EUROPE FACES RECEIVABLES CRISIS

Intrum is today publishing its full European Payment Report. The results show shaken European economies and business operations that are brought to a halt in many sectors. Almost six in ten respondents say a Pan-European recession is a top three challenge when it comes to consumers paying on time over the next twelve months. Decreased revenues have reduced businesses’ cash flow and increased pressure on their outgoing payments. The initial impact on the European payments landscape continues to be dramatic, says Mikael Ericson, President and CEO of Intrum. SOURCE: PR Newswire

MORE TECH LISTINGS IN EUROPE

Tech stocks around the world have been booming to all-time highs this year, driving dozens of headline-grabbing listings on the public stock markets from Lemonade to Snowflake. The exception to this trend has been across Europe. Only 16 tech companies floated in Europe in the year to September, the lowest in more than a decade. However, it’s waking up. Late last week, Bloomberg reported that London-born Deliveroo was eyeing a public listing for 2021. SOURCE: Sifted

COMMISSION EARMARKS CASH FOR TECH SOVEREIGNTY

The quest for technology sovereignty goes on, with the European Commission more than doubling the budget for the EuroHPC high performance computing programme and setting it a new objective of reducing Europe’s dependence on foreign hardware suppliers. NOf the €8 billion 2021-2027 budget, €3.5 billion will come from the Horizon Europe, Digital Europe and Connecting Europe programmes. Another €3.5 billion will be invested by member states and associated countries, while a further €1 billion will come from industry. The specific projects that are funded will run up to 2033. SOURCE: www.sciencebusiness.net

THYSSENKRUPP CUTS 800 JOBS

German conglomerate Thyssenkrupp will cut 800 automotive system engineering jobs, it said on Tuesday, and said auto demand could take up to three years to recover. The impact of the COVID-19 pandemic has added to pressures on Thyssenkrupp, which is striving to turn around its loss-making business units after selling its elevator division, by far its most profitable asset, to a private equity consortium earlier this year. SOURCE: Reuters

SPAIN EXTENDS FURLOUGH SCHEME

Spain on Tuesday agreed a last-minute extension of a scheme supporting hundreds of thousands of workers furloughed due to COVID-19, as part of a broader social protection package. Spain is the European country with the highest number of coronavirus cases and its economy, the euro zone’s fourth-largest, is in its deepest recession on record. SOURCE: Reuters

FILE PHOTO: A crane lifts up a steel coil at the storage and distribution facility of the steel plant of German steel maker ThyssenKrupp in Duisburg, Germany, January 30, 2020. REUTERS/Wolfgang Rattay/File Photo