The Global Economic News

The Algerian researcher Abderrahmane Abene sees the culmination of an idea he has nurtured since the 1980s: the creation of a solar suitcase . This invention, which was ultimately produced in Germany, is designed to provide electricity during natural disasters and in remote areas. It is a portable solution that took time to come to fruition, following decades of perseverance, and it could significantly transform access to energy, especially in critical situations. The Solar Suitcase: An Invention Born from the Need for Energy Independence To understand the motivations behind the ingenious creation of the solar suitcase, we must go back 44 years. On October 10, 1980, a 7.3 magnitude earthquake struck northern Algeria, particularly in Chlef, causing considerable devastation. At that time, Abene was just a young researcher, but he was profoundly affected by this catastrophic event. “I have been working on this solar suitcase since that earthquake in Chlef. It was a disaster; the city was ...

When you enter Temu, a flood of products of all kinds starts filling the screen. Almost everything is accompanied by discount tags and very positive reviews . For those looking to buy cheaply in the context of high inflation left by the pandemic, Temu seems like the ideal platform. A few comparisons with similar sites like Amazon or Mercado Libre are enough to tempt one to shop on Temu. It's "Amazon on steroids," explains retail expert Niel Saunders to the BBC. But why is everything so cheap, who is behind Temu, and what is its strategy? For several reasons, this China-based platform has quickly attracted millions of users in 14 countries, including Chile, Colombia, and Mexico, and is set to launch in Brazil. This platform is not without controversy . Politicians in several Western countries have begun scrutinizing it, claiming it may be selling products made by forced labor in China, something the company says it "strictly prohibits." The Origin of Temu Accordi...

From BBC News, April 26, 2024 Tesla is far from the time when it was one of Wall Street's favorite companies. Gone are the days when its market valuation exceeded $1 trillion at the end of 2021, and everything indicated that the electric car giant was invincible . At that time, it was breaking production and delivery records, while its stock soared, placing the company among giants like Apple and Amazon. Today, Elon Musk’s company, which he founded and runs as CEO, is facing major challenges that complicate its path in a highly competitive market. Tesla’s sales, profits, market value, and the confidence of many shareholders in the company’s ability to innovate and grow long-term have all declined. Chinese electric vehicle manufacturers have lowered their prices, impacting demand for Tesla cars, and Musk's recent announcement of layoffs has not been well received by the market. Some of the company’s troubles began in October when Musk warned that demand was starting to slow. Whe...

Faced with declining revenues, Apple was forced to show what it would offer buyers to revive iPhone sales. On Monday, the tech giant unveiled its cards — the iPhone 16 — which features a camera button on the outside of the device. This button is an external hint of the changes Apple claims to have made inside its latest smartphone, aiming to leverage the latest advances in artificial intelligence (AI). Apple CEO Tim Cook said these improvements would "push the boundaries of what a smartphone can do," but the company faces fierce competition as other brands have already integrated generative AI features into their handsets. Apple's stock price dropped during the "Glowtime" event, where the company unveiled the iPhone 16 along with other products, and ended the day unchanged. The $3 trillion company fears losing its lead in the rapidly growing field of artificial intelligence. iPhone sales — Apple's most important product, accounting for about half of its tota...

The job market is evolving faster than ever, and many current jobs will soon disappear. According to a recent study by the World Economic Forum, two main factors are changing the game: the emergence of new technologies, automation, and the shift towards a green and sustainable economy. The rapid advancement of new technologies, such as Big Data, cloud computing, and artificial intelligence, is expected to bring about radical changes in the job market. The good news is that the advent of new technologies is boosting the economy as a whole and, while destroying some jobs, it is also creating many others. In fact, when a company can do more with fewer resources, it naturally expands. Researchers at the World Economic Forum claim that nearly a quarter of current professions will change in the next five years. Therefore, to succeed in an increasingly competitive job market, it will be necessary to constantly acquire new skills and refine one's abilities. Key Skills Technical literacy is...

