Author: Euronews

Rio Tinto’s Simandou project in Guinea could finally be making progress after 27 years of consecutive delays. ADVERTISEMENTRio Tinto’s Simandou iron ore project in Guinea is finally taking off after almost three decades of holding the licence, government turmoil and coups. The project is expected to include two iron ore mines, a trans-Guinean rail line and a deep water port.The mining giant, registered in the UK, had first obtained a Guinean exploration licence for the Simandou mountains back in 1997 but had to quickly pump the brakes once the country experienced severe political turmoil. This included four presidents, two coups…

Shops in France have seen PepsiCo offerings taken off shelves, with Belgium, Spain and Italy set to follow suit. ADVERTISEMENTGlobal supermarket chain Carrefour will stop selling PepsiCo products in its stores in France, Belgium, Spain and Italy over price increases for popular items like Lay’s potato chips, Quaker Oats, Lipton tea and its namesake soda.The French grocery chain announced it had pulled PepsiCo products from shelves in France and added small signs in stores that read: “We no longer sell this brand due to unacceptable price increases.”The ban also will extend to Belgium, Spain and Italy, but Carrefour – which…

“When even the head of the central bank cannot afford rent, what can public servants or minimum wage earners do?” Turkish citizens ask on social media. ADVERTISEMENT”We haven’t found a home in Istanbul. It’s terribly expensive. We’ve moved in with my parents.” So says Hafize Gaye Erkan, the new head of Turkey’s central bank who, in an interview with Turkish media, slammed Istanbul’s skyrocketing rent prices.”Is it possible that Istanbul has got more expensive than Manhattan?” she asked.Many Turks have taken to social media, seemingly incredulous that even the 44-year-old governor, who previously worked at financial firms including Goldman Sachs and…

The chairman of Nestlé, Paul Bulcke tells The Big Question’s James Thomas “To be part of or to really enjoy being in a country, there is no better way than speaking in the local language.” ADVERTISEMENTThe Big Question is a series from Euronews Business where we sit down with industry leaders and experts to discuss some of the most important topics on today’s agenda. In this episode James Thomas met with Paul Bulcke, the chairman of Nestlé, to discuss whether speaking multiple languages is an important skill for international business.Did you know that according to the Journal of Neurolinguistics, just…

A top executive of China Evergrande’s electric vehicle company has been detained by police in the latest sign of trouble for the world’s most heavily indebted property developer. ADVERTISEMENTChina Evergrande New Energy Vehicle announced the detention of Liu Yongzhuo, its vice chairman and an executive director, in a notice Monday to the Hong Kong Stock Exchange. Its shares plunged nearly 11% after they resumed trading later in the day.It followed news over the weekend that Zhongzhi Enterprise Group, a major shadow bank in China that has lent billions in yuan to property developers, filed for bankruptcy liquidation after it was…

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…