European Press Roundup: 'Boris Bus' Maker Enters Administration, Italian Hotel Sector Sees Investment Surge
September 25 2019 - 9:36AM
Dow Jones News
In Europe today, stocks tumbled as impeachment proceedings
against U.S. President Trump added to investors' long list of
worries. Thyssenkrupp moved to replace its CEO, and Santander's
U.K. business booked a EUR1.5 billion charge amid Brexit
uncertainty. Read about the above topics on Dow Jones Newswires or
WSJ.com.
In Other Media...
Wrightbus, one of the largest employers in Northern Ireland with
1,400 staff, has gone into administration after failing to secure a
last-minute rescue deal. The maker of the "Boris bus" is the U.K.'s
second big insolvency this week after the collapse of Thomas Cook.
-Guardian
Investment in Italy's hotel industry is growing, pointing to a
record year for the sector, according to a recent report. In the
first half of 2019, more than EUR2 billion was invested, up from
EUR1.19 billion in 2017. -Il Sole 24 Ore
German oil-and-gas producer Wintershall Dea is considering
withdrawing from Libya. Company sources said that the economic and
legal framework conditions in the country, which has been shattered
by a civil war, were hardly manageable. The subsidiary in Libya has
not been able to cover its costs for years. The management of
Wintershall Dea and its parent company BASF is in contact with the
German government to this end. -Handelsblatt
Italian insurers Assicurazioni Generali and Cattolica didn't
submit offers to become partners of UBI Banca in the insurance
business. The deadline expired yesterday at midnight. -Il Sole 24
Ore
Dutch Finance Minister Wopke Hoekstra will discuss falling
interest rates with banks, but is cautious about a possible ban on
negative interest rates. There are rising concerns that interest
rates on savings might fall below zero for consumers, which would
mean savers would have to pay for their savings. But Hoekstra says
such a ban could come "at the expense of the effectiveness of
monetary policy and, in an extreme scenario, even damage financial
stability." -Volkskrant
Barcelona-based investment fund Squircle Capital has paid EUR105
million for 77% of leading yacht-remodeling company Marina
Barcelona 92. The main seller, Turkey's Dogus, had paid EUR56
million in December 2015 for 70% of the company. -Expansion
Spanish department store Corte Ingles targets EUR1 billion
revenue from online sales in 2020 as it steps up its digital
transformation. To help with this, the company will also launch a
new app in 15 days. -Publico
Write to Barcelona editors at barcelonaeditors@dowjones.com
(END) Dow Jones Newswires
September 25, 2019 09:21 ET (13:21 GMT)
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