BUSINESS EXTRA No energy FINANCE

Going down

SPAIN’S Industrial Production Index (IPI) fell by 0.8 per cent in February compared with February 2022. This was 2.2 points lower than in January, the National Statistics Institute (INE) announced on April 5, marking a return to negative year­on­year rates following January’s 1.2 per cent rise.

What goes up

TESCO chairman John Allan told a BBC interviewer that he could not forecast when food prices would peak. He countered claims that Tesco took advantage of higher prices to make bigger profits and said the supermarket chain’s 4p (€0.045 cents) in the pound margin was “slender” compared to other industries.

Time out

UNDER Spain’s recentlypassed Family Law, new parents may now take eight weeks’ leave, confirmed junior Employment Minister Joaquin Perez. Following pressure from the EU, the leave, which can be taken in one block or partially at any time until the child has reached the age of eight, will be paid.

Doing well

BANCO SANTANDER loans increased by 4 per cent so far this year and deposits by 6 per cent, executive chairwoman Ana Botin told shareholders. The bank was seeing a double­digit increase in earnings compared with the same period last year and had gained another million clients, Botin said.

Banks blanked

INSIDERS revealed that 4,000 of the UK’s 5,500 high street bank and building society branches could close between now and late 2024 as the sector refashions its services. Opening hours and, counter services will be drastically reduced and customers encouraged to use in­branch ATMs and machines, they predicted.