Long drawn-out privatisation

THE UK government has given itself more time to gradually sell off its holding in NatWest. The rescue of the former Royal Bank of Scotland Group cost the taxpayer approximately £46 billion (€53.4 billion) when the government acquired an 80 per cent stake in 2008.

UK Government Investments (UKGI), which manages the holding on behalf of the Treasury, revealed that the scheme to reduce its NatWest Group holding, announced in mid­2021 and

Worst award

MEMBERS of the consumer group FACUA have chosen CaixaBank as Spain’s Worst Company of the Year in 2022.

In the annual poll that was held between March 15 and 30 this year, 39 per cent of FACUA members put CaixaBank at the top of their list.

CaixaBank won the dubious honour on several counts, which included failing to return all of the excess fee that was erroneously charged on mortgage agreements. Interest on loans was described as “usury”, commissions were condemned as “abusive” while the bank was also criticised for refusing to return sums lost to phishing and smishing scams.

originally due to be completed by mid­August 2023, would continue until 2025. The government’s stake fell from 54.7 per cent to 41.5 per cent between 2021 and 2023.

Doubts have been raised as to whether the UK government will be able meet its self­imposed 2026 deadline to fully privatise the bank, approximately 18 years after coming to its rescue during the financial crisis.

The government gave no reason for the extension to its trading plan but the decision was made in what has been a turbulent period for large banks, including NatWest, all of which were affected by the collapse of the Silicon Valley Bank in March, followed by the

Down to earth

SIR RICHARD BRANSON’S Virgin Orbit filed for bankruptcy protection in the US after last­minute attempts to find funding for the struggling space firm came to nothing.

Its share price dropped 17 per cent to a new record low the same day, valuing the company at less than $60 million (€54.8 million), more than 95 per cent below its $3.5 billion (€3.2 billion) peak in January last year.

In January, when Virgin Orbit unsuccessfully attempted to launch the first­ever satellite from British soil, Branson’s LauncherOne rocket reached space but fell short of reaching its target orbit.

The mission was hailed as a milestone for UK space exploration and was intended to represent a leap forward in converting Britain into a world player, from manufacturing satellites to building rockets and creating spaceports.

THOUSANDS of small UK businesses said they risked bankruptcy now that the government’s energy support scheme has ended.

Companies prepare for huge increases as support for nonhousehold power bills comes to a close and fixed rate deals terminate.

Their combined impact means that bills for many companies could soar by up to 133 per cent, according to Cornwall Insight, which provides energy market intelligence and analysis.

The hospitality industry, still recovering from the pandemic, could be particularly hard­hit, with one publican admitting that he might consider selling his pub to a developer who wants to convert the building into apartments.

forced rescue of Credit Suisse by its Swiss rival, UBS.

“The recent banking sector turmoil has sent shares in NatWest down by more than 10 per cent over the past month,” Victoria Scholar, head of investment at Interactive Investor, pointed out to the Guardian. “This complicates the picture for the government which is trying to offload its stake at a time when investors are feeling nervous towards the sector,” she said.

Seat near the top

CAR manufacturer Seat is reaping the benefits of an improved supply of chips.

The Spanish company was particularly affected by the semiconductor shortage because the Volkswagen Group, to which it belongs, had consistently allocated chips to its most profitable firms.

SEAT has now seen its registrations rise 52.1 per cent to 18,040 units during the first quarter of 2023, boosting it to second place behind Toyota with 20,749 registrations. As a result Seat is once again jostling for a top position in the Spanish market after a grim 2022 when its domestic sales fell 30.2 per cent, after enjoying four years as Spain’s most­sold make.