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Travel pays Department store chain El Corte Ingles posted a €203 million net profit between March 1 and August 31, the first half of its 2024-2025 fiscal year.
This was 11 per cent more than during the same period last year, prompting chairwoman Marta Alvarez to highlight a “significant improvement” across all business areas.
Total revenue reached €8.041 billion, a 2.3 per cent increase, with the Viajes El Corte Ingles travel division contributing €1.2 billion.
This was 6.1 per cent more than during the first half of last year, despite a 7 per cent fall in earnings from business travel, which was compensated by a 10 per cent increase in private holidays.
Arms profits Shares in BAE Systems have risen by 115 per cent as military spending increases throughout the world.
The British defence, aerospace and information security company has secured orders worth £25 billion (€30.07 billion) so far this year, up from £15 billion (€18.04 billion) at the end of 2024’s first quarter.
It was on target to hit its full-year target, BAE said, with 90 per cent of projected revenues already covered.
IAG flies high International Airlines Group (IAG) reported third quarter operating profits of €2 billion that were 15 per cent up on the same period last year.
Luis Gallego, chief executive of the company which owns BA, Iberia, Vueling and Aer Lingus, attributed the better-than-expected results to the “effectiveness of our strategy” and “group-wide transformation.”
Lower fuel costs also meant that IAG’s fuel bill fell by 4.2 per cent due to using newer aircraft and a lower price for kerosene.
The company’s results during the third quarter, which coincided with the high-season summer months, did not make a direct reference to fares, although passenger unit revenue, which is used to measure earnings, rose by 1.2 per cent.
THE Financial Conduct Authority fined Metro Bank £16.7 million (€20.09 million) after discovering “historic failures” over money laundering checks.
Metro fined The Financial Conduct Authority fined Metro Bank £16.7 million (€20.09 million) after discovering “historic failures” over money laundering checks.
Metro lacked the correct systems and controls to adequately monitor over 60 million transactions amounting to more than £51 billion (€61.35 billion) the FCA found.
The City watchdog said the retail bank’s automated monitoring system for customer transactions meant that those carried out the same day that an account was opened did not come under scrutiny.
Metro would have been fined £23.8 million (€28.63 million), the FCA said, but received a 30 per cent discount after agreeing to remedy the shortcomings.
Not so black Black Friday, which arrives on November 30, will be free of the galloping inflation of the last three years, the retail sector said.
According to the Asecon consumer’s association, each Spaniard will spend an average €181, with the biggest spenders expected in Madrid with an estimated €245, followed by Barcelona (€243) and Malaga and Navarra, both with €214.
Meanwhile, Uno Logistica, which represents supply chain companies, expects to deliver 116,000 Black Friday parcels, 3.6 per cent more than last year.
Cinema deal The Curzon cinema chain has been acquired by Fortress Investment Group, the same US investment firm that owns UK’s Poundstretcher and Majestic Wine.
Details of the deal were not revealed, but sources close to the transaction said that Fortress had offered $5 million (€4.7 million) for the cinemas, which have 350 employees.
The chain was put for auction after a New York Supreme Court judge ordered its owner, Cohen Media Group, to sell off assets after it defaulted on a $534 million (€502 million) loan.
Amrest feast Madrid-based Amrest, which owns the La Tagliatella restaurant chain, reported a turnover of €1.89 billion during the first nine months of 2024.
This was 4.9 per cent up on same period last year, thanks to increased sales in its two principal markets, Poland and Spain, Amrest said.
In Poland, where the company was founded in 1993, sales climbed 30 per cent to €572.1 million while Spain’s sales rose 15 per cent to €267.6 million, with earnings of €54 million before interest, taxes, depreciation, and repayments.