European carmaker Stellantis on Monday joined bigger rival Volkswagen and others in warning about the worsening outlook for auto demand and rising costs, wiping billions of euros off the sector's market value, Reuters reported. The companies are struggling with weak demand in China and the United States and a potential trade war between Beijing and the European Union as the EU prepares to finalise import tariffs on Chinese electric vehicles, imposed over alleged subsidies.
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The owner of the shipping yard that built the Titanic has appointed administrators from financial advisory firm Teneo, after collapsing for the second time in five years, Bloomberg News reported. Harland & Wolff Group Holdings Plc confirmed the decision to go into administration — a form of insolvency in the UK — after warning last week that it was inevitable. The move applies to the holding company, which said some of the 66 people it employs will lose their jobs.
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Proper Music Group, the Swiss company formerly known as Utopia Music, has been hit with bankruptcy proceedings in Swiss court after the group failed to attend a court hearing related to a debt of 23,000 Swiss Francs ($27,360), Digital Music News reported. The provisional announcement of bankruptcy was filed on Tuesday, September 24. “We are disappointed that bankruptcy proceedings have been triggered.
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Germany's finance minister has conveyed to Italy's Treasury his concerns about any takeover of Commerzbank by Italian lender UniCredit, two people familiar with the matter said, as Berlin looks to halt a hostile deal, Reuters reported. Christian Lindner outlined his position to the Treasury — Italy's economy and finance ministry, led by Giancarlo Giorgetti — in tandem with German Chancellor Olaf Scholz's public criticism this week of UniCredit's move to become the biggest investor in its German rival.
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