Business – Page 10

Biden Wants US Federal Budget of $ 6 Trillion

27May

By Alan LorenzNo Comments

Business, News, US

Biden Wants US Federal Budget of $ 6 Trillion

US President Joe Biden will propose a $ 6 trillion budget. The New York Times reports this based on documents that the newspaper has seen. It is said to be the highest federal expenditure since World War II. Biden will announce his budget plans for the fiscal year 2022 starting in October on Friday. Earlier, he had already developed great ambitions for investment in infrastructure, worth $ 2 trillion, and a stronger social safety net, involving $ 1.8 trillion. In addition to roads and bridges, it also concerns expenditure on childcare and education, for example. According to The New York Times, total federal spending will reach $ 8.2 trillion by 2031. The White House wants to pay for the expenditure through higher taxes on the wealthiest Americans and large companies, among oth...

Continuing Olympics Puts Japanese Lives on the Line

24May

By Alan LorenzNo Comments

Business, Japan, News, Sports

Continuing Olympics Puts Japanese Lives on the Line

By allowing the Olympics to go ahead, the Japanese government could endanger people's lives. The country is lagging far behind when it comes to vaccinating the population against the coronavirus. Masayoshi Son, the CEO of the Japanese tech investor SoftBank, said this on Twitter. The low vaccination coverage could be dangerous if 100,000 people from 200 countries visit Japan during the Games at the end of July, he says. "At the moment, more than 80 percent of the Japanese want the Olympics to be postponed or cancelled. What authority does it impose on?" The influential billionaire wrote on Twitter in Japanese last weekend. "Does the International Olympic Committee (IOC) have the power to decide that the Games go ahead?" The government started a major vaccination campaign on Mon...

Fallen Car Boss Has to Pay Back Nissan-Mitsubishi Millions

20May

By Alan LorenzNo Comments

Business, News

Fallen Car Boss Has to Pay Back Nissan-Mitsubishi Millions

The fallen car magnate Carlos Ghosn has to pay back almost 5 million euros in wages from a Dutch judge to Nissan and Mitsubishi. The court in Amsterdam ruled this in one of the many lawsuits surrounding the ex-top executive suspected of fraud. Ghosn himself filed a lawsuit in the EU against the joint company of Nissan and Mitsubishi that is formally located here. He felt the alliance wrongly dismissed him as chairman in 2019 and demanded 15 million euros in lost wages and severance payments. But the judge disagreed, as there was no employment contract at all between him and the auto alliance. The necessary permission from the board for this was lacking, according to the judge. The amount he has to repay is the net remuneration he received from Nissan-Mitsubishi from April 2018 ...

Amazon Wins Case Before EU Court Against EU Commission Tax Decision

12May

By Alan LorenzNo Comments

Business, Europe, News

Amazon Wins Case Before EU Court Against EU Commission Tax Decision

The world's most prominent online merchant Amazon has not taken advantage of unauthorized tax breaks in Luxembourg. The General Court of the European Union ruled that on Wednesday. In 2017, the European Commission wrongly instructed the Luxembourg government to claim 250 million euros in 'back pay' tax plus interest from Amazon, the judges said. Amazon and the Luxembourg government had taken the EU General Court against the decision of the day-to-day EU administration. In 2017, EU Commissioner Margrethe Vestager (Competition) ruled that Luxembourg had provided illegal state aid to Amazon. Based in the Grand Duchy of Denmark, the company enjoyed competitive advantages through a favourable tax deal ('ruling') from 2003, which was extended in 2011. As a result, Amazon didn't have t...

The Tech Companies Went Down Again on Wall Street

11May

By Alan LorenzNo Comments

Business, News, US

The Tech Companies Went Down Again on Wall Street

The tech companies went down again on a red-coloured Wall Street on Tuesday amid investor concerns about rising inflation and higher interest rates. The energy sector on the stock exchanges in New York was also under pressure from falling oil prices. If inflation soars, it could mean that the Federal Reserve will increase interest rates faster, which would be particularly unfavourable for tech stocks. Big names like Amazon, Apple, Google, mother Alphabet and Facebook lost up to 2.3 percent. Tesla went down 4.5 percent. Oil and gas producers ExxonMobil and Chevron fell to 1.9 percent. ConocoPhillips lost 2.6 percent. The shareholders of the American oil company vote on a climate resolution. In addition, steel group US Steel fell 2 percent due to fears of higher raw material price...

Unilever is Working on Special Deodorants for People With Disabilities

27Apr

By Alan LorenzNo Comments

Business, News

Unilever is Working on Special Deodorants for People With Disabilities

Unilever is working on what it says is the world's first deodorant designed for people with disabilities. The laundry and food company has designed a special deo bottle that can also be used by people who, for example, do not have their full arm function. According to the company, there are many people worldwide who could benefit from it. Due to limited vision or limitation of the arms, opening a deodorant bottle and spraying it under the armpits can now be very difficult for them. That is why the American Unilever brand Degree, known here as Rexona, started to see if there was something to come up with. Collaboration was sought with social organizations, designers and occupational therapists. Various tricks have been used to make using the deo easier. Think of special closures...

Nikkei Significantly Lower Due to Resurgence of Virus Concerns

20Apr

By Alan LorenzNo Comments

Business, Japan, News

Nikkei Significantly Lower Due to Resurgence of Virus Concerns

The stock exchange in Japan closed sharply lower on Tuesday. Fears of a possible reintroduction of stricter corona measures in the central Japanese cities of Tokyo and Osaka to stem the continued rise in corona infections fueled concerns about a slowdown in the economic recovery. The technology companies were also under pressure after the significant loss of the American tech gauge Nasdaq. The main index in Tokyo, the Nikkei 225, ended 2 percent in the negative at 29,100.38 points, making the most significant loss in a month. Renesas fell 2.7 percent. The Japanese chipmaker expects to restore production capacity lost from the fire at its Naka plant by the end of May. Renesas is a major supplier of chips to the automotive industry. The fire was an additional blow to car manufactu...

New York Stock Markets Mostly Higher After Fed Minutes

8Apr

By Alan LorenzNo Comments

Business, News, US

New York Stock Markets Mostly Higher After Fed Minutes

The stock exchanges in New York mainly opened higher on Thursday after reassuring words from central banks. Minutes from the Federal Reserve and the European Central Bank (ECB) show that they see little as yet in a premature winding down of their stimulus measures for the economy. According to the Fed, it may still take some time before the conditions are met, such as reducing the extensive buy-back program. Policymakers at the ECB also emphasized in their interest rate decision in March that the buy-back program to combat the corona pandemic will continue as long as necessary. Before the opening bell, investors were still faced with disappointing figures about the US labour market. Last week, the number of claims for unemployment benefits rose to 744,000, while economists on av...

5Apr

By Alan LorenzNo Comments

Business, News, US

US Service Sector Leaps Forward

Activity in the US service sector has never been higher, according to market researcher ISM. ISM's index came in at 63.7, with anything above 50 indicating growth. Since the measurements began in 1997, the market researcher's indicator has never before indicated such optimism. With more and more Americans vaccinated, parts of the long-suffering economy such as shops and hospitality can open up in more parts of the country. In addition to lifting corona measures, the services sector is also benefiting from government stimulus measures. Many Americans received emergency aid from the government that took them back to the stores to buy things. Corona support measures also make it easier for companies to look to the future. ISM's figures on the services sector follow strong statisti...

Tesla Accused of Violating Workers Rights

26Mar

By Alan LorenzNo Comments

Business, News, Technology

Tesla Accused of Violating Workers Rights

Among other things, a message from CEO Elon Musk on Twitter violated American law. This was ruled by the National Labor Relations Board, which in the United States ensures that employees can stand up for their workers' rights. Among other things, Tesla made a mistake by firing an employee who also actively worked for a union. In addition, a comment by Musk on Twitter about the consequences of workers joining a union would amount to a threat. In the tweet in question, Musk wrote, "Why to pay union dues and give up stock options for no reason." In doing so, he suggested that he withdraw this bonus from unionized staff, the National Labor Relations Board found. Threatening punishment for unionized workers is illegal in the US. Tesla is now being ordered to offer the dismissed empl...