Europe

Thailand's Central Group Takes over Swiss Department Stores Globus

Thai retail and property conglomerate Central Group said on Monday it will take over the operational business of Magazine zum Globus AG, which operates luxury department stores in Switzerland, Reuters reported. Globus is another piece of the fallen empire of Austrian property tycoon Rene Benko, whose sprawling Signa group folded late last year, sending shockwaves through a European property sector already beset with problems.
Thailand
Switzerland
Read more

German Inflation Falls Further Below ECB Target, Raising Chance of October Rate Cut

German inflation declined further below the European Central Bank’s 2% target in September, further raising the chance of a consecutive interest-rate cut at the bank’s next meeting in October, the Wall Street Journal reported. Consumer prices were 1.6% higher than in September last year, down from 1.9% in August, German statistics office Destatis said Monday. The German data comes after inflation cooled more rapidly than expected in France and Spain, potentially increasing the pressure on policymakers to vote for an ECB rate cut on Oct.
Germany
Read more

European Carmakers Warn on Profits in the Face of Weak Demand and Rising Costs

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.
Europe
Read more

Titanic Shipyard Owner Appoints Administrators From Teneo

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.
United Kingdom
Read more