Business Round-Up: Jysk founder dies aged 71 - The Post

Business Round-Up: Jysk founder dies aged 71

Meanwhile, two Danish giants have had very profitable second quarters but the aviation sector has suffered a pretty large deficit

From a single store in Aarhus to 2,800 in 52 countries, Lars Larsen left behind a legacy (photo: FB Jysk Danmark)
August 19th, 2019 4:31 pm| by Arushi Rajput

Lars Larsen, the founder of the retail chain Jysk, passed away today at his Silkeborg home. Larsen, who was 71 years old, had been ill for some time with advanced stage liver cancer.  

“Today we have lost a father, a husband and a grandfather, and Denmark has lost a unique retailer. We will continue to do our best to continue his impressive life work,” expressed his son Jacob Brunsborg. 

From an indefinite sick leave to resigning in June
Following his diagnosis in June this year, Larsen resigned as chair of Jysk. 

He chose his son, Jacob Brunsborg, to replace him. 

Leaves an empire behind
Jysk has almost 2,700 stores spanning Europe and the Middle East, and the number keeps on increasing. 

Jysk’s first store in Ireland was inaugurated by Lars Larsen himself on April 2 this year. 

“I will continue to work with all my energy, so that within a few years we will have a united and even stronger Jysk,” said Jan Bøgh, the CEO of Jysk. 

This year marks the 40th anniversary of the company Larsen started in 1979. 

Copenhagen Airports blames strike and lower tariffs for dip in revenue
Copenhagen Airports, which runs Kastrup and also Roskilde, saw an 11 percent decline in revenue during the second quarter of 2019. The dip was mainly attributed to the SAS pilots strike in April and May, which affected 175,000 passengers travelling via Kastrup. However, a number of other reasons were also cited including the bankruptcy of two Icelandic airlines and lower tariffs. “This is primarily due to a 2018 tariff reduction, new agreements with various airlines, the SAS pilot strike and adjustment to our airlines’ traffic program,” clarified Copenhagen Airports. 

Money-laundering Danske Bank employees charged
Twelve former employees of Danske Bank in Estonia have been charged as part of the investigation into the money-laundering by the Baltic nation’s authorities. “So far, 11 are suspected of money laundering, and one is suspected of bribery,” disclosed Olja Kivistik, an adviser to the state prosecutor, to DR. Around 1.5 million euros has been seized from one of the suspects. Meanwhile, the Danish authorities have prosecuted nine former managers who worked at branches in Denmark. 

Ryanair pilot strike could affect UK and Ireland-bound flights
Ryanair’s UK-based pilots had already announced a 48-hour strike from August 22-23, and their Irish colleagues could join them if Ryanair fails to consider their payment terms. The strike terms were backed by 94 percent of the Irish pilots. “They are are simply seeking pay levels, which are common and competitive in the commercial airline sector, from a company that made a more-than-healthy profit of 1 billion euros last year,” said Ian McDonnell, the assistant general secretary of Fórsa, an Irish trade union. The flights in the near future could be affected due to the growing conflict, so keep an eye on your departures!

Maersk heading towards profit after heavy losses in 2018
Maersk has posted a profit of 1.020 billion kroner for the second quarter of 2019 following a loss of 213 million kroner for the same period last year. Revenue has risen thanks to increased freight capacity, higher service prices, and lower fuel consumption. “Maersk is spending less money per container. Simply put, there is better control over costs, which means that the company delivers better than expected earnings,” explained Mikkel Emil Jensen, an equity analyst at Sydbank, to DR. However, the company is wary of the uncertain market situation due to the ongoing trade war, which could reduce global cargo transportation by 1 percent next year. 

Danish transport giant acquires Swiss competitor for 35.1 billion kroner
DSV, the Danish transport giant, has acquired its Swiss competitor Panalpina in a 35.1 billion kroner deal. The company will now be called DSV Panalpina. Ernst Göhner Group. The key shareholder of Panalpina will receive 11 percent of the shares in the new company, making it the largest shareholder in DSV Panalpina. The merger is expected to give DSV annual synergies of 2.2 billion kroner starting from 2022.