Money Buzz! Europa

Category: Business

  • Over 8.000 European companies settled in east China’s Jiangsu Province

    Over 8.000 European companies settled in east China’s Jiangsu Province

    The number of European companies settling in east China’s Jiangsu Province has reached 8.398, according to Xinhua.

    The amount of the foreign investment in actual use was 32.8 billion U.S. dollars.

    ”The European Union (EU) has become Jiangsu’s largest trading partner, second largest source of foreign investment, and third largest investment destination”, said Sun Jin, deputy director of the Department of Commerce of Jiangsu Province.

    Nicolas Chapuis, EU ambassador to China, said in an online speech that China is actively promoting green environmental protection and digital revolution, which is consistent with the EU’s development strategy.

  • Farfetch to use Bambuser’s Live Video Shopping

    Farfetch to use Bambuser’s Live Video Shopping

    Bambuser has entered into a pilot agreement with Farfetch launching Live Video Shopping with the leading global platform for luxury fashion.

    The agreement gives Farfetch the right to use Live Video Shopping at a fixed cost of 35.000 GBP (approx 0.4 MSEK), with support for English, Japanese, Chinese and Arabic languages during the pilot phase, which lasts for six months. 

    Bambuser’s primary product, Live Video Shopping, is a cloud-based software solution that is used by customers such as global e-commerce and retail businesses to host live shopping experiences on websites, mobile apps and social media. 

  • Tide and GoCardless to launch an invoice payment service

    Tide and GoCardless to launch an invoice payment service

    Tide announced a partnership with GoCardless to launch a service that will allow Tide members to collect invoice payments by Direct Debit.

    This service gives small business owners control over when they are paid, helping them to get paid faster, as well as cutting the stress and wasted time out of chasing payments.

    On average, businesses get paid 47% faster with GoCardless according to IDC’s ”The business value of taking recurring payments with GoCardless”.

    Tide members will be able to schedule the collection of payments from their customers when the invoice is due and track the progress of these payments with  low, per-transaction fees.

    Tide members’ customers will be protected by the Direct Debit guarantee.

    60% of small businesses regularly have invoices paid late

    Recent research by Tide reveals that over 60% of small businesses regularly have invoices paid late, with almost 16% of those saying they regularly have invoices paid over four weeks late.

    This creates a huge cash flow issue and puts small businesses in serious danger of collapse, particularly in the current turbulent climate.

    When it comes to failed payments 42% of small businesses say the biggest problem they pose is awkward conversations with customers, 29% citing the cash flow impact, and 27% the cost of recovering payments.

  • Castellum income from property management increased by 9% this year

    Castellum income from property management increased by 9% this year

    Castellum income from property management amounted to MSEK 2.588 (2.380), corresponding to SEK 9.48 (8.71) per share – an increase of 9%.

    Castellum income for the period January-September 2020 totalled MSEK 4.488 (4.343 for the corresponding period last year).

    Castellum net income after tax for the period amounted to MSEK 2.549 (3.637), corresponding to SEK 9.33 (13.31) per share.

    Changes in value on properties amounted to MSEK 816 (2.505) and on derivatives to MSEK -212 (-417).

    Net lettings for the period amounted to MSEK 191 (-38).

    Net investments amounted to MSEK 1.996 (741) of which MSEK 317 (2.789) pertained to acquisitions, MSEK 1.800 (2,061) to new construction, extensions and reconstructions, and MSEK 121 (4.109) sales.

  • LPP generated PLN 2.1 bn revenues from May to July 2020

    LPP generated PLN 2.1 bn revenues from May to July 2020

    In the period from May to July, LPP generated PLN 2.1 bn revenues and operating profit of PLN 32.3 m. Revenues were lower than in the comparable period last year by 9%.

    The pick-up in revenues in that period was due to lifting the economic lockdown restrictions and record e-commerce turnover, which translated into PLN 3.3 bn of total revenues in H1, a fall YoY by 20.6%.

    Three-digit dynamics in the online channel, which reached 125% YoY, provided LPP with revenues exceeding PLN 621 m. Thus, online sales in Q2 accounted for 29.2% of the Group’s turnover and 30.9% from Poland, which accounted for approximately 48% of the total online revenues.

    Despite the continuing difficult situation in all markets, Q2 of 2020/21 turned out to be another one for LPP withe foreign revenues exceeding the domestic ones. In the period from May to July, they accounted for nearly 55% of total revenues.

