Author: Press Room
Christian Lindner, the German finance minister, panned the concept of a four-day workweek.Lindner said no society in history has “increased its prosperity by working less.”50 German companies are set to trial a four-day workweek starting February. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app A top politician in Germany has panned the concept of a four-day workweek for full pay, saying it’s a hindrance to prosperity.”Never in history has a society increased its prosperity by working less,” Christian Lindner, the German finance minister, said late…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.This article is an on-site version of our Europe Express newsletter. Sign up here to get the newsletter sent straight to your inbox every weekday and Saturday morningGood morning. I’m just back from a whirlwind trip to Kyiv with European commission president Ursula von der Leyen, days before a crucial report on Ukraine’s EU accession bid. Here, I’ll explain how she walked the expectations-management tightrope, while our Seoul correspondent hears how commission trade chief Valdis Dombrovskis received a ticking off in South…
© Reuters. FILE PHOTO: Construction sites are photographed in Frankfurt, Germany, July 19, 2023. REUTERS/Kai Pfaffenbach/File Photo BERLIN (Reuters) – Germany’s residential construction sector was again hit by a wave of cancellations in October, according to a survey published on Monday that showed a record number of firms reporting abandoned projects. In October, 22.2% percent of companies reported cancelled projects, up from 21.4% the previous month, the Ifo economic institute said. “It’s getting worse all the time, with more and more projects failing due to higher interest rates and elevated construction prices,” says Klaus Wohlrabe, Ifo head of surveys. “In…
© Reuters. A general view shows the Tesla logo on the Gigafactory in Gruenheide near Berlin, Germany, August 30, 2022. REUTERS/Annegret Hilse/File Photo BERLIN (Reuters) -Tesla will build a 25,000-euro ($26,837.50) car at its factory near Berlin, a source with knowledge of the matter said on Monday, in a long-awaited development for the electric vehicle maker which is aiming for mass uptake of its cars. The source, who declined to be named, did not specify when production will begin. Tesla (NASDAQ:) declined to comment. Tesla Chief Executive Elon Musk visited the plant in Gruenheide, near Berlin, on Friday, after attending…
Vertigo3d Elon Musk’s AI startup released its first AI model Grok with real-time access to information through his social media platform X, which he said is a “massive advantage” over other models such as ChatGPT. “Grok is an AI modeled after the Hitchhiker’s Guide to the Galaxy, so intended to answer almost anything and, far harder, even suggest what questions to ask!” xAI’s website read. The prototype of the chatbot, which Musk said was “designed to have a little more humor in its responses,” is being tested among a limited group of verified users in the U.S. to improve its…
© Reuters. The continuous devaluation of the Nigerian Naira, which recently peaked at N2,010 per CFA1000, has significantly disrupted cross-border trade and led to record high commodity prices. The situation has been particularly severe for traders dealing in rice and frozen poultry products at the Seme-Krake border in Lagos. The price of a 50kg bag of rice has surged to about N35,000 while a carton of frozen poultry products now costs N28,000. Trader John Ebube from Lagos noted that financial challenges are intensifying as the Naira’s value continues to fall. The depreciation of Nigeria’s currency has also inadvertently turned petrol…
Republican Senate candidate Tim Sheehy claims two-term Sen. Jon Tester is “two-faced” on issues during election cycles after voting in tandem with President Biden while appearing to brand himself a moderate among voters.Tester sided with Biden on 91% of issues in 2021 and 2022, according to FiveThirtyEight, but recently pushed back on the administration’s orders on the border and Iran.Sheehy claimed Tester, the sole Democrat to hold a statewide seat in Montana, switches gears on issues ahead of election season.”Tester two-face doing the Tester two-step,” Sheehy told Fox News Digital in an exclusive interview. “You know this is what he…
Rep. George Santos says he’s gathering proof to confirm his Jewish heritage.Santos told CNN’s Manu Raju that this is “something I’m going to prove before I die.” The embattled New York Republican has admitted to lying about his education and work history. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Rep. George Santos is doubling down once again on his claims that he has Jewish ancestry. This time, the embattled New York Republican says he’s sure his grandparents fled the Holocaust — he just needs to…
Welcome to FT Asset Management, our weekly newsletter on the movers and shakers behind a multitrillion-dollar global industry. This article is an on-site version of the newsletter. Sign up here to get it sent straight to your inbox every Monday. Does the format, content and tone work for you? Let me know: harriet.agnew@ft.com One scoop to start: The IMF has urged regulators to bear down on the liquidity risks presented by life insurers linked to private capital groups, warning of potential “contagion” to the wider financial sector and the real economy after a shift in ownership in the sector. Groups…
The Federal Reserve’s interest rate hikes over the past 19 months have led to record inflows into money market funds, attracting both institutional and private investors with a 5% yield. The total inflow has reached an unprecedented $1 trillion, according to the Investment Company Institute. These inflows have been evenly divided between government and prime funds, the latter offering a higher premium due to their holdings in banks’ commercial paper and ultra-safe Treasury bills. Despite this trend, October witnessed a significant outflow from US money market funds, with $36bn leaving the sector. This marks the largest monthly decline since April…