CategoryCorporate

Ericsson and SEC settled the major corruption case

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Swedish network equipment maker Ericsson has reached a settlement of more than 1 billion dollars in a major American corruption case. The company has known debt and is also being monitored by an external party for three years. “Ericsson’s corrupt behavior was with high-level executives, covering a span of seventeen years and at least five countries, in a misguided attempt to increase...

Norwegian Air scrapped unprofitable routes

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Norwegian Air has significantly reduced its capacity in November, with loss-making routes being scrapped. The Norwegian budget company hopes that the red figures will be stopped. Capacity decreased by 27 percent. Norwegian took more passengers on board aircraft on the remaining routes, resulting in fuller aircraft. This increases the return. Norwegian flies on European routes but also to New York...

AF/KLM will not take share of Virgin Atlantic

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Air France-KLM does not take an interest in Virgin Atlantic. The airline confirmed this on Wednesday, after Virgin boss Richard Brandson already announced it in a blog. “It is no longer necessary for Air France-KLM to take an interest in Virgin Atlantic,” the Dutch-French airline writes in a statement. The far-reaching cooperation between Air France-KLM, Delta and Virgin will continue...

Italian bank UniCredit scraps 8,000 jobs

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The Italian bank UniCredit will cut 8000 jobs over the next four years and will pay investors 2 billion euros by buying back its own shares. That was announced by CEO Jean Pierre Mustier on Tuesday at the presentation of a strategic plan for the period up to and including 2023. The Milan bank is scrapping a total of 9 percent of the workforce, among other things by closing 500 branches. In times...

Prosus gets Baa3 rating from Moody’s

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Credit rating agency Moody’s gives tech investor Prosus, listed in Amsterdam, Baa3. The outlook is stable, according to Moody’s. The agency points out, among other things, the great value of the listed assets of Prosus, the leading position as a global consumer internet company and the track record in operating in emerging markets. However, there are risks associated with, among other...

BMW puts 400 million euros in iNext plant

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Automaker BMW is investing 400 million euros in its largest factory in Dingolfing, Germany. The money is used for adjustments that are needed to make the fully electrically powered SUV iNext at the location in the long term. The production of the sporty off-road vehicle should start there in 2021. The iNext should roll off the same tire in Dingolfing as where hybrid vehicles and cars with...

An attempt to merge Mediaset and Vivendi failed

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Media companies Mediaset and Vivendi were unable to settle their argument about a controversial reshuffle of the corporate structure at that first party on Friday. The two companies are now fighting their confrontation in court. Vivendi, the second largest shareholder in the media company of former Prime Minister Silvio Berlusconi, is strongly opposed to a merger of the Italian and Spanish...

KLM may be barred from getting a stake in Virgin Atlantic

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Air France-KLM may not get a stake in industry partner Virgin Atlantic. The company of the British billionaire Richard Branson would find the cooperation between the two airlines on transatlantic routes sufficient, so that transfer of shares would not be necessary. La Tribune writes that based on sources. Air France-KLM declined to comment on the French newspaper. The aviation combination already...

Sale of branches propelled Rémy Cointreau profits

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Cognac producer Rémy Cointreau closed the first half of its broken financial year with a higher profit. This was mainly due to the sale of certain business units in Eastern Europe. Without those one-off revenues, the result was actually lower. The company behind luxury beverage brands such as Rémy Martin and Louis XIII achieved a profit of 90.5 million euros, an increase of 3.5 percent compared...

Kenes Rakishev sold a land plot for the biggest logistic center near Moscow

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The land was bought by the former co-owner of BTA Bank, Mukhtar Ablyazov. As Mukhtar Ablyazov was convicted and fled aboard Kenes Rakishev begun the process to reclaim the assets stolen by M. Ablyazov. One of it is 450 ha in one piece in one of the most expensive places in Russia – Domodedovo district of Moscow region. Kenes Rakishev sold the land plot of 450 ha to the “Rusich”...

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