  • PPF Group acquired Central European Media Enterprises

    PPF Group acquired Central European Media Enterprises

    PPF Group announces that its fully owned subsidiaries have completed the acquisition of Central European Media Enterprises.

    PPF now holds full control of CME’s operations in the Czech Republic, Romania, Slovakia, Slovenia, and Bulgaria.

    This transaction was subject to regulatory approval by the European Commission, national regulators in certain countries, and CME shareholders.

    Shares on the NASDAQ Global Select Market and Prague Stock Exchange have been delisted and now cease to exist following the completion of the acquisition.

    Holders of CME’s Class A Common Shares immediately prior to the effective time of the merger will receive $4.58 per share.

    Didier Stoessel is the new CEO

    Didier Stoessel will assume the position of chief executive officer at CME, responsible for the Czech, Romanian, Slovak, and Slovenian markets.

    Didier Stoessel has extensive strategic and senior management experience in media, technology, and global finance and previously worked for Modern Times Group, HSBC Investment Bank, and Merrill Lynch International.

    Lubos Jetmar has been named CEO CME Bulgaria responsible for operations, strategy, and growth development plans in Bulgaria.

    CME operates television stations in the Czech Republic, Romania, Slovakia, Slovenia and Bulgaria and is one of the leading media and entertainment companies in Central and Eastern Europe.

    CME broadcasts 30 television channels, both free and paid, and reaches a total of 45 million viewers.

  • Polish e-commerce giant Allegro to be listed on Warsaw Stock Exchange

    Polish e-commerce giant Allegro to be listed on Warsaw Stock Exchange

    Polish e-commerce giant Allegro will be listed Monday, October 12, on the Warsaw Stock Exchange at an estimated value of 9.4 billion euros.

    The company, owned by London-based investment funds Cinven, Permira and Mid Europe plans to raise about one billion zlotys (220 million euros) to repay its debts.

    Founded in 1999, as a local version of the eBay auction site, Allegro has seen remarkable growth, with sales up 19% in 2018, 31,1% in 2019 and 51.8% during the first six months of this year.

    Also, net profit reached 289.7 million zlotys (65 million euros) in the first half, compared to 195.7 million zlotys in the same period last year.

    The company has a medium-sized warehouse and intends to open a larger one, as well as four smaller ones, but over 90% of the products sold never go through the warehouses and go directly from the seller to the buyer.

  • Pricer sales registered in Q3 2020 an astonishing growth of 143%

    Pricer sales registered in Q3 2020 an astonishing growth of 143%

    Swedish company Pricer, supplier of systems and solutions for in-store digitalization, has had a record high delivery activity during the third quarter.

    Net sales in the third quarter of 2020 are estimated to amount to approximately SEK 565 million, which corresponds to a growth of 143% compared with the third quarter of 2019.

    The operating profit for the third quarter of 2020, which has not yet been finally determined, is estimated to amount to approximately SEK 75 million corresponding to approximately 13% in operating margin, compared with SEK 24.8 million for the third quarter of last year.

    This corresponds to an increase in operating profit of approximately 200%.

    The order intake for the third quarter of 2020 amounted to SEK 440 million, to be compared with SEK 222 million for the same period of last year.

  • Berlin Packaging acquired Netherlands-based Vinkova B.V.

    Berlin Packaging acquired Netherlands-based Vinkova B.V.

    Berlin Packaging announced today the acquisition of Vinkova B.V., a Netherlands-based glass packaging supplier with expertise in food and beverage verticals.

    This is Berlin’s eighth acquisition in Europe since 2016. Vinkova is the leading Dutch supplier of glass packaging for 50+ years.

    ”Acquiring an established food and beverage packaging supplier provides tremendous cross selling opportunities for our high-end specialty glass in northern Europe,” said Paolo Recrosio, CEO of Berlin Packaging Europe.

    ”Continued expansion in Europe is a central tenant of Berlin Packaging’s overall growth strategy,” said Bill Hayes, CEO and President of Berlin Packaging.

    All employees and locations are being retained. Financial details were not disclosed.

  • Ukraine will cut import taxes for „Made in EU” wines

    Ukraine will cut import taxes for „Made in EU” wines

    Ukraine will cut import taxes for wines produced in the European Union next year, as part of its obligations under the agreement with the EU, Reuters reports.

    Now, import taxes for wines produced in the European Union range from 0.3 to 0.4 euros per liter.

    Last year, Ukraine imported $ 146.7 million worth of EU wines, while in the first half of this year, imports amounted to $ 67.9 million.

