Business

British Watchdog is Investigating the AI Market

4May

By Alan LorenzNo Comments

British Watchdog is Investigating the AI Market

The British competition watchdog CMA has launched a broad investigation into the development of the artificial intelligence (AI) market. The regulator wants to know what impact this fast-growing technology will have on competition in the technology sector and whether more rules are needed to protect consumers. Artificial intelligence develops computer systems that come close to human intelligence. For example, chatbots such as ChatGPT can write texts that appear to have been written by a human. The increasing possibilities offered by AI systems have prompted major technology companies such as Microsoft and Alphabet, the owner of Google, to accelerate investments in the sector. “The potential benefits of this transformative technology must be easily accessible to UK businesses...

Lego Builds First Factory in the United States

17Apr

By Alan LorenzNo Comments

Business, News, Technology, US

Lego Builds First Factory in the United States

Lego wants to build its first factory in the United States, specifically in Virginia in the east. The toy manufacturer intends to increase its market share in this way. It concerns an investment of 1 billion dollars. “If we look at the potential in the US, we still have a long way to go,” US chief operating officer Carsten Rasmussen told Bloomberg news agency. The popularity of colourful building blocks across the ocean is much lower than in Europe. “We are already strong on the east coast and the north, but there is still much potential elsewhere. We think we can succeed in the coming years.” The Danish company competes globally for first place with American toy giants Mattel and Hasbro. Over the past four years, Lego has doubled its turnover in the US, but there is still much ...

Swiss Coalition Party: UBS/Credit Suisse Merger Bank Too Big

20Mar

By Alan LorenzNo Comments

Business, Europe, News, Switzerland

Swiss Coalition Party: UBS/Credit Suisse Merger Bank Too Big

The merger bank created after UBS's takeover of Credit Suisse is too big for Switzerland. Leader Roger Nordmann of the social-democratic SP said this on Monday. That party is the second largest in the Swiss parliament and is part of the governing coalition. “The new UBS is a huge risk,” said Nordmann. “That bank will soon have over 1500 billion francs in assets and is simply too big for Switzerland.” Moreover, if UBS got into trouble, the Swiss central bank SNB and the Swiss government would not have enough resources to prevent a collapse. The acquisition of Credit Suisse by UBS was finalized this weekend. Credit Suisse had been hit by a series of scandals and reported that more and more customers were withdrawing their money from the bank. The financial markets were alrea...

Newspaper: US Prosecutors Investigate Bankruptcy of Silicon Valley Bank

14Mar

By Alan LorenzNo Comments

Business, News, US

Newspaper: US Prosecutors Investigate Bankruptcy of Silicon Valley Bank

US prosecutors have launched an investigation into the bankrupt Silicon Valley Bank. The US regulator for stock exchange trading, the Securities and Exchange Commission, is also investigating the California bank that was taken over by US authorities last Friday. The Wall Street Journal reports this based on insiders. According to the business newspaper, the investigation is still in an exploratory phase, and it is far from a foregone conclusion that there will be formal accusations against SVB or its directors. Public prosecutors and the regulator often start an investigation when financial services companies run into problems. The investigation at SVB would focus on, among others, directors who sold shares a few days before the bank collapsed.

ECB can Raise Interest Rates Less Strongly Due to Unrest SVB

13Mar

By Alan LorenzNo Comments

Business, Europe, News

ECB can Raise Interest Rates Less Strongly Due to Unrest SVB

The collapse of US bank Silicon Valley Bank (SVB) reduces the likelihood of a European Central Bank (ECB) pledge of a major rate hike later this week, economists say. The ECB's policymakers will meet on Thursday and decide how much to raise interest rates. At the last two meetings, interest rates rose by 0.5 percentage points. Economists initially expected that interest rates would be raised again with such a giant step, but that may now be less strong. Economists also think the US central bank will not raise interest rates by 50 basis points next week. Some market experts even speculate that the Federal Reserve (Fed) will refrain from raising interest rates altogether. "Smaller interest rate steps by the Fed are now more likely," said Van Lanschot Kempen on Monday. Last week...

