Companies

December 4, 2024

Tata Steel UK Posts £1.1bn Loss

Tata Steel’s UK arm reported pre-tax losses of £1.12 billion for the year ending March 2024, quadrupling from the previous year. The losses stem primarily from the closure of Port Talbot’s blast furnaces, leading to 2,500 job cuts. The restructuring includes a government-backed plan to transition to a greener electric arc furnace by 2027.

Mastercard Reaches Settlement in Landmark UK Consumer Fees Lawsuit

December 4, 2024

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Mastercard Reaches Settlement in Landmark UK Consumer Fees Lawsuit

Mastercard has reached an agreement in principle to settle a £10 billion collective lawsuit brought on behalf of 46 million UK consumers over excessive card fees. The settlement, subject to tribunal approval, reportedly amounts to £200 million. The case, spearheaded by consumer advocate Walter Merricks, marks a milestone in UK collective consumer actions.

France's Sanofi Makes Largest-Ever China Investment

December 3, 2024

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France's Sanofi Makes Largest-Ever China Investment

French pharmaceutical giant Sanofi is set to invest €1 billion to establish a new insulin production facility in Beijing, marking its largest single investment in China. The move aims to address the country's growing diabetes crisis, as it faces simmering trade tensions between the EU and China. This decision reflects Beijing's push to attract foreign firms despite strained relations with Europe over trade practices.

Fazer's €750mn Chocolate Factory in Lahti Threatened by New Sweets Tax

December 3, 2024

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Fazer's €750mn Chocolate Factory in Lahti Threatened by New Sweets Tax

Fazer's ambitious €750 million investment in a chocolate factory in Lahti, Finland, is at risk due to uncertainty surrounding a proposed sweets tax. The company is now considering relocating the project to Sweden or scaling it down in Finland. This comes as Finland plans to increase VAT on sweets and chocolate, creating hesitation among investors.

Volkswagen Workers Strike at Nine Plants Over Pay Cuts and Closures

December 2, 2024

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Volkswagen Workers Strike at Nine Plants Over Pay Cuts and Closures

Volkswagen workers in Germany staged rolling strikes at nine plants, including its Wolfsburg headquarters, protesting management's proposed pay cuts and plant closures. The labor dispute highlights tensions over cost-cutting measures amid declining European car demand and increasing competition.

EU Approves €1.9bn State Aid for DB Cargo, Subject to Restructuring

December 1, 2024

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EU Approves €1.9bn State Aid for DB Cargo, Subject to Restructuring

The European Commission has approved €1.9 billion in state aid for Germany's DB Cargo, a subsidiary of Deutsche Bahn, conditional on the implementation of a comprehensive restructuring plan. The funding aims to secure DB Cargo’s viability and mitigate competitive distortions in the rail freight market.

Google Eyes €10bn Investment in Finland with Plans for New Data Centers

December 1, 2024

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Google Eyes €10bn Investment in Finland with Plans for New Data Centers

Google is considering investing over €10 billion in Finland to construct two new data centers in Kajaani and Muhos. While the tech giant has yet to finalize the decision, Finland's cheap energy, favorable infrastructure, and competitive electricity taxes make it an attractive location.

Volkswagen Exits China’s Xinjiang Region Amid Economic Concerns

November 28, 2024

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Volkswagen Exits China’s Xinjiang Region Amid Economic Concerns

Volkswagen (VW) has announced its decision to sell its factory and test track in China’s Xinjiang region, citing "economic reasons." The move comes amid slower growth in China, accusations of human rights abuses in Xinjiang, and increasing scrutiny over corporate involvement in the region.