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☆ A former Noma intern at the $500-a-person restaurant said she was forbidden to laugh and paid nothing to assemble beetles out of fruit leather in silence
▼ + stars: | 2023-01-09 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

An intern at Noma said she was told not to laugh during an unpaid stint at the world's top restaurant. Namrata Hegde worked at Noma in 2017 but said she spent little time learning about cooking. The closure comes as founder René Redzepi told the Times that he cannot compensate staff fairly while keeping the restaurant open. Her managers, who were junior chefs at Noma, told Hegde that she was not allowed to make noise, including laughter, while she worked, she told the Times. "I thought an internship was about me learning, as well about contributing to Noma's success," Hegde told the Times.

☆ German industrial orders fall more than expected in November
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 6 (Reuters) - German industrial orders saw their sharpest drop in more than a year in November on falling foreign demand, decreasing by 5.3% on the month on a seasonally and calendar adjusted basis, the federal statistics office said on Friday. A Reuters poll of analysts had pointed to a 0.5% fall, after a downwardly revised rise of 0.6% in October. Orders from eurozone countries slumped by 10.3% on the month, while those from outside the eurozone fell by 6.8%. "This shows how strongly the high energy prices are weighing on the eurozone," said VP Bank chief economist Thomas Gitzel. The statistics office publishes a statement with more economic data.

☆ India OKs $2 bln incentive plan for green hydrogen industry
▼ + stars: | 2023-01-04 | by ( Sarita Chaganti Singh | ) www.reuters.com time to read: +3 min

Reuters reported last month about India's plans for a green hydrogen incentive programme. "Our aim is to establish India as a global hub of green hydrogen," Thakur said. India also plans to build electrolyser capacity of 60 gigawatts to 100 gigawatts to help produce green hydrogen, Thakur said. To promote the use of green hydrogen, Thakur said obligations - such as mandatory targets for green hydrogen consumption - would be required of fertiliser units, petroleum refineries and city gas distribution networks. The United States and the European Union have already approved incentives worth billions of dollars for green hydrogen projects.

☆ German inflation slows in December on one-off energy payment
▼ + stars: | 2023-01-03 | by ( Miranda Murray | ) www.reuters.com time to read: +3 min

A one-off payment for household energy bills in December, part of government efforts to shield consumers, had a downward effect on prices, according to the statistics office. Energy prices eased somewhat in December but were still up 24.4% compared with the same period last year, while food prices had increased by 20.7%, according to the office. Germany's full-year harmonized inflation rate jumped to 8.7% in 2022 from 3.2% a year earlier, said the statistics office. "Core inflation remains the number one inflation scourge for the time being," he added, referring to a measure that excludes volatile food and energy costs. Commerzbank chief economist Joerg Kraemer also warned that core inflation had risen further and said the European Central Bank's "hesitant approach" means high inflation will stick around, despite energy relief measures.

☆ Analysis: Panama and First Quantum harden battle lines over key copper mine
▼ + stars: | 2023-01-03 | by ( Valentine Hilaire | ) www.reuters.com time to read: +5 min

However, no agreement was forthcoming, prompting the two sides to raise the stakes to protect their interests in the mine, known as Cobre Panama. "Cobre Panama is the only metal mine operating in the country and many foreign companies started operations in Panama with its arrival. Failure to reach a deal could spook foreign investors at a time when Panama is looking to develop three other copper deposits that could bring in similar investments to Cobre Panama, said Morales. First Quantum paid $61 million in royalties to Panama's government in 2021, while the Cobre Panama mine posted sales revenues of $3.2 billion for the year, company data show. LUCRATIVE ASSETIn 2021, Cobre Panama represented more than half of First Quantum's earnings before interest, tax depreciation and amortization (EBITDA).

☆ High inflation here to stay for coming months, says German industry
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

Inflation, which slowed slightly to 11.3% in November from a high of 11.6% the month prior, is no longer driven primarily by energy costs but by a host of factors, BDI President Siegfried Russwurm said in a survey of several industry associations. The ECB has raised interest rates by a combined 2.5 percentage points since July - its fastest pace of monetary tightening on record - to counter inflation. Russwurm said more measures would be decided on by the ECB, which the BDI expects to dampen investment activity. The heads of the ZDH German association for skilled trade and the DIHK chambers of industry and commerce also do not see inflation cooling off in the near term. "A noticeable slowdown in price increases is probably not to be expected until summer 2023," said ZDH Secretary General Holger Schwannecke.

☆ German exporters prepare for a challenging 2023
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +2 min

The United States and China are Germany's most important trading partners. "We have a stronger euro again because of the ECB interest rate increases. He added that higher interest rates were already having an impact in the United States where they have risen further, especially on the construction industry. To tame soaring inflation, the European Central Bank and the U.S. Federal Reserve have raