Swedish bank Klarna fined $45.5 million for anti-money laundering violations
Sweden’s Financial Supervisory Authority Wednesday fined Klarna Bank has been fined 500 million kronor ($45.5 million) for violating anti-money laundering regulations.
An investigation into the company between April 2021 and March 2022 found that Klarna breached several key rules, including a lack of assessment of how the bank’s products and services could be used for money laundering or terrorism financing.
Buy now, pay later companies such as Klarna and Block’s Afterpay may face tougher rules in the UK
Nicholas Kokovlis | Noor Photos | Getty Images
Klarna, best known for its popular buy now, pay later business, said last month it had confidentially filed documents for its initial public offering with the U.S. Securities and Exchange Commission.
— Sam Meredith
Adidas shares fall after authorities raid German headquarters
Adidas shares fell 1.5% on Wednesday after authorities raided its German headquarters as part of a years-long tax investigation.
The stock has gained nearly 30% year to date and was last down around 0.5%.
Adidas stock year-to-date.
Authorities are investigating customs and tax regulations for products imported into Germany over a roughly five-year period from October 2019 to August this year, a spokesman said on Tuesday.
“The company does not anticipate any significant financial impact from the investigation,” Adidas said in a statement.
— Sam Meredith
Zalando shares fall after About You acquisition announcement
Online retailer Zalando hit rock bottom on the Stoxx 600 on Wednesday, with the Frankfurt-listed company’s shares down about 8% shortly after 8:30 a.m. London time.
company declare On Wednesday, the company planned to acquire rival retailer About You at €6.50 a share, valuing the deal Up to €1.1 billion ($1.2 billion).
—Chloe Taylor
TUI shares fell 6%
On Wednesday, the share price of Germany’s TUI Group (TUI), Europe’s largest tourism operator, fell more than 6%. report Results for the full year ended Sept. 30 were in line with analysts’ expectations.
TUI reported earnings before interest and taxes (EBIT) for the fiscal year of 1.3 billion euros ($1.36 billion), an increase of 33% from last year’s 980 million euros. Analysts polled by LSEG had expected annual profits of 1.29 billion euros.
A Boeing 787 “Dreamliner” bearing the logo of travel giant TUI is parked at Hannover Airport in Langenhagen, central Germany.
Julian Stratenschulte | AFP | Getty Images
TUI said that in the next financial year, earnings before interest and tax are expected to rise between 7% and 10%, mainly driven by expected summer travel demand, while revenue is expected to rise between 5% and 10%.
— Sam Meredith
European stocks open lower
European stocks opened slightly lower on Wednesday as market participants awaited the release of U.S. inflation data.
Shortly after the opening bell, the pan-European Stoxx 600 index fell 0.2%, with most sectors falling.
— Sam Meredith
Oil prices edge higher
Oil prices edged higher on Wednesday morning, with energy market participants anticipating rising demand from China after Beijing announced “moderately” loose monetary policy next year.
International benchmark Brent crude futures due in February rose 0.5% to $72.55 a barrel at around 7:15 a.m. London time.
Meanwhile, U.S. West Texas Intermediate crude futures expiring in January rose 0.5% to $68.94.
— Sam Meredith
Inditex revenue surges as holiday season begins
November 26, 2024, ZARA store in Warsaw, Poland.
Beata Sales | Noor Photos | Getty Images
Boss Zara Index release Nine-month interim earnings On Wednesday, the company said revenue in the period Nov. 1 to Dec. 9 was up 9% on a constant currency basis compared with the same period last year.
In the nine months ended October 31, sales at constant exchange rates grew 10.5%, and gross profit increased 7.2% year-on-year to 16.3 billion euros ($17.16 billion).
The Spanish fashion giant, whose shares are up nearly 40% so far this year, is due to announce full-year results on March 12.
—Chloe Taylor
Auto giants have a tough 2024, but few expect next year to be better
Analysts say the perfect storm of challenges facing the European auto industry shows no sign of abating.
Automakers have been grappling with a host of headwinds on the road to full electrification, including a lack of affordable models, a slower-than-expected rollout of charging stations, fierce competition from China, tougher carbon emissions regulations and targeted carbon The future of emissions policy.
Workers assemble the new all-electric Porsche Macan at the Porsche assembly plant in Leipzig, Germany, on May 6, 2024.
Jens SchruteGetty Images News | Getty Images
Deutsche Bank analysts said in a research report released on December 9 that “global auto stocks are going through a difficult time.”
“Unfortunately, we think the industry may be heading into another year of volatility and headwinds across regions. We expect more noise about potential policy impacts in the U.S., further restructuring announcements in Europe, weaker demand outside of China, and pricing Softened,” they added.
Read the full story here.
— Sam Meredith
CNBC Pro: What’s behind Siemens Energy’s 300% rise this year?
Spun off from parent company during Covid-19 pandemic, Siemens Energy The company’s share price has been on a roller-coaster ride over the past 18 months – from a near-death decline to a dizzying climb of more than 310% this year.
Despite these gains, investors and analysts remain bullish on further gains in the company’s stock price.
CNBC Pro subscribers can read more here.
— Ganesh Rao
European Markets: Here are the opening calls
European markets are expected to open lower on Wednesday.
British FTSE 100 German stocks are expected to open 33 points lower at 8,244 German DAX Index France fell 52 points to 20,295 CAC Down 14 points to 7,372 points, Italy FTSE MIB It fell 21 points to 34,524 points, according to IG data.
Inditex and OPEC are due to release their latest monthly oil market reports on Wednesday.
— Holly Elliot
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