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Unilever has announced plans to cut one-third of its office jobs across Europe, significantly impacting its London and Rotterdam offices the most. According to an internal video message reported by the Financial Times, the cuts will result in the loss of approximately 3,200 jobs out of the 10,000 to 11,000 employees currently working in Unilever’s European offices. This drastic move is part of a broader global restructuring effort…
France’s budget deficit is expected to increase significantly in the coming years, prompting the government to tighten its belt, warned the president of the French central bank. François Villeroy de Galhau expressed his concerns in an interview with the French radio station Franceinfo, citing the results of the parliamentary elections as a particular worry. The victorious left-wing alliance is expected to substantially increase public spending. This increased spending…
Competitors of Apple will soon be able to use the technology in iPhones for contactless payments. The European Commission has made legally binding agreements with the tech company to facilitate this change. Previously, Apple Pay was the only ‘mobile wallet’ allowed to use the NFC chip in iPhones. This NFC technology enables contactless payments in stores via smartphones. Apple had not granted access to this NFC chip to…
Inflation in the United States reached 3 percent in June, a notable decrease from May’s rate of 3.3 percent. This indicates a significant slowdown in the rate at which prices are increasing compared to a year earlier. The drop in inflation also includes a reduction in core inflation, which excludes the more volatile prices of energy and food. This core measure is often considered a better indicator of…
The heavy rainfall in France is causing significant issues for the wheat harvest. As Europe’s largest agricultural producer, France is expected to see its soft wheat harvest drop to its lowest level in four years. The relentless rainfall has left French farmers in distress. The adverse weather conditions have increased the risk of diseases, leading to crop rot. The saturated fields make it difficult for machinery to operate,…
Chinese electric vehicle manufacturer BYD has announced plans to open a significant production facility in Turkey, a strategic move aimed at circumventing the recently heightened import tariffs imposed by the European Union on Chinese electric cars. The establishment of this plant marks a major investment of $1 billion (approximately €920 million). The formal agreement for the new factory was signed in a ceremony held in Istanbul, attended by…
In the first half of 2024, Porsche faced a notable decline in global sales, significantly impacted by a substantial drop in the Chinese market. The prestigious German automaker saw its vehicle sales in China fall by nearly one-third, as the country grapples with persistent weak economic conditions. These economic challenges have prompted Chinese consumers to be more cautious about purchasing luxury vehicles, affecting Porsche’s performance in one of…
The number of large oil tankers heading to China has dropped to its lowest in nearly two years, indicating weaker demand for oil in the world’s second-largest economy. According to Bloomberg, only 86 supertankers are currently en route to China over the next three months, a decrease of five from last week. This is the lowest weekly figure since August 2022, based on data compiled by Bloomberg. The…
Nordea Bank, one of Scandinavia’s largest financial institutions with its headquarters in Helsinki, Finland, has been accused by Danish police of laundering approximately 3.5 billion euros for Russian clients. This case is considered one of the largest money laundering investigations in Denmark’s history. According to the Danish authorities, Nordea Bank allegedly ignored multiple warnings about suspicious transactions involving Russian customers between 2012 and 2015. The bank is accused…
Shell is facing a setback of at least €554 million due to the halt in the construction of a biofuel plant in the port of Rotterdam. The costs could potentially escalate to nearly €1 billion. Earlier this week, the oil and gas company announced that the plant, initially slated to be operational this year, is now expected to be completed by 2030. In September 2021, Shell made a…
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