Author: Euronews

Despite its often eye-watering prices, the restaurant group has still had to battle with surging energy bills. ADVERTISEMENTThe London-based Nusr-Et Steakhouse, commonly known as the “Salt Bae restaurant” for the viral chef from which it gets its name, boosted its profits by 44% in 2022, according to new figures.A recent filing on the UK’s Companies House – the country’s company register – showed that the steakhouse brought in £3.3 million (€3.9 million) in profit before tax two years ago, compared to £2.3 million the year before.The restaurant, part of a global empire with branches in Turkey, Greece, the US and…

European Commission President Ursula von der Leyen will soon put forward a common strategy for the EU’s defence industry, designed to strengthen military production and arms supply. ADVERTISEMENTVon der Leyen, who has just announced her intention to run for a second term, reiterated in an interview with Euronews her desire for more coordination when it comes to military spending by EU states.”We have to spend more, we have to spend better, and I think we have to spend in a more ‘European’ way to consolidate our defence industrial base,” she said.The European Union takes up armsSince the invasion of Ukraine,…

Germany’s “ongoing period of weakness” could last longer than expected, the country’s central bank is warning. ADVERTISEMENTEurope’s largest economy may have already slid into a recession, according to Germany’s central bank, the Deutsche Bundesbank. This is mainly due to a number of factors such as dampened construction activity, strikes and falling foreign demand.The news comes after the German economy saw a fall of 0.3% in the last quarter of 2023.Looking forward to expectations for the current quarter, the Bundesbank said in its monthly report that “stress factors would probably remain in the first quarter” which would mean “economic output could…

The hospitality industry is appealing to Chancellor Jeremy Hunt to do something to help businesses stay afloat. ADVERTISEMENTA quarter of businesses in the hospitality sector say they are in danger of running out of money with no cash reserves left; a further 29% have less than three months’ worth of money put by. The plea follows a survey by UKHospitality which found licensees working in pubs, hotels and restaurants and cafes looking towards the future with great uncertainty.Some 98% of them revealed they had seen food and drinks cost rise over the past year, with 96% reporting a rise in…

The world’s second-biggest economy is launching a new effort to boost a sector which provides 25% of the country’s GDP. ADVERTISEMENTChina has cut its mortgage-linked five-year loan prime rate (LPR), the country’s central bank announced Tuesday – the first time it has done so since May 2023. The five-year rate was lowered by 0.25 basis points to 3.95% while the 1-year rate remains at 3.45%. Analysts said it was the largest cut on record for that rate.The surprise cut to the five-year LPR could improve affordability for buyers by lowering mortgage rates.China’s economy, the world’s second-largest, depends heavily on the property…

The majority of the scams targeting consumers are happening on social media, according to a new report. ADVERTISEMENTFraud in the UK more than doubled in value in 2023 compared to the previous year, according to financial services firm BDO.The firm’s latest FraudTrack analysis shows that the total reported value of fraud in the UK reached a whopping £2.3 billion (€2.69 billion) last year.It works out at a 104% increase on 2022, although BDO notes that the huge rise is mainly due to a few high-value cases.The £2.3 billion sum is approximately the total lifetime earnings of some 1,645 people (assuming they received the…

All European Union countries, except for Hungary, have jointly called for an eventual ceasefire in Gaza and urged Israel not to launch its planned assault on Rafah. ADVERTISEMENTBudapest refused to endorse the call, despite pressure from other capitals, and also single-handedly derailed EU plans to collectively slap sanctions on violent Israeli settlers, first tabled in December following a fresh bout of attacks on Palestinians in the West Bank.It followed ten hours of intense talks between EU foreign ministers on Monday, during which Hungary’s Péter Szijjártó dug in his heels and blocked consensus on both issues.In a rare occurrence for the…

While startup CEOs focus mainly on assessing market demand and navigating competition in the early business year, scaleup CEOs need to be much more focused on long-term strategy. ADVERTISEMENTDid you know that about 900,000 new businesses were set up in the UK in 2023, according to the NatWest and Beauhurst New Startup Index? This was a new record and an 11.8% hike from 2022. Out of these, about 318,000 were based in London, a 20% increase from 2022.The top three sectors were online retailing, which saw the launch of about 43,195 companies, followed by the real estate and property rental sector,…

The European Union must strive to keep its democracy “safe and secure,” Ursula von der Leyen told Euronews after announcing her re-election bid. ADVERTISEMENTThe German politician confirmed on Monday afternoon her desire to lead the European Commission for another five years. The news caps off weeks of mounting speculation and heats up the presidential race ahead of the elections to the European Parliament.If re-elected, von der Leyen is determined to make defence one of the most significant and structural priorities of her second mandate. Defence was for years a low-profile policy area in Brussels until Russia launched the full-scale invasion…

Israel’s economic output plummeted in the final three months of 2023, mainly driven by a large drop in private consumption. ADVERTISEMENTIsrael’s economy has been badly affected by its war with Hamas following the attack on Israel on 7 October 2023, with output in the final three months of 2023 falling a dramatic 19.4% compared with the same period of 2022.The fall was more than market analysts had expected and marks the biggest contraction in almost four years, according to Israel’s Central Bureau of Statistics’ first estimate.The decline was partially due to a dive in business activity as workers were called up…