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British pharmaceutical company GlaxoSmithKline (GSK) has filed a lawsuit against biotech firm BioNTech and pharmaceutical company Pfizer in the United States. GSK alleges that the two companies infringed on patents related to mRNA technology, which was used in the development of COVID-19 vaccines. The patents in question are GSK’s rights to technological innovations developed “more than ten years” before the COVID-19 pandemic, according to the British company. GSK…
The amount of wine consumed internationally reached its lowest level in 27 years in 2023, according to the International Organisation of Vine and Wine (OIV). The organisation attributes this decline to the increased price of wine. Based in Paris, the OIV estimates that 221 million hectoliters of wine were consumed last year, which is 2.6 percent less than in 2022. A hectoliter is 100 liters, roughly equivalent to…
In a significant development in the world of cryptocurrency, American prosecutors are advocating for a three-year prison sentence for Changpeng Zhao, the renowned founder of Binance, widely recognized as the largest digital currency trading platform globally. Zhao, often referred to by his nickname ‘CZ’, has long been a prominent figure in the crypto industry. The charges against Zhao stem from alleged violations of anti-money laundering regulations. Prosecutors assert…
The European Commission predicts a drop in gas prices in Europe as liquefied natural gas (LNG) deliveries continue to rise. “A significant wave of new LNG projects is on the horizon,” stated Commission President Ursula von der Leyen. Since the disruption of Russian gas supplies due to the conflict in Ukraine, Europe has significantly increased its imports of LNG. This LNG originates from regions including the Middle East,…
The number of electric vehicles (EVs) on the roads continues to surge this year, with a significant increase observed in the first months of 2024 compared to the previous year. Particularly notable is the remarkable rise in EV adoption in China, where the market is experiencing a notable upswing. According to Fatih Birol, the Executive Director of the International Energy Agency, EV sales are rising more robustly in…
Despite a slight decrease last year, state debts within the Eurozone continue to loom large, constituting a significant portion of the region’s economic output. According to Eurostat, in 2022, these debts collectively amounted to 90.8 percent of the gross domestic product (GDP), down from 90.8 percent the previous year. The surge in state debts observed in recent years can be primarily attributed to the unprecedented borrowing undertaken by…
The highly anticipated halving event of the cryptocurrency Bitcoin has concluded, marking a significant milestone in its monetary policy. This event, which occurs approximately every four years, plays a pivotal role in shaping the dynamics of Bitcoin’s supply and demand. During a halving, the rewards for Bitcoin miners—those who validate transactions and secure the network—are reduced by half. This mechanism is ingrained in Bitcoin’s protocol and serves the…
Chipmaker NVIDIA suffered a significant loss on Wall Street last Friday. The company, specialized in artificial intelligence, plummeted by 10 percent, resulting in a loss of roughly $200 billion. Investors have marked down the AI chip maker by 10 percent amid concerns that NVIDIA’s upcoming quarterly earnings may disappoint. Just two months ago, NVIDIA soared on the stock market, gaining an additional $200 billion in value on Wall…
Netflix has experienced its best start to the year since 2020, the year the coronavirus pandemic broke out. The video streaming service added over nine million subscribers in the first quarter of this year. In the first three months of last year, the number of customers decreased to less than two million. Netflix’s strong performance is partly due to stricter policies on account sharing. It’s estimated that over…
The German economy did not contract in the first quarter of this year, thus averting an anticipated recession – two consecutive quarters of economic contraction. One of the reasons cited is a rise in exports, according to the Bundesbank. After experiencing an economic contraction of 0.3 percent in the final quarter of 2023, further contraction was predicted for the first months of this year. However, according to the…
In the United Kingdom, inflation reached its lowest level in 2.5 years last month, driven by decreases in the prices of meat, biscuits, and other essentials. According to data from the UK’s Office for National Statistics (ONS), British consumers faced a 3.2 percent increase in prices for goods and services in March compared to the same month last year. This marks a slight drop from February’s 3.4 percent.…
Just Eat Takeaway, the prominent entity encompassing Thuisbezorgd.nl, faced a nuanced landscape in its first-quarter performance, marked by a dip in overall order volumes compared to the preceding year. With a decrease of 6 percent, totaling over 214 million orders, the company navigated through shifting consumer behaviors and market dynamics. Across different geographical regions, the trends varied. In Northern Europe, there was a modest decline of 1 percent…
ASML, a chip manufacturing company based in Veldhoven, faced a setback in the first quarter as it received fewer new orders than anticipated. The company attributes this to a downturn in the chip industry and forecasts a potential recovery next year. CEO Peter Wennink commented, “We are currently navigating through a transitional year. Our outlook for the entirety of 2024 remains unchanged.” He expects the latter half of…
The European gas price continued its ascent on Tuesday, fueled by unrest in the Middle East. Last week, oil prices surged due to the looming threat of an Iranian retaliatory strike against Israel. The price on the gas market rose nearly 3 percent on Tuesday morning to 32 euros per megawatt-hour, marking the highest level since January. Over the weekend, Iran carried out a major retaliatory strike on…
The Chinese economy experienced a stronger growth than anticipated in the first three months of 2024, bringing relief to the nation grappling with a real estate crisis, escalating debts of local governments, and sluggish consumer spending. According to the Chinese National Bureau of Statistics, the Chinese economy expanded by 5.3 percent year-on-year in the first quarter, compared to 5.2 percent growth in the fourth quarter of 2023. The…
