Business – Page 6

Apple Doesn’t Need to Adjust App Store Yet (and Therefore Shines on Wall Street)

9Dec

By Alan LorenzNo Comments

Business, News, Technology

Apple Doesn’t Need to Adjust App Store Yet (and Therefore Shines on Wall Street)

Apple was one of the stars on Wall Street yesterday. The tech group has already been in the spotlight as the company approaches a market value of $3,000 billion, but investors also received good news from the courtroom. There, Apple was granted a postponement of an amendment to its App Store rules, as long as an appeal is pending. That adjustment could have cost Apple a lot of money. Apple has been granted permission on appeal to leave the rules of its App Store as they are for the time being, as long as the so-called Fortnite lawsuit is pending. In September, a California court ruled that Apple had to amend the store's terms by pointing out that users can purchase cheaper subscriptions outside of the App Store. Apple charges a hefty commission on both apps and subscriptions thro...

German Business Confidence at Lowest Level in Six Months

25Oct

By Alan LorenzNo Comments

Business, Germany, News

German Business Confidence at Lowest Level in Six Months

German business confidence fell for the fourth straight month in October and is now at its lowest level in six months, according to research institute Ifo. In particular, persistent problems in the supply chain are a source of concern for German companies, the researchers say. The index that measures confidence now stands at 97.7. There is more uncertainty among entrepreneurs, in particular concerning future expectations. But they are also less optimistic about the current situation due to shortages of materials. For example, the lack of computer chips at car companies is inhibiting production in the German industry. Ifo president Clemens Fuest explains "sand in the wheels of the German economy", hindering the recovery. Major German economic research institutes, including Ifo, ...

Chinese Industry Sales Prices Rise at Record Pace

14Oct

By Alan LorenzNo Comments

Business, China, News

Chinese Industry Sales Prices Rise at Record Pace

Producer prices in China's manufacturing industry rose at their strongest ever pace in September due to high energy and raw material costs. There are also shortages of certain materials on top of that. Moreover, soaring sales prices in the world's largest exporting country could also further fuel inflation worldwide, as Chinese exporters pass the higher costs on to customers. Producer prices rose by 10.7 percent compared to a year earlier, according to the Chinese statistical office. That is the strongest increase since the start of the measurements in 1996. The figure is also stronger than economists had expected. In August, producer prices in China already climbed by 9.5 percent. Chinese manufacturers are dealing with very sharp increases in the price of coal and electricity a...

Boris Johnson: 127 Visa Applications by Foreign Truckers

5Oct

By Alan LorenzNo Comments

Business, News, UK

Boris Johnson: 127 Visa Applications by Foreign Truckers

So far, only 127 foreign truckers have applied for a temporary work permit in the UK to address significant shortages of truck drivers. So said British Prime Minister Boris Johnson. According to him, the low number of applications has to do with the worldwide shortage of truckers. The British government has made 5000 temporary visas available for foreign truckers. Drivers from mainland Europe don't seem very eager to come in large numbers. This may have to do with the relatively short duration of those visas. However, there is also great demand for truckers in other countries of the European Union, where no visa is required. As a result, a trip to the United Kingdom may be less attractive. Due to the shortage of drivers, many British petrol stations cannot be supplied, and shops...

Airbus Expects to Deliver More A320s Despite Inventory Problems

4Oct

By Alan LorenzNo Comments

Business, Europe, News

Airbus Expects to Deliver More A320s Despite Inventory Problems

Investment fraud caused damage of more than 13 million euros in the first nine months of this year, says the Fraud Helpdesk. This concerns both people who accepted an advertisement and victims who were approached by email or telephone with different products. For the whole of 2021, the organization foresees an increase in investment fraud of more than 30 percent compared to 2020. At that time, 13.2 million euros in damage was reported. There are more and more fraudulent offers in cryptocurrencies and currencies, says the Fraud Helpdesk. Fraud also takes place with, among other things, risky 'leveraged products', so-called CFDs. This involves speculation on the rise or fall of a currency or share price. The Fraud Helpdesk thinks that the total damage from investment fraud for 202...

