Business News in Brief: Pandora stock drops 43 percent since May – The Post

Business News in Brief: Pandora stock drops 43 percent since May

In other news, Lego wins legal battle in China and more money to fight tax fraud.

The jewellery chain was founded in 1982 (photo: Wikimedia/Spi3Opule)
November 6th, 2018 3:20 pm| by Ross McPherson

After more disappointing quarterly results, Pandora has downgraded expectations yet again, causing stock prices to plunge.

Pandora stock value has dropped 43 percent since May 2018 alone, falling from its peak at 700 kroner to just under 400 kroner currently. The jewellery manufacturer continues to struggle into the winter months.

Breaking Lego walls in China
Lego has won a court case against Chinese knock-offs. The court ruled that the company Lepin must stop producing the 18 sets under scrutiny and pay 4.3 million kroner in compensation to Lego. Copies of Lego have hindered growth in Asian markets, making this ruling critical for the company. Niels B. Christiansen, Lego CEO, suggested that the ruling sends “a clear warning to companies that may copy Lego products.’’

Danish pork manufacturer joins Chinese e-commerce
Danish Crown has agreed to sell all products manufactured in their Chinese plant to Win-Chain, a company associated with Alibaba. The new plant, currently under construction outside Shanghai, will be able to produce 14,000 tones of product annually. The new deal is valued at 2.3 billion kroner over the 5 year period. This agreement will see Danish pork products delivered right to the door of Chinese customers.

More cash to fight fraud
The government has allocated an additional 435 million kroner to fight tax fraud. The Danish Tax Authority will receive 127 million this year and the rest in years to follow. The extra money will be used to develop a new strategy for taxing dividends. The increased budget is in response to the 12.7 billion kroner tax fraud that occurred since 2015.