Global Volkswagen sales get an all-electric boost
Bengaluru — Volkswagen saw a 1.2% gain in global sales volumes in the second quarter despite a drop in US demand and ongoing tariff uncertainty, thanks to strong uptake in its all-electric offering in Europe, the carmaker said on Wednesday.
Year on year, the German auto giant’s sales edged up 1.2% in the second quarter, with 2.27-million vehicles delivered, according to the company.
The company reported sales growth in all markets except for North America and Western Europe, where deliveries fell by 16.2% and 0.7%, respectively.
German carmakers are pushing for a deal with President Donald Trump to replace a hefty 25% tariff on car and car part imports to the US that is weighing on demand in their key market.
Volkswagen’s all-electric sales were up 38% in the second quarter globally, and by as much as 73% in Europe. Reuters
Musk’s Starlink lands licence to operate in India
Bengaluru — Starlink has received a licence from India’s space regulator to launch commercial operations in the country, clearing the only remaining regulatory hurdle for the satellite provider to enter the market, three sources familiar with the matter told Reuters.
The Elon Musk-led firm has been waiting since 2022 for licences to operate commercially in India. Last month it received a key licence from India’s telecom ministry to launch, but has been waiting for a go-ahead from India’s space department.
Starlink and the space department did not immediately respond to requests for comment.
Starlink would be the third company to receive India’s nod to enter the space, with India previously approving applications by Eutelsat’s OneWeb and Reliance Jio to provide services in the country. Reuters
Dutch company Catom to buy 300 BP petrol stations
Vienna — BP has agreed to sell its 300 Dutch petrol stations to Dutch fuel distribution and trading company Catom as part of its plan to divest $20bn worth of assets by 2027, BP said on Wednesday, without giving a deal value.
BP set itself the divestment target during a strategy update in February alongside promises to slash its debt and increase cash flow with a bigger focus on oil and gas in a bid to shore up investor confidence after an ill-fated foray into renewables.
The Dutch deal, which is expected to close by the end of this year, comes after BP sold its Turkish petrol station network in 2023 and while a sale process for its Austrian retail network is ongoing. Reuters
Semco shares surge 41% in Paris trading debut
Gdansk — Shares of Semco Technologies surged 41% in their Paris trading debut on Wednesday, as the French chipmaking equipment supplier became the second technology company to be listed in the French capital this year.
The Montpellier-based company raised €45m ($48.5m) through its initial public offering (IPO) on Paris’ junior exchange Euronext Growth, giving it a market value of €154m at the listing price of €15 per share.
Semco follows artificial intelligence start-up LightOn, which became Europe’s first listed generative AI company when it debuted in Paris in November, and consumer credit firm Younited Financial, which completed the first French IPO of 2025 in January.
Investor appetite for European technology companies remains strong, particularly those serving the booming semiconductor industry driven by demand for AI-enabling technologies.
Semco makes electrostatic chucks, or “eChucks” — arms that handle silicon wafers during production. Reuters
Thames Water bonuses worth £2.5m unblocked
Bengaluru — Britain’s Thames Water awarded bonuses worth £2.5m ($3.40m) to its senior staff, despite efforts by the UK government to block the payments, according to documents shared by the UK Parliament’s environment committee.
In a letter to the committee, Thames Water chair Sir Adrian Montague said no discussions have been held with the government or water regulator Ofwat to recover the payments.
The news was first reported by The Financial Times on Wednesday. Reuters
Merck poised to land $10bn Verona biotech deal
Bengaluru — Merck is nearing a roughly $10bn deal to buy lung disease-focused biotech Verona Pharma, the Financial Times reported on Wednesday.
Merck would pay $107 per American depository share for Verona, the report said, citing three people familiar with the matter.
Merck and Verona didn’t immediately respond to Reuters requests for comment. Reuters couldn’t immediately verify the report.
Merck has relied on its best-seller Keytruda, which had nearly $30bn in sales in 2024, to fuel its growth for years but the drug’s patents will begin to expire in 2028. In response to that, the company has embarked on a spree of deals to diversify revenue streams. Reuters
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