The European Commission Raids Fragrance Industry for Cartel Investigation

7Mar

By Alan LorenzNo Comments

Business, Europe, News

The European Commission Raids Fragrance Industry for Cartel Investigation

On Tuesday, the European Commission raided companies and an organization in the fragrance industry for possible violations of cartel rules. Brussels said the "unannounced inspections" took place in several European Union member states. The committee has also sent formal requests for information to various companies active in fragrances. According to a statement, there may be cooperation in the supply of fragrances and ingredients for fragrances used in consumer products such as personal care and household goods. However, the committee says it is concerned that competition rules have been violated. The committee mentioned no names. Nor was it stated in which Member States the inspections took place. However, Brussels is cooperating in the investigation with the American, Briti...

Chinese President Xi Promises to Increase Production Capacity

6Mar

By Alan LorenzNo Comments

Business, China, News

Chinese President Xi Promises to Increase Production Capacity

Chinese President Xi Jinping has promised to increase his country's production capacity and make it less dependent on foreign markets. The Chinese People's Daily reports this. Xi declared at the annual meeting of the People's Congress on Sunday that China should be able to take care of itself. "I have always said that there are two main themes for China: securing our food and building a strong manufacturing sector. As a large country with 1.4 billion inhabitants, we must rely on ourselves. We cannot depend on international markets to save us." China's technological ambitions are being held back by a series of trade restrictions by the United States and other Western allies. As a result, Beijing is seeking to build a self-sufficient industry and make sectors considered essential ...

Record Number of UK Businesses Started by Women by 2022

22Feb

By Alan LorenzNo Comments

Business, News, UK

Record Number of UK Businesses Started by Women by 2022

A record number of UK businesses were started by women last year. Research by the Scottish bank and insurance company NatWest Group shows that 151,600 companies were added last year with an all-female board. This is one in five newly established companies in the UK. The number of UK businesses founded by women in a year has more than doubled since 2018. That year, over 56,000 businesses were started by women. By 2021, some 145,000 new businesses in the UK will be founded by women. The largest increase was seen among girls and women aged 16 to 25. NatWest CEO Alison Rose told the Financial Times that female entrepreneurs want to capitalize on the tough economic times and go their own way.

13Feb

By Alan LorenzNo Comments

Business, News, Technology

Fired from GitHub and GitLab

Both GitHub and competitor GitLab are putting people on the street. GitHub even wants to do without offices in the future. GitLab wants to cut 7 percent of its workforce. The company does not give an exact figure, but according to CNBC, it concerns about 130 people. Techcrunch puts it at 114 people, based on stock exchange documents that speak of 1,630 employees in total. At the same time, GitHub, now a Microsoft subsidiary, also comes with plans for dismissal. Here ten percent of the people have to leave in the course of this year. Again, no exact number is mentioned, but Microsoft blogger Paul Thurrott speaks of a total workforce of three thousand people, which translates to 300 redundancies. GitHub currently has offices in San Francisco and Amsterdam, which will close in d...

Apple Falls on Lower Wall Street on Unrest in China

28Nov

By Alan LorenzNo Comments

Business, China, News, US

Apple Falls on Lower Wall Street on Unrest in China

The American technology group Apple was under pressure on the stock exchanges in New York on Monday. The company relies heavily on China to produce its devices, and investors are concerned about the social unrest arising in that country over the strict corona measures. In major Chinese cities, people took to the streets to protest President Xi Jinping's zero-covid policy. Apple lost 1.4 percent. According to the Bloomberg news agency, the unrest at Apple's largest iPhone production site in China may result in a production slump of 6 million devices. However, a lot depends on how quickly Foxconn, the Taiwanese company that operates the factory, can get people back on the assembly line after the violent protests against the corona measures. Electric car manufacturer Tesla, which h...