News

ECB can Raise Interest Rates Less Strongly Due to Unrest SVB
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
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
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 ...
Timer for TikTok Teens: Need Code for App After an Hour
News, Technology

Timer for TikTok Teens: Need Code for App After an Hour

Teenagers on TikTok receive a warning if they spend more than an hour on social media daily. A special timer locks the app after 60 minutes. In addition, users under 18 can only continue browsing after entering a PIN code. The adjustment will take effect in the coming weeks. The minimum age for TikTok is 13 years old. With the adjustment, the social medium wants to respond to criticism that it is too addictive for young people. The young users must actively choose whether to continue watching by entering a pin code. TikTok will also send weekly overviews to teenagers, showing their total screen time. The app also advises teenagers to set a timer of 100 minutes if they find 60 minutes too little. Parents or guardians with a linked profile can also set their children's screen t...
Heavy Snowfall Causes Traffic Chaos in Croatia
Croatia, News

Heavy Snowfall Causes Traffic Chaos in Croatia

In Croatia, a winter prick caused major traffic chaos on Sunday evening. Due to persistent snowfall, the coastal region of Dalmatia is cut off from the interior. This is reported by the news portal index.hr. Wind gusts of up to 150 kilometres per hour have been recorded. Rescue teams had to go out repeatedly to free trapped motorists. As a result, many travellers were stuck on the stretch between the capital Zagreb and the Dalmatian coast. They sought shelter in overcrowded gas stations and/or spent the night in their vehicles.
Record Number of UK Businesses Started by Women by 2022
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.
Mauritius and Madagascar are Preparing for Tropical Cyclone Freddy
Africa, Madagascar, Mauritius, News

Mauritius and Madagascar are Preparing for Tropical Cyclone Freddy

The island of Mauritius, located in the Indian Ocean, is preparing for the arrival of Tropical Cyclone Freddy. As a result, the Mauritius Meteorological Service (MMS) has issued a class 3 cyclone warning, which indicates wind gusts of up to 300 kilometres per hour are expected. As a precaution, the international airport is closed. After that, the cyclone is also expected in Madagascar. The government of the island of Mauritius warns the population of the arrival of tropical cyclone Freddy. "Freddy is a powerful cyclone," said Prime Minister Pravind Jugnauth. That is why the Mauritius Meteorological Service (MMS) has issued a class 3 cyclone warning. Wind gusts of up to 300 kilometres per hour are expected. Flooding is also possible. Mauritius is taking the necessary precautio...
Scottish Prime Minister Nicola Sturgeon Resigns
News, Scotland

Scottish Prime Minister Nicola Sturgeon Resigns

Nicola Sturgeon (52) is stepping down as Prime Minister of Scotland, reports the British broadcaster BBC. She will most likely announce the news at a press conference in the Scottish capital Edinburgh. It is still unclear when Sturgeon will step down and why. Moreover, it is not yet known who will succeed her. At 11 a.m. local time, she will address the press from her official residence in Edinburgh. Sturgeon has been Prime Minister for the Scottish National Party (SNP), a left-wing nationalist independence party, since November 2014. In that position, she succeeded Alex Salmond, who resigned after a majority of Scots voted against independence in a referendum. Sturgeon has made a new referendum her top priority since Brexit. She is now Scotland's longest-serving Prime Minist...
Fired from GitHub and GitLab
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...
Hundreds of Angry Farmers are Driving Through Paris in Tractors
Europe, France, News

Hundreds of Angry Farmers are Driving Through Paris in Tractors

On Wednesday, hundreds of farmers travelled through the French capital Paris with their tractors. They argue against “restrictions” imposed on them, for example, in the use of pesticides. Following a ruling by the European Court of Justice, a government decision last month to ban the use of certain pesticides in beet cultivation led to the action. French farmers have also been complaining for months that they are faced with higher costs or that they want to be able to store water to irrigate their crops. The peasant protest went right through Paris, accompanied by the police. Agriculture Minister Marc Fesneau has received a delegation of protesting farmers. He wants to discuss support with the beet sector on Thursday. It had been November 2019 since another demonstration o...