The Global Economic News

The document released on Monday by the Department of Commerce focuses on software and devices that enable a vehicle to communicate with external sources, particularly for driving assistance and autonomous driving. The U.S. government wants to ban the sale of connected vehicles in the United States that incorporate Chinese and Russian technology, citing national security risks. This new measure is part of a tightening approach by President Joe Biden’s administration toward China. In mid-September, the United States also announced that electric cars imported from China would be taxed at 100% starting September 27. The document unveiled on Monday by the Department of Commerce targets software and devices that allow a vehicle to communicate with external sources, especially for driving assistance and autonomous driving. Before the announcement of these measures by the U.S. government, Beijing called such a ban “discriminatory” on Monday. “China opposes the broadening of the national securi...

Turkey Signed an LNG Delivery Agreement with TotalEnergies Turkey has signed a "long-term" agreement with the French group TotalEnergies for the delivery of liquefied natural gas (LNG) over ten years starting in 2027, Turkish Energy Minister Alparslan Bayraktar announced on Wednesday, September 18. "We have signed a long-term LNG agreement between our national company Botas and TotalEnergies," the minister said on the social network X. "With this agreement, which will be valid for 10 years starting in 2027," he explained, "sixteen LNG shipments amounting to approximately 1.6 billion cubic meters will be delivered annually." "Our long-term LNG agreements are of great importance to ensure the security of energy supply for our country and our region, increase the diversity of our resources, and provide flexibility in our energy supply," the minister emphasized. Turkey imports the majority of its gas consumption from Russia, as well as from...

Brussels authorized on Tuesday, September 24, the acquisition of a Czech telecom operator by an Emirati group, requiring the latter not to use public subsidies from Abu Dhabi to distort competition within the European Union. This acquisition was notified to the European Commission, the EU's competition watchdog, on April 26, and an investigation was opened on June 10. The Commission was examining whether the acquisition of PPF Telecom by Emirates Telecommunications (e&) had been favored by state aid. After its investigations, it concluded that the assistance e& received, in the form of loans, subsidies, and unlimited guarantees from the United Arab Emirates, had not distorted the acquisition process. However, fearing competitive distortions in the European market following the acquisition, the Commission demanded and obtained concessions. The Emirati group notably agreed to give up the unlimited state guarantees. Additionally, it will be prohibited from financing PPF’s acti...

Like any technological innovation, the cryptocurrency sector must be regulated, says Jeremy Allaire, co-founder of the American company Circle, which created one of the most popular cryptocurrencies in the world, during an interview with AFP. "We need to align technology with social objectives," says the CEO, who was in Paris, the headquarters of Circle in Europe, at the beginning of the week. Within the cryptocurrency family, Circle offers a slightly unique product, "stablecoins": USDC, a so-called stable cryptocurrency because it is pegged to the U.S. dollar. Currently, about $35.5 billion in USDC is in circulation. Circle has also created EURC, this time pegged to the euro. Like other cryptocurrencies, transactions are recorded on a decentralized ledger, the blockchain, rather than through a bank as with traditional currencies. However, while cryptocurrencies like Bitcoin experience significant price fluctuations, stablecoin creators aim for price stability. Stab...

Here are some notable acquisitions that have been completed in 2024 1. Microsoft's Acquisition of Activision Blizzard: After a lengthy regulatory review, Microsoft finalized its acquisition of Activision Blizzard for approximately $68.7 billion. 2. Broadcom's Acquisition of VMware: Broadcom completed its acquisition of VMware for around $61 billion, enhancing its software offerings. 3. NVIDIA's Acquisition of Arm: NVIDIA's acquisition of Arm was finalized after overcoming regulatory hurdles, aimed at bolstering its position in AI and semiconductor markets. 4. Salesforce's Acquisition of Slack: Salesforce completed its acquisition of Slack, further integrating collaboration tools into its cloud offerings. China 1. Tencent's Acquisition of Minor Entertainment: Tencent completed its acquisition of a majority stake in Minor Entertainment, expanding its entertainment portfolio. 2. Alibaba's Purchase of Sun Art Retail: Alibaba finalized its acquisition of the rema...

