Business

Inflation in Germany Rises Less Sharply in June
29Jun By Alan LorenzNo Comments
Business, Germany, News

Inflation in Germany Rises Less Sharply in June

Inflation in Germany rose less sharply in June than in May when it reached its highest level since 2018. Lately, there has been a lot of buzz in the financial markets about rising inflation because central banks such as the European Central Bank (ECB) may be able to raise interest rates more quickly. Lower inflation is related to less sharp increases in energy and food prices. Certain services also became less expensive after their prices previously rose sharply due to high consumer demand due to the reviving of the economy from the corona crisis. For example, it concerns holidays. According to introductory figures from the German Federal Statistical Office, inflation was 2.1 percent year-on-year, equated to 2.4 percent a month earlier. This is a so-called harmonized figure so that Ger...
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Petitions: Let Multi-Billionaire Bezos Stay in Space
23Jun By Alan LorenzNo Comments
Business, News

Petitions: Let Multi-Billionaire Bezos Stay in Space

Multi-billionaire Jeff Bezos' planned space trip has sparked multiple petitions from people who are believed not to be fans of the Amazon founder. On the internet, some 120,000 people have signed up for actions calling for the businessman not to return to Earth.   Bezos recently announced that he would join the first manned flight of his space company Blue Origin next month. "Since I was five years old, I've dreamed about a trip to space. On July 20, I will actually go on such a trip, together with my brother," the wealthiest person on Earth told Instagram. That announcement sparked the "don't allow Jeff Bezos to return to Earth" petition on the Change.org website. Almost 100,000 times had already been signed for that on Wednesday afternoon. "Billionaires shouldn't exist. Not on Ea...
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OECD Focal Point Looks into Chevron Tax Avoidance
22Jun By Alan LorenzNo Comments
Business, News, US

OECD Focal Point Looks into Chevron Tax Avoidance

The National Contact Point for OECD Guidelines (NCP) handles a complaint from the trade union FNV about tax avoidance by the American oil and gas company Chevron.   FNV submitted the complaint to the NCP 2.5 years ago. This institution checks whether companies adhere to the guidelines of the OECD, the organization of mainly western industrial countries, on corporate social responsibility. FNV chairman Tuur Elzinga expects a "firm final judgment" from the NCP and realizes that such a judgment does not help much. "The NCP cannot impose a penalty, and Chevron has walked off the table during discussions in the complaints procedure. That shows that Chevron is evading its responsibility." Elzinga, therefore, sees more benefit in new legislation that puts an end to such practices. "That ...
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Volkswagen Settles With Former Executives
9Jun By Alan LorenzNo Comments
Business, News

Volkswagen Settles With Former Executives

Volkswagen has reached a settlement with former company executives over the diesel scandal.   Together, the directors, including ex-CEO Martin Winterkorn, coughed 288 million euros to buy off claims related to the scandal. The agreement mainly consists of a payment of 270 million euros from the directors' liability insurance. Former Audi boss Rupert Stadler will also have to contribute. The deal still needs to be approved at the annual shareholders' meeting on July 22. At the end of March, Volkswagen said it would demand compensation from Winterkorn and Stadler for violating the duty of care. As part of the deal, Winterkorn and Stadler will pay 11.2 million and 4.1 million euros correspondingly. Previous Audi board member Stefan Knirsch agreed to a settlement of 1 million euros. ...
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US Recovers Most Ransom After Major Cyber Attack on Oil Pipeline Company
8Jun By Alan LorenzNo Comments
Business, News, Technology, US

US Recovers Most Ransom After Major Cyber Attack on Oil Pipeline Company

The US government has recovered much of the ransom paid after the cyber attack on oil pipeline company Colonial Pipeline.   The FBI found 63.7 bitcoins, which is worth about 1.7 million euros today. The unprecedented cyber attack forced Colonial Pipeline to shut down its network and endanger the fuel supply of large parts of the US. The US Justice Department "found and recovered most" of the ransom paid by Colonial Pipeline, Deputy Attorney General Lisa Monaco said at a news conference. It concerns 63.7 bitcoins! At the time of the hacking, bitcoin was worth a lot more. The company paid the cybercriminals nearly $5 million. The FBI was able to recover the bitcoins because it is in possession of the "private key" (the password) to open the hackers' bitcoin wallet. How the FBI got ...
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China Blocks Series of Crypto-Related Social Media Accounts
7Jun By Alan LorenzNo Comments
Business, China, News