    In 2014, Ukraine signed a comprehensive political and trade agreement with the EU.

    The agreement with the EU is allowing Ukraine free access to the 500 million consumers in the EU, the world’s largest and richest single market.

  • UK businesses borrow £52.6bn to survive the COVID-19 crisis

    UK businesses borrow £52.6bn to survive the COVID-19 crisis

    The devastating COVID-19 crisis caused a massive financial hit to businesses in the United Kingdom, confronting them with substantial revenue and cash flow losses.

    Many of them were forced to ask for support through the government-backed loan schemes to survive in the times of unprecedented economic disruption.

    According to data presented by BuyShares.co.uk, the cumulative value of loans that have been approved through the Coronavirus Businesses Interruption Loans Scheme (CBILS), Bounce Back Loan Scheme (BBLS), and Coronavirus Large Business Interruption Loan Scheme (CLBILs) in the United Kingdom hit £52.6bn in August.

    More than 1.2 million loans approved in four months

    The United Kingdom’s Government created a range of measures to help support businesses of all sizes throughout the coronavirus crisis.

    The smaller companies can apply for the Coronavirus Business Interruption Loan Scheme (CBILS), which operates through the British Business Bank via more than 40 accredited lenders.

    These lenders can provide up to £5 million worth financial help in the form of term loans, overdrafts, and asset finance.

    The Coronavirus Large Business Interruption Loan Scheme (CLBILS) facilitates access to finance for medium-sized and larger businesses with a group turnover of more than £45 million. This scheme can provide up to £200 million worth financial help for the companies affected by the coronavirus outbreak.

    The Bounce Back Loan Scheme (BBLS) allows lenders to provide a six-year term loan from £2,000 to 25% of a business’ turnover.

    In the second week of May, the combined value of facilities approved through these three schemes amounted to £14.8bn, revealed the HM Treasury data. By the middle of June, this figure surged by 157% to £38.2bn worth of loans.

    Statistics indicate the total value of facilities approved through the Government-backed loan schemes hit £46.2bn by the end of the second week of July. By August 16th, this figure jumped by 14%, reaching a total of $52.6bn.

    Statistics indicate the banking and finance industry has supported more than 1.2 million UK businesses with lending schemes to help them through the COVID-19 crisis.

    £35.5bn worth of loans approved through the Bounce Back Loan Scheme

    The Bounce Back Loan Scheme represents the most significant part of the government-backed aid package in the United Kingdom, with £35.5bn worth of loans approved by August.

    This scheme has been a success in providing more than 1.1 million firms with vital government-backed loans at an affordable rate with no interest or repayments due in the first year.

    The HM Treasury data revealed the cumulative value of lending through the Coronavirus Business Interruption Loan Scheme reached almost £13.7bn in August or 25% of all approved loans.

    Statistics indicate that between May 10th and August 16th, 516 medium-sized and larger businesses in the United Kingdom received £3.5bn worth financial help thought the Coronavirus Large Business Interruption Loan Scheme.

  • Nagarro ”swallowed” the Romanian company iQuest

    Nagarro ”swallowed” the Romanian company iQuest

    Nagarro and the international software development company based in Romania iQuest have finalized their transition following the merger announced in August this year.

    Both companies are owned by the German group Allgeier SE.

    After the transition period started a few months ago, Nagarro Romania will have mixed teams – employees from both iQuest & Nagarro – working on projects, both in engineering and other areas of the organizations.

    Nagarro is a fast-growing, global tech service company domiciled in Germany, with over 8.400 employees across 25 countries.

    The company serves more than 750 clients worldwide, many of them blue-chip businesses, leaders in their fields: manufacturing, retail, transport and logistics, financial services and other industries.

    Last year, Nagarro generated 402 million euros in revenue.

    In Romania, following the merger with iQuest, Nagarro has now approximately 815 employees and has now more than 40 open positions for IT professionals to be hired in the next few months, with different levels of seniority in technologies like Java, .net, hybris, mobile development.

    All iQuest offices in Romania, from Cluj-Napoca, Brașov, Craiova, Sibiu, București, and those in Warsaw, Frankfurt and Zurich will now be rebranded as Nagarro.

    The merger with iQuest in Romania was not the only fusion, Nagarro bringing under its brand also Objectiva, a company operating in the USA and China, and the SAP business of Allgeier Enterprise Services, from Germany – rebranded from October 1st as Nagarro ES.