Latest news with #DanishKrone
Finextra
6 days ago
- Business
- Finextra
Thunes opens Scandinavian corridor
Thunes, the Smart Superhighway to move money around the world, today announced the further expansion of its Direct Global Network with the launch of direct Pay-to-Bank services in Denmark, Norway, and Sweden. 0 This broadens Thunes' reach into the Nordic region, empowering Members of the Thunes Direct Global Network with faster cross-border payments solutions for both consumer and business transactions. The expansion includes the opening of new direct corridors, supporting payouts in Danish Krone (DKK), Norwegian Krone (NOK), and Swedish Krona (SEK). Thunes' proprietary Network expansion will give access to its Members to the Nordic region, whose exports volumes amounted to over USD 600 billion in 2024, and inbound remittance accounted for over USD 5.4 billion in 2023 according to the world bank. Built on a robust API integration the service leverages Thunes SmartX Treasury system and Fortress Compliance platform to provide Members with enhanced speed, control, visibility, protection and cost efficiency for their cross-border payments. Aik Boon Tan, Chief Network Officer at Thunes, said: 'This expansion marks a significant development for Thunes and our Members, reinforcing our commitment to delivering seamless and reliable real-time cross-border payments globally. By extending our proprietary Direct Global Network into the Nordic region, we are offering a modern alternative to legacy systems, ensuring that payments to Denmark, Norway, and Sweden are executed with the highest levels of speed, security, and operational efficiency.' Chloé Mayenobe, President and COO at Thunes, added: 'Launching direct bank payout capabilities in the Nordics supercharges our proprietary Network's reach and unlocks unmatched value for all our Members. By establishing real-time payout corridors in Denmark, Norway and Sweden, we're empowering businesses and individuals with faster, more transparent and cost-efficient transactions. This expansion represents a strategic milestone in our journey to connect every corner of the globe, reinforcing our promise to deliver cutting-edge, reliable global payment solutions.' With this expansion, Thunes delivers an even more robust Direct Global Network that enables seamless bank payouts across the Nordics, meeting the growing demand for real-time, cross-border payment solutions in a dynamically evolving region.
Yahoo
01-04-2025
- Business
- Yahoo
Novo Nordisk shares post the biggest monthly decline since 2002
Europe's largest pharmaceutical firm, Novo Nordisk, saw its stocks tumble 27% in March, marking their worst monthly performance since July 2002. As of market close on 31 March, the Danish firm's share price had fallen to 469.8 Danish Krone (€63), its lowest level since February 2023. The stock has now declined 54% from its all-time high in June 2024, losing its position as Europe's most valuable company to LVMH and SAP. Investors sold off Novo Nordisk's shares due to growing competition from its US rival Eli Lilly. Eli Lilly's weight-loss drugs, Zepbound and Mounjaro, directly rival Novo Nordisk's Wegovy and Ozempic, intensifying the competitive landscape. Year-to-date, Novo's shares have dropped 25%, while Eli's stock has gained 4.6%. The recent US weekly prescription data showed signs that Novo Nordisk may be losing market share to Eli Lilly, leading to a 0.9% drop in Novo's stock and a 0.4% gain in Eli Lilly's shares on the final trading day of March. Novo Nordisk's net profit margin declined to 34.8% in 2024, down from 36% in 2023. Additionally, the company provided softer guidance for 2025, forecasting revenue growth of 16% to 24% at constant currency—the mid-point marking the slowest pace in three years. Analysts at Bank of America expect further downward revisions to its 2025 growth outlook when the company reports quarterly earnings in May. Investor concerns have also been heightened by US President Donald Trump's announcement to impose tariffs on pharmaceutical products, which could erode profit margins. A series of disappointing trial results for Novo Nordisk's next-generation weight-loss drugs has exacerbated investor concerns about its competitiveness. In December 2024, the company announced phase 3 trial results for its new obesity drug, CagriSema, revealing a weight loss of 22.7% after 68 weeks—short of the projected 25%. The announcement triggered a 20% single-day drop in Novo's share price, the sharpest in its history. In early March, the company released updated trial data showing that CagriSema only achieved a 15.7% weight reduction over 68 weeks, prompting an 8% decline in its share price. Meanwhile, Eli Lilly is expected to release trial results for its latest weight-loss drug, retatrutide, later this year. Preliminary results published in September showed that patients who took retatrutide experienced a 24% weight reduction after 68 weeks. Both CagriSema and retatrutide are set to seek regulatory approval in the first quarter of 2026. Despite recent setbacks, Novo Nordisk's latest price cuts for its leading weight-loss drug, Wegovy, have been viewed as a strategic move to strengthen its US market share. Following the US Food and Drug Administration's announcement that shortages of Eli Lilly's Zepbound and Novo Nordisk's Wegovy had ended, both companies launched online pharmacies offering lower-cost, reduced-dosage vials for weight-loss treatments. Novo Nordisk now provides cash-paying customers with a 50% discount on Wegovy, a move seen as a bid to regain market share. Many analysts remain bullish on Novo Nordisk's long-term growth prospects. According to consensus estimates from Markets Insider and Bloomberg, the stock could see an average of 57% to 60% upside potential over the next 12 months. Sign in to access your portfolio
