Author: Euronews

Galeria Karstadt Kaufhof is seeking a new owner, whose real estate group has made several insolvency filings. ADVERTISEMENTGermany’s last remaining major department store chain has filed for insolvency protection, its third filing in less than four years, after its owner ran into difficulties.Galeria Karstadt Kaufhof, which currently runs 92 stores and employs more than 15,000 people, said it filed for insolvency at a court in Essen, German news agency dpa reported on Tuesday. The company is seeking a new owner and talks with potential investors are already underway.The move follows insolvency filings by several companies in the trading and real…

The latest data from Eurostat shows unemployment rates are getting slightly better in the euro area and the wider EU. ADVERTISEMENTThe eurozone’s unemployment rate fell to 6.4% in November 2023, down from 6.5% in the previous month and from 6.7% the previous year, according to the latest data from Eurostat, the EU’s statistical office.The unemployment rate in the EU as a whole was 5.9% in November, also down from 6% in October and from 6.1% in November 2022.Eurostat estimates that almost 13 million people in the EU, of whom about 11 million are in the euro area, were unemployed in November 2023.The youth (under 25s)…

Payments to eligible iPhone owners have begun following a settlement agreement, even though Apple has not admitted any wrongdoing, while other users continue to await updates ADVERTISEMENTApple has begun compensating US owners of specific iPhone models amid claims that the devices were intentionally slowed down.The case includes iPhone 6, 6 Plus, 6s, 6s Plus, and SE models running iOS 10.2.1 or later before December 21, 2017, as well as the iPhone 7 or 7 Plus on iOS 11.2. Owners of the affected models could receive around €84 per device, with a maximum settlement payout of €450 million in total.Eligible US…

Davos will welcome global leaders for the World Economic Forum 2024 next week with the event focused on rebuilding trust. Discussions will span global security, job creation, climate initiatives, and AI development, with leaders striving for impactful, united resolutions. ADVERTISEMENTIn the heart of the Alps, the peaceful and picturesque Swiss town of Davos is gearing up to host a congregation of the world’s most influential leaders in politics and business for the 54th Annual Meeting of the World Economic Forum (WEF), scheduled from the 15 to the 19 of January 2024.The theme: “Rebuilding trust”This year’s theme, “Rebuilding Trust,” acknowledges the…

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…