Apple failed to surpass Samsung as the largest smartphone brand in the first three months of 2024, according to figures from market researcher IDC. After years of a close race, Apple managed to surpass Samsung as the largest smartphone brand last year. The American manufacturer delivered slightly more smartphones than its South Korean competitor in 2023. However, Apple’s performance faltered in the first quarter of 2024. The iPhone’s…
Iran’s Response action on Sunday led to a minor loss on the Tel Aviv Stock Exchange. The Israeli economy has been significantly affected by the turmoil in the Middle East and the ongoing conflict with Hamas. The primary index, TA-35, tracking the 35 largest companies on the Tel Aviv stock market, was slightly lower on Sunday morning compared to the previous day. However, this decline is relatively moderate…
The German Association of the Automotive Industry (VDA) is pushing back against potential European import tariffs on electric cars from China, fearing the repercussions of sparking a trade war with the Asian nation. VDA President Hildegard Müller expressed concerns in an interview with Die Welt, emphasizing that additional tariffs may not resolve issues for the European and German auto industries and could, in fact, exacerbate them. The European…
In a bid to tighten the economic noose around Russia amid the ongoing conflict in Ukraine, the United States and the United Kingdom have introduced stringent measures targeting Russian metal exports. Effective immediately, significant restrictions have been placed on the trading of aluminum, copper, and nickel produced in Russia, impacting the operations of the world’s two largest metal exchanges, the London Metal Exchange (LME), and the Chicago Mercantile…
After months of negotiations, approximately nineteen thousand cabin crew members of Lufthansa have secured a new collective bargaining agreement. They will receive a 16.5% wage increase along with a one-time payment of €3,000. The employees went on strike last month, leading to the cancellation of hundreds of flights and leaving thousands of passengers stranded. “We can now be very satisfied with the outcome,” says a negotiator from the…
The European Central Bank (ECB) is maintaining its interest rates at a record high of 4 percent for now. According to the regulator, inflation hasn’t fallen enough. However, the ECB does suggest that its rates could decrease in the near future. This marks the fifth consecutive time that the financial regulator has left the interest rate unchanged. This follows a series of unprecedented hikes that the ECB implemented…
The European Union has reached an agreement to curb the import of Ukrainian agricultural products. Governments of EU countries and the European Parliament reached a provisional deal on Monday, pending approval from the parliament. Following the Russian invasion, the EU had granted tariff-free export for agricultural powerhouse Ukraine to assist the country in generating additional income. However, concerns raised by Eastern European EU countries such as Poland about…
Electra, a leading provider of charging infrastructure, has announced its intentions to deploy one hundred charging stations and six hundred charging points for electric vehicles in the near future. The company is set to open its inaugural charging station this year, marking its entry into the competitive landscape alongside the rapidly expanding Fastned. Electra aims to have all stations and charging points operational by 2030. With a presence…
The Chinese central bank has initiated a new financing program worth tens of billions of euros. The aim of the program is to assist smaller companies in the technology and science sectors with innovation and research. The program, valued at 500 billion yuan (approximately 64 billion euros), will see the central bank providing low-interest loans to small and medium-sized enterprises. These loans will help the companies to grow,…
Apple has announced the dismissal of more than six hundred employees in the state of California. This decision comes in the wake of the company’s recent abandonment of two significant ventures: its proprietary car project and the integration of micro-LED displays into the Apple Watch. These cancellations have directly impacted the workforce, rendering some positions redundant and prompting organizational reshuffles. The company’s ambitious foray into the automotive industry,…
Shell contends that a compulsory climate objective imposed upon it is both unlawful and ineffective, the company asserted on Wednesday. Furthermore, the CO2 mandate enforced by the court in 2021 is considered excessively high, according to Shell. The company argues that the global priority should be reducing coal consumption. Concurrently, Shell insists on retaining the flexibility to supply oil and gas. This stance was articulated by the oil…
Eurostat’s recent flash estimate reveals a slight dip in euro area annual inflation, dropping to 2.4% in March 2024 from 2.6% in February. This moderation brings some respite to concerns over escalating price pressures, albeit with notable variations across key components. Services, a pivotal segment of euro area inflation, sustained its robust performance with an anticipated annual rate of 4.0% in March, holding steady from February. This stability…
Tesla has just experienced its worst quarter in years. The American electric car manufacturer is grappling with weakening demand and fierce competition from other auto producers, particularly from China. In the first quarter of this year, the company delivered fewer than 387,000 cars to customers, significantly less than in the same period a year earlier. This decline underscores the challenges Tesla is facing in sustaining its growth trajectory.…
On Monday, the price of gold soared to a record high amid growing demand, fueled by investor anticipation of an impending interest rate cut in the United States. Recent global unrest and robust demand from China have also contributed to the surge in the precious metal’s price. The price of gold was 1.6 percent higher on Monday morning compared to the closing price on White Thursday, reaching $2,265.73…
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