Yahoo
05-03-2025
- Business
- Yahoo
Europe's war on emissions will see the end of low-cost flights
Net zero reports tend to be predictable affairs, so it's perhaps no surprise that the latest update from the Climate Change Committee – the Government's official net zero watchdog and proponent of eco-friendly lifestyles – has called for a frequent flyer tax. The idea of hiking taxes on so-called frequent flyers has been a staple of environmental politics for more than a decade. To date, Conservative and Labour governments have resisted the temptation to bring in such a scheme, despite repeated suggestions from the Climate Change Committee and others. Sir Keir Starmer – something of a frequent flyer himself – has been quick to play down some of the report's more controversial recommendations, including curbs on eating meat. Before we express too much relief, though, it's worth remembering that his government has already hiked taxes on plane tickets, with a significant jump in Air Passenger Duty (APD) in the autumn budget. Increasing APD has become a bit of a hobby for recent chancellors. But Reeves was the first in 13 years to increase duty on short-haul economy tickets, a move that will increase the taxes on a flight to Spain to £15 per person from April 2026. Perhaps Rachel Reeves was just following the example of her continental peers, many of whom have seemingly identified the aviation industry – and its passengers – as their latest cash cow. Back in January, Denmark became the latest EU country to charge an additional levy on all plane tickets, charging 50 Danish Krone (around £5.50) per short-haul flight. Before the Danes, it was the Portuguese, with Lisbon's left-wing government adding a €2 levy to all flights back in 2021. Meanwhile, those EU countries that already have passenger levies have been quietly increasing them: last year, Germany hiked theirs by 20 per cent. The French government just increased its preposterously named 'solidarity tax' on short-haul flights from €2.63 to €7.40. While the charges might sound small in isolation, they can make a significant difference to low-cost carriers, which rely on fine margins to keep their ticket prices down to a minimum. But could they result in the likes of easyJet and Ryanair pulling out of higher-tax countries altogether? 'When you're running an airline, taxes are the only major variable you can control,' says Eddie Wilson, Ryanair's chief executive. 'We already have our planes; the fuel cost is the same wherever we are flying; as is the cost of the pilots and cabin crew.' 'There is sometimes an assumption among politicians that 'Oh, Ryanair can just find an extra €13 of savings to pay for APD.' Believe me, if that were the case, we would have already done it,' he adds. It would be bad enough if it were just passenger levies. But the all-powerful net zero agenda has also resulted in a barrage of new indirect charges and restrictions which could also put pressure on the cost of your next plane ticket. One such measure is the EU's plan to force airlines to use a minimum percentage of 'sustainable aviation fuel' when they fly. Given the cost of such fuels, the scheme is expected to significantly increase airline overheads – an inconvenience that will almost certainly be passed on to customers. Then there's the EU's plan to include aviation within its carbon trading scheme, meaning that airlines will have to purchase an emissions allowance to compensate for every flight they make. The carbon costs of a return flight from London to Athens could run as high as €32.50 (£27.75) per person. All this is before we get to the various measures taken by European governments themselves. France has banned domestic flights for routes where a train journey would take less than two and a half hours (that means no flights from Paris to Nantes, Bordeaux, or Lyon) and has even mooted banning private jets from landing in the country entirely. In the Netherlands, KLM has hit back at what it calls an 'incomprehensible' plan to limit landings at Amsterdam's Schiphol Airport – the fourth-busiest airport in Europe – as a way of reducing the noise impact from the aviation sector. A plan that makes even Britain's Nimby-friendly policies seem tame by comparison. Some proposals seem intent on pulling the rug out from budget airlines entirely. In 2021, the then-coalition government