China Blocks Series of Crypto-Related Social Media Accounts

China has blocked many accounts on the Chinese Weibo platform, similar to Twitter, for their link to cryptos. The ban is in line with Beijing's stricter policy against trading and mining cryptocurrencies.   The blockade is certainly not the last action China will take against digital currencies. Many crypto activities in China are expected to be linked to the country's criminal law, analysts, and financial regulators. This means that mining and trading digital coins may become an illegal activity shortly. Beijing vowed last month to crack down on bitcoin mining and trading. That happened shortly after three agencies in the country banned crypto-related financial payment services. The Weibo interventions also come at a time when Chinese media are harsher in their coverage of crypto...
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The European Commission Starts Investigation into Possible Abuse of Facebook
4Jun By Alan LorenzNo Comments
Business, Europe, News, Technology

The European Commission Starts Investigation into Possible Abuse of Facebook

The European Commission begins a formal investigation into Facebook. According to Brussels, the social media company may have abused its dominant position to promote its own Marketplace service.   This would put competitors in the advertising market at a disadvantage and violate European competition rules. Facebook would also use data from advertisers on the platform to compete with those same advertisers. The marketplace is a service on which users can place personal advertisements, such as looking for or want to sell things. Facebook's nearly 3 billion users may be more likely to opt for the service than competitors such as eBay, Marktplaats or Craigslist because of the company's promotions. In addition, Facebook receives a lot of data via the service with which the American grou...
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Cinema Chain AMC Continues to Occupy Minds on Wall Street
3Jun By Alan LorenzNo Comments
Business, News, US

Cinema Chain AMC Continues to Occupy Minds on Wall Street

Cinema chain AMC Entertainment was also in the spotlight with investors on Wall Street on Thursday.   The company, which saw its stock market value double a day earlier, filed an application with the US stock watchdog SEC to sell almost 12 million shares in the future. The stock plunged more than 16 percent, where it seemed before the market that it would continue its rise. The leading Dow-Jones index lost 0.5 percent to 34,413 points in early trading. The broad S&P fell 0.6 percent to 4,182 points. The Nasdaq also stepped back. The tech gauge fell 0.9 percent to 13,554 points.
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Car Dealers Sell Record Number of Second-Hand Cars
2Jun By Alan LorenzNo Comments
Business, News

Car Dealers Sell Record Number of Second-Hand Cars

Recently, car dealers are selling more used cars than ever before. According to new figures from trade association BOVAG, 561,100 used passenger cars were involved in the first five months of this year. That's almost 11 percent more than a year ago and the highest number ever.   The industry attributes its success to the need for personal transportation. It has grown significantly since the start of the corona crisis. It also emerged this week that new car sales are recovering. In January and February, used car sales were still in a dip because the showrooms were forced to close. But since the reopening at the beginning of March, the specialist trade has been selling around 120,000 second-hand passenger cars every month. Last month, 123,629 used cars were delivered, which is a reco...
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The European Commission in Action Against TikTok for Hidden Advertising for Children
28May By Alan LorenzNo Comments
Business, Europe, News

The European Commission in Action Against TikTok for Hidden Advertising for Children

The European Commission takes action against video app TikTok following consumer complaints about hidden marketing and aggressive advertising techniques targeting children.   Brussels wants the company to adapt its policies and commercial practices and comply with EU consumer protection rules. The day-to-day EU administration has therefore started a "formal dialogue" with the popular platform. TikTok will be given one month to discuss the matter with the committee and the European consumer authorities and reach a satisfactory solution. The umbrella European consumer organization BEUC had made it clear earlier this year that something was up after complaints about TikTok's advertising practices from various countries. EU Commissioner Didier Reynders (Justice): "The current pandemi...
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