Ferrari Heir Set Up Succession With Trust For Supercar Firm Stake
MILAN, Italy – Pietro Ferrari, son of founder Enzo and the second largest shareholder in Ferrari, set up a family trust this month to manage his stake of around 10% in the Italian luxury sports carmaker, a U.S. regulatory filing showed. The move outlines plans for succession in relation to the group’s shareholding structure. Piero…
Volkswagen Targets70-75 Billion Euro Valuation In Planned Porsche IPO
PARIS, France – Volkswagen is targeting a valuation of 70 billion to 75 billion euros ($70.1-75.1) billion for luxury sportscar maker Porsche as part of a planned initial public offering (IPO) of the division, a person familiar with the matter said. The pricing formed the basis for discussions in the supervisory board that were taking…
Bentley First – Half Profit More Than Doubles, Boosted By Customised Cars
PARIS, France – Luxury British carmaker Bentley’s first – half operating profit more than double, boosted by increased customisation of cars as sales rose significantly in Europe and Britain despite ongoing global economic uncertainty. The unit of German carmaker Volkswagen on Friday posted an operating profit for first six months of 2022 of 398 million…
Hermes Bounces Back In China As Margin Hits Record High
PARIS, France – Sales at Birkin bag maker Hermes rose sharply in the second quarter, lifted by fast growth in Europe and the United States, and rebounding quicker than rivals in China after lockdowns eased in June. Luxury retailers were hit hard by curbs on movement from mid – March in key Chinese cities such…
Luxury Shoemaker Manolo Blahnik Wins 22 – Year Trademark Battle In China
PARIS, France – Manolo Blahnik, the shoe brand made famous by its celebrity fans and regular appearances in TV drama ‘Sex and the City’, said on Tuesday it has won a legal battle in China to use its own name, paving the way for the brand’s expansion across the country. The company, named after its…
U.S. State Department OKs Potential Sale Of C-17 Aircraft Support To UAE – Pentagon
WASHINGTON – The U.S. State Department has approved the potential sale of C-17 aircraft sustainment and related equipment to the United Arab Emirates for an estimated cost of $980.4 million, the Pentagon said on Tuesday. Despite approval by the State Department, the notification does not indicate that a contract has been signed or that negotiations…
Qatar Confirms Boeing MAX Order Lapsed, May Buy More 777X
PARIS, France – The head of Qatar Airways confirmed on Monday that a provisional deal to buy at least 25 Boeing 737 MAX planes had lapsed but added the airline could expand a separate order for larger 777x jets. Chief Executive Akbar Al Baker told reporters at the Farnborough Airshow that the memorandum of understanding…
Russia Seeking Oil Payments From India In Dirhams
PARIS, France – Russia is seeking payment in United Arab Emirates dirhams for oil exports to some Indian customers, three sources said and a document showed, as Moscow moves away from the U.S. dollar to insulate itself from the effects of Western sanctions. Russia has been hit by a slew of sanctions from the United…
SAS And Pilots To Resume Negotiations On Monday After 14 Days Of Strike
PARIS, France – Ailing Scandinavian airline SAS and striking pilor unions will resume negotiations on Monday, public broadcaster NRK said, after failing to reach new collective agreements over the weekend. Most SAS pilots in Sweden, Denmark and Norway walked out on July 4 after talks over conditions related to the carrier’s rescue plan collapsed. The…
G20 Finance Chiefs Make Few Policy Breakthroughs At Indonesia Meeting
PARIS, France – The Group of 20 major economies’ finances chiefs on Saturday pledged to address global food insecurity and rising debt, but made few policy breakthroughs amid divisions over Russia’s war in Ukraine at a two – day meeting in Indonesia. With questions growing about the effectiveness of the G20 in tackling the world’s…
EU Formally Accepts Croatia As 20th Euro Zone Member
BRUSSELS – European Union finance ministers on Tuesday formally approved Croatia becoming the 20th member of the euro common currency at the start of 2023. The European Council, the grouping of 27 EU governments, adopted three legal acts required to allow Croatia – an EU member since 2013 – to introduce the euro on Jan.1.…
2022 Sales Guidance For Mercedes – Benz Cars Stands, Spokesperson Says
PARIS, France – The 2022 sales guidance for Mercedes – Benz Cars, which foresees a slight increase compared with 2021, still stands, said spokesperson on Monday. The carmaker reported earlier Monday that sales fell sharply in the second quarter, hampered by supply issues and coronavirus – related lockdown measures in China.
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