2025-07-08 12:57
Milan prosecutors are investigating Italy's logistics sector Seizures total over 650 million euros across sector, they say Rhenus unit probed over alleged fraud, tax and labour violations MILAN, July 8 (Reuters) - Italian tax police have seized 43.5 million euros ($51 million) from the local unit of German logistics group Rhenus as part of a probe into alleged tax fraud and illegal labour practices, prosecutors' documents showed on Tuesday. Milan prosecutors have launched a series of formal investigations into Italy's logistics and delivery firms, targeting the local units of major companies including FedEx (FDX.N) , opens new tab, Amazon (AMZN.O) , opens new tab, GLS and DHL (DHLn.DE) , opens new tab. Sign up here. In the latest probe, they accuse Rhenus Logistics Spa of issuing false invoices and bypassing labour and tax laws to avoid tax and social security payments, according to a 199-page decree reviewed by Reuters. The allegations cover the period from 2019 to 2024. The prosecutors have not yet requested an indictment. Rhenus Logistics Spa did not immediately respond to A Reuters request for comment. Rhenus Logistics Spa is part of Rhenus Group, one of Europe's leading logistics services providers with annual revenues of 8.2 billion euros. It employs 41,000 workers at 1,330 offices worldwide. The prosecutors allege Rhenus Logistics Spa, via intermediaries, used "fake procurement contracts for the provision of services" with cooperatives and limited liability companies providing cheap labour, and subsequently filed false tax declarations. This business model, they wrote, has been in use in the sector for years, if not decades, in Italy and "facilitates the exploitation of workers and results in unfair competition." Italian authorities have scrutinised over a dozen delivery and logistics groups over their labour practices in recent years, issuing seizure orders totalling more than 650 million euros since 2021, including the latest confiscations. Based on data from the National Social Security Institute, over 30 companies implicated in their investigations have been compelled to regularise the employment of more than 49,000 workers in the last four years, Milan prosecutors said in their decree. A renewal of the national contract for the logistics sector signed last December contained new rules aimed at stamping out illegal practices. However, "without substantial changes to the business policies adopted by the key players in the sector, the new rules appear likely to be effectively disregarded," the prosecutors wrote in their decree. ($1 = 0.8528 euros) https://www.reuters.com/sustainability/sustainable-finance-reporting/italy-seizes-51-million-rhenus-group-unit-labour-supply-probe-2025-07-08/
2025-07-08 12:45
July 8 (Reuters) - Trump Media & Technology Group (DJT.O) , opens new tab is looking to launch an exchange-traded fund that will invest in multiple crypto tokens, including bitcoin, ether, solana and ripple, a filing with the U.S. markets regulator showed on Tuesday. Sign up here. https://www.reuters.com/business/trump-media-seeks-sec-approval-blue-chip-crypto-etf-2025-07-08/
2025-07-08 12:42
MARSEILLE, France, July 8 (Reuters) - A fast-moving wildfire in southern France, fanned by winds of up to 70 kilometres per hour, led to the closure of Marseille Provence airport on Tuesday, a spokesperson said, affecting travel just as the French summer vacation period begins. The local fire service said on X that 168 firefighters had been deployed to fight the blaze of around 30 hectares near the town of Les Pennes-Mirabeau north of Marseille, France's second largest city. Fire engines and helicopters were also being used. Sign up here. "At this stage, populations must remain confined to residential areas," the Provence-Alpes-Côte d'Azur prefecture posted on X. "Close shutters, doors, keep your property clear for emergency services, and do not travel on the roads." The high winds prompted evacuations in Les Pennes-Mirabeau, BFM TV reported, citing interviews with locals in the town. The winds could be seen buffeting trees and the on-air reporters. The spokesperson for Marseille airport said planes had not been taking off or landing since around midday and some flights had been diverted to Nice, Nimes and other regional airports. It was unclear when the airport would re-open. The fire could be smelled in the centre of Marseille, a resident said, with smoke covering parts of the city. https://www.reuters.com/business/environment/wildfire-forces-closure-frances-marseille-airport-2025-07-08/
2025-07-08 12:42
