Government does its duty DUTY on pub drinks will be up to 11p lower than at UK supermarkets.

The changes would help pubs compete on equal terms, explained Chancellor Jeremy Hunt.

“British pubs are the beating heart of our communities and as they face rising costs, we’re doing all we can to help them,” Hunt said.

“Through our Brexit Pubs Guarantee, we’re protecting the price of a pint.”

Taxing drinks by strength for the first time reflected the popularity of low alcohol drinks, the Chancellor added.

Small Producer Relief would also help small businesses and start-ups create new drinks, innovate and grow, he said.

Telefonica broke the rules TELEFONICA must pay €5 million for breaching its €725 million contract with DTS on acquiring the digital channel in 2015.

At the time, Spain’s National Markets and Competition Commission (CNMC) required Telefonica to make concessions preserving market competition by maintaining DTS’s existing contracts.

Telefonica was also obliged to make available wholesale offers of premium channels – with access to major sporting events – to other television operators. 

Despite this proviso, Telefonica reached an agreement giving sports streaming service DAZN exclusive rights to broadcast the 2021, 2022 and 2023 Formula 1 seasons. The deal also allowed Telefonica to access all DAZN content.

The fine is the latest in a series linked to the merger, which include a €6 million sanction from the CNMC last March for preventing clients from changing providers.

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

The London-based 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.

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.

Not that bad ITV’S earnings fell 52 per cent to £152 million (€176.5 million) during the first six months of this year.

Total advertising revenues dropped by 11 per cent to £811 million (€940 million) between January and the end of June, compared with the same period in 2022.

The broadcaster admitted that it was enduring its worst advertising downturn since the 2008 financial crisis although chief executive Dame Carolyn McCall said that although advertisers were cautious, ITV had not experienced any difficulty in attracting sponsors for its programmes.

Go like the wind IBERDROLA’S US subsidiary, Avangrid, has completed construction of an electricity substation off the Massachusetts coast.

Iberdrola has, through Avangrid, a 50 per cent stake in the €2.5 billion Vineyard Wind undertaking, together with Copenhagen Infrastructure Partners (CIP).

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.

Clarel deal off  SUPERMARKET chain Dia cancelled a €60 million operation to sell its Clarel perfumery subsidiary to the C2 private equity fund.

Dia told Spain’s National Securities Market Commission (CNMV) on August 1 that the deal was off after C2 failed to comply with all the terms of the agreement to buy 1,015 Clarel stores, three distribution centres and other assets.

Conditions included the CNMV’s approval, which was confirmed in May, but Dia announced that since C2 had not financially secured the Clarel merchandise before July 31, it had automatically rescinded the contract.

Meanwhile, C2 denied Dia’s allegations and said that it reserved the right to take legal action over the “unilateral” breach of the agreement.