The Global Economic News

  London CNN  The chief executive of the company behind Ikea furniture stores says tariffs make it more difficult to keep its prices low, joining a growing chorus of business leaders in warning of a potential hit to people’s wallets from Donald Trump’s planned import levies. “In general, we don’t believe tariffs will support international companies and international trade. At the end of the day, that risks ending up on the bills of customers,” Jesper Brodin, Ingka Group CEO, told CNN Wednesday when asked about Trump’s tariffs. He was speaking ahead of the opening of Ikea’s pop-up store on London’s Oxford Street Thursday. “Tariffs make it more difficult for us to maintain the low prices and be affordable for many people, which in the end is our goal,” he added. “We have never experienced a period of benefit when we had high tariffs,” he said, referring both to Ikea and the global economy. “But it’s beyond our control. We will need to understand and adapt.” On Mo...

  The UN climate change conference ended on 24 November with a pledge from developed nations to contribute at least $300 billion annually to support adaptation.  After two weeks of intense negotiations, delegates at COP29, formally the 29th Conference of Parties to the UN Framework Convention on Climate Change (UNFCCC), agreed to provide this funding annually, with an overall climate financing target to reach “at least $1.3 trillion by 2035”. This summit had been dubbed the ‘climate finance COP’, and representatives from all countries were seeking to establish a new, higher climate finance goal.  The target, or new collective quantified goal (NCQG), will replace the existing $100 billion goal that is due to expire in 2025. Reacting to the outcome, UN Secretary-General António Guterres said that while an agreement at COP29 was absolutely essential to keep the 1.5-degree limit alive, “I had hoped for a more ambitious outcome – on b...

  The German government has said that it would be investing billions into the country’s domestic semiconductor sector, in an attempt to strengthen Germany’s global competitiveness, and reduce dependence on countries such as China and the US. Germany has revealed that it is planning to invest approximately €2bn in the country’s semiconductor sector, in the form of subsidies, according to Bloomberg. However, further details have not been revealed. This is expected to go a long way in helping semiconductor companies significantly upgrade their current production facilities.  Earlier this month, Germany’s economic ministry asked semiconductor firms to put forward their subsidy applications. However, the exact amount available as subsidies is still to be determined. This will likely be decided following the country’s next election, which is expected to take place in February 2025. 

  Carrefour SA's chief executive officer (CEO), Alexandre Bompard, has said that he will be issuing a public apology to Brazil's government to smooth over a controversy sparked by the supermarket after it said that it would not be supplying South American beef to its French customers. Alexandre Bompard, Carrefour SA's CEO, has agreed to issue a public apology to Brazil's government, hoping to wrap up the controversy created by the supermarket chain committing to not sell South American beef in France, according to Bloomberg. French ambassador Emmanuel Lenain is reportedly trying to arrange a meeting with Carlos Favaro, the Brazilian Agriculture Minister, to issue this apology. The former is also expected to reemphasise the quality of Brazilian meat during this meeting. Following this, Carrefour is also expected to issue a statement in both Brazil and France, with the justification that it has always only sold French meat in France. This follows Carrefour’s suppo...

    Once online in 2030, it will make modern speeds feel like dial-up   Japan is officially starting work on the world’s first ‘zeta-class’ supercomputer. When completed, the machine should run at least a full 1,000 times faster than the world’s current fastest supercomputer. The computer is expected to go online in 2030 and will cost the Japanese government an estimated $775 million.   Supercomputers  have unequivocally changed our world. They’ve solved complex math problems, simulated massive physical systems, enabled breakthroughs in biology and medicine—name a scientific field, and it’s probably been impacted by supercomputing. And these massive bastions of computing power have only gotten better over time. The faster a supercomputer can work through  calculations  and analyses, the more uniquely helpful it can be to the people using it as a research tool. The speeds of computers are measured in floating-point ope...