Sanofi has promised a decision "in the coming weeks" on the future of Opella, its over-the-counter drug subsidiary (Doliprane, Lysopaine...), following a week that shed some light on potential buyers. "We will choose the best option in the coming weeks," a spokesperson for the French pharmaceutical group said on Friday. "We are keeping all options open, including a stock market listing or a sale" to a buyer, they added. According to information released in the press throughout the week and later confirmed by sources close to the matter, Sanofi received two offers from investment funds this week for Opella, the consumer division it plans to sell, which employs 11,000 people. The first offer is led by the French fund PAI Partners, backed by the Abu Dhabi fund Avia, Singapore's GIC, and Canada's BCI. The second offer comes from the American fund CDR. Both offers "converge" on a valuation of Opella at 15 billion euros, according to a report o...

A few weeks before the presidential election, tens of thousands of dockworkers are preparing to strike on Tuesday in the United States, after failing to reach an agreement in their negotiations over a new labor contract, risking disruption to international trade . Talks, which began in May, have been stalled for several weeks, and according to the United States Maritime Alliance (USMX), which represents employers at major ports on the East Coast and Gulf of Mexico, the dockworkers’ union (ILA) refuses to return to the negotiating table. On Thursday, the Alliance appealed to the National Labor Relations Board (NRLB), requesting "an immediate injunction—forcing the union to resume talks." They also accused the union of engaging in unfair labor practices. However, the union seems determined to strike as soon as the current contract expires at 11:59 p.m. on Monday (03:59 GMT Tuesday), as the "financial proposals are unacceptable." The union is also demanding assurances ...

The clothing retailer Kiabi confirmed on Friday that it had fallen victim to a "large-scale sophisticated financial fraud," which it says does not "in any way undermine" its "stability," following media reports of a €100 million embezzlement. A staggering amount: according to Franceinfo, €100 million has "vanished" from Kiabi's accounts. The company, founded in 1978 in northern France, is part of the Mulliez group. Franceinfo reported on Friday morning that a former treasurer of the low-cost clothing brand was arrested in August by the judicial police after disembarking from a private jet at Figari airport in southern Corsica. This 39-year-old woman, who had been living in Florida while working in the luxury sector, has been charged with "fraud and money laundering as part of an organized group," according to the media. "The treasurer was indicted by the investigating judge and placed in provisional detention on August 18, 2024...

Meta, the parent company of Facebook, Instagram, and WhatsApp, was hit with a €91 million fine on Friday by the Irish regulator for violating the European regulation on personal data (GDPR) . Meta, the parent company of Facebook, Instagram, and WhatsApp, was fined by the Irish regulator for violating the GDPR by lacking transparency following a security breach affecting users' passwords. In this new decision, the Irish Data Protection Commission (DPC), which acts on behalf of the European Union, reproached Meta for failing to implement appropriate security measures in advance and for taking too long to inform the regulator of the issue. The DPC launched an investigation in April 2019 after being informed by Meta Ireland of the "inadvertent" storage of "some users' passwords" in plain text, meaning unencrypted, without these being "disclosed to external parties," the regulator said in a statement. The security breach dates back to January 2019 and a...

The top rates of statutory personal income tax in the EU have stopped declining since the 2008 financial crisis, according to the EU Tax Observatory. Instead, the group notes that governments have introduced "a growing number of preferential tax regimes targeting foreign individuals", hoping to lure rich expats to their territories. When thinking about Europe's top tax havens, there isn't - however - a "one-size-fits-all" approach. In other words, a low-tax jurisdiction for one person may not be a tax haven for another. "It depends an awful lot on where that wealth is coming from," said Jason Piper, head of Tax and Business Law at the Association of Chartered Certified Accountants. "For example, if you've got a lot of capital tied up somewhere, then you're going to be far more interested in a regime that has 0% tax on remittance capital gains than if you've still got a lot of more active income coming through." Hoping to lower...

