No changes for Endesa

ITALIAN energy company Enel, which owns 70 per cent of Endesa, rejected out of hand rumours that it was planning to sell the Spanish electricity provider.

It had no intention of divesting itself of its Endesa stake “neither now nor in the future,” Enel said, responding to a report in a Spanish newspaper.

On the contrary, it viewed Endesa as ‘key’ to Enel’s future strategy and a company statement dismissed the reports as ‘totally unfounded’ on July 5, putting an end to speculation that any

Windfall tax

SPAIN’S banks and energy companies are on edge regarding the next government’s stance on the current windfall tax introduced to beat the costof­living crisis. The Partido Popular’s presidential candidate Alberto Nuñez Feijoo has revealed that he will maintain the temporary tax if he presides the next government.

While the banking sector is said to be resigned to paying the windfall tax, Spain’s energy companies are less reconciled and are asking to be taxed on their profits, rather than on their income. Should there be no change in government, however, both sectors suspect that the tax could be extended beyond 2023.

kind of operation was afoot.

The unprecedented profits of the Spanish electricity company in 2022, which allowed Enel to pocket a historic dividend of almost €1.1 billion in 2023,

Dove of peace (not)

UKRAINE recently named Unilever, still operating in Russia, as an “international sponsor of war.” made this even more unlikely, insiders said.

The London­based company which owns Marmite, Dove and Domestos amongst other brands, has been put on the International Sponsors of War list along with Procter & Gamble (P&G), and French group Leroy Merlin.

The Moral Rating Agency, which estimates that the London­based giant contributes £579 million (€675.4 million) to the Russian economy each year, also accused the firm of facilitating Russia’s invasion.

Companies like Apple, Levi’s and Spain’s Inditex have abandoned their Russian operations, although Unilever insisted it sold only essential food and hygiene products.

“Exiting is not straightforward,” a spokesperson told the BBC.

“If Unilever were to abandon its brands in Russia they would be appropriated and then operated by the Russian state,” they added.

A day earlier, the news source maintained that the president of Repsol, Antonio Brufau, had spoken to Endesa’s former chief executive Borja Prado. They allegedly discussed the possibility of merging both groups, given the likelihood that the Partido Popular’s Alberto Nuñez Feijoo would win the July 23 general election.

“There has been no meeting, not between Enel and Repsol executives, nor with Borja Prado,” the statement said.

Lower inflation

FOOD inflation is starting to fall, according to Sainsbury’s chief executive Simon Roberts.

Shoppers were beginning to put more items in their trolleys now that the supermarket chain had cut prices on some basics, he explained. With household budgets under more pressure than ever, Sainsbury’s was putting all its energy and focus into battling inflation, the chief executive added.

“We have zero complacency on this issue,” he declared, citing the chain’s Aldi price­matching tactic together with specific price cuts for members of its Nectar loyaltyscheme.

“Inflation is still going to be a challenge and customers need to be assured we are really on their side.”

It posted a pre ­ tax profit of £7.6 million (€8.9 million) for the year ending on March 31, compared with a £10.5 million (€12.28 million) loss the previous year.

At the same time, diminishing demand for white goods and weak shopper confidence resulted in turnover slumping 17 per cent to £1.4 billion (€1.6 billion).

Correos woes

CORREOS lost €217.2 million in 2022, more than double its 2021 losses of €105.6 million.

Only 2020, the pandemic year, was worse, when the publicly ­ owned postal service plunged €264 million into the red.

Postal and parcel operations contributed €1.57 billion, 79 per cent of the group’s total, down 6.7 per cent on 2021, while Correos Express reported a €412.2 million turnover, 0.3 per cent more than in 2021.

The last time Correos made a profit was in 2019, albeit after an interlude of five years, with earnings of €14.8 million.

Stellar work

VEHICLE manufacturer Stellantis España closed the 2022 financial year with a €289.7 million profit.

This was almost five times more ­ and a 380 per cent increase ­ on its €60.5 million result in 2021, following the creation of Stellantis España after Opel España’s takeover of PSAG Automoviles Comercial España and Peugeot Citroën Automoviles España.

Stellantis España’s turnover increased by 268 per cent to €14.37 billion, of which 98.5 per cent originated from sales (€14.150 billion).

The remaining €219.8 million came with the company’s services division.

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