BERLIN: One of Germany's top national business newspapers, the Financial Times Deutschland, will close next month after failing to turn a profit since its launch, its publisher said yesterday.
The FTD launched in 2000 during a media boom as the German version of the venerable London-based Financial Times, taking on the German market leader Handelsblatt.
The last edition of the pink-paged daily will appear on Dec. 7, and its Internet site will also close, leading to an overall loss of more than 360 jobs, publishers Gruner + Jahr said.
"Newspapers are under pressure, especially those in the economic sector. The Financial Times Deutschland made a loss since it was set up in 2000," said Julia Jaekel, head of Gruner + Jahr in Germany.
In total, 364 jobs are affected, most of them at the paper's headquarters in the northern city of Hamburg, but also in Frankfurt in western Germany and in offices abroad.
"Gruner + Jahr will discuss a social plan with the works committee," the publishing house, which belongs to media giant Bertelsmann, said without elaborating.
It began as a joint venture between Gruner + Jahr and Pearson, owner of the Financial Times. But in 2008 the German publisher bought out the stake belonging to Pearson, which permitted it to continue using the Financial Times name.
The news came amid a flurry of high-profile bankruptcies in Europe's top economy.
Last week, the left-leaning national daily Frankfurter Rundschau, founded in 1945, said it would fold.
And in October Germany's second biggest news agency DAPD filed for insolvency.
Germany's Financial Times Deutschland to close
Germany's Financial Times Deutschland to close
Closing Bell: Saudi main index climbs to 10,485
RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Sunday, gaining 34.32 points, or 0.33 percent, to close at 10,484.59.
The total trading turnover of the benchmark index stood at SR2.59 billion ($690 million), with 168 listed stocks advancing and 87 declining.
The Kingdom’s parallel market Nomu also gained 100.37 points to close at 23,454.65.
The MSCI Tadawul Index advanced by 0.13 points to 1,377.44.
The best-performing stock on the main market was Nama Chemicals Co., whose share price increased by 9.98 percent to SR22.38.
The share price of Al Masar Al Shamil Education Co. rose by 9.15 percent to SR23.85.
Saudi Paper Manufacturing Co. also saw its stock price climb by 8.42 percent to SR57.95.
Conversely, the share price of Canadian Medical Center Co. dropped by 6.37 percent to SR6.03.
The stock price of Kingdom Holding Co. also declined by 3.16 percent to SR8.28.
In the parallel market, Alfakhera for Mens Tailoring Co. was the top performer, with its share price advancing by 16.40 percent to SR8.80.
On the announcements front, Theeb Rent a Car Co. said it had signed a long-term vehicle leasing services contract valued at SR110.4 million with Hungerstation Co.
Under the deal, Theeb will lease 2,000 vehicles to HungerStation for a period of four years starting from 2026, according to a Tadawul statement.
The statement added that the vehicles will be delivered in batches within the first six months from the contract start date, taking into consideration global logistical circumstances and procedures beyond the control of both the agents and the company.
The contract is expected to have a positive impact on the company’s financials from the first quarter of 2026.
The share price of Theeb Rent a Car Co. declined by 0.79 percent to SR37.80.
