Author: Euronews

Amazon drops $1.4 billion bid for iRobot amid disagreements with EU regulators threatening to block the deal in 2022. ADVERTISEMENTAmazon has abandoned its intended $1.4 billion (€1.3 billion) acquisition of iRobot, the maker of Roomba, following disagreements with European Union regulators who warned of blocking the deal.The European Commission informed Amazon in November that it believed the company’s purchase could restrict competition in the robot vacuum cleaners market, particularly as other manufacturers sell their vacuums through the online marketplace.”Amazon may have the incentive to foreclose iRobot’s rivals because it may be economically profitable to do so,” a statement from the…

The European Commission will not push forward Article 7, the so-called nuclear option, against Hungary over breaches of fundamental rights until there is a strong majority in favour among member states. ADVERTISEMENT”It’s not possible for the Commission to take a decision in the process,” Didier Reynders, the European Commissioner for Justice, said on Monday afternoon.Hungary has been under the first phase of Article 7 since 2018 over the democratic backsliding overseen by Prime Minister Viktor Orbán, who is accused of weakening judicial independence, perpetuating cronyism, diluting media pluralism, abusing emergency powers, passing anti-LGBT legislation and hindering asylum rights.Although unrelated to the rule…

The budget airline shows support for Boeing and its series of manufacturing crises while forecasting a fall in profits of its own. ADVERTISEMENTRyanair chief executive Michael O’Leary has said his company will buy Boeing 737 MAX 10 aircraft “at the right price” if US airlines backtrack on their orders.The offer comes after a major incident on one of the 737 MAX 9 planes earlier this month, when a cabin panel blew out during an Alaska Airlines flight.Although the mishap caused no casualties, it has brought Boeing under heavy regulatory scrutiny.Last week, the Federal Aviation Authority blocked Boeing from expanding production…

The rial lost 17% in the past four months in the free market against the US dollar, as Iran tackles inflation soaring above 40%. ADVERTISEMENTThe escalating risk of a direct military confrontation between the US and Iran is hitting the Middle Eastern country’s economy hard: its currency the rial has been tumbling against the US dollar in recent months. The intensification of attacks by Iranian-backed militias in the Middle East against US positions is fuelling these fears and putting increasing pressure on Iran’s economy.The rial has suffered a sharp devaluation on the free market, which is not officially recognised by the…

The European Commission said on Monday it will “review” its support to UNRWA, the UN agency for Palestinian refugees, following allegations several of its staff members were involved in the October 7 attacks on Israel. ADVERTISEMENTThe EU executive said in a statement it will “determine upcoming funding decisions for UNRWA in light of the very serious allegations” made in relation to the UN agency’s staff.The Commission also calls for a probe into all UNRWA staff as soon as possible to “confirm that they did not participate in the attacks.””We are asking first of all for the organisation to carry out the…

The world’s most heavily indebted real estate developer has been ordered to undergo liquidation. But their assets don’t cover their liabilities. ADVERTISEMENTEvergrande’s Hong Kong-traded shares plunged more than 20% early on Monday before they were suspended from trading after a Hong Kong court ordered the world’s most heavily indebted real estate developer to undergo liquidation. The firm is the second biggest company in China’s enormous property market, with $300 billion (€277 billion) owed to banks and bondholders. A court order for a liquidation process means that the company’s assets will be seized and sold off to repay its debts. But in the case…

The EU’s flagship AI legislation doesn’t cover all cases, scenarios, or terminology, but it may complement existing legislation of the member states, including accessibility, equality or social protection laws, Yonah Welker writes. Source link

One in five UK companies warns of declining profits as high interest rates take their toll. ADVERTISEMENTUK-listed firms issued 294 profit warnings in 2023, according to a new report from EY-Parthenon. That means one in five businesses sent official warnings to investors about predicted profit declines for the coming year.While the number is lower than the 305 figure recorded in 2022, it amounts to 18.2% of listed firms, which is higher than the 17.7% seen during 2008, the peak of the financial crisis.One of the key challenges facing firms at present is the high cost of borrowing, as the base rate…

The change in the leaderboard is a symptom of diverging business empires and rapid movements in market performance. ADVERTISEMENTBernard Arnault, the head of LVMH (Louis Vuitton Moët Hennessy), has claimed the title of the world’s richest person, surpassing Tesla’s Elon Musk.Arnault’s net worth now stands at an astounding $207.6 billion (€191.5 billion), edging out Musk’s $204.7 billion (€188.74 billion), according to the latest Forbes “Real-Time Billionaires List”.Arnault experienced an extraordinary boost in wealth last week, with his net worth increasing by $22.7 billion (€20.9 billion) in just one day on Friday, representing a remarkable jump of 12.3%. In stark contrast,…

Most insurance and banking companies are incorporating artificial intelligence (AI) into their workflow, but obstacles remain, according to a new report. ADVERTISEMENTThe UK’s financial leaders are coming under significant pressure to rapidly implement artificial intelligence into their businesses.This is according to a new report, released on Monday by digital consulting and analytics company EXL, based on surveys from 64 senior figures in the UK’s insurance and banking industries.Amongst respondents, 86% said their firms had invested more than £7.9 million (€9.25 million) in artificial intelligence over the past fiscal year, with 35% reporting investment of more than £39 million (€45.7 million).Yet…