Business

Charles Michel in Qatar to Discuss Energy Crisis

7Sep

By Alan LorenzNo Comments

Business, Europe, Middle East, News, Qatar

Charles Michel in Qatar to Discuss Energy Crisis

Charles Michel, the president of the European Council, arrived in the Qatari capital Doha on Wednesday. He is on a diplomatic mission with the European Union to discuss various issues such as the war in Ukraine and the energy crisis, AFP reports. The visit is "an important signal of our political will to strengthen ties with Qatar" in several areas such as "energy, economic development and global security", Michel said. He will meet several people during his visit, including Sheikh Tamim ben Hamad Al-Thani, the Emir of Qatar, and the Minister of Energy, Saad Sherida al-Kaabi. Gas shortages are looming in Europe this winter as the Russian state gas company recently announced the shutdown of the critical Nord Stream 1 pipeline. Qatar is one of the principal gas producers in ...

Eurozone Retailers Sold Slightly More in July

5Sep

By Alan LorenzNo Comments

Business, Europe, News

Eurozone Retailers Sold Slightly More in July

Retailers in the eurozone sold slightly more goods in July. According to the European statistics bureau Eurostat, the sales volume increased by 0.3 percent compared to a month earlier. In June, sales fell by 1 percent. According to Eurostat, sales of car fuel rose by 0.4 percent, and food and stimulants showed a plus of 0.1 percent. However, non-food sales volume fell by 0.4 percent because consumers buy fewer non-essential goods due to high inflation. Compared to a year ago, retail sales volume in the euro area fell by 0.9 percent.

Tesla has Already Built 1 Million Cars in Shanghai

15Aug

By Alan LorenzNo Comments

Business, China, News

Tesla has Already Built 1 Million Cars in Shanghai

Electric car maker Tesla has reached a milestone with its factory in Shanghai. 1 million cars have already rolled off the production line there since production started at the end of 2019, Tesla CEO Elon Musk reported via Twitter. In total, Tesla has already built more than 3 million Model S, Model 3, Model X, and Model Y cars, Musk added. The company has long been the most valuable automaker in the world. Because of that valuation on the stock market, Musk is also the wealthiest person on earth. The Shanghai factory was Tesla's first outside the United States. The American company now also has a factory in Germany.

10Aug

By Alan LorenzNo Comments

Business, News, US

US Inflation Lower Than Expected

US inflation is slowing faster than expected. That is according to data from the US Department of Labor on Wednesday. On an annual basis, inflation rose by 8.5 percent in July. That's less than the 9.1 percent recorded in June - the most significant increase in four decades. Compared to June, consumer prices remained unchanged in July. However, falling fuel and energy prices compensated for price increases for food and housing. As a result, food prices rose by 10.9 percent year-on-year. It is the biggest jump since 1979. Core US inflation - excluding volatile food and energy prices - stood at 5.9 percent yoy in July and 0.3 percent in June. Analysts at Bloomberg news agency had expected total inflation of 8.7 percent and 0.2 percent on an annual and monthly basis. They had estim...

Why, Energy Crisis? Shell Makes Record Profit of 11 Billion Euros, TotalEnergies Doubles Profit

28Jul

By Alan LorenzNo Comments

Business, News

Why, Energy Crisis? Shell Makes Record Profit of 11 Billion Euros, TotalEnergies Doubles Profit

While millions of people worldwide are moaning under high energy prices, major oil and gas producers such as the British Shell, the French TotalEnergies, and the American ExxonMobil are making billions in profits. Oil and gas giants Shell and TotalEnergies benefited in the second quarter from the high energy and fuel prices caused by the war in Ukraine. As a result, shell made a profit of approximately 11.3 billion euros in the last quarter – between April and June. That was another 26 percent more than the previous record… set in the previous quarter, between January and March. As a result, 7.7 billion euros will be distributed to shareholders. France's TotalEnergies, on the other hand, tripled its profit to 5.6 billion euros, and the American ExxonMobil already indicated that t...

