Lafarge

Turkish President Recep Tayyip Erdoğan said on Oct. 21 he warned France about the cement company Lafarge's ties to terror groups in northern Syria.

French cement giant Lafarge SA was slapped with a $778 million fine Tuesday for making millions in payments to the ISIL and another jihadist group to build its business in Syria.

A former human resources manager of cement giant Lafarge has been charged in France for "endangering the lives of others" during operations in war-torn Syria, sources told AFP on April 14.

France has launched a judicial inquiry into the Syrian activities of French-Swiss cement and construction giant LafargeHolcim, Paris prosecutors said on June 13.     

Illustration - Photo from: Al-Alam

French-Swiss cement maker LafargeHolcim has announced the resignation of CEO Eric Olsen following an internal investigation into the company's activity in Syria before September 2014.

LafargeHolcim (LHN.S) said one of its cement plants probably paid protection money to armed groups in Syria to keep the factory running in the war-torn country.

The embarrassing disclosure follows an internal investigation and highlights the dilemmas companies face when working in conflict zones. French prosecutors are also investigating the cement group’s activities in Syria.

The Greek law which forces employers to ask the government for approval when resorting to large-scale layoffs is too unclear and violates European laws, ruled the European Court of Justice on Wednesday, reported Reuters.

This complicates the negotiations of Athens with its international creditors.

The chief financial officer of Greek refrigerator maker Frigoglass will take over as the new chief executive of the company after Torsten Tuerling resigned for personal reasons, Frigoglass said in a statement on Tuesday.

By Nikos Roussanoglou

Construction has been hit harder than all other economic sectors during the Greek crisis years, with its added value dropping 78 percent within five years, while one of the biggest local firms, Michaniki, has just been forced into administration.

By Alan Soughley

European stock-index futures advanced, indicating equities may extend gains, as investors watch Greece for any details on efforts to secure more funds and avoid fiscal collapse.