JOHANNESBURG, July 8 (Reuters) - South African President Cyril Ramaphosa pushed back against U.S. President Donald Trump's imposition of a 30% tariff from next month, saying that it is based on an inaccurate view of the two countries' trade and that negotiations with the U.S. would continue. Trump ramped up the trade war he started in April by telling 14 countries including South Africa on Monday that they face sharply higher "reciprocal" tariffs from August 1. Sign up here. South Africa has been trying to negotiate a trade deal with the U.S. since May but is yet to agree on terms. "South Africa maintains that the 30% reciprocal tariff is not an accurate representation of available trade data," Ramaphosa said in a statement late on Monday. He said South Africa's interpretation was that its average tariff on imported goods was 7.6% and that 77% of U.S. goods face no tariffs in his country. Ramaphosa said it was positive that Trump had said the 30% tariff could be modified depending on the outcome of trade talks, and he urged South African companies to diversify. But Agriculture Minister John Steenhuisen and groups representing farmers and the wine industry said it would take time to lock down new export markets. Steenhuisen said Trump's team had initially wanted to see "more ambition" in South Africa's trade proposals. "We need to try and find out exactly where the mark is with the U.S. What is it that they actually want? And whether that's in the realm of the possible for us," he told a press conference. South Africa first proposed a trade deal in May when Trump hosted Ramaphosa in the White House and presented him with false claims of a "genocide" against whites in South Africa. It held more talks at a U.S.-Africa summit in Angola last month. The U.S. is South Africa's second-largest bilateral trading partner after China. As well as car parts and other manufactured goods, South Africa exports agricultural produce to the U.S. like fruit, wine and nuts. Wine exporters are exploring options like price adjustments and redirecting stock to manage the impact of the 30% tariff, an industry group said. Agri SA said citrus farmers may experience a significant loss of market share to competitors like Chile and Peru, and it also flagged potential impacts on producers of other fruit and items like ostrich leather. https://www.reuters.com/world/africa/south-africa-says-trumps-30-tariff-based-inaccurate-view-their-trade-relations-2025-07-08/
2025-07-08 12:37
TOKYO, July 8 (Reuters) - Nissan Motor (7201.T) , opens new tab is scaling back production plans for its new Leaf electric vehicle model because China's rare earth export restrictions have led to a shortage of parts, Kyodo News reported on Tuesday. The revised production of the new model, which is set to launch later this year, could complicate the Japanese carmaker's restructuring plans that include closing seven factories and reducing its workforce by 15%. Sign up here. China's rare earth curbs have also led another Japanese automaker, Suzuki Motor (7269.T) , opens new tab, to temporarily suspended production of its flagship Swift subcompact, sources told Reuters last month. https://www.reuters.com/business/autos-transportation/nissan-scale-back-production-plan-new-ev-due-china-rare-earth-curbs-kyodo-2025-07-08/
2025-07-08 12:34
PARIS, July 8 - France's state-owned EDF has appointed several new directors to its board and will reorganise the group's operations in anticipation of its plans to build six new nuclear reactors and increase investments in hydropower, it said on Tuesday. "This evolution aims to strengthen the Group’s industrial performance in support of the revival of nuclear power and hydropower ... We must organise ourselves to better define and deliver on our commitments over the long term," EDF CEO Bernard Fontana said in a statement. Sign up here. Xavier Gruz, EDF's nuclear programme director, will join the executive committee immediately and propose a strengthened ownership structure for the new nuclear projects, reporting directly to the CEO and chairman. EDF will also soon form a new project management entity meant to accelerate the build out of reactors by streamlining cooperation with industrial partners at the engineering, construction, and supply chain levels. Nicolas Machtou, who currently heads new nuclear projects, will become the board's secretary general beginning in September. Elisabeth Terrail, from EDF's reactor-building business Framatome, and Emmanuelle Verger, who heads EDF's hydropower activities, have also been appointed to the board. Fontana, appointed CEO earlier this year, has been tasked with jumpstarting the nuclear ramp-up and is currently seeking ways to bring in money to finance new builds, including possible asset sales. Earlier this year the French government agreed to issue EDF a subsidized loan covering at least half of the construction costs of six new reactors, which were estimated to be around 52 billion euros in 2022. An updated budget is expected by year-end. https://www.reuters.com/business/energy/edf-promotes-nuclear-executives-board-ahead-new-builds-2025-07-08/
