By Aidan Gregory
15 Mar 2021
Former Commerzbank CEO Martin Blessing has unveiled plans for a new special purpose acquisition company focused on financial technology in Europe, becoming the latest European banking executive to launch a Spac. European FinTech IPO Company 1, as the new special purpose acquisition company will be known, said in an intention to float document on Monday that it will sell €415m of new shares on the Amsterdam Stock Exchange, making it the largest European Spac to launch so far this
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AMSTERDAM (Reuters) - Coffee company JDE Peet s reported a fall of 4.2% in annual sales on Tuesday as the impact of lost sales in cafes due to the COVID-19 pandemic outweighed a boom in home-use products.
Sales of the owner of the Douwe Egberts, Peet s Coffee and Jacobs brands dipped to 6.65 billion euros ($7.89 billion) for 2020, just below the 6.68 billion seen in a company-compiled poll of analysts.
Adjusted operating profit (EBIT) rose 1.2% to 1.28 billion euros.
For 2021, the company forecast organic sales growth of 3%-5% in 2021, as its away-from-home businesses recover, with a single digit increase in adjusted EBIT.
Reflecting the impact of the pandemic, sales of packaged coffee products usually sold in grocery stores, its largest business, rose 7% in Europe, its largest market. Meanwhile sales of Out of Home coffee consumed in cafes, offices and schools, fell by 32%.
Börse Amsterdam stiehlt Frankfurt und Paris die Schau - Finanzmärkte wienerzeitung.at - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wienerzeitung.at Daily Mail and Mail on Sunday newspapers.
Amsterdam has usurped London to become Europe’s biggest hub for trading shares. It is quite a shift for a city that was fifth behind Paris, Frankfurt and Milan only two months ago, while for the UK this is one of numerous recent developments that highlight the downsides of leaving the EU. So how did this happen, and where do things go from here?
First a bit of history. At the beginning of the 17th century, the financial centre of the world was not London, New York or Tokyo. It was an exchange building built by merchants on the River Amstel, Amsterdam. This was the time of the Dutch Golden Age, when its science, culture and commerce were among the most celebrated in the world.