Companies

Rheinmetall and Leonardo Secure Approval for €23bn Defense Joint Venture in Italy
January 20, 2025
Line
1
 Min

Rheinmetall and Leonardo Secure Approval for €23bn Defense Joint Venture in Italy

The Federal Cartel Office has approved a joint venture between Germany's Rheinmetall and Italy's Leonardo, paving the way for the companies to collaborate on the production of infantry fighting vehicles, battle tanks, and special vehicles. The joint venture, Leonardo Rheinmetall Military Vehicles (LRMV), headquartered in Rome, aims to secure a €23 billion contract with the Italian army, fulfilling requirements neither company could meet alone.

Santander Weighs UK Exit Over High Street Banking Woes
January 20, 2025
Line
1
 Min

Santander Weighs UK Exit Over High Street Banking Woes

Spanish banking giant Santander is reviewing its UK operations and exploring a potential exit due to frustrations over high costs, lower returns, and regulatory hurdles. While no final decision has been made, the move signals growing concerns about the UK's banking environment. Santander may retain its corporate and investment banking operations in London if it exits the retail and commercial market.

Ryanair Cuts Flights to Spain Amid Dispute Over Airport Fees
January 20, 2025
Line
1
 Min

Ryanair Cuts Flights to Spain Amid Dispute Over Airport Fees

Ryanair, the largest airline in Spain by passenger volume, has announced plans to reduce its flight offerings to Spain for the summer, citing high airport fees charged by the Spanish airport operator Aena. The decision will cut 800,000 seats and eliminate routes to Jerez de la Frontera and Valladolid while reducing services to several other cities. Ryanair plans to increase flights to countries like Italy, Sweden, Croatia, Hungary, and Morocco, where governments are "actively encouraging growth."

Citigroup to Spend £1bn on Canary Wharf Tower Renovation
January 17, 2025
Line
2
 Min

Citigroup to Spend £1bn on Canary Wharf Tower Renovation

Citigroup will invest £1 billion to renovate its Citi Tower in Canary Wharf, signaling a strong commitment to office working amid shifts in workplace trends. The project, set for completion in 2026, opts for a sustainable renovation over demolition. The decision contrasts with firms like HSBC, which plan to reduce office space. Canary Wharf Group is also revamping the area to attract more visitors and diversify its use.

Hungary Attracts Another Major EV Investment from China
January 17, 2025
Line
1
 Min

Hungary Attracts Another Major EV Investment from China

Chinese electric vehicle component manufacturer Xinzhi will invest HUF 50 billion (€121 million) to build a new plant in Hatvan, Hungary. The facility will create nearly 900 jobs, including 30 R&D engineering roles, enhancing Hungary's leadership in the global electric vehicle (EV) transition. Foreign Minister Péter Szijjártó announced the development, marking another milestone in Chinese-Hungarian business relations.

BP to Cut 4,700 Jobs in Cost-Reduction Plan
January 17, 2025
Line
2
 Min

BP to Cut 4,700 Jobs in Cost-Reduction Plan

BP is set to cut 4,700 jobs globally over 5% of its workforce—alongside 3,000 contractor positions, as part of a cost-saving strategy targeting $2 billion in reductions by 2026. The cuts will focus on office-based roles and are part of BP’s efforts to simplify operations and boost profitability amid a transition to renewables and digital transformation.

NXP Secures Giant €1bn Loan from EIB to Drive Semiconductor Innovation
January 15, 2025
Line
1
 Min

NXP Secures Giant €1bn Loan from EIB to Drive Semiconductor Innovation

Dutch semiconductor giant NXP has secured a €1 billion loan from the European Investment Bank (EIB) to boost research, development, and innovation across Europe. The funding aligns with the EU’s Chips Act to strengthen domestic semiconductor production, critical for the digital and green transition. The loan will support projects in Germany, France, the Netherlands, Austria, and Romania, focusing on increasing energy efficiency and reducing reliance on Asian semiconductor manufacturers.

Sunlight Cancels €1.2bn Battery Production Plant Investment in Macedonia
January 15, 2025
Line
1
 Min

Sunlight Cancels €1.2bn Battery Production Plant Investment in Macedonia

Greek company Sunlight, a subsidiary of the Olympia Group, has canceled its €1.2 billion investment for a Gigafactory in Western Macedonia due to lack of EU support and China's dominance in battery production. The decision halts plans to create Europe’s first lithium battery facility for renewable energy storage and industrial applications.

Categories

Mergers & Acquisitions
Economy
Companies
Markets
Tech & Space
Energy

Get smarter in just 5 minutes

Your daily 5-minute digest on business and tech news from across the UK & EU delivered straight to your inbox every morning!
Your data is never sold, transferred or used for any purpose other than to deliver our newsletter.
Thank you for subscribing to Dawn Digest!
Something went wrong while subscribing. Please contact us at support@dawndigest.com.

Copyright © 2024 DawnDigest. All Rights Reserved.

Close Icon