1. Samsung has focused heavily on its foldable series this year, with the "Galaxy Z Fold 6"  and "Z Flip 6" being the flagships in their lineup. These devices feature advanced display technology and enhanced durability, particularly targeting users interested in large screens that can fold into compact sizes. Additionally, Samsung continues to push its "Galaxy S24" series, emphasizing its advanced camera systems and AI-driven features. Samsung's wearable segment has also seen updates, including the "Galaxy Watch 7" series 【financial times】. 2. Apple has launched the iPhone 16 series, which features significant improvements in processing power thanks to the "A18 chip", and introduces new display technology for better energy efficiency and visual clarity. There is also a strong emphasis on the "Apple Watch Series 10", which now offers more health-related features such as glucose monitoring, a first for consumer smartwatches....

Focus on finance:  After securing an agreement on the progressive phase-out of fossil fuels, this year's UN climate negotiations are focusing on unlocking the trillions of dollars needed by developing countries to tackle the climate crisis. Climate Finance, a Priority for COP29 with Details Yet to Be Announced The main goal of COP29 in November in Baku, under Azerbaijan’s presidency, is challenging: How much money will developed countries commit to providing vulnerable countries to help them cope with extreme climate conditions? What is climate finance? There is no consensus definition. Broadly speaking, "climate finance" refers to any public or private money spent to achieve the goal of the Paris Agreement to “make financial flows consistent with low greenhouse gas emissions and climate-resilient development” (Article 2.1C). In practical terms, this includes all financing (public or private) that supports low-carbon economic development and adaptation: wind, solar, nucle...

Swedish telecommunications operator Telia will cut 3,000 jobs in 2024 out of nearly 20,000 positions to save 2.6 billion Swedish kronor (230 million euros) per year, the company announced in a statement on Wednesday.** The operator, present in the Nordic and Baltic countries, employed 19,370 people as of January 1st and will specifically cut 1,400 jobs in Sweden, where it employs 8,500 people, it said. This restructuring "aims to make Telia simpler and faster in decision-making," said Patrik Hofbauer, the group's CEO, as quoted in the statement. It should "also help grow our business and generate enough cash flow so that we can make the necessary investments and cover our dividend, as we remain committed to our dividend policy," he added. A restructuring charge of 1.4 billion kronor will be recorded in the accounts for the second half of this year. "Telia already holds strong positions in its markets," explained the operator, which nonetheless sees ...

Here’s a list of the top 10 green energy companies that have made significant achievements in 2024: 1. NextEra Energy    - Leading in renewable energy generation, particularly wind and solar. 2. Ørsted    - Major advancements in offshore wind projects. 3. Iberdrola    - Strong growth in renewable energy investments and infrastructure. 4. Enel    - Expansion in solar and wind energy markets globally. 5. Vestas Wind Systems    - Leading manufacturer of wind turbines with record installations. 6. First Solar    - Significant achievements in solar panel production and technology. 7. Brookfield Renewable Partners    - Expanding renewable power assets and projects. 8. Canadian Solar    - Growth in solar energy projects and manufacturing capacity. 9. EDP Renewables    - Increased investments in wind and solar energy across several countries. 10. Siemens Gamesa Renewable Energy     - Strong perfo...

List of 10 IT startups that have achieved record profits in 2024: 1. OpenAI    - Profit:*Significantly increased due to widespread adoption of AI. 2. Stripe    - Profit:Continued growth in online payment solutions. 3. Databricks    - Profit: Success in data analytics and AI technologies. 4. Notion    - Profit:Strong adoption as a productivity tool. 5. Snowflake    - Profit: Rapid expansion in data storage and analytics. 6. Discord    - Profit:Increased users and revenue from premium features. 7. Canva    - Profit: Growth in online design tools. 8. Zoom    - Profit: Resilience with ongoing use of communication tools. 9. Palantir Technologies    - Profit: Increased government and commercial contracts. 10. GitHub     - Profit:Growth in subscriptions and services related to software development. These companies have effectively capitalized on current trends and the growing demand in the tech ...

