Italian market authority has launched an official investigation into ticket sales and canceled flights at Alitalia. The regulator has received many complaints from customers who, shortly after they booked a flight, were informed that this flight had been canceled. Subsequently the duped travelers received a voucher instead of money back as compensation. The regulator AGCM further points out that...
Italian bank Unione di Banche Italiane (UBI) has said no to a takeover attempt by industry colleague Intesa Sanpaolo. According to the lender, the takeover bid, which amounts to 4.9 billion euros, is too low and “does not reflect the real value” of UBI. UBI’s shareholders would also have preferred that Intesa Sanpaolo make its offer in cash, rather than in shares. In addition...
Car sales in Europe may be a quarter lower this year than initially thought. Due to the corona pandemic, the number of passenger car registrations dropped sharply between mid-March and May. After easing preventive measures against the coronavirus, sales are likely to pick up, but according to European industry association ACEA, that is nowhere near enough to make up for the previous year. For the...
Net Elelement is a company behind many, mostly payment processing, products. It was founded in 2004 by Kenes Rakishev, entrepreneur and high-tech pioneer from Kazakhstan. Since then the company developed several payment processing solutions. It is listed at NASDAQ stock exchange. It’s HQ are in Florida. The company owns and operates a global mobile payments and transactional processing provider...
Chinese industrial production increased in May compared to a year earlier, but less than expected. This was revealed on Monday from data from the national statistics office. Production grew 4.4 percent year-over-year, with economists generally expecting 5 percent growth. According to experts, the figures show that the Chinese economy is able to cautiously focus after the corona crisis, although...
There is distinct group in immigrant community from the former USSR. Many of those who pretend that they fled and left all belongings behind came with wealth of at least unexplained origin. Their escapes were carefully planed. And no matter what they do proclaim everyday on Facebook – they are pretty happy with the regimes. It is true for at least some of the Kazakh exiles. In fact those...
Hong Kong-based airline Cathay Pacific Airways has announced a plan to raise $ 39 billion in Hong Kong dollars ($ 4.5 billion) in fresh capital to address the airline industry slump from the corona crisis. These include the issue of new shares. The virus outbreak has hit Cathay hard and the fleet of the company has been largely grounded for a long time. Before that, Cathay was already bothered by...
Waste processor Renewi cuts spending. The company that processes less waste as a result of the corona crisis wants to reduce costs through further digitization and optimizing processes. In the current financial year, 60 million euros will be ‘saved’. Partly through an ongoing savings program and partly through postponement of expenditure. The final dividend will also be canceled. Due...
German Chancellor Angela Merkel will attempt to reach a compromise later on Tuesday on a second stimulus package to steer Europe’s largest economy through the corona crisis. From 2 pm this afternoon, she will receive several leaders and officials from her own Christian Democratic party CDU as well as the Social Democratic SPD. According to insiders, it concerns a package between 50 billion...
The South Korean central bank is lowering the key interest rate to its lowest ever level due to the damaging impact of the corona crisis on Asia’s fourth economy. Interest will go up by 0.25 percentage point to 0.5 percent. The Bank of Korea also cut interest rates in March. The country’s economy is expected to contract this year as a result of the corona crisis. A minus of 1.4...