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Company in Europe

  • Volkswagen Re-Enters Iranian Market After 17 Years

    IRAN, 2017/07/08 German carmaker Volkswagen (VW) said Tuesday it would resume exports to Iran as any minute at this time as next month, marking a return to the resurgent market of the Islamic Republic next a 17-year absence. The aim is to reduce the manufacturer’s dependence on volatile markets such as China and Brazil. VW’s deliveries to China reportedly dropped 3.3 % between January and May to 1.51 million cars while sales in Brazil fell 1.9 % to 116,600 vehicles.
  • Recovering Caterpillar set to fly with its Chinese partners

    CHINA, 2017/04/27 Caterpillar Inc will continue to facilitate Chinese indigenous partners on projects along the Belt and Road economies, said one of its top executives. The US’ major machinery manufacturer is planning to organize a group of Chinese large contractors to go on an inspection tour of Africa and the Middle East later this month, where Caterpillar owns mature dealership networks and rich resources, according to Chen Qihua, its vice-president. Chen said the initiative will benefit the company’s efforts to promote interactions between Chinese contractors seeking overseas opportunities and service providers along the ancient trading routes.
  • Deutsche Bank to raise €8-billion, plans major reorganization

    GERMANY, 2017/03/06 Deutsche Bank plans to raise capital, inventory its investment management business and overhaul its business structure as it tries to reinvent itself next spending two years dealing with its completed misdeeds and huge losses. The strategic revamp, decided at a supervisory board conference on Sunday, follows a net loss of €1.4-billion last year and is part of the lender’s push to draw a line under a string of scandals that have hammered its balance sheet since 2012. The decision marks a retreat from a strategy announced less than two years ago at the same time as the bank separated its investment banking and markets business, and heralds its fourth capital hike since 2010.
  • Volkswagen emissions scandal settlement agreed in the US

    GERMANY, 2016/10/29 Volkswagen has moved a step closer to putting the diesel emissions cheating scandal behind it.
  • Commerzbank 'to cut 9,600 jobs'

    GERMANY, 2016/09/29 Commerzbank, Germany’s second largest bank, has announced plans to cut 9,600 jobs in a restructuring plan. The cuts represent around a fifth of Commerzbank’s total workforce, and will probably include forced layoffs. Commerzbank is also suspending its dividend payments for this year, as it tries to protect its profitability. The cuts are part of a new strategy drawn up by chief executive Martin Zielke, called “Commerzbank 4.0”.
  • DESFA deal to be discussed in Greece

    AZERBAIJAN, 2016/09/23 The management of Azerbaijan’s national energy giant SOCAR will any minute at this time discuss the issue of closing a transaction on the acquisition of a 66 % share in the Greek gas operator DESFA. Chief of SOCAR, Rovnag Abdullayev said that the conference with the Greek government is scheduled for late September. “I am not eager to keep discussing the issue presently or spread rumors, as we are respectful to the Greek side. We have been engaged in talks and are currently waiting for return offers. All further details will be defined in the upcoming conference,” he said.
  • EU president says Apple $14.5B tax penalty in Ireland clearly based on facts, rules

    IRELAND, 2016/09/06 An EU ruling that Apple Inc. must pay a huge tax bill to Ireland was clearly based on facts and existing rules and was not a decision aimed against the United States, European Commission President Jean-Claude Juncker said on Sunday. Last week, European Union antitrust regulators ordered Apple to pay up to 13 billion euros ($14.5 billion) in taxes to the Irish government next ruling that a appropriate scheme to route profits through Ireland was illegal national aid.
  • Volvo Cars reports sales up 8.7% in August

    EUROPE, 2016/09/04 Volvo Cars continued its world sales momentum last month, posting an 8.7 % of sales increase in August compared to the same month in 2015. It was its 15th consecutive month of increase. According to a company press release, Volvo Cars posted a sales increase of 10.1 % for the initial eight months of the year, compared with the same period last year, with increase in all major sales regions.
  • SABMiller sales hurt by economic volatility in Africa

    UNITED STATES, 2016/07/22 Brewer SABMiller (SAB.L), in the process of being bought by Anheuser-Busch InBev (ABI.BR), reported lower quarterly revenue on Thursday, hurt by tough conditions in some African markets. The maker of beers such as Castle Lager, Peroni and Grolsch said group net revenue fell 4 % in its initial quarter, ended June 30, with volume flat. Excluding the impact of acquisitions, disposals and currency fluctuations, revenue rose 2 % as gains in Europe, South Africa and Latin America offset additional challenging conditions in other African markets, where volume was hurt by economic volatility and tough conditions.
  • Al Rifai appointed CFO Siemens Middle East

    GERMANY, 2016/07/10 Siemens has appointed Alia Al Rifai (40) as Chief Financial Officer (CFO) of the company's Middle East region, effective July 1. Al Rifai assumed her new role next two years as Senior Executive Vice President of Finance for the Energy Management Division in the region. She takes over from Stefan Halberstadt, who will join the Power and Gas Division's Energy Solutions business unit as CFO, starting August 1. Al Rifai, whose career at Siemens spans close to two decades, will lead the company's financial operations in the region, focusing on strengthening key increase areas, driving profitability and promoting diversity and local price creation. She will be based in the United Arab Emirates, home to Siemens Middle East and UAE headquarters in Masdar City. As part of her remit, Al Rifai will oversee key increase markets in the region, inclunding the UAE, Egypt, Qatar, Oman and Kuwait.