Unicaja movements

UK hedge fund Oceanwood announced the sale of up to 117 million of its Unicaja shares.

Oceanwood has assigned the Bank of America (BofA) to manage the €124 million sale, equal to 4.4 per cent of its 7.4 per cent holding, according to a filing with Spain’s National Securities Market Commission (CNMV).

If the sale materialises, Oceanwood would no longer have a sufficient stake to justify Unicaja board membership, with the likelihood that its representative, David Vaamonde Juanatey, will resign as director.

News of the sale came a day after the Unicaja board announced that Isidro Rubiales was to substitute its chief executive Manuel Menendez.

The substation’s high voltage cables connecting the Vineyard Wind I’s 62 turbines to the onshore network are key to the project’s viability, Iberdrola explained.

Located 24 kilometres south of Martha's Vineyard and 55 kilometres south of the Cape Cod peninsula, this is the Spanish multinational's first and largest windfarm in the US and will meet the energy needs of more than 400,000 homes.

War pays

ARMS multinational BAE Systems increased its profit forecast as military spending soared.

The London­based company posted half ­ year underlying earnings of £1.3 billion (€1.5 billion), a 10 per cent increase on last year, plus £21.1 billion €25.5 billion) in orders including 246 infantry fighting vehicles from the Czech Republic. It now has a record backlog of £66.2 billion (€76.9 billion).

BAE said that 2023 earnings per share would grow between 10 to 12 per cent, compared with the rise of between 5 and 7 per cent that it forecast in February.

Dow Jones

Sad song

SINGER, composer and poet Joaquin Sabina must pay Hacienda €2.5 million in back taxes after Spain’s Supreme Court turned down his appeal against an April 2022 High Court decision that ruled in favour of a 2019 claim. He must now pay tax due on royalties ceded to family­owned companies in 2008, 2009 and 2010.

By the book

DEMAND for English language learning in the first half of 2023 boosted sales and profits for publishing and education company Pearson. Sales rose 5 per cent to £1.8 billion (€2.09 billion) during this period while pre­tax profits rose by 24 per cent to £236 million (€274.3 million), with Pearson expecting to meet full­year targets.