EU Countries Negotiate Exceptions to Gas Savings Plan

26Jul

By Alan LorenzNo Comments

Business, Europe, News

EU Countries Negotiate Exceptions to Gas Savings Plan

Minister Rob Jetten wants the number of exceptions to measures to save on gas consumption in the EU in the coming months to be limited. A number of countries, including Spain, Greece, and Poland, object to the European Commission's proposal to reduce gas consumption by 15% between August and the end of March and demand exceptions. Based on anonymous sources, the German news agency DPA reported Monday night that the 27 member states had agreed on a European Commission emergency plan called Save gas for a safe winter to save 15 percent gas voluntarily and, if that is not possible quickly enough, to introduce mandatory measures. But the race is not over yet. For example, Polish minister Anna Moskwa said on arrival in Brussels that savings in her country are unnecessary because the ...

Ryanair Reports 174 Million Dollars Profit

25Jul

By Alan LorenzNo Comments

Business, News

Ryanair Reports 174 Million Dollars Profit

Ryanair made a profit of 170 million euros (174 million dollars) in the first quarter of its fiscal year, from April to June. The Irish budget flyer will announce this on Wednesday. However, Ryanair is cautious in its outlook after the usual summer crowds. In the first quarter of 2021, when travel was still limited due to the corona pandemic, Ryanair recorded a loss of 273 million euros. Earnings in the first quarter of this fiscal year are higher than expected. Analysts consulted by financial news agency Bloomberg expected a profit of 150 million euros. Before the corona pandemic, in 2019-2020, the profit was still 243 million euros. The Irish low-cost airline says there are clear signs of "pent-up demand," with bookings closer to the travel date than before the pandemic. Ryanai...

Ryanair Strikes Deal With Spanish and French Pilot Unions

21Jul

By Alan LorenzNo Comments

Business, Europe, News

Ryanair Strikes Deal With Spanish and French Pilot Unions

After months of difficult negotiations, Irish low-cost airline Ryanair signed a deal with Spanish and French pilots' unions on Thursday. The agreements include wage increases and have a duration of five years. “We welcome these long-term agreements that will bring many improvements to our pilots in Spain and France,” said Ryanair. However, the company also states that the company still faces "significant challenges" after the boom of the corona crisis. According to the company, agreements have now been made with 85 percent of the pilots about an accelerated wage recovery and improved long-term agreements. Spanish cabin crew went on strike in June and July because the low-cost airline refused to negotiate higher wages. The Spanish trade unions got together with unions in Belgium,...

EasyJet Reduces Capacity for This Summer Due to Staff Shortage

20Jun

By Alan LorenzNo Comments

Business, News, UK

EasyJet Reduces Capacity for This Summer Due to Staff Shortage

British low-cost airline easyJet is slashing its flight capacity this summer due to an acute shortage of staff. With the intervention, the company wants to avoid chaos, as has already been the case at various airports in recent weeks. At the same time, the group emphasizes that bookings remain “strong”, with those for the fourth quarter at a similar level to the same quarter of the pre-corona year 2019. The staff shortage at EasyJet has already caused many flights to be cancelled in recent months. Other airlines are also moaning about the shortage. For example, there have been discussions between Brussels Airlines and the trade unions for some time and it has been decided to strike the Belgian pilots of Ryanair on 24, 25 and 26 June. Today there is also a strike at Brussels Airp...

16Jun

By Alan LorenzNo Comments

Business, Europe, News

Labor Costs in Europe are Rising Fast

Labor costs in Europe are rising rapidly. In addition to a higher wage, employers also spend more money on social security contributions and taxes, reports the European statistical office Eurostat. According to the latest data, wage costs in the eurozone rose by 3.2 percent year on year in the first quarter of this year. Across the EU, costs for employers even rose by 3.7 percent. The Eurostat figures consist of two components. On the one hand, it is about salary. Wages rose on average in the eurozone by 2.7 percent. In addition, it concerns social contributions and taxes, whereby subsidies that are intended to reduce wage costs for employers are also included in that figure. This also concerns, for example, the corona support that employers have received. This part of the costs...