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…