Latest news with #Revolut
Yahoo
9 hours ago
- Business
- Yahoo
AstraZeneca pledges $50bn investment in the US amid 200% tariff fears
AstraZeneca will invest $50 billion (€42.8 bn) in the US by 2030 in a move to expand its R&D and manufacturing there, the firm announced on Monday. This comes as the pharmaceutical giant aims to reach the target of $80 billion (€68.5 bn) in revenue by 2030, with 50% of it hoped to come from the US. The announcement also comes as the Trump administration threatens tariffs of up to 200% on drugs that are produced outside of the US. The new investment announcement is in addition to the $3.5 billion (€3 bn) pledged in November 2024. According to a statement from the company, the US plays a 'critical role' in AstraZeneca's ability 'to launch 20 new medicines by the end of the decade'. What will AstraZeneca produce in the US? As part of the investment, the British-Swedish company plans to build a new multi-billion dollar manufacturing facility in the state of Virginia. This plant will focus on the production of treatments for chronic diseases and is the largest single investment into a facility the company has ever made. '[This] announcement underpins our belief in America's innovation in biopharmaceuticals and our commitment to the millions of patients who need our medicines in America and globally,' Pascal Soriot, Chief Executive Officer at AstraZeneca said in a statement from the company. 'I look forward to partnering with Governor Youngkin and his team to work on our largest single manufacturing investment ever. It reflects the Commonwealth of Virginia's desire to create highly skilled jobs in science and technology, and will strengthen the country's domestic supply chain for medicines.' Related Revolut to create 400 new jobs as Paris HQ leads hopes towards French banking licence Universal Music Group confidentially files for US stock market listing The site in Virginia will have a particular focus on producing substances which make up AstraZeneca's weight management and metabolic treatment portfolio. As well as the site in Virginia, the investment will help expand facilities and production in Massachusetts, Maryland, California, Indiana and Texas, as well as finding new sites for clinical trials. AstraZeneca already has 19 R&D, manufacturing and commercial sites in the US, and the country is the company's largest market, representing 42% of their revenue. The firm currently employs more than 18,000 people and supports 92,000 jobs across the US. The new investment announcement is expected to create tens of thousands more jobs in the coming years. Howard Lutnick, US Secretary of Commerce, said: 'For decades Americans have been reliant on foreign supply of key pharmaceutical products. President Trump and our nation's new tariff policies are focused on ending this structural weakness. We are proud that AstraZeneca has made the decision to bring substantial pharmaceutical production to our shores. This historic investment is bringing tens of thousands of jobs to the US and will ensure medicine sold in our country is produced right here.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
9 hours ago
- Business
- Yahoo
Revolut to create 400 new jobs as Paris HQ leads hopes towards French banking licence
Digital bank Revolut is set to create over 400 jobs in Western Europe as it works to build a new headquarters in Paris, the firm told Euronews. The new roles will be created across France, Spain, Ireland, Germany, and Portugal, and will encompass risk management, compliance and other key functions. At least 200 of the roles will be based in France, with the aim of solidifying France as a key operational hub, with more than 1,500 dedicated staff by 2029. Founded in 2015 in London, Revolut began as a fintech offering easy money transfers, currency exchange and a no-fee travel card. The company now has a banking licence in the UK and more than 60 million customers worldwide. As part of their growth plan in Western Europe, Revolut has said it is looking to submit an application for a banking licence in France to further strengthen the position of its new French headquarters. Building a Western Europe hub Following the recent appointment of Béatrice Cossa-Dumurgier as Western Europe CEO, Revolut is launching a major recruitment drive across the region. This comes in addition to its Lithuanian headquarters, which will continue to serve other European markets. Once the French HQ is fully established, the neobank plans to transition some 600 of its existing staff in customer support, credit and product roles. The scale-up will come in stages, with 80 new hires expected in the first year and all 400 in place by 2029. By the end of the decade 1,500 employees will be dedicated to Revolut's French banking entity. Related China rare earth exports to the US surge 660% after trade agreement The Big Question: Do companies need to re-evaluate how they set climate goals? Revolut is set to invest around €1 billion in France over the next three years. This commitment shows the company's confidence in not only the regulatory landscape and business environment in Europe but also Paris' status as a rising financial centre and its own future as a fully licensed bank. Speaking on the expansion plans, Cossa-Dumurgier said: 'Western Europe is home to a massive pool of talent, and we intend to make the most of it — attracting top professionals eager to shape the future of banking and build the next generation of financial services.' Since its inception, the company has already grown to a staff of 13,000 globally, and its career appeal is only increasing, with over 1.6 million people applying to join Revolut's workforce in 2024. Revolut founder and CEO Nik Storonsky recently reaffirmed his commitment to a fully flexible working model, allowing employees to choose between working remotely or from the office. Error while retrieving data Sign in to access your portfolio Error while retrieving data
The Irish Sun
a day ago
- Business
- The Irish Sun
Revolut confirm new Irish jobs amid major recruitment drive for over 400 roles across several sectors
