree of commitment towards Spain. The multinational owed much of its growth ­ and

BEFORE Brexit, goods between Ireland and EU entered via the Dover­Calais land bridge.

Since then, the longer sea crossing between EU countries and Ireland has proved more viable and cheaper, avoiding the inconvenience of customs checks and bureaucratic delays.

Rosslare, Ireland’s closest port to mainland Europe, was previously underused but its six sailings a week to Cherbourg have now increased to more than 30, with record freight traffic to Le Havre, Bilbao, Dunkirk and Zeebrugge as well as Cherbourg.

“The Brits may be suffering from Brexit,” said Yannick

Downsizing

SAINSBURY’S, the UK’s second largest supermarket chain, plans to close two Argos depots over the next three years.

Shutting warehouses in Basildon (Essex) and Heywood (Greater Manchester) by 2026 will affect 1,400 jobs, although employees would have the chance to find ‘alternative roles’ inside the business.

Sainsbury will close 50 larger Argos stores before the financial year ends, while investing in more small branches inside supermarkets.

Its Milton Keynes offices are also due to close as more staff work from home, although this would not entail job losses, Sainsbury said.

FERROVIAL CHAIRMAN: Headquarter moving to the Netherland, Rafael del Pino announced wealth ­ to its multimillion public contracts inside the country over the last 40 years, she said.

Christine Lagarde, president of the European Central Bank, declined to comment on Ferrovial’s bombshell but emphasised that the decision to relo­ cate its headquarters demonstrated the importance of creating a single market for capital.

“We must fight for the Capital Markets Union,” Lagarde said.

“Different languages, different legal frameworks ­ we are making progress but not quickly,” she said during an Antena 3 interview, her first with a Spanish broadcaster.

Meanwhile, the National Securities Market (CNMV) questioned Del Pino’s claim it was easier to access the US stock exchange from the Netherlands than Spain. CNMV sources said “If the company told us about the obstacles we would study them but until now, apart from what was communicated earlier, they have said nothing more.”