According to Forbes, the most profitable oil companies in 2024 are led by Saudi Aramco, which reported a net income of approximately $113 billion. Following closely are Exxon Mobil with about $50 billion, Chevron at $27 billion, and Shell with $31 billion. TotalEnergies also made a significant mark with a net income of around $36 billion. Other notable companies include BP with approximately $26 billion and Equinor with about $32 billion. The ranking of the most profitable oil companies of 2024, along with their nationalities: 1. Saudi Aramco (Saudi Arabia)    - Net Income:$113 billion 2. Exxon Mobil(United States)    - Net Income:$50 billion 3. Shell(United Kingdom/Netherlands)  - Net Income: $31 billion 4. Chevron(United States)    - Net Income:$27 billion 5. TotalEnergies(France)   - Net Income: $36 billion 6. BP (United Kingdom)    - Net Income:$26 billion 7. Equinor(Norway)    - Net Income:$32 billion 8. Eni (Italy)  ...

- Total Companies Ranked:9,734 - Total Earnings (TTM): $7.039 trillion 1. Saudi Aramco (2222.SR)   - Net Income: $113.46B  2. Apple (AAPL) - Net Income: $121.62B 3. Microsoft (MSFT)  - Net Income: $107.78B 4. Alphabet (Google) (GOOG) - Net Income: $101.82B 5. Berkshire Hathaway (BRK-B)  - Net Income: $88.90B 6. JPMorgan Chase (JPM) - Net Income: $68.78B 7. NVIDIA (NVDA) - Net Income: $61.37B 8. Meta Platforms (Facebook) (META)  - Net Income:$60.64B 9. Industrial and Commercial Bank of China (ICBC) (1398.HK) - Net Income: $57.90B 10. Amazon (AMZN)  - Net Income: $56.85B 11. China Construction Bank (11601939.SS)  - Net Income: $53.63B 12. Exxon Mobil (XOM)  - Net Income: $50.35B 13. Toyota (TM)  - Net Income: $47.71B 14. China Pacific Insurance (14601601.SS)  - Net Income: $46.00B 15. Agricultural Bank of China (15601288.SS)  - Net Income: $43.01B 16. Bank of China (16601988.SS) - Net Income: $40.37B 17. Taiwan Semiconductor Manufact...

Tupperware, the iconic brand known for its plastic kitchen storage, has filed for bankruptcy in the US after facing financial difficulties, low sales, and increasing competition. Founded by Earl Tupper in 1942, the company revolutionized food storage with its innovative plastic containers and unique marketing strategy, the Tupperware Party. This model, popularized in the 1950s by Brownie Wise, allowed housewives to sell directly to their social circles, turning Tupperware into a household name globally. Wise's influence was crucial, leading to Tupperware's expansion into Europe and establishing the brand as a symbol of plastic food storage, much like Kleenex or Hoover for their respective products. However, over time, the direct sales model lost popularity, particularly in the 21st century. In 2003, Tupperware closed operations in the UK and Ireland due to dissatisfaction with this approach. Although sales briefly improved during the Covid-19 pandemic, it wasn't enough to s...

ING Pledges to Stop Financing New Upstream Oil and Gas Projects 1. ING’s New Financing Policy ING announced that it will no longer finance pure-play oil and gas companies involved in exploration or development of new fields. This decision aligns with the bank’s commitment to support the transition to green energy and will take effect immediately. 2. Support for Net-Zero Goals The decision was revealed in the 2024 Climate Progress Update and aligns with the International Energy Agency (IEA)’s 2050 net-zero pathway. The IEA’s strategy emphasizes energy efficiency in existing fields and halting new oil and gas extraction projects. 3. Previous Announcements and Future Plans Last December, ING shared plans to reduce and eventually stop financing oil and gas exploration. The new policy builds on this by extending the financing halt to liquified natural gas (LNG) export terminals after 2024. 4. ING’s Commitment to Green Transition Steven van Rijswijk, CEO of ING, highlighted the bank’s ambiti...

Press release 19 September 2024 Brussels. Today, the European Commission has started two specification proceedings to assist Apple in complying with its interoperability obligations under the Digital Markets Act (‘DMA'). Under the DMA, Apple must provide free and effective interoperability to third party developers and businesses with hardware and software features controlled by Apple's operating systems iOS and iPadOS, designated under the DMA. The specification proceedings formalise the Commission's regulatory dialogue with Apple on certain specific areas of Apple's compliance with Article 6(7) DMA. Pursuant to Article 8(2) of the DMA, the Commission may, on its own initiative, adopt a decision specifying the measures a gatekeeper has to implement to ensure effective compliance with substantive DMA obligations, such as the interoperability obligation of Article 6(7) DMA. The first proceeding focuses on several ...

