Latest news with #Europe-focused
Time of India
11-07-2025
- Automotive
- Time of India
Daimler Truck to cut 5,000 jobs as German auto woes roll on
German heavy-goods vehicle group Daimler Truck said Tuesday that it would cut around 5,000 jobs by 2030 in the latest sign of woe for Germany's beleaguered automotive industry. A "comprehensive and detailed restructuring plan" covering "six core cost reduction areas" will lead to "a significant job reduction in Germany by 2030", the company said in a statement. In a presentation to investors, Daimler Truck said 5,000 jobs would be cut in Germany, affecting one in seven of its workers there. The company also said the plans, part of a programme to save one billion euros ($1.17 billion) in Europe by 2030, would involve "relocating production to a country with cost advantages". "The company will use natural churn and incentivise employees to take early retirement to cut the jobs in a socially responsible way and offer targeted severance packages," it added. Daimler Truck has struggled in Europe in recent years amid sluggish growth on the continent and particularly in Germany, a core market. Sales by volume at its Europe-focused Mercedes-Benz Trucks business fell 20 percent by volume last year, helping to drag down overall group sales by 12 percent. "We are restructuring our organisation to raise efficiency and reduce complexity," said Achim Puchert, board member for Mercedes-Benz Trucks, adding that Daimler Truck was "very determined" to see the programme through. Daimler Truck says the share of its production made in Germany has already fallen from about a half to a little over a third since 2019. The maker of yellow Thomas Built school buses and Freightliner trucks joins other German automotive firms that have recently sought to cut costs on home soil. Wolfsburg-based Volkswagen, Europe's largest carmaker, said last month that about 20,000 of its German employees had agreed to voluntary redundancy as part of plans to shed 35,000 posts by 2030.
Kuwait Times
09-07-2025
- Automotive
- Kuwait Times
Daimler Truck to cut 5,000 jobs as German auto woes roll on
The lettering Daimler Truck stands in front of the headquarters of Daimler Truck AG in Leinfelden-Echterdingen, southern Germany on May 27, 2025, prior the the company's annual shareholders' meeting. -- AFP FRANKFURT: German heavy-goods vehicle group Daimler Truck said Tuesday that it would cut around 5,000 jobs by 2030 in the latest sign of woe for Germany's beleaguered automotive industry. A 'comprehensive and detailed restructuring plan' covering 'six core cost reduction areas' will lead to 'a significant job reduction in Germany by 2030', the company said in a statement. In a presentation to investors, Daimler Truck said 5,000 jobs would be cut in Germany, affecting one in seven of its workers there. The company also said the plans, part of a program to save one billion euros ($1.17 billion) in Europe by 2030, would involve 'relocating production to a country with cost advantages'. 'The company will use natural churn and incentivize employees to take early retirement to cut the jobs in a socially responsible way and offer targeted severance packages,' it added. Daimler Truck has struggled in Europe in recent years amid sluggish growth on the continent and particularly in Germany, a core market. Sales by volume at its Europe-focused Mercedes-Benz Trucks business fell 20 percent by volume last year, helping to drag down overall group sales by 12 percent. 'We are restructuring our organization to raise efficiency and reduce complexity,' said Achim Puchert, board member for Mercedes-Benz Trucks, adding that Daimler Truck was 'very determined' to see the program through. Daimler Truck says the share of its production made in Germany has already fallen from about a half to a little over a third since 2019. The maker of yellow Thomas Built school buses and Freightliner trucks joins other German automotive firms that have recently sought to cut costs on home soil. Wolfsburg-based Volkswagen, Europe's largest carmaker, said last month that about 20,000 of its German employees had agreed to voluntary redundancy as part of plans to shed 35,000 posts by 2030. — AFP
Business Times
09-07-2025
- Business
- Business Times
Stocks to watch: OCBC, Great Eastern, Mapletree Industrial Trust, IReit Global
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Wednesday (Jul 9): OCBC ; Great Eastern : Insurer Great Eastern will resume trading after a vote for it to be delisted fell through at its extraordinary general meeting on Tuesday. A conditional exit offer made by OCBC to take the insurer private received less than the 75 per cent approvals required for it to be passed. Another resolution to satisfy Great Eastern's free-float requirement – which includes a one-for-one bonus issue resolution comprising new ordinary shares and newly created Class C non-voting shares – was passed. After the announcement, shares of OCBC ended Tuesday 0.8 per cent or S$0.14 higher at S$16.71; shares of Great Eastern have been suspended since July 2024. Mapletree Industrial Trust (MIT) : Temasek's Mapletree Investments, the sponsor of MIT, said in its annual report for the financial year ended March 2025 that it is looking to expand and diversify its footprint in three of its four core sectors of data centres, logistics and student housing. It seeks data centre opportunities in core and rapidly emerging markets in Europe, as well as in mature and high-potential emerging markets in Asia-Pacific. Most of Mapletree Investments' data centre assets are held by MIT. Units of MIT ended Tuesday 1.5 per cent or S$0.03 lower at S$2. IReit Global : It secured two leases in Spain in June, totalling around 5,200 square metres. The first lease is by a data centre operator, an existing tenant who has occupied an office building in Barcelona since 2022. The second tenancy involves a prominent and rapidly growing Spanish company which signed a seven-year lease for an office building located within a Barcelona business park. These tenancies will raise the Europe-focused real estate investment trust's overall occupancy rate to 83 per cent from about 77 per cent, after letting, said the manager on Tuesday. IReit units ended unchanged at S$0.28 before the announcement. Trading halt: Fuji Offset Plates Manufacturing called for a trading halt on Wednesday morning pending an announcement. The counter finished Tuesday S$0.025 or 3.3 per cent lower at S$0.73.