Officials hope the new gadget and app will allow thousands of patients to be given the all-clear from the disease much faster – while also helping to detect cases early. The NHS has begun trialling a new iPhone adapter which can check whether someone has throat cancer. It is hoped the device will allow thousands of patients to be given the all-clear from the disease within hours – rather than days or weeks - as well as helping to detect cases early. People suspected of having throat  cancer  are usually given an endoscopy, which involves a long, thin tube with a camera inside being passed through their mouth or nose to look inside their body. The endoscope-i adapter, which can be attached to one of  Apple's smart phones , includes a 32mm lens endoscope eyepiece and an accompanying app. It allows nurses to capture endoscopy footage in high definition before sharing it with specialists who can report back to patients directly. The NHS said an initial pilot by th...

There will be no exemptions for children who have parental consent, or who already have accounts.   Australia's government has pledged to introduce what it described as "world-leading" legislation to ban children under the age of 16 from social media. "Social media is doing harm to our kids and I'm calling time on it," Australian Prime Minister Anthony Albanese said. "I've spoken to thousands of parents, grandparents, aunties and uncles. They, like me, are worried sick about the safety of our kids online." The legislation will be introduced in the country's parliament during its final two weeks in session this year, beginning on 18 November. Mr Albanese said the age limit would take effect a year after the law is passed - with platforms including  Facebook ,  Instagram ,  Elon Musk 's X and Bytedance's  TikTok  using those 12 months to work on how to exclude Australian children under 16. Alphabet's  YouTube  would ...

The Commission and national consumer authorities have found that Temu engages in illegal practices like fake discounts and misleading reviews. Already under DSA investigation, Temu has one month to respond to these accusations. The European Commission has warned Chinese retail giant Temu to fix deceptive commercial practices or face potential fines in a report following a probe by the Consumer Protection Cooperation Network, led by Belgium, Germany, and Ireland.  The report finds that Temu engages in hard selling by offering bogus discounts and hyped reviews. The company issues misleading information, including exaggerating the availability of items and fostering sales urgency with deadlines, it found. Authorities stressed that Temu fails to properly inform users of their right to return products and does not provide clear contact details for complaints.  Additionally, consumer authorities criticised Temu’s use of a “spin the fortune wheel” game, where no clear informati...

  Aerospace and engineering group Rolls-Royce has shut down plans for an electric flying taxi business almost three years after the Spirit of Innovation broke the electric air speed record by recording a 345.4mph flight. The news was announced in a trading update on Thursday, with a comment saying: "In September, we made the decision to close Rolls-Royce Electrical's Advanced Air Mobility activities." That was in contrast to Rolls-Royce's enthusiastic launch of the project when it declared: "The Electrical power and propulsion systems will lead the way for Advanced Air Mobility (AAM), enabling silent short and vertical take-off and landing capabilities while lowering emissions and reducing fuel consumption."

Nissan has said it will lay off thousands of workers as it slashes global production to tackle a drop in sales in China and the US . The Japanese car making giant says it will cut 9,000 jobs around the world in a cost saving effort that will see its global production reduced by a fifth. Nissan did not immediately respond to a request from BBC News for details on where the job cuts will be made. The company employs more than 6,000 people at its manufacturing plant in Sunderland, North East England. The company also cut its operating profit forecasts for 2024 by 70%. It was the second time this year that the firm has lowered its outlook. “These turnaround measures do not imply that the company is shrinking," said Nissan's chief executive Makoto Uchida. "Nissan will restructure its business to become leaner and more resilient." The company said Mr Uchida's monthly salary is being cut by half and that other senior executives will also take pay cuts. Nissan's shar...

China has unveiled new measures aimed at boosting its flagging economy, as it braces for a second Donald Trump presidency. The country plans to tackle tens of billions of dollars of local government debt to prevent it being a drag on growth. Trump won the US election on a platform that promised steep import taxes, including tariffs as high as 60% on Chinese-made goods. His victory is now likely to hinder Xi Jinping’s plans to transform the country into a technology powerhouse – and further strain relations between the world’s two biggest economies. A property slump, rising government debt and unemployment, and low consumption have slowed down Chinese growth since the pandemic. So the stakes are higher than ever for the latest announcement from the Standing Committee of the National People’s Congress (NPC), the executive body of China's legislature. During his first term in office Trump hit Chinese goods with tariffs of as much as 25%. China analyst Bill Bishop says Trump should be ...