The process of establishing a company in the UAE involves only a few simple steps, in all seven emirates. You can apply in person at the Department of Economic Development in the emirate where you plan to establish business. Additionally, digital platforms are available to obtain a commercial license and establish a company online where applying with the necessary documents will lead to a license within minutes. Investors can also apply through legal offices or designated companies offering business establishment services. Establishing a company typically involves identifying the location, specifying the nature of business and paying ascribed fees, for the issuance of a commercial license. Time Taken to Set Up Your Company in the UAE ; - 15 Minutes  :Via the  online platform; https://bls.rak.ae/en/qzone/onlineaccounts/servicesfree For more informations visit :Investor Support Services from Ministry of Economy https://www.moec.gov.ae/en/establishing-companies

Sony said Tuesday ( Tuesday 10 Sep 2024)  it would launch an upgraded version of its flagship games console with better graphics and AI capabilities on November 7, calling it PlayStation 5 Pro. The Japanese firm's gaming division has endured tough times this year, with PlayStation 5 missing its sales targets and PlayStation announcing 900 job cuts in February. The gaming industry is struggling with a wider downturn as the investment that poured into the sector during Covid has largely dried up. In a short video announcement, PlayStation's lead architect Mark Cerny showed off the capabilities of the new console, which will retail for $700 and 800 euros, roughly 250 euros more than the current PlayStation 5. He trumpeted hardware improvements that allowed games to run much faster, with better rendering of light and an AI system that provided sharper images. "Simply put it's the most powerful console we've ever built and a worthy edition to the PS5 family," he sa...

A viral Instagram hoax, shared by thousands, including celebrities, falsely claims that reposting will prevent Meta from using personal data for AI training . Hundreds of thousands of Instagram users have been misled by a viral fake post claiming that sharing it will prevent Meta from using their personal data, profile information, or photos to train artificial intelligence (AI). The post, which has been found to be both incorrect and misleading, reads "Goodbye Meta AI," before falsely warning that anyone who doesn't repost it will automatically be giving Meta permission to use their data. Several celebrities, including actors Julianne Moore, Sarah Paulson, James McAvoy, and former NFL player Tom Brady, have also fallen for the misleading claims. Although users have posted it in an attempt to stop Meta from sharing their data, the statement has no legal effect on the company’s data policies. This is an example of "copypasta," a term used to describe text that is...

From the ‘most advanced glasses the world has ever seen’ to actors voicing its AI. Here’s what happened at the Meta event. Meta has teased new augmented reality (AR) glasses and artificial intelligence (AI) that will be able to speak in the voice of actress Dame Judi Dench.  The Facebook parent company unveiled a trove of new hardware and software at its annual Connect conference in Menlo Park, California on Wednesday. 

Chief technology officer Mira Murati is also the latest senior staffer to step down in a leadership shake-up. OpenAI is reportedly pushing ahead with plans to transform into a for-profit company and is in discussions to give chief executive Sam Altman an equity stake in the firm, which comes as the ChatGPT maker saw a series of senior staff departures. "OpenAI remains an entirely independent company governed by the OpenAI Nonprofit," the company states on its website, which has been one of the issues of contention that contributed to the short-lived board coup against Altman and a lawsuit against the company by cofounder Elon Musk. The news of the restructuring was first reported by Reuters which citedunnamed sources. Meanwhile, Bloomberg reported it could give Altman a 7 per cent stake in OpenAI. The company is reportedly undergoing a new funding round that could value it at more than $150 billion (€134 billion). High-profile departures Meanwhile, on Wedne...

