Companies

BMW Issues Recall for Over 720,000 Vehicles Due to Water Pump Fire Risk

August 20, 2024

BMW Issues Recall for Over 720,000 Vehicles Due to Water Pump Fire Risk

BMW is recalling more than 720,000 vehicles, including several X1, X3, and X5 models, due to a potential fire risk linked to an electrical connector issue in the water pump. The National Highway Traffic Safety Administration reported that faulty sealing may allow fluid to enter the connector, which could lead to a short circuit and fire

Ted Baker to Close All UK Stores, Putting Over 500 Jobs at Risk

August 18, 2024

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Ted Baker to Close All UK Stores, Putting Over 500 Jobs at Risk

Ted Baker is set to close its remaining 31 stores in the UK by the end of this week, with more than 500 jobs at risk. The closures follow the collapse of No Ordinary Designer Label (NODL), the holding company for Ted Baker in the UK, which fell into administration earlier this year.

UBS to Axe 18,000 Jobs in Credit Suisse Overhaul

August 18, 2024

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UBS to Axe 18,000 Jobs in Credit Suisse Overhaul

UBS may reduce its workforce by up to 18,000 employees as it continues to integrate Credit Suisse (CS) and streamline operations. Preference will be given to UBS employees over CS staff in the layoffs, with the goal of achieving significant cost savings by the end of 2026.

Infrabel to Invest €310mn in Brussels-Paris High-Speed Line Renovation

August 15, 2024

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Infrabel to Invest €310mn in Brussels-Paris High-Speed Line Renovation

Infrabel, the Belgian railway network manager, is embarking on a major project to renovate the high-speed line between Brussels and Paris. The project, which will be carried out in phases over ten years, involves a total investment of €310 million.

Wizz Air Unveils 'All You Can Fly' Annual Deal

August 15, 2024

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Wizz Air Unveils 'All You Can Fly' Annual Deal

Wizz Air has launched an "all you can fly" subscription offering unlimited flights for an annual fee of €499, but it has faced criticism due to the airline's past customer service issues and flight delays. The subscription requires subscribers to pay a flat fee of €9.99 per flight segment, but seat availability is not guaranteed.

German Bookseller Weltbild to Cease Operations

August 14, 2024

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German Bookseller Weltbild to Cease Operations

German bookseller Weltbild is shutting down operations after failing to find a buyer or secure fresh capital. Its 14 remaining branches will close at the end of August, and 440 employees will be laid off in September.

Mars Acquires Kellanova in a Mega-Deal Valued at $36bn

August 14, 2024

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Mars Acquires Kellanova in a Mega-Deal Valued at $36bn

Mars, the confectionery giant, is set to acquire Kellanova, the maker of popular snacks such as Pringles and Pop-Tarts, in a deal valued at nearly $36 billion. This strategic acquisition will significantly expand Mars' presence in the snacking industry.

Avon's UK Owner Files for Bankruptcy to Shed $1bn Debt

August 13, 2024

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Avon's UK Owner Files for Bankruptcy to Shed $1bn Debt

Avon's UK owner, Avon Products Inc., has filed for bankruptcy to restructure over $1 billion in debt, a move partially prompted by the financial burden of talc-related lawsuits. Following the bankruptcy process, the parent company, Natura, plans to buy back the non-US operations for $125 million.