Leoni, a major German manufacturer of wiring systems and components for the automotive industry, recently acquired by Austrian billionaire Stefan Pierer, is initiating layoffs in Romania. This decision follows the closure of a factory in Luduș, Romania, in May, which affected about
South Korean tech giant Samsung has announced an extraordinary increase in its operating profit for the second quarter of 2023. The company estimates an operating profit of 10.4 trillion won (approximately $7.54 billion) for the quarter ending June 30, representing a remarkable
In June 2024, Romania witnessed a significant surge in new car registrations, marking an impressive increase of 62.13% compared to June 2023. The total number of new vehicles registered reached 21,358 units for the month. Year-to-Date Overview For the first half of
Three European entrepreneurs propose a groundbreaking undersea energy interconnection to link Europe with North America. Touted as the world’s largest subsea energy interconnection, this ambitious project aims to transfer renewable electricity bi-directionally, leveraging the sun’s movement across the sky. Project Overview The
Volkswagen AG, Europe’s largest automaker, announced plans to develop a low-cost electric vehicle (EV) to compete with Chinese manufacturers. This decision follows the collapse of partnership talks with Renault, as reported by Reuters. Volkswagen aims to produce an EV priced around €20,000
The director of the County Agency for Employment (AJOFM) in Arad, Marinel Hentes, has announced a significant potential impact on the local workforce, with approximately 450 employees facing layoffs. This development follows notifications from seven companies within the region. These potential job
Gameloft Romania, a subsidiary of the French mobile game developer Gameloft, one of the largest producers of games for mobile devices, will be closing its studio in Cluj-Napoca and laying off all employees working at this location. A total of 136 employees
During a recent all-hands meeting at Alphabet, Google’s parent company, executives faced tough questions from employees concerned about low morale, despite the tech giant achieving a market cap exceeding $2 trillion. Employees highlighted a “significant decline in morale, increased distrust, and a
Elon Musk’s artificial intelligence venture, xAI, engages with investors worldwide, eyeing a substantial funding round of up to $6 billion. Reports indicate Musk is reaching out to affluent individuals and entities across the globe, including in Hong Kong, to fuel xAI’s ambitions,
Estonian mobility platform Bolt secures a major cash infusion to prep for going public next year. Bolt announced it has landed a €220 million credit facility from a group of big investment banks including Barclays, Deutsche Bank, Goldman Sachs, and JPMorgan. This