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Spotify, the Swedish music streaming giant, achieved a remarkable financial milestone by reporting profitability for the entire year of 2024. This milestone was unveiled during the presentation of its latest quarterly figures, which showcased significant growth in both subscriber numbers and sales amidst a competitive market landscape. By the end of 2024, Spotify had amassed 263 million premium subscribers, representing an impressive 11% increase compared to the final...
The global smartphone market experienced a remarkable rebound in 2024, surging by 7% after two consecutive years of decline, according to market research firm Canalys. In 2024, over 1.2 billion smartphones were shipped, indicating a substantial recovery in consumer demand following the COVID-19 pandemic. Canalys analyst Runar Bjørhovde highlighted 2024 as a pivotal recovery year for the smartphone industry. The growth was primarily driven by consumers replacing devices...
In recent days, Bitcoin’s value has experienced a significant decline, dropping by approximately 10%. Other cryptocurrencies have faced even steeper losses. Most analysts attribute this downturn to new import tariffs introduced by U.S. President Donald Trump. As of noon on Monday, investors were paying around $95,300 (93,000 euros) per Bitcoin, a decrease of about 10% from Friday. Earlier in the day, the price dipped below $92,000. According to...
Volkswagen, the renowned German auto manufacturer, is embroiled in a legal battle with Indian authorities over a colossal tax assessment amounting to $1.4 billion (1.35 billion euros). This tax levy is noted as the largest import duty ever imposed by India and has sparked significant controversy. The crux of the dispute lies in Volkswagen’s import strategy. The company reportedly brought in various models of its VW, Skoda, and...
The German industrial giant Bosch witnessed a significant decline in profits last year, with earnings dropping by nearly a third. This downturn is attributed to lackluster sales of electric vehicles across Europe and a broader global economic uncertainty. As a key supplier to the automotive industry, Bosch has been affected by the industry’s broader struggles with diminishing sales and profits, which inevitably impact associated suppliers. In addition to...
Shell, the global oil and gas giant, reported lower than anticipated profits for last year, as the company faced challenges across both its traditional and renewable energy segments. While cost savings were achieved, these were overshadowed by declines in revenue, leading to a drop in profits from $28 billion to $24 billion in 2024. Despite these setbacks, Shell’s CEO, Wael Sawan, remains optimistic about the company’s financial performance....
The gold market witnessed a historic surge on Thursday as prices soared to unprecedented levels, driven chiefly by the weakening US dollar. As the dollar depreciates, gold becomes more affordable for traders dealing in other currencies, consequently boosting its demand. The price of gold surged to over $2,792 per 31.1 grams, surpassing the previous peak of around $2,790 reached in late October. This upward trend followed the release...
Apple Inc., the world-renowned technology giant, has announced its most successful financial quarter to date, with revenues soaring to $124.3 billion (approximately 119.5 billion euros). This impressive figure, however, masks a complicated performance landscape, particularly in the Chinese market. While CEO Tim Cook expressed satisfaction with the robust financial results, highlighting strong profit margins across Apple’s product lines, the company faced challenges in maintaining its momentum in China,...
The German government has significantly downgraded its economic growth projections for the year, now anticipating a mere 0.3 percent increase, a stark decrease from the previously expected 1.1 percent. As Europe’s largest economy, Germany’s economic performance is crucial not only domestically but also for its key trading partners, including the Netherlands. For the second consecutive year, Germany’s economy contracted in 2024, underscoring the persistent challenges it faces. This...
In a strategic move aimed at assessing the broader implications of recent financial maneuvers, the Federal Reserve is anticipated to maintain the Fed Funds target rate during its January meeting. This decision comes on the heels of a significant adjustment that lowered the official short-term credit cost from its September peak of 5.25-5.50% to a range of 4.25-4.50%. By opting to hold rates steady, the Federal Reserve is...
ASML, the leading chip machine manufacturer based in Veldhoven (Netherlands), has reported a dramatic increase in orders during the fourth quarter of last year, marking a commendable achievement despite global market challenges. The company’s orders surged to an impressive 7.1 billion euros, a substantial rise from the 2.6 billion euros in the third quarter and an increase from the nearly 5.6 billion euros recorded in the quarter before...
BMW and Tesla, prominent automotive manufacturers, have taken a firm stance against import duties imposed by the European Commission, according to a report by Reuters. Both companies have filed complaints with the European Court of Justice, aligning themselves with several Chinese car manufacturers who also oppose the Brussels-imposed tariffs. Last year, the European Commission decided to implement import duties on electric vehicles manufactured in China and sold within...
