Carmaker Stellantis sees half-year net loss of $2.68 billion, hit by tariffs
The group also sees net revenue of 74.3 billion euros, down 12.6% year-on-year, as overall second-quarter shipments fell by 6% compared to last year, to an estimated 1.4 million vehicles, it said in a statement.
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Reuters
25 minutes ago
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FountainVest to buy major stake in Italy's EuroGroup Laminations
July 28 (Reuters) - Asian private equity firm FountainVest has struck a deal with the main shareholder of EuroGroup Laminations ( opens new tab to buy a major stake in the Italian electric motor component maker, with a view to eventually taking it private. The two investors said on Monday that EMS Euro Management Services had agreed to sell its 45.7% stake in EuroGroup Laminations to an investment vehicle owned by FountainVest for 3.85 euros per share, a 64% premium to Friday's closing price. EMS would then reinvest 50% of the proceeds from the sale into a new holding company set up with FountainVest to own EuroGroup Laminations. The investors said FountainVest had also struck a deal to buy Tikehau Capital's 7.9% stake in EuroGroup Laminations for the same price, meaning that at the closure of the deal - expected in the first half of 2026 - the new holding would own 55.3% of the voting share capital in EuroGroup Laminations. It will then launch a tender offer for the rest of EuroGroup Laminations shares at 3.85 euros, valuing the company at 626 million euros ($730 million), with a view to delisting it from Euronext Milan. At 1010 GMT, EuroGroup Laminations shares were up almost 54% at 3.58 euros. FountainVest managing director and head of Europe Florian Almeling said the deal would support EuroGroup Laminations' global growth, "while delivering highly differentiated growth opportunities in Asia and other attractive global markets." EuroGroup Laminations specialises in stators and rotors, two core components of electric motors and generators and has eight plants in Italy and seven abroad, including in China and the United States. As part of the deal, EuroGroup Laminations CEO Marco Arduini and other top executives will be confirmed in their roles, the two investors said in a statement. ($1 = 0.8565 euros)
Daily Mail
25 minutes ago
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Beach City abandons 10,000 homes for F1-style race track development
Locals in a popular New Jersey beach city are enraged after it ditched plans to build 10,000 new homes for a 'dumb' and 'desperate' $3.4 billion F1-style racetrack. Atlantic City government officials have moved forward with the redevelopment of Bader Field, a shuttered airport about an hour outside of Philadelphia, after plans for the new racetrack were officially approved on July 16. The idea to take over the abandoned city-owned airport, which shut down in 2006, first started in 2022 when Bart Blatstein, the CEO of Tower Investments, Inc. and owner of Showboat Atlantic City, said his company and Atlantic City would collaborate to create a massive residential community. The proposed $3 billion development, dubbed 'Casa Mar,' was set to be built on 140 acres with 10,000 residential units, 20 acres of trails, amenities and parks and 400,000 square-feet of retail and office space - but that plan has since been wiped. Instead, a 2.5-mile racetrack, headed by real estate development company Deem Enterprises, will take its place. The massive raceway, said to be a 'game changer' by Atlantic City Mayor Marty Small Sr. (pictured), is expected to take six to nine years to complete. It will be surrounded by retail businesses and condominiums in the community that is home to beaches, a bustling boardwalk and casinos. 'We're more confident than ever that we have the funds, Small Sr., an Atlantic City native who has been in office since 2019, told NJ Advance Media. [DEEM] has been vetted, and just getting a $3.4-plus billion project on the ratable base is a complete game changer.' While the mayor, who was embroiled in a child abuse scandal involving his wife and daughter last year, and other government officials are thrilled about the new plan, Atlantic City locals are not happy with it. 'Atlantic City leadership is so desperate that they will support any development offer no matter how stupid it is,' a Facebook user wrote. Another said: 'What a joke! Want to really do something with the land? Dig canals and sell off lots and watch the ratepayers flood in!' 'Building that into a racetrack has to be the dumbest idea in the world,' someone else posted. Blatstein told the outlet three years ago that he saw room for growth in the beach city after realizing that other Garden State beach towns have booming populations compared to Atlantic City. 'So what really is needed here is a new plan, a new way of living, a new opportunity for people to come to Atlantic City,' Blatstein said. DEEM Enterprises, a Los Angeles and Atlantic City-based company, first announced the proposal in February of that year. The company has a tentative deal with the city to sell the vacant airfield for $100 million in exchange the real estate developer would donate $15 million for a community center. 'We don't have a recreation center of our town,' Small Sr. explained. 'We use the schools and different things like that.' Daily Mail contacted Mayor Small Sr. and DEEM Enterprises for comment.
Reuters
25 minutes ago
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Piastri and Norris racing like champions in F1 title battle
SPA-FRANCORCHAMPS, Belgium, July 28 (Reuters) - McLaren boss Andrea Stella says teammates Oscar Piastri and Lando Norris are racing like champions and the Formula One title will probably be decided by fine margins and individual brilliance. The pair are 16 points apart in a two-horse race, with Australian Piastri leading McLaren's sixth one-two of the season in Belgium on Sunday and taking his sixth win of the campaign. Red Bull's Max Verstappen is third but 81 points behind with his hopes of a fifth successive title fast receding. There are 11 races left and the intra-team rivalry will be the major focus with McLaren set to retain the constructors' crown with ease as they now a massive 268 points clear of second-placed Ferrari. Norris won in Britain after Piastri was penalised for braking erratically behind the safety car but the Australian triumphed at Spa by slipstreaming past from second on the grid. "There is very, very little between our two drivers and this is because the two drivers are racing at a very, very high level," Stella told reporters. "I think the difference will be made by the accuracy, the precision, the quality of the execution," added the Italian, who worked with champions at Ferrari and said Piastri and Norris were both operating at that level. At Spa, the regular grid lineup was replaced by a rolling start in wet conditions after four laps behind the safety car, with Norris finding pole position was no real advantage once the race got going. Piastri had discovered the same during the Saturday sprint, when Verstappen won from second on the grid after seizing the lead on the opening lap. "We saw in Silverstone that an issue, a sporting issue for Oscar, during the safety car restart and the consequent penalty cost him the race," said Stella. "Here we saw that, somehow related to the circuit characteristic, it would have been very difficult for Lando to keep the position, starting first at the safety car restart." Stella discounted a battery problem that appeared to be an issue initially, saying a slight anomaly had occurred on both cars and Norris should not have been any worse off. "It would have always been very difficult for Lando to keep the position starting first at the safety car restart, but at the same time I think Lando didn't help himself by not having a great gap...," he said. "So I think the execution is what is going to make the main difference." Piastri was not unhappy after qualifying second, observing that Spa was probably the best place not to have the best lap and planning his next move already. "The move through Eau Rouge, I knew it was going to be by far my best opportunity to try and win the race. I'd been thinking about it for a while, put it that way," said the Australian.
