Tata Steel starts talks with European Works Council on job cut

TATA Steel said on Wednesday (27) that it is likely to reduce jobs across the UK. The company plans to retrench 1,600 employees in the Netherlands, 1,000 in the UK, and another 350 jobs globally. It has started discussions with the European Works Council (EWC) on proposals to transform its business. The Indian giant is […]

Novartis to acquire Medicines Company for £7.5bn 

SWISS pharmaceuticals giant Novartis announced over the weekend it would dish out $9.7 billion or £7.5bn to acquire US firm Medicines Company, in a move aimed at boosting its cardiovascular treatment portfolio. Novartis said Sunday (24) it had agreed to pay $85 per Medicines Co. share, which was 41 per cent over the US company’s closing […]

Indorama Ventures joins US-based Recycling Partnership 

GLOBAL chemical producer Indorama Ventures Public Company Limited (IVL) said it has joined hands with the Recycling Partnership. Recycling Partnership is a non-profit leader improving how America recycles. IVL’s collaboration with the Recycling Partnership will promote the US residential recycling rates and increase the availability of recycled polyethylene terephthalate (PET) to meet the global recycled […]

Indorama completes acquisition of Europe’s Sinterama 

INDORAMA Ventures Public Company Limited (IVL) has announced on Wednesday (20) that it has completed the acquisition of Sinterama. Sinterama is global polyester automotive interiors and high-performance coloured yarns manufacturer. “This acquisition elevates IVL’s capability to deliver comprehensive and innovative solutions in highly specialised applications, including coloured polyester yarns for the automotive, furnishing, apparel and […]

ArcelorMittal records higher losses amid rising costs

STEEL giant ArcelorMittal said Thursday (7) lower prices and rising costs of raw materials pushed up losses in the third quarter. The world’s biggest steelmaker reported a net loss of $539 million (€587m) for the three-month period ending September 30, after a loss of $447m in the second quarter. “As anticipated, we continued to face […]

ArcelorMittal calling off acquisition of Italian steel firm

ARCELORMITTAL said Monday (4) it was pulling out of the purchase of Italy’s struggling steel firm Ilva after parliament scrapped a legal protection deemed necessary to undertake crucial environmental work without criminal liability. The Taranto site is at the centre of a huge legal case in which experts cited by prosecutors have said some 7,500 […]

Romania, Hungary recruit in Asia to fill labour shortage

SPORTING yellow safety helmets, about 30 men are busy at work on a construction site south of Bucharest, exchanging a few words in Vietnamese. Faced with a growing labour shortage which threatens their economies, Romania and Hungary are courting Asian workers, going against Hungarian nationalist prime minister Viktor Orban’s anti-immigration rhetoric. “My friend, my friend,” […]

European MoneyGram Awards to honour foreign entrepreneurs

THE first European MoneyGram Awards to honour foreign entrepreneurs will be held in Brussels on November 7. The foreign entrepreneurs will be awarded for supporting local economies and reinforcing integration in Belgium, France, Germany, Italy, Spain, and the UK. The European MoneyGram Awards is a recognition project that represents the commitment to migrant communities living […]

ThyssenKrupp files complaint against European Commission   

GERMAN industrial giant ThyssenKrupp said last month it filed a complaint at an EU court against the European Commission for blocking its plan to merge with Indian group Tata Steel. “We regret the European Commission’s decision and regard it as too far-reaching and wrong. That is why we are filing a complaint,” said Donatus Kaufmann, […]

OYO acquires Danish data science firm Danamica

BOOMING hospitality business OYO Hotels & Homes has acquired Danish firm Danamica for an undisclosed sum. The Copenhagen-based data science platform is specialised in dynamic pricing, the Rakesh Agarwal-founded company said on Monday (2). The latest acquisition has come a month after the India-based company announced its commitment to invest €300 million in the vacation […]