Author: Euronews

Ethiopia’s largest commercial bank is trying to recover millions after a glitch allowed customers to withdraw cash they didn’t have. ADVERTISEMENTStaff at the state-owned Commercial Bank of Ethiopia (CBE) did not immediately spot the problem and, by the time it was noticed and halted, some $40 million (€36.7 million) had left the building.Bank boss Abe Sano revealed the loss to local journalists as he reported that much of the money had been taken out by students through their CBE accounts.News of the glitch, which happened last Saturday, was spread via WhatsApp and other chat groups.Computer says ‘yes’ to studentsUniversity students formed…

European Council President Charles Michel and other key EU figures talk to Euronews as an exclusive poll is unveiled ahead of June’s European elections. ADVERTISEMENTEuronews is launching its European election coverage with live showcase editions of its headline television shows, featuring European Council President Charles Michel and European Commission Vice-President Margaritis Schinas.An exclusive pan-European poll carried out in 18 member states, in partnership with Ipsos, will also be unveiled ahead of June’s crunch European elections.Join us from 16:10 CET as we interview some of our guests on the Blue Carpet and from 17:15 CET for an interview with Charles Michel.Follow…

British consumer goods company Unilever revealed the plan as it looks to make savings of €800 million by 2027. ADVERTISEMENTThe London-based company owns five of the world’s top 10 selling ice cream brands including Wall’s, Magnum and Ben & Jerry’s, which delivered €7.9 billion in sales in 2023.Announcing the plan, Unilever said the future growth potential of ice cream would benefit from a “different ownership structure”.The British consumer goods company, which is looking to save around €800 million by 2027, has also launched what it describes as a productivity programme involving technology investment.”Simplifying our portfolio and driving greater productivity will allow…

Press freedom, artificial intelligence and the situation in the Gaza Strip are some of the key topics that dominated the agenda in Brussels this week. ADVERTISEMENTIn a single plenary session this week, the European Parliament passed legislation in two areas linked to the defence of democracy and fundamental rights, adopting the Freedom of the Press Act and the Artificial Intelligence Act.In the case of AI, the European Commission believes that the EU is setting an example for the rest of the world.”Our European start-ups will be the best ambassadors for our approach to AI. Reliable, accessible AI, respecting the rules…

Germany’s economic sentiment rises more than expected during March, defying the country’s ‘sick man’ label. Yet risks persist. ADVERTISEMENTLatest economic sentiment indicators observed in Germany indicate a robust recovery from the negative levels of 2023, defying the prevailing notion that Europe’s largest economy has become the “sick man” of Europe.In March 2024, the ZEW Indicator of Economic Sentiment for Germany continues its upward trend for an eighth consecutive month, reaching +31.7, its highest level since February 2022 and surpassing market forecasts of +20.5.According to Professor Achim Wambach, President of ZEW, economic expectations for Germany are experiencing significant improvement. Additionally, more…

Experts at the Institute of Seismology in Thessaloniki, Greece, monitor tremors in real-time for REDACt, a consortium helping four countries bordering the Black Sea respond more efficiently to earthquakes. More than 1,200 faults or fractures have been found in the Earth’s crust across Europe, according to the EFEHR, an NGO monitoring earthquake risk across the continent. These faults cover some 90,000 km and cross national borders.The Earth’s surface is made up of tectonic plates which constantly move due to the currents pushing the magma flowing underneath. An earthquake is triggered along a fault when these plates part or slide into each…

The Swedish giant recognises the ‘loud and clear’ criticism of its business model. Euronews business looks at Spotify’s figures. ADVERTISEMENTSpotify paid out a total of $9 billion (€8.3 billion) in streaming royalties in 2023, making it the largest annual payment from any company to the music industry.The payout, which includes earnings distributed to artists and rights holders, was revealed in its recently published ‘Loud and Clear’ report.  Previously, the giant Swedish digital music, podcast, and video service had been urged to “increase transparency” following criticism that it was failing to do so.”This is everything we know about how much is…

After weeks of disagreements, the European Union has reached a “political agreement” to sanction extremist Israeli settlers, says Josep Borrell. ADVERTISEMENTThe breakthrough occurred during a meeting of the bloc’s foreign affairs ministers on Monday, where the issue was put on the table to give diplomacy a new chance.”We discussed about the sanctions (on) Hamas. And we agreed on sanctions on extremist settlers. It was not possible last Foreign Affairs Council. This time has been possible. A solid compromise has been agreed at the working level and I hope this will continue until full adoption soon,” the bloc’s foreign policy chief…

Japan’s central bank has decided to end its era of negative interest rates following signs that the country’s decades-long deflation is coming to an end. ADVERTISEMENTJapan’s central bank raised its benchmark interest rate Tuesday for the first time in 17 years, ending a longstanding policy of negative rates meant to boost the economy.The Bank of Japan’s (BOJ) lending rate for overnight borrowing by banks was raised to a range of 0 to 0.1% from minus 0.1% at a policy meeting that confirmed expectations of a shift away from ultra-lax monetary policy.It was the first rate hike since February 2007. The…

After Tunisia and Mauritania, the European Union has found a new “strategic” partner to curb irregular migration: Egypt. ADVERTISEMENTThe European Union over the weekend signed a €7.4 billion “comprehensive partnership” with Egypt, a number well over the €700 million and €210 million deals respectively struck with Tunisia and Mauritania.The logic behind the three deals is however the same: to inject fresh money to help stabilise a wobbly economy and curb flows of irregular migration. As European Commission President Ursuval von der Leyen said from Cairo, Egypt could not be avoided “given your political and economic weight, as well as your strategic…