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Norway’s Aker-backed infrastructure fund eyes 1 billion euros launch in 2025

29 Oct 2024

By Nora Buli OSLO (Reuters) – Norwegian energy transition investment fund Industry Capital Partners (ICP), backed by industrial group Aker ASA, plans to launch an inaugural 1 billion euros ($1.08 billion) fund next year, the head of its infrastructure unit said on Tuesday.     “What we are working on at Industry Capital Partners are energy projects …

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Volkswagen’s Audi in talks with potential investor for Brussels site

29 Oct 2024

BERLIN (Reuters) – Volkswagen’s luxury division Audi is in talks with a potential investor for its struggling Brussels plant, a company spokesperson said on Tuesday. A working group on alternative uses for the plant is also ongoing, said the spokesperson, who added that it has not yet come to a conclusion. According to company sources, …

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German coalition must find joint response to economic malaise, finance minister says

29 Oct 2024

By Christian Kraemer, Maria Martinez and Rene Wagner BERLIN (Reuters) – Germany’s ideologically disparate coalition of Social Democrats (SPD), free-market Free Democrats (FDP) and Greens will have to find joint answers to the economic malaise in Europe’s biggest economy, Finance Minister Christian Lindner said on Tuesday. Headed by Lindner, the FDP organised their own business …

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Engie and Morocco’s OCP renewables deal worth billions, says source

29 Oct 2024

By Ahmed Eljechtimi and America Hernandez RABAT/PARIS (Reuters) – Morocco’s phosphates and fertilizer giant OCP and French energy firm Engie signed a preliminary agreement on Monday for projects that could generate investments in Morocco worth up to 17 billion euros ($18 billion) in desalination, renewable energy and green hydrogen, a source close to the deal …

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Russia’s Severstal expects steel demand to drop 5-7% as high rates hurt customers

29 Oct 2024

MOSCOW (Reuters) – Russian steelmaker Severstal expects steel demand to drop by 5% to 7% in 2024 as the high cost of borrowing raises the strain on its customers’ investment plans, company head Alexander Shevelev said on Tuesday. A growing number of Russian industrial companies and lobby groups are complaining of prohibitively high interest rates …

Russia’s Severstal expects steel demand to drop 5-7% as high rates hurt customers Read More »

Lufthansa reports 9% drop in third-quarter profit as core brand struggles

29 Oct 2024

By Joanna Plucinska, Rachel More and Ilona Wissenbach LONDON/BERLIN/FRANKFURT (Reuters) -German airline group Lufthansa reported a fall in third-quarter operating profit on Tuesday as its flagship brand struggles with low yields, competition with international airlines and spiralling costs. Third-quarter operating profit of 1.3 billion euros ($1.41 billion) was largely in line with the expectations of …

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Abu Dhabi’s CYVN Holdings enters non-binding deal to buy McLaren’s automotive business

29 Oct 2024

DUBAI (Reuters) – Abu Dhabi-based investment vehicle CYVN Holdings has entered a non-binding agreement to buy 100% of carmaker McLaren’s automotive business from Mumtalakat, the sovereign wealth fund of Bahrain, the two Gulf firms said on Tuesday. Under the potential deal, CYVN Holdings would also acquire a non-controlling stake in McLaren Group,” CYVN and Mumtalakat …

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