In a significant move that has garnered global attention, France has initiated a judicial investigation into Binance, recognized as the world’s largest cryptocurrency platform. The probe zeroes in on serious allegations, including money laundering and tax fraud, with an additional focus on money laundering linked to drug trafficking activities. This investigation emerged in response to complaints from users who reported substantial financial losses after engaging in investments facilitated...
Boeing has reported a staggering net loss of $11.8 billion (€11.2 billion) for the past fiscal year, marking its largest financial setback since 2020. The American aerospace giant last experienced profitability in 2018 and has since been grappling with significant challenges across both its commercial aviation and defense sectors. The company’s financial performance has been adversely affected by a protracted labor strike involving American factory workers, which significantly...
NVIDIA Corporation, a global leader in AI and chip technology, experienced a historic stock decline on Monday, marking its largest trading day loss. The unprecedented drop highlights vulnerabilities in the tech and chip sectors, especially amid the rapid AI market growth. DeepSeek, a groundbreaking Chinese chatbot, challenges established AI giants like NVIDIA, prompting investors to reconsider the competitive landscape. NVIDIA’s market capitalization plummeted by 17% in a day,...
As Greater China and its diaspora across Asia and the West transition from the Year of the Dragon to the Year of the Snake on January 28, there are significant economic and financial considerations to examine. The Year of the Snake, also known as the “little dragon,” symbolizes transformation and vitality, attributes that carry weight in economic forecasting. This year’s Snake is associated with the element of green...
The trajectory hinges on whether it can sustain its dominance or if the US Dollar will reclaim its supremacy. Since Donald Trump’s presidency, the Euro has shown a slight upward trend, rising from 1.02 to 1.05 against the US Dollar. However, this raises a critical question for global markets: will the Euro continue to hold its position, or will the US Dollar regain its position as the world’s...
The European Union member states have reached a consensus on extending the existing sanctions against Russia, as announced by EU foreign affairs chief Kaja Kallas. These sanctions include trade restrictions and asset freezes, aimed at financially impacting Russia due to its ongoing war against Ukraine. The agreement was finalized just days before the current sanctions were set to expire on Friday, January 31. The sanctions, which involve freezing...
The American penny is once again facing scrutiny. DOGE, an organization spearheaded by Elon Musk to reduce government expenditures, argues that the penny is too costly to produce. The copper-colored coin costs more to manufacture than its actual worth. According to DOGE’s statement on X, it costs taxpayers three cents to produce a one-cent coin, based on 2023 prices. A year later, the production cost increased to 3.69...
A new player in the artificial intelligence (AI) landscape is capturing attention in app stores worldwide—DeepSeek, a Chinese AI chatbot. Comparable in performance to leading AI assistants across the globe, DeepSeek distinguishes itself by being developed at a fraction of the cost. Microsoft CEO Satya Nadella expressed admiration for this breakthrough, stating, “We must take developments from China very, very seriously,” during last week’s World Economic Forum in...
Bob Iger, the Chief Executive Officer of The Walt Disney Company, experienced a 30% increase in his compensation last year, largely thanks to a substantial bonus. Iger’s total pay exceeded $41 million (around €39 million), stemming from Disney’s strong financial performance for the fiscal year 2024, which concluded in September. Disney’s revenue and profit figures both rose compared to 2023. The company benefited greatly in the final quarter...
Mitsubishi Motors is reportedly opting out of a high-profile merger between two of Japan’s automotive titans, Nissan and Honda, choosing instead to consolidate its stronghold in the burgeoning Southeast Asian markets. As reported by the Kyodo agency and the Yomiuri newspaper, Mitsubishi’s decision comes amidst concerns about potentially losing its operational autonomy within a proposed holding company structure. The merger plan, unveiled by Nissan and Honda in late...
In a significant legal development, Purdue Pharma and its owners, the Sackler family, have been ordered to pay $7.4 billion for their substantial role in the US opioid addiction epidemic. The settlement comes after the family faced accusations of exacerbating the crisis through the widespread promotion and sale of potent painkillers, including OxyContin, an opioid with similarities to heroin. The opioid crisis, which took root in the late...
South Korea’s economy exhibited negligible growth in the final quarter of 2024, primarily attributed to ongoing political turmoil, according to the South Korean central bank. Despite a full-year growth of 2 percent, the last quarter’s performance was particularly lackluster, registering a mere 0.1 percent increase. This underperformance marks a deviation from expected growth in Asia’s third-largest economy. The persistent political unrest has adversely impacted consumer confidence, leading to...
In a significant move reflecting the shifting dynamics of the automotive industry in the United States, Stellantis has announced a series of strategic investments in American manufacturing. This marks a notable initiative since the inauguration of President Donald Trump, who has been a staunch advocate for bolstering U.S. car production. In a statement shared by the White House on the social media platform X, it was highlighted that...
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