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Danish businesses have record number of foreign-based staff

Foreign-based subsidiaries of Danish companies reached record employment levels in 2022, new national figures show.

Published: 4 April 2024 12:55 CEST
Danish businesses have record number of foreign-based staff
An employee walks in the insulin production plant of Danish multinational pharmaceutical company Novo Nordisk in Chartres, north-central France, April 21, 2016. Photo: Pool/Reuters/Ritzau Scanpix

Data published by national agency Statistics Denmark on Thursday show that there were as many as 15,200 subsidiaries of Danish companies based abroad in 2022, with some 1,690,000 staff on their books.

The figures represent a 2.4 percent increase compared to the year before.

That means that for every 100 employees a Danish company has in Denmark, they have another 73 abroad, according to Allan Sørensen, economist with the Confederation of Danish Industry (DI).

READ ALSO: Danish economy gets boost from weight-loss drug maker

“Many Danish businesses certainly not be able to grow as large as they have without the ability to have activities abroad,” Sørensen said in a written comment.

The economist singled out major international Danish company Novo Nordisk, the largest business in Denmark, which has 28,000 employees domestically and 35,000 abroad.

Foreign employees of Danish companies are primarily located in France, Poland, Germany, India and the United States.

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BUSINESS

Maersk profits plummet as Yemeni attacks close off Red Sea route

Danish shipping giant Maersk posted a huge drop in net profit for the first quarter on Thursday as Yemeni rebel attacks are forcing it to avoid the vital Red Sea route.

Published: 2 May 2024 10:06 CEST
Maersk profits plummet as Yemeni attacks close off Red Sea route

Maersk reported a net profit of $177 million in the first three months of the year, a 13-fold drop from the same period last year. Turnover fell 13 percent to $12.4 billion, slightly lower than forecast by analysts surveyed by financial data firm FactSet.

The company, however, raised its outlook for the full year, citing higher demand and increased rates and costs due to the supply chain disruptions in the Red Sea.

It now expects an underlying core profit ranging between $4 billion and $6 billion, up from $1 billion-$6 billion previously.

“We had a positive start to the year with a first quarter developing precisely as we expected,” Maersk chief executive Vincent Clerc said in a statement.

“Demand is trending towards the higher end of our market growth guidance and conditions in the Red Sea remain entrenched,” he said.

“This not only supported a recovery in the first quarter compared to the previous quarter, but also provide an improved outlook for the coming quarters, as we now expect these conditions to stay with us for most of the year.”

Iran-backed Huthi rebels, who control the Yemeni capital Sanaa and much of the country’s Red Sea coast, have launched dozens of attacks on ships since November, claiming solidarity with Palestinians caught up in the Israel-Hamas war.

The United States in December announced a maritime security initiative to protect Red Sea shipping from the attacks, which have forced commercial vessels to divert from the route that normally carries 12 percent of global trade.

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