Companies

Vitol-Backed VPI to Invest €450mn in German Battery Projects
September 13, 2024
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Vitol-Backed VPI to Invest €450mn in German Battery Projects

VPI, a power firm backed by global energy trader Vitol, has announced plans to invest up to €450 million in battery storage projects across Germany over the next three to five years. The initiative aims to develop up to 500 MW of battery capacity to support the country's growing renewable energy sector, particularly in regions with high solar and wind power generation.

China Fines PwC £47mn and Imposes Six-Month Ban Over Evergrande Audit
September 13, 2024
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China Fines PwC £47mn and Imposes Six-Month Ban Over Evergrande Audit

China has handed PwC a record fine of 441 million yuan (£47 million) and imposed a six-month business suspension on its Chinese division for allegedly issuing false audits related to the collapsed property giant Evergrande.

Eli Lilly Invests $1.8bn in Ireland to Boost Drug Production
September 12, 2024
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Eli Lilly Invests $1.8bn in Ireland to Boost Drug Production

Eli Lilly is investing $1.8 billion to expand two manufacturing facilities in Ireland. The investment will focus on increasing the production of its obesity drug Zepbound and a newly approved Alzheimer’s treatment.

VW Cancels 30-Year Job Security Deal, Paving the Way for Potential Layoffs
September 11, 2024
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VW Cancels 30-Year Job Security Deal, Paving the Way for Potential Layoffs

Volkswagen has officially canceled its long-standing job security agreement with labor unions, raising the possibility of compulsory redundancies starting in July 2025. The German automaker is facing significant challenges, including the shift to electric vehicles and rising competition, particularly from China.

Amazon to Invest £8bn in UK, Boosting AWS Expansion
September 11, 2024
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Amazon to Invest £8bn in UK, Boosting AWS Expansion

Amazon has announced plans to invest £8 billion in the UK over the next five years to expand its cloud computing arm, Amazon Web Services (AWS). The investment will support up to 14,000 jobs and is expected to contribute £14 billion to the UK economy by 2028.

PanTera Secures €93mn to Ramp Up Production of World's Rarest Cancer Treatment
September 11, 2024
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PanTera Secures €93mn to Ramp Up Production of World's Rarest Cancer Treatment

PanTera, a joint venture between IBA and SCK CEN, has raised €93 million in an oversubscribed Series A funding round to boost production of actinium-225, a rare radioisotope seen as a breakthrough in cancer treatment. The funds will go toward building a high-tech facility in Mol, Belgium, capable of producing enough actinium-225 to treat over 100,000 patients annually.

BMW Recalls 1.5mn Vehicles Due to Brake Issues, Share Price Hits 4-Year Low
September 10, 2024
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BMW Recalls 1.5mn Vehicles Due to Brake Issues, Share Price Hits 4-Year Low

BMW has announced a recall of 1.5 million vehicles due to a faulty braking system, forcing the company to lower its annual targets for 2024. The recall, affecting BMW, Mini, and Rolls-Royce brands, is expected to significantly impact the company's delivery volume and profitability.

EU Court Upholds €2.4bn Fine Against Google for Market Abuse
September 10, 2024
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EU Court Upholds €2.4bn Fine Against Google for Market Abuse

The European Court of Justice has confirmed a €2.4 billion fine against Google for abusing its dominant market position in internet search services. This ruling, which ends a long-running legal battle, is seen as a milestone in regulating big tech companies and could pave the way for further actions against Google's advertising business.

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