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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…
The European Union is set to enforce high import duties on Chinese electric vehicles starting this Friday, as announced by the European Commission on Thursday. The new tariffs aim to address the issue of unfair competition from China, which heavily subsidizes its domestic manufacturers. The punitive tariffs will see a 17.4 percent duty imposed on cars from BYD, a major sponsor of the European Football Championship. Geely vehicles…
German airline Lufthansa has been granted permission by the European Commission to acquire a significant stake in Italy’s ITA Airways. However, in exchange, Lufthansa must create room for competition on flight routes between Italy and Central Europe. Lufthansa announced its investment in ITA in spring 2023, initially paying €325 million for a 41% stake in the company. Lufthansa has also expressed intentions to fully acquire ITA after 2025,…
Nike has reported a decline in sales over the past three months and is warning of more setbacks to come. Sales of lifestyle items and classic sneakers such as the Air Force 1 have decreased more than anticipated. Additionally, sales in China have significantly dropped. The global revenue for the past three months amounted to over $12.6 billion, compared to $12.8 billion the previous year. Disappointing sales were…
In recent weeks, Exor, the Amsterdam-based investment company of the Italian Agnelli family, has significantly increased its stake in Philips. Exor now holds 17.5% of the shares, making it by far the largest shareholder in the medical technology company. A spokesperson for Exor confirmed the move, describing it as a sign of confidence in Philips’ management and the long-term prospects of the sector in which the Dutch company…
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