Energy companies have largely avoided the political and public debate over the growth of their profits, despite earnings being boosted by successive wars. Three years ago, the Spanish Government introduced an exceptional levy on net income, but the measure expired after failing to secure the support of key congressional parties, particularly Junts and the PNV. Unlike the equivalent tax on banks, it was not maintained.
The Government’s alternative was to pursue a tax at European level. Brussels, however, has remained on the sidelines, stressing that fiscal policy belongs exclusively to national governments. As a result, the major energy groups have avoided both the levy and the controversy surrounding their profits.
The sale of Barcelona’s Hotel Sofía, now operating under the Grand Hyatt brand, highlights the strength of the tourism sector. Axa IM and Blasson Property Investments acquired the hotel for 180 million euros in 2023 and have now sold it to Riu for 300 million. The increase reflects the appeal of hotel assets in a city that continues to attract large numbers of visitors, despite a moratorium on new hotel construction that has been in force since 2015. The deal also marks the end of Riu’s 12-year search for an urban hotel in Barcelona, following several unsuccessful attempts.
Cerealto, formerly known as Siro, is adapting its business to changing consumer habits. The company, which has operated for more than a century, supplies Mercadona with several types of biscuits, including digestive varieties. Inflation has encouraged consumers to switch towards private-label products, making production for retailers a key part of Cerealto’s strategy to remain viable.
The company has been owned since 2022 by distressed-company investor Davidson Kempner and Turkish firm Afendis. Recent factory disposals have helped reduce its debt and stabilise the business. Its owners are now considering a sale at four times the price they paid. The shift towards lower-calorie foods has not eliminated the place of biscuits in the market.
Lotte Bjerre Knudsen, former chief scientific adviser to Novo Nordisk, said that anti-obesity drugs are changing people’s relationship with food. Consumers continue to enjoy eating but want to eat less, she said, adding that the food industry must listen and consider who its future customers will be.
The risks of digital money were also highlighted after cybercriminals identified by investigators as being from North Korea stole 6.3 billion dollars from Binance, the cryptocurrency platform. Binance is covering the losses through its reserve fund, while cryptocurrency prices suffered significant falls after the incident renewed concerns about the vulnerability of digital assets.
Sources: El País Economía.