in Austria even proposed a minimum ticket price of €40 on all flights to or from the country – a proposal that the Austrian Greens said was necessary to stop the scourge of ultra-cheap flights. How expensive could flying get if the eco-warriors have their way? The Climate Change Committee says its proposed taxes could add the equivalent of £150 (in today's prices) to the cost of a short-haul return flight by 2050. In other words, say goodbye to £50 return tickets to Alicante. Could a Mediterranean break end up becoming a rare luxury, as it was in the pre-Ryanair days? The CCC says that its 'citizens' panel' was 'broadly accepting' of higher ticket prices. But they must know more than anyone that there's a big difference between people saying they support environmental measures and actually being prepared to change their behaviour. Have they also contemplated the possibility that some airlines might just pack up and leave? After Denmark increased its flight taxes in January, Ryanair responded by cancelling all flights from the country's Aalborg Airport. More than 1 million 'seats' (to use airline parlance) have vanished from the map. While airlines have an obvious incentive to moan about taxes, independent analysts suggest they aren't bluffing about their thin profit margins. 'The majority of air travel is price-sensitive, which is the reason airlines express concern about increased ticket taxes,' says John Strickland, an aviation expert at JLS Consulting. 'Margins on the lowest fares tend to be particularly slim, so higher taxes increase pressure on profitability. We've seen Ryanair move aircraft between markets in the past due to tax levels. When you have millions of passengers on one route, a small tax rise can have a significant impact on bottom-line profits.' If you thought airlines removing routes would dampen enthusiasm for new taxes, think again. Just last year, a major report from the left-wing New Economics Foundation proposed an EU-wide frequent flyer tax, which it claims would raise $64 billion in revenue without increasing costs for the average passenger. Too good to be true? Peer into the details and you'll soon have your answer. In fact, each person will be allocated just one short-haul flight per year (long-haul flights will be subject to an immediate €100 surcharge), after which they will pay €50 for their next trip, €100 for the one after that, and €200 for their fourth return journey. If you had naively entertained the notion that such taxes would only hit the jet-set elite, well now you have your answer. It isn't just that there's an eco-war on flying in Europe: it's that you're probably a target. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
05-03-2025
- Business
- Telegraph
Europe's war on emissions will mean the end of £50 flights to the Med
Net zero reports tend to be predictable affairs, so it's perhaps no surprise that the latest update from the Climate Change Committee – the Government's official net zero watchdog and proponent of eco-friendly lifestyles – has called for a frequent flyer tax. The idea of hiking taxes on so-called frequent flyers has been a staple of environmental politics for more than a decade. To date, Conservative and Labour governments have resisted the temptation to bring in such a scheme, despite repeated suggestions from the Climate Change Committee and others. Sir Keir Starmer – something of a frequent flyer himself – has been quick to play down some of the report's more controversial recommendations, including curbs on eating meat. Before we express too much relief, though, it's worth remembering that his government has already hiked taxes on plane tickets, with a significant jump in Air Passenger Duty (APD) in the autumn budget. Increasing APD has become a bit of a hobby for recent chancellors. But Reeves was the first in 13 years to increase duty on short-haul economy tickets, a move that will increase the taxes on a flight to Spain to £15 per person from April 2026. Perhaps Rachel Reeves was just following the example of her continental peers, many of whom have seemingly identified the aviation industry – and its passengers – as their latest cash cow. Europe's creeping green levies Back in January, Denmark became the latest EU country to charge an additional levy on all plane tickets, charging 50 Danish Krone (around £5.50) per short-haul flight. Before the Danes, it was the Portuguese, with Lisbon's left-wing government adding a €2 levy to all flights back in 2021. Meanwhile, those EU countries that already have passenger levies have been quietly increasing them: last year, Germany hiked theirs by 20 per cent. The French government just increased its preposterously named 'solidarity tax' on short-haul flights from €2.63 to €7.40. While the charges might sound small in isolation, they can make a significant difference to low-cost carriers, which rely on fine margins to keep their ticket prices down to a minimum. But could they result in the likes of easyJet and Ryanair pulling out of higher-tax countries altogether? 