Business News in Brief: C25 stocks plummet by 3.7 percent
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In other news, Danish companies are some of the greenest in the world and NAFTA treaty will benefit Denmark
The C25, an index of stock prices of the 25 most traded shares in Denmark, experienced the largest drop in 2 years, falling 3.9 percent.
The greatest loser was Anbu, closing 14.7 percent lower than when the market opened. Novo Nordisk stock dropped in value by 7.2 percent, causing shareholders to lose 54 billion kroner.
Danske Bank also fell 4.6 percent, which is perhaps not surprising. Yesterday it was announced that the Danish Financial Supervisory Authority had slapped an additional 5 billion dollar fine on the bank in connection with the ongoing money laundering investigations and that the US authorities had begun an investigation of its own.
FMC named best foreign company by American Chamber of Commerce
The American Chamber of Commerce has named FMC ‘Foreign Company of the Year’ for its investments in Danish crop protection technology and its decision to locate a European HQ and innovation centre in Hørsholm, Denmark. In 2015, FMC Corporation acquired Danish company Cheminova. FMC expects to use its HQ in the hub of nutrition and food sciences to provide innovative and cost-effective solutions to increase crop yield.
More foreign talent needed to grow and create jobs
Karsten Dybvad, CEO of Dansk Industri (DI), has applauded the government’s stated aim of increasing opportunities for recruiting talented employees from abroad. At the moment, 1 in 10 companies have been forced to turn down orders due to a lack of labour. “Companies cannot continue to create jobs and growth in Denmark without the ability to supplement their workforce with talented employees from abroad,” said Dybvad to DI Business. He further voiced his concern that election year will take the focus away from improving the financial environment and onto welfare spending.
Danish breweries set ambitious plastic recycling goals
Danish companies will exceed the EU’s plastic recycling target by 200,000 tones as the demand for environmentally friendly products increases, reports DI Business. The Danish Brewer’s Association has announced that 50 percent of their plastic must be recycled by 2025. “Our member companies want to take responsibility. That is why we’re aiming high and our long-term goal is 100 percent of packaging will be recycled into new products,” said Knud Loftslund, head of environmental conditions for the Brewer’s Association.
NAFTA benefits Denmark
The recent renegotiation of the NAFTA trade deal (the trading agreement between Canada, Mexico and the US) is expected to help Danish companies by reducing the likelihood of future tariffs. The negotiations put a quota on cars imported from Mexico to the US and in addition, 40 percent of the value of the car must be created by someone getting paid over 16 dollars or more per hour. Lego has a large manufacturing plant in Mexico and is expected to benefit from the relaxation of tension and better access to Denmark’s second largest export market, the US.
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