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Ikea net profit surges in 2023 as sales rise
Ikea net profit surges in 2023 as sales rise
Economy
by  AFP

Swedish furniture giant Ikea saw a five-fold increase in net profit for its full-year 2023 which ended in August, boosted by rising sales, Ingka Group which owns most Ikea franchises said Wednesday. Ingka accounts for more than 90 percent of Ikea's sales, which totalled 47.6 billion euros in 2023.

Austrian property tycoon's Signa to file for insolvency
Austrian property tycoon's Signa to file for insolvency
Economy
by  AFP

Rene Benko's real estate giant Signa -- whose vast portfolio includes New York's iconic Chrysler building -- on Wednesday announced it would initiate insolvency proceedings, marking the spectacular downfall of the self-made Austrian tycoon. Signa said it would initiate insolvency proceedings at a Vienna court on Wednesday.