Rome and Berlin are siding with the European automotive industry in calling for the EU to relax CO2 emissions standards for cars as the bloc aims to end the sale of new petrol and diesel models by 2035. Italy and Germany are mustering support from other EU members for a call to relax EU targets for reducing car CO2 emissions and reconsider a 2035 ban on the sale of petrol and diesel models, Italian Industry Minister Adolfo Urso said in Brussels Wednesday evening. It was now “certain” that the ban – actually a zero limit on tailpipe emissions – would not be achieved, and the two countries plan to propose at an EU Council summit Thursday that a review clause in the legislation be brought forward from the end of 2026 to early 2025, Urso said. Urso's statements came three months after Prime Minister Giorgia Meloni dismissed the 2035 ban as “ideological madness,” and just days after an appeal from the European Automobile Manufacturers' Association (ACEA), which reacted to a dip in e...

Bitcoin prices reached a one-month high after central banks' rate cuts in September, with analysts expecting the upward trend to persist. Bitcoin prices have surged to their highest level since 26 August, propelled by an acceleration in the global central banks' easing cycle. The largest cryptocurrency has soared 21% since the second week of September, with its price climbing from above $53,000 (€47,400) to more than $64,000 (€57,200) on Wednesday. Cryptocurrencies rise amid global easing of liquidity Cryptocurrencies are among the high-risk assets that have experienced a significant rally amid central banks' commitments to reduce interest rates. In September, the European Central Bank implemented its second rate cut of the year, followed by the US Federal Reserve's substantial 0.5% reduction. On Tuesday, the People's Bank of China introduced a series of easing measures, including cuts to key lending rates and increased cash injections into the markets to bolster it...

Tosyali Algeria has just reached a key milestone, propelling the steel industry toward new horizons. The Algerian-Turkish company has commissioned its second Direct Reduced Iron (DRI) plant. This steel production site is the largest in Africa and the Mediterranean basin. A significant advancement that will offer a production capacity of over 2.5 million tons per year. Moreover, Tosyali’s new facility adopts environmentally friendly production practices by using 100% hydrogen-based natural gas, thus reducing its carbon footprint. Africa's Largest Steel Plant Aims for a Green Future Tosyali’s project is part of a global strategy aimed at both a greener future and securing a prominent position on the international stage. Indeed, this Algerian steel company aligns its project with current ecological standards. By meeting European environmental standards, Tosyali aims to strengthen its presence in markets across the Mediterranean. In the European countries targeted by Tosyali, stringent...

Meta (Facebook, Instagram) presented its first prototype of augmented reality and artificial intelligence (AI) glasses on Wednesday, hoping to eventually create a new computing platform for consumers, after personal computers and mobile phones. Called "Orion," these glasses are equipped with a camera, earbuds, and a voice-controlled AI assistant, similar to the Meta Ray-Ban connected glasses that have been on the market for several years. But in addition, they feature tiny projectors to display videos, screens, or even people in the form of holograms – all without requiring a headset that isolates the user. "It's like a time machine," said Mark Zuckerberg, Meta's CEO. "They give you a glimpse of the future, which I think is going to be really exciting." The billionaire concluded his company's annual presentation of new products with this new device, the only true surprise of the event in Menlo Park, California, Meta's headquarters. He recou...

(Updated on September 25, 2024, at 3:49 PM UTC) A flagship of French tourism, Club Med, in search of a new financial partner, announced on Wednesday a revamped organizational structure to prepare for a “new phase of development” amid internal tensions with its Chinese shareholder, Fosun. This new organization is intended to help the group move past several months of upheaval between its leader, Henri Giscard d'Estaing, and Fosun, the majority shareholder since 2015, linked to the ousting of Michel Wolfovski, the French CEO's right-hand man at Club Med for nearly thirty years. The responsibilities that Michel Wolfovski had held will be divided, starting from November 1, among three deputy general managers: Gino Andreetta, Gregory Lanter, and Andrew Xu. All three will also be corporate officers. Meanwhile, two other members of Henri Giscard d’Estaing’s team, Sylvie Brisson and Anne Browaeys, are also seeing their roles expanded. In the press release, Mr. Giscard d'Estaing pra...