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Carlsberg cuts ties with Russian subsidiary amidst ownership dispute

Danish brewery giant Carlsberg has terminated licensing deals with its Russian subsidiary, which Russian authorities seized in July due to plans to se

Danish brewery giant Carlsberg has terminated licensing deals with its Russian subsidiary, which Russian authorities seized in July due to plans to sell the company following Moscows invasion of Ukraine. Many Western companies have ceased operations in Russia due to the conflict, resulting in significant sanctions against Moscow by the U.S. and Europe. Carlsberg had previously announced a buyer for Baltika, its subsidiary since 2000, and its 8,400 employees in June. However, a subsequent decree signed by President Vladimir Putin in July placed the business under state control. Baltika will still be permitted to sell its existing inventory until April 2024. Exiting the Russian market, which accounted for 9% of Carlsbergs profits in 2021, led to the company posting a net loss for 2022. Read More..

B2B Tech News | 2 years ago        

Barclays Fights Back Against Whistleblower Retaliation Ruling

An Indian courts finding that Barclays retaliated against a whistleblower, a former senior IT manager who expressed concerns about improper handling o

An Indian courts finding that Barclays retaliated against a whistleblower, a former senior IT manager who expressed concerns about improper handling of data loss, is being appealed by the bank. Barclays was ordered by a Pune court to pay the whistleblower two years wages, or about 9,600,000 Indian rupees $115,620 because the bank fired him in retribution. In a hearing at the Bombay High Court planned for October 20, Barclays will argue that the ruling should be reversed. The case raises concerns regarding Barclays whistleblower policies. Although the bank asserts its dedication to whistleblower protection, issues remain over its subsidiaries uniform execution. The case revolves around 2019 data loss. Read More..

B2B Tech News | 2 years ago        

RBA Keeps Interest Rate at 4.1% Amid Economic Concerns

Under its new governor, Michele Bullock, the Reserve Bank of Australia RBA has maintained its interest rate at 4.1% for four months. Bullock foreshado

Under its new governor, Michele Bullock, the Reserve Bank of Australia RBA has maintained its interest rate at 4.1% for four months. Bullock foreshadowed potential rate increases by warning about persistent inflation threats. The RBA continues to pay close attention to changes in the labour market, household spending habits, inflation trends, and global economic trends. Core inflation continued to decrease despite slight monthly inflation increases. Concerns about probable rate increases at years end are increased by general elevated inflation. According to RBA papers, financial hardship is indicated by delayed arrears data and a rise in calls to the national debt helpline. For insights into how arrears and nonperforming loans are changing, the RBA seeks to investigate a greater spectrum of cuttingedge data. Read More..

B2B Tech News | 2 years ago        

Novo Nordisk Wins Patent Battle with Mylan

Mylan Pharmaceuticals, a Viatris company, attempted to challenge essential patents held by Novo Nordisk for its diabetes and weightloss medications

Mylan Pharmaceuticals, a Viatris company, attempted to challenge essential patents held by Novo Nordisk for its diabetes and weightloss medications, Wegovy and Ozempic. Still, such attempts were dismissed by the U.S. Patent Trial and Appeal Board. Mylan had attempted to have these patents invalidated because the antidiabetes drug liraglutide made them conspicuous. Novo Nordisk has a strong defence strategy for its intellectual property. According to analysts, Wegovy, a very successful weightloss medication, is expected to generate more than $100 billion in sales by the end of the decade. Profits from Wegovy and Ozempic have made Novo Nordisk the most valuable firm in Europe. Read More..

B2B Tech News | 2 years ago        

Russian Rouble Dips Below $100 Mark Amid Currency Outflows

Due to currency outflows and a declining current account surplus, the Russian rouble momentarily fell below the 100tothedollar mark. It was reminiscen

Due to currency outflows and a declining current account surplus, the Russian rouble momentarily fell below the 100tothedollar mark. It was reminiscent of a similar decline in August, which prompted the Russian central bank to impose a 350basispoint emergency increase in interest rates to 12%. At the beginning of every month, the rouble is generally under pressure as exporters stop converting their foreign exchange profits to pay for domestic commitments. Russias account surplus decreased by 86% yearly to $25.6 billion from January through August due to decreased exports, Western sanctions, and shifting trading patterns. Despite prior rate increases, economists predict that the central bank will continue to tighten the money supply to fight inflation at its forthcoming meeting on October 27. Read More..

B2B Tech News | 2 years ago        

Bill Ackmans SPAC Gains Green Light for $1.5B Business Hunt

Special purpose acquisition rights SPARs may now be distributed by Pershing Square SPARC Holdings Ltd, a subsidiary of Pershing Square Tontine Holding

Special purpose acquisition rights SPARs may now be distributed by Pershing Square SPARC Holdings Ltd, a subsidiary of Pershing Square Tontine Holdings Ltd, owned by billionaire investor Bill Ackman. To obtain at least $1.5 billion in financing, they want to establish business alliances with privately held firms. Since it was high in 2021, the SPAR market has declined, prompting Ackman to consider partnering with Elon Musks X previously Twitter. However, considering the apparent decline in Twitters value since Musks purchase offer in March, Ackman is still determining Xs interest and the viability of such a merger. X still needs to answer inquiries for comment. Read More..

B2B Tech News | 2 years ago        

Germany and China Unite in Support of G20 Debt Restructuring

Following their financial discussion in Frankfurt, Germany and China released a joint statement that affirmed their support for the G20s framework for

Following their financial discussion in Frankfurt, Germany and China released a joint statement that affirmed their support for the G20s framework for renegotiating debt for developing countries. German Finance Minister Christian Lindner warmly welcomed Chinese support for this project. He emphasised Chinas significant position in world politics. The intentions for the reform, however, were kept private. Although its still unclear whether it happened, China was earlier anticipated to give up asking international development banks to share losses in restructurings of sovereign debt. During the discussions, Germany and China also sought to increase opportunities for market access in each nation. They discussed making financial exchanges more frequent and enhancing Frankfurts position as a significant financial centre in Europe. Read More..

B2B Tech News | 2 years ago        

Japans Export Ban Leaves Russian Buyers Searching for Alternatives

A nearly $2 billion yearly commerce that had thrived despite restrictions abroad has been affected by Japans recent prohibition on the majority of use

A nearly $2 billion yearly commerce that had thrived despite restrictions abroad has been affected by Japans recent prohibition on the majority of usedcar exports to Russia, which became effective in early August. The prohibition negatively impacts the profitable trade in secondhand Toyotas, Hondas, and Nissans, which restricts exports to subcompact cars. Brokers and smaller ports like Fushiki are also affected. After international automakers cut back on operations due to the turmoil in Ukraine, Russia became a critical consumer of old automobiles from Japan. Before the restrictions, Russia purchased more than a fifth of Japans exports of used cars in 2022, and the trade was expected to reach $1.9 billion in 2023. Brokers are looking for alternate markets in Africa, Southeast Asia, and New Zealand. Read More..

B2B Tech News | 2 years ago        



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