Business Times
08-07-2025
- Business
- Business Times
IReit Global signs two new leases in Spain, spanning around 5,200 square metres
[SINGAPORE] IReit Global has secured two new leases in Spain last month, totalling around 5,200 square metres (sq m). The manager of the Europe-focused real estate investment trust (Reit) said on Tuesday (Jul 8) that these tenancies will raise its overall occupancy rate from about 77 per cent to 83 per cent, after letting. The first lease is for a total lettable area of approximately 1,622 sq m, by an existing tenant at Sant Cugat Green, an office building in Barcelona. The tenant, a leading data-centre operator, had occupied the underground space for data-centre operations since 2022. It proceeded to establish its corporate offices in 2023, and will expand further to develop client workspaces and technical rooms with the latest lease agreement. The new pact will bring the company's total footprint at Sant Cugat Green to exceed 7,500 sq m, making it the largest tenant in the building as well as in IReit's Spanish portfolio. IReit's manager said the second tenancy involves a prominent and rapidly growing Spanish company which signed a seven-year lease for around 3,550 sq m in Parc Cugat Green, an office building located within a business park in Barcelona. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up This agreement brings the building to full occupancy for the first time since it was acquired in late 2021. IReit's manager said this shows the 'general stabilisation and recovery of the European office market'. In Spain, particularly Madrid and Barcelona, office demand remains robust, with companies from the technology, consulting and education sectors driving activity, said IReit's manager, citing a report by Cushman & Wakefield. The manager added that it is in talks with a few other potential tenants for spaces in the other properties within its Spanish portfolio. IReit units ended unchanged at S$0.28 on Tuesday, before the announcement.
Business Wire
16-06-2025
- Business
- Business Wire
SuperInvestor Rebrands as SuperReturn Europe, Reflecting Core Focus on European Private Markets
LONDON--(BUSINESS WIRE)--SuperInvestor, the annual gathering for private equity and venture capital professionals, has announced that it is rebranding to SuperReturn Europe ahead of its 25th edition. The new name reflects the event's strong European focus and evolving role as the continent's leading platform for LPs, GPs, and global investment leaders. SuperReturn Europe is a cornerstone in the private capital calendar, with 85% of its audience consistently drawn from across Europe. The event will continue to serve as the must-attend meeting place for key stakeholders from the region and beyond looking to unlock insights, forge connections, and explore opportunities within European private markets. Dorothy Kelso, Managing Director of SuperReturn, said: 'As the conference celebrates a quarter of a century at the heart of Europe's private capital industry, it feels like the right moment to evolve our identity to reflect what this event has become. SuperReturn Europe is the hub for European private markets, delivering 500+ LPs and 750+ GPs – 80% of them at C-suite/Partner/Director level – who undertake in excess of 45,000 meetings across the 4 days of the conference. Furthermore, we know that the timing of the event in Q4 is valuable for GPs who are looking to close their funds by the end of the year or soft-launch funds they will be raising next year. While the event maintains its global reach, with attendees from over 50 countries, the new identity affirms our commitment to the region and to addressing the trends, innovations, and opportunities that matter most to Europe-focused LPs and GPs.' SuperReturn Europe 2025 will address the most pressing themes shaping the continent's private capital ecosystem, including: Why is the lower mid-market a new hotspot for investment in Europe? How are co-investments reshaping the market? What factors are driving the rise of evergreen funds in private credit? How has the need for liquidity driven growth across the European secondaries market? How big is the private wealth opportunity? As private wealth continues to grow as a key source of capital, SuperReturn is scaling its coverage of this capital source. Co-located with the main event, SuperReturn Family Office Europe will deliver an in-depth focus on the distinctive opportunities and challenges facing family office investors in European private markets. The newly renamed SuperReturn Europe will take place at the Hotel Okura, Amsterdam, from 4–7 November 2025. Attendees — whether long-time supporters or first-time delegates — can expect the same market-leading content, unparalleled networking, and strategic insights that have defined the event for the past 25 years. For more information and to reserve your place visit the SuperReturn Europe website. About SuperReturn Europe SuperReturn Europe is the largest networking event for private capital leaders focused on Europe and part of the SuperReturn series of leading private equity events which take place across the world. The four-day conference will bring together more than 1,500 of the industry's leading professionals from across the world to network and discuss current trends and the growing opportunities in Europe's private markets.
