Business

Denmark has charged the Nordic bank Nordea with laundering 3.5 billion euros ($3.8 billion) for Russian clients, according to a statement released by the country’s financial prosecutors on Friday. Denmark’s National Special Crime Unit stated that Nordea failed to properly investigate transactions made by its Russian clients and ignored warnings regarding foreign exchange trades conducted in Copenhagen. These alleged laundering …

For the first time, Tesla cars have been included on a Chinese government procurement list, as reported by state-owned media outlet Paper.cn. Tesla is the only foreign-owned electric vehicle (EV) brand featured on the procurement catalog released by Jiangsu province in eastern China. Other brands on the list include Volvo, owned by China’s Geely, and state-owned SAIC. This listing means …

After the United States introduced new subsidies to boost domestic electric vehicle (EV) production and reduce Beijing’s dominance in the supply chain, Chinese manufacturers have turned to an unexpected location: Morocco. In the picturesque hills near Tangiers and industrial parks close to the Atlantic Ocean, plans for new factories have been announced. These factories aim to produce parts for EVs …

A deadlock in Washington threatens to unravel a landmark tax agreement painstakingly negotiated by 140 countries over nearly a decade. Analysts warn that the U.S.’s failure to ratify the deal could trigger a tax conflict among wealthy nations, severely impacting tech giants like Google, Apple, Meta, and Amazon. The background: The Organisation for Economic Co-operation and Development (OECD) spent years …

On Monday, European Union regulators accused Meta Platforms of violating the bloc’s new digital competition rules by forcing Facebook and Instagram users to either view ads or pay to avoid them. To comply with Europe’s stringent data privacy regulations, Meta began offering European users the option in November to pay for ad-free versions of Facebook and Instagram. This move allows …

Surveys of Chinese factory managers in June presented a mixed picture for the world’s second-largest economy, indicating steady growth but with limited acceleration. The official purchasing managers index (PMI) from the China Federation of Logistics and Purchasing remained unchanged at 49.5 from May. On this scale, a reading above 50 signifies expansion. Zhao Qinghe, a senior statistician for the National …

The ongoing systems outage at CDK Global, now in its second week, is causing significant financial damage to car dealerships, with losses potentially reaching $944 million if the disruption continues for three weeks, as estimated by Anderson Economic Group. This software glitch, triggered by a cyberattack, has severely impacted the operations of nearly 15,000 car dealerships in North America, making …

Turkey welcomed the Financial Action Task Force’s (FATF) decision to remove it from the “gray list” of countries needing to improve measures against money laundering and terrorism financing. This move, announced in Singapore, is expected to boost foreign investments in Turkey’s recovering economy. Turkish Finance Minister Mehmet Simsek and Vice-President Cevdet Yilmaz both expressed optimism about the positive impact on …