Car Sales Lag Behind Due to Chip Shortage

1Oct

By Alan LorenzNo Comments

Business, News

Car Sales Lag Behind Due to Chip Shortage

Car sales continue to fall due to persistent chip shortages. This follows from figures from industry association BOVAG, RAI Association and data agency RDC. In addition, the waiting times for many new cars are still increasing. Almost 5 percent fewer passenger cars were registered from January to September than in the same period in 2020. Although the economy is recovering after the corona crisis and the demand for new cars is growing, registrations lagging behind. The causes are the shortage of computer chips and logistical problems. These can continue for months, according to both car associations. Almost 17 percent fewer cars were registered in September than in the same month last year. In the third quarter, the decrease is almost 19 percent compared to 2020. Sales of hybrid...

US Economy Grew Slightly Faster Than Previously Thought

30Sep

By Alan LorenzNo Comments

Business, News, US

US Economy Grew Slightly Faster Than Previously Thought

The United States economy grew slightly faster in the second quarter than previously thought. The world's largest economy grew by 6.7 percent, according to a new government estimate. A plus of 6.6 percent was previously reported here. The figures on growth or contraction in the US are published based on a so-called annualized calculation. Thus, the quarterly performance is imaginarily extended over a whole year. Quarter-on-quarter growth was 1.6 percent. In the first quarter of this year, annualized growth was 6.3 percent. Economists expect economic growth to have weakened in the third quarter due to the advance of the Delta variant of the coronavirus in the US and supply problems for many US companies, and shortages of raw materials.

Bondholders Haven’t Seen Money From Evergrande Yet

29Sep

By Alan LorenzNo Comments

Business, China, News

Bondholders Haven’t Seen Money From Evergrande Yet

Several bondholders have still not received money from the financially troubled property developer Evergrande. Several investors who owe interest payments from the group told Bloomberg news agency that they had not received a dollar a few hours before the payment term expired. Evergrande owes more than $45 million in interest by Thursday on the bond that matures in 2024. Under the bond arrangements, there is a grace period of 30 days before a missed payment on that bond would become a default. The developer with the most significant debt burden globally, converted 260 billion euros, would also have missed a payment last week. Credit rating agency Fitch then lowered the developer's credit rating to junk status. The threat of Evergrande's bankruptcy is holding investors globally un...

28Sep

By Alan LorenzNo Comments

Business, News

Stormy LEGO Growth Continues in 2021

Toy manufacturer LEGO also benefited in the first half of this year from children staying at home and parents purchasing new building kits. The Danish company made more than twice as much profit as in the same period last year. In the corona year 2020, LEGO was already doing good business due to the increased demand for toys among families. Children mainly had to enjoy themselves at home due to lockdowns, contributing to a record turnover. Moreover, because stores were able to reopen this year after easing lockdowns, the company behind the plastic building blocks recorded further revenue growth. In the first six months of 2021, 23 billion Danish krone (converted almost 3.1 billion euros) worth of toys went over the counter. That is 46 percent more than a year earlier and a new re...

Metal Companies: Energy Crisis Stands in the Way of EU Green Ambition

24Sep

By Alan LorenzNo Comments

Business, Europe, News

Metal Companies: Energy Crisis Stands in the Way of EU Green Ambition

The European Union's green ambitions could be "derailed" by the energy crisis. Metal companies warn against this. If electricity becomes too expensive, it is less attractive to switch to electricity instead of coal for producers of, for example, aluminium. This could undermine the EU's goal of being climate neutral by 2050. Companies can also decide to settle in cheaper regions. For example, Eurometaux, which includes some of the largest metal producers such as Glencore, Rio Tinto and Norsk Hydro, sent a letter to the European Commission as rising energy prices are forcing companies to cut production. They are also calling for further support for the sector, for example, through more regulation in the trading of mandatory emission allowances that they have to buy to emit greenho...