Germany’s economic climate has been rapidly deteriorating, with investor confidence in a significant rate cut increasing. Currently, 67% of investors anticipate a 50-basis-point reduction, while 33% expect a smaller 25-basis-point cut, according to the CME FedWatch tool. German bond yields fell to 2.10% on Tuesday, marking the lowest level since early January 2024. Despite this, German stocks showed slight gains, with the DAX up by 0.6%. Leading the increase were Zalando SE, which rose by over 5%, followed by Infineon AG, up by 2.2%, and Siemens, which gained 1.7%. The broader Euro Stoxx 50 index climbed 0.8%, with notable performances from Kering, Banco Santander, and Vivendi. Germany’s ZEW economic sentiment index dropped sharply to 3.6 points in September, down from 19.2 in August, well below the expected 17 points. This represents the lowest level since October 2023. The sub-index measuring current conditions also fell drastically to -84.5 points, the weakest since May 2020. The ec...

The operator SFR has experienced a customer data breach, including IBANs, the group confirmed on Friday to AFP after letters addressed to subscribers were circulated. "On September 3rd, SFR detected a security incident involving a customer order management tool," the operator stated in a standard letter reviewed by AFP, which was sent to the affected customers. According to the letters, the accessible data included "first and last names, contact details provided at the time of the order (phone number, email, postal address, and delivery address if applicable), contract data (subscribed offer, order contents), as well as the device and SIM card identification numbers (for mobile device orders)." For a portion of the customers, though SFR did not disclose the proportion, the data breach also included IBANs. When questioned, the group did not specify the total number of affected customers but confirmed that both regular subscribers and "Red by SFR" subscriber...

  Since the summer of 2024, Algerian authorities have tightened regulations on the transportation of foreign currencies by travelers, whether Algerian or foreign. Now, any individual entering Algeria with an amount exceeding 1,000 euros must declare it to customs authorities. This measure aims to enhance transparency and combat illicit financial activities. New Currency Transport Rules Effective from 2024 When leaving the country, travelers are allowed to take up to 7,500 euros without any special formalities. However, for amounts exceeding this limit, a prior declaration and proof of the origin of the funds are required. These strengthened requirements are intended to prevent capital flight and ensure the traceability of financial transactions. One of the key changes for non-residents is the obligation to provide, upon departure, proof of the declaration made upon their arrival, as well as documentation on how the currency was used during their stay. This system is designed to dis...

Tamanrasset: The Gateway to the Algerian Desert As a starting point, Tamanrasset is an open-air treasure and serves as the gateway to the Algerian desert. You can begin your adventure by visiting the Hoggar Mountains, where you can admire the spectacular landscapes of the region. You can also explore the Assekrem plateau, known for its stunning rocky peaks, especially during sunrise and sunset. Djanet: An Open-Air Treasure This oasis, nestled in the heart of the Sahara, is a place that nourishes the soul and soothes the mind. A visit to Djanet will provide you with a mystical and unforgettable experience. Among the must-see spots during a trip to southern Algeria, the Tassili n'Ajjer National Park is a top choice. With its imposing rock formations, shaped by the wind, featuring engravings and cave paintings, this UNESCO World Heritage site is a silent witness to the region's evolution over the past 10,000 years. A trip to this treasure will allow you to walk in the footsteps of...

Family firms hold a unique and pivotal role in the business world, often passed down through generations. These companies not only remain relevant but also thrive in diverse economic climates. Their success offers valuable lessons for entrepreneurs and companies seeking long-term growth and sustainability. This article highlights key business lessons from successful intergenerational family firms, using examples from both the United States and around the world. Long-Term Vision Over Short-Term Gains : Family-run businesses tend to focus on long-term sustainability rather than short-term profits. Unlike non-family corporations pressured to meet quarterly targets, family firms think in terms of decades and generations, allowing them to invest in areas that may not yield immediate returns but ensure the company’s longevity. - Example: Ford Motor Company (USA) Ford has remained relevant for over a century due to the Ford family's long-term commitment to innovation, from the assembly li...