Author: Euronews

Luxury car-maker Rolls-Royce reports “extraordinary” year, with record sales and rising demand in all-electric Spectre model. ADVERTISEMENTRolls-Royce has seen sales soar to another record level on continued demand for its luxury models and sales driven by its new all-electric Spectre model.The UK-based luxury vehicles plant, owned by BMW, delivered 6,032 vehicles to customers in 2023, a slight rise on its previous record of 6,021 in 2022.Performance was driven by demand for its Cullinan, Ghost and Phantom marques, as well as the Spectre model, the Goodwood-based business said.Sales were highest in the US, its largest market, followed by China and Hong…

European markets opened more cautiously this week, following weakened sentiment in Asia and with US inflation numbers on the horizon. ADVERTISEMENTEuropean stocks started the week on a sour note on Monday morning, taking a cue from Asian stocks, as markets look ahead to US inflation data later on in the week. This continues the trend of global stocks struggling to pick up speed in the new year so far.The Stoxx 600 dipped 0.05% to €476.1, whereas the CAC 40 dropped 0.08% to €7,415. The FTSE 100 index slipped 0.2% to £7,671.6.According to Michael Hewson, chief analyst at CMC markets, “Having…

The half percentage point rise on the November figure (2.4%) appeared driven by an abatement in falling energy prices ADVERTISEMENTFood, alcohol and tobacco were expected to continue with the highest inflation rate in December (6.1%, compared with 6.9% in November), followed by services (4.0%, stable compared with November). But a diminution in energy inflation abated from -11.5% in November to -6.7% in December.The news is likely to damp hopes of an early interest rate decrease by the European Central Bank in 2024. The bank’s rate stands unchanged from last October at 4%, following steady increases which began in July 2022.Christine Lagarde, the president of…

Positive surge in eurozone economic sentiment and employment expectations indicator contrasts with a less pronounced increase in sales. Euronews Business breaks down the latest figures ADVERTISEMENTA key indicator of sentiment within both the EU and the eurozone saw a rise in optimism over the economy and employment expectations, despite slower growth in sales.The Economic Sentiment Indicator (ESI) in December rose from 93.8 to 95.6 in the EU, and from 93.8 to 96.4 in the eurozone. The EU consists of nations meeting specific membership criteria, while the eurozone includes countries using the euro as their main currency.The ESI measures confidence across…

A landmark global deal setting a minimum corporate tax rate of 15% on multinational companies came into force in the European Union on 1 January. ADVERTISEMENTThe EU has for years tried to flex its muscles on corporate tax evasion by introducing a raft of new laws and lodging high-profile court cases against multinationals.But some of its own member states – such as Ireland, Luxembourg and Cyprus – have continued to allow high-profit companies to dodge both taxes and scrutiny. Profit shifting worldwide has also remained high, causing losses worth billions of euros for the continent while economic inequality deepens.Now, companies…

US regulators temporarily grounded 171 Boeing 737 MAX 9 jetliners for safety checks following a cabin panel blowout that forced an Alaska Airlines jet to make an emergency landing. ADVERTISEMENTShares in Boeing, listed in Frankfurt and the US pre-market, fell 9% on Monday after the US Federal Aviation Administration ordered the temporary grounding of 171 of the American company’s 737 MAX 9 jets for safety checks, according to reports.On Friday, a piece of fuselage tore off an Alaska Airlines jet after take-off from Portland, Oregon, forcing the pilots to make an emergency landing.Boeing competes with Airbus, which has been gaining…

Swedish battery producer Northvolt will receive €902 million in German state aid, as Brussels makes its first use of more flexible state aid rules to prevent investment from being diverted away from Europe. ADVERTISEMENTThe European Commission announced Monday that it had approved German state aid to allow Northvolt to build a gigafactory producing battery cells used in electric vehicles (EVs) in the town of Heide, Schleswig-Holstein, in an investment worth €2.5 billion.It is the first time the bloc makes use of ‘matching aid’, an exceptional measure adopted in March to allow EU states to provide higher amounts of aid to companies when…

The majority of UK manufacturers view the country as a more competitive place to locate their activities. ADVERTISEMENTMore than half (52.7%) of UK manufacturers think their country is now a more competitive place to operate, compared to just 31% last year, although they are wary of the current threat to their competitiveness posed by China and the US.The findings come from a 2024 survey by manufacturers’ organisation Make UK and accountancy firm PwC, published on Monday. The poll of more than 200 senior manufacturing executives shows that around a third believe the UK is increasing its competitiveness against Germany and France,…

Hungary’s nationalist Prime Minister Viktor Orbán could take the reins at the European Council in July unless EU leaders can swiftly find a successor to its current president. ADVERTISEMENTCharles Michel unexpectedly announced on Saturday that he would be the lead candidate for his Belgian liberal party – the Reformist Movement (MR) – in the European elections which take place on 6-9 June.This means Michel, a former Belgian prime minister who has presided over the European Council since 2019, is highly likely to be elected as a member of the European Parliament (MEP) and stand down as Council chief following the election.The EU’s…

Elon Musk’s possible use of illegal drugs is causing concern for bosses within his companies, according to a Wall Street Journal report. ADVERTISEMENTAllegations made against Elon Musk over possible drug use is worrying executives within his companies, a report in the Wall Street Journal (WSJ) has suggested.  Musk, chief executive officer of Tesla and SpaceX, has denied the claims, insisting no trace of drugs or alcohol has been found in his body during random tests over three years.The allegations followed a recent SpaceX meeting, when, the report said, an executive  described Musk as “nonsensical,” “unhinged,” and “cringeworthy” after the chief…