REVOLUT is set to hire a number Irish employees as part of a new recruitment campaign. The company aims create over 400 new jobs in Western Europe, ahead of plans to establish a new headquarters in Paris. The list of countries the bank is targeting includes Ireland, The roles will primarily encompass risk management, compliance, cyber security and other critical roles. At least 200 of the The company expects to have over 1,500 employees in Western MOST READ IN IRISH NEWS CEO of Revolut Western Europe, Béatrice Cossa-Dumurgier, commented: "We're already hard at work building our new Western Europe headquarters in Paris — and that comes with a major hiring push across the region. "From France to Spain, Italy, Germany, Portugal, and Ireland, we plan to hire over 400 people by 2029 to strengthen our local operations." She added: "Western Europe is home to a massive pool of talent, and we intend to make the most of it — attracting top professionals eager to shape the future of banking and build the next generation of financial services." Founded in 2015, Revolut began in the UK as a small fintech offering Most read in Irish News The company now boasts more than 60 million customers and 13,000 employees worldwide. Now it is looking to expand its operations in an effort to "serve customers in the region". Nearly all staff axed as major Scots manufacturer goes bust Revolut says this 'ramp-up' will begin with around 80 new hires in the first year and scale over 400 direct roles by the end of the decade. And that these efforts are taking place in parallel with the company's ongoing application for a banking licence in France. Currently, the company is set to invest around €1 billion in France over the next three years. The move represents a significant commitment by the company to its future business and operations on the continent, saying it shows "confidence in both France and Europe's business environment" and that it "complements Revolut's existing European HQ in Lithuania". 1 The company will be hiring employees from Ireland, France, Germany, Italy, Portugal and Spain, for mostly risk management, compliance, and cyber security roles Credit: Revolut
Daily Record
a day ago
- Business
- Daily Record
Holiday money mistake costing Scots hundreds of pounds this summer
Travellers should be cautious when choosing how to pay their bills whilst abroad. Travellers jetting off abroad this summer are reportedly unknowingly falling into a costly trap at restaurants, shops and ATMs whilst on holiday. According to Jessie Chambers, Travel Expert at Global Work & Travel, choosing to pay in pounds (GBP) instead of the local currency could be inflating holiday spending by as much as 10% per transaction - thanks to a little-known practice called Dynamic Currency Conversion (DCC). She said: 'It feels familiar and safe to choose pounds, but it's one of the biggest travel money mistakes Brits make. You're letting the shop or ATM provider apply their own conversion rate – and it's almost always worse than your bank's. Dynamic Currency Conversion is when a foreign card machine offers to convert your bill into GBP on the spot. While it sounds convenient, this 'service' often comes with: Inflated exchange rates Hidden mark-ups (typically 6–10%) Additional fees layered on top A €100 meal in Spain could cost £84 when paid in local currency, but would actually £8 more when paid in GBP via DCC. Multiply that over a week-long trip with hotels, restaurants, and activities, and travellers could be losing £100–£250 without realising. Join the Daily Record WhatsApp community! Get the latest news sent straight to your messages by joining our WhatsApp community today. You'll receive daily updates on breaking news as well as the top headlines across Scotland. No one will be able to see who is signed up and no one can send messages except the Daily Record team. All you have to do is click here if you're on mobile, select 'Join Community' and you're in! If you're on a desktop, simply scan the QR code above with your phone and click 'Join Community'. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'. If you're curious, you can read our Privacy Notice. Money saving tips when spending abroad Always pay in local currency – especially at ATMs and restaurants Use a card with no foreign transaction fees (e.g. Revolut, Monzo, Chase) Decline 'conversion to GBP' offers from shopkeepers or waiters Withdraw cash abroad in local currency using fee-free apps Jessie added: "We've had travellers message us mid-trip after realising how much they've lost to bad conversions. The worst part? It's totally avoidable." Another thing to consider, according to Alastair Douglas, CEO at TotallyMoney, is which credit card to take - if at all - to make sure you're not being hit by hefty currency conversion charges. Alastair warned: 'Don't get burnt by bank charges this summer and take a fee-free card with you. Otherwise, if you pack the wrong one, you could find yourself paying £8.15 for £5 of cash when abroad.' Alastair also advises checking your providers flat fees. He added: "When using your card, remember that making multiple, smaller purchases or withdrawals can really add up. In which case, you might be better off withdrawing a larger amount of money once, and setting a daily budget.' Alastair also warned if you're in the UK and switching one foreign currency to another foreign currency, then it's likely that you'll be charged two sets of fees or commissions. One will be to convert your cash into pounds, and another from pounds into the new currency. So, you might be better off waiting until you reach your destination and exchanging there.
BreakingNews.ie
a day ago
- Business
- BreakingNews.ie
Revolut announces more than 400 new roles across Western Europe
Revolut have announced a new recruitment drive across Western Europe, hoping to hire for over 400 roles. The roles are to be filled across Ireland, France, Germany, Italy, Portugal and Spain over the next few years. Advertisement At least 200 of the roles will be based in France, however Revolut also plan to transition around 600 existing employees once the new French entity has been established. The roles are set to span across sectors such as compliance, risk management, cybersecurity, internal controls, financial crime prevention, finance, legal, sales, and product operations. By 2029, the online bank expects over 1,500 staff to power Revolut's Western Europe headquarters in Paris. Those who transition to the French entity within the company are to include customer support, credit and product functions staff, to support the development of features such as mortgages and business loans in the region. Advertisement The ramp-up is expected to begin with approximately 80 new hires in the first year, scaling to over 400 direct roles by 2029. Béatrice Cossa-Dumurgier, Revolut Western Europe's chief executive, said that the company are already working on building its new Western Europe headquarters. 'Western Europe is home to a massive pool of talent, and we intend to make the most of it - attracting top professionals eager to shape the future of banking and build the next generation of financial services,' she said. Revolut has more than three million customers in Ireland, more than 40 million customers in Europe, and more than 60 million customers globally. The company currently employs more than 13,000 people worldwide.
