NEW EURO PAYMENT SYSTEM

A new European payment giant has been created by the merger of two Italian payment providers. Milan-based Nexi and SIA have merged to form a new entity which will have a market value of €15bn (£13.6bn) and annual revenues of €1.8bn (£1.63bn). The all-share deal has been billed as a merger and will see Nexi shareholders take 70 per cent of the company while SIA investors will take 30 per cent. SOURCE: altfi.com

RUSSIA’S BUSINESS CLIMATE WORSENS

European investors say Russia’s arduous regulations are a bigger barrier to doing business in the country than the coronavirus pandemic, a survey of foreign firms has found. Almost seven in ten Association of European Businesses (AEB) members said regulations were a significant challenge to operating in Russia — the highest reading since the annual survey started in 2011. More than half said they do not expect the regulatory environment or problems with corruption to improve over the next few years. SOURCE: Moscow Times

VEOLOA CONTINUES SUEZ CHASE

Unlike many other European countries, Switzerland has no national incentive programs for electric cars, although some cantons within the country do. Nevertheless, EVs captured 13.4% of the Swiss new vehicle market in September. So far this year, Tesla has accounted for a third of those battery electric vehicle sales and here’s something surprising. In September, the Tesla Model 3 was the best selling car in the nation, beating every other vehicle, including those powered by gasoline or diesel engines. SOURCE: cleantechnica.com

POLAND FINES GAZPROM $7.6 BILLION

Poland has fined Russia’s Gazprom more than 29 billion zlotys ($7.6 billion) for building the Nord Stream 2 gas pipeline without Warsaw’s approval, its watchdog said on Wednesday, prompting the company to say it will appeal. The project has stoked concern about Moscow’s dominance of European energy supplies and attracted U.S. sanctions, although rival sales of Azeri gas and U.S. liquefied natural gas may squeeze Russia’s market share in Europe. SOURCE: Reuters

FILE PHOTO: The pipe-laying vessel Fortuna, which may be used to complete the construction of the Nord Stream 2 Baltic Sea gas pipeline, makes its way to Wismar, Germany, September 30, 2020. Picture taken September 30, 2020. REUTERS/Oliver Denzer/File Photo