'When you're running an airline, taxes are the only major variable you can control,' says Eddie Wilson, Ryanair's chief executive. 'We already have our planes; the fuel cost is the same wherever we are flying; as is the cost of the pilots and cabin crew.' 'There is sometimes an assumption among politicians that 'Oh, Ryanair can just find an extra €13 of savings to pay for APD.' Believe me, if that were the case, we would have already done it,' he adds. Adding fuel to the fire It would be bad enough if it were just passenger levies. But the all-powerful net zero agenda has also resulted in a barrage of new indirect charges and restrictions which could also put pressure on the cost of your next plane ticket. One such measure is the EU's plan to force airlines to use a minimum percentage of 'sustainable aviation fuel' when they fly. Given the cost of such fuels, the scheme is expected to significantly increase airline overheads – an inconvenience that will almost certainly be passed on to customers. Then there's the EU's plan to include aviation within its carbon trading scheme, meaning that airlines will have to purchase an emissions allowance to compensate for every flight they make. The carbon costs of a return flight from London to Athens could run as high as €32.50 (£27.75) per person. 'Incomprehensible' plans All this is before we get to the various measures taken by European governments themselves. France has banned domestic flights for routes where a train journey would take less than two and a half hours (that means no flights from Paris to Nantes, Bordeaux, or Lyon) and has even mooted banning private jets from landing in the country entirely. In the Netherlands, KLM has hit back at what it calls an 'incomprehensible' plan to limit landings at Amsterdam's Schiphol Airport – the fourth-busiest airport in Europe – as a way of reducing the noise impact from the aviation sector. A plan that makes even Britain's Nimby-friendly policies seem tame by comparison. Some proposals seem intent on pulling the rug out from budget airlines entirely. In 2021, the then-coalition government in Austria even proposed a minimum ticket price of €40 on all flights to or from the country – a proposal that the Austrian Greens said was necessary to stop the scourge of ultra-cheap flights. The bottom line How expensive could flying get if the eco-warriors have their way? The Climate Change Committee says its proposed taxes could add the equivalent of £150 (in today's prices) to the cost of a short-haul return flight by 2050. In other words, say goodbye to £50 return tickets to Alicante. Could a Mediterranean break end up becoming a rare luxury, as it was in the pre-Ryanair days? The CCC says that its 'citizens' panel' was 'broadly accepting' of higher ticket prices. But they must know more than anyone that there's a big difference between people saying they support environmental measures and actually being prepared to change their behaviour. Have they also contemplated the possibility that some airlines might just pack up and leave? After Denmark increased its flight taxes in January, Ryanair responded by cancelling all flights from the country's Aalborg Airport. More than 1 million 'seats' (to use airline parlance) have vanished from the map. While airlines have an obvious incentive to moan about taxes, independent analysts suggest they aren't bluffing about their thin profit margins. 'The majority of air travel is price-sensitive, which is the reason airlines express concern about increased ticket taxes,' says John Strickland, an aviation expert at JLS Consulting. 'Margins on the lowest fares tend to be particularly slim, so higher taxes increase pressure on profitability. We've seen Ryanair move aircraft between markets in the past due to tax levels. When you have millions of passengers on one route, a small tax rise can have a significant impact on bottom-line profits.' If you thought airlines removing routes would dampen enthusiasm for new taxes, think again. Just last year, a major report from the left-wing New Economics Foundation proposed an EU-wide frequent flyer tax, which it claims would raise $64 billion in revenue without increasing costs for the average passenger. Too good to be true? Peer into the details and you'll soon have your answer. In fact, each person will be allocated just one short-haul flight per year (long-haul flights will be subject to an immediate €100 surcharge), after which they will pay €50 for their next trip, €100 for the one after that, and €200 for their fourth return journey. If you had naively entertained the notion that such taxes would only hit the jet-set elite, well now you have your answer. It isn't just that there's an eco-war on flying in Europe: it's that you're probably a target.
Reuters
06-02-2025
- Business
- Reuters
Beer maker Carlsberg's annual profit misses forecasts
LONDON, Feb 6 (Reuters) - Danish brewer Carlsberg ( opens new tab reported on Thursday a 2.8% increase in full-year operating profit to 11,411 million Danish Krone ($1.59 billion), falling short of analyst forecasts for 11,472 million Danish Krone in a company-compiled consensus. ($1 = 7.1800 Danish crowns)
