The production of German industry fell slightly in August against the expectation. This brings to a halt the earlier recovery of industry in Europe’s largest economy, as is shown by data from the German Federal Statistical Office. Production fell by 0.2 per cent in August compared to July, where economists in general expected an increase of 1.5 per cent. However, the growth rate for the...
Online supermarket Picnic is in talks with the Dutch supermarket Superunie for a joint purchasing organization with the German supermarket company EDEKA. This confirms co-founder Michiel Muller of Picnic, following a Friday published article in the Financial Daily (FD). Picnic, which has been active in Germany since 2018, has ambitions to enter the French and British markets, according to Muller...
The Spanish economy shrank slightly less in the second quarter than previously expected. This was apparent from the final figures of the National Statistical Office. The country was severely affected by the coronacris during the measurement period and took heavy measures to contain the spread of the coronavirus. The economy shrank by 21.5% on an annual basis in the measurement period, where it...
According to Bloomberg, Deutsche Bank has no intention to buy Wirecard’s banking branch. The price of EUR 100 million would be far too high. That is the minimum amount that Wirecard-curator Michael Jaffe wanted for the sale of the assets in order to avoid liquidation, according to the sources. Last week, a bid by Deutsche Bank for Wirecard parts was refused because it would have been too...
The rate of the Turkish lira went down again on Friday in the midst of financial turmoil in Turkey. High inflation, with food and transport becoming more expensive for citizens, for example, and the economic concerns caused by the COVID-19 pandemic, led to a new low. The ongoing gas dispute between Turkey and neighbouring Greece also brought pressure. The two countries have been in conflict for...
The Swiss seed dealer and producer of pesticides Syngenta is still on a track to stock exchange in mid-2022. That’s what top man Erik Firwald said on Thursday during the presentation of the six-month figures. It appeared earlier that the owner China National Chemical, also known as ChemChina, wants to reduce its debt with the proceeds of the IPO. The stock market, possibly one of the...
The Norwegian software company Visma has acquired TPG Capital and Warburg Pincus as new shareholders. Existing investor CPPIB also acquires more shares in an investment round where the company has been valued at USD 12.2 billion, some EUR 10 billion. That is more than three times as much as during the last investment round in 2014. The fast-growing Visma is active in Europe, where it recently...
TUI, the tour operator and airline, have generated virtually no revenue in the last quarter. Because travel restrictions were imposed worldwide to prevent the spread of the coronavirus, it was not possible to offer holidays. TUI operates hotels, flights and cruises and sells travel package through its travel agencies. All these activities came to a standstill because of the pandemic. Turnover in...
The silver price has reached its highest level since October 2013, while the gold price is also on the rise. The demand for the precious metals is increasing because investors are looking for safe havens to invest in because of the turmoil caused by the corona crisis. The price of a troy ounce of silver (31.1 grams) climbed to $ 22.83 on Wednesday morning. The silver price is also rising due to...
The German car industry has been hit hard by the crisis. The virus outbreak even caused production to stop for a while. Mercedes-Benz therefore recorded a significant loss in the past quarter, it was announced on Thursday based on preliminary quarterly figures. That is why it is necessary to cut costs further anyway. Daimler, the parent company of Mercedes-Benz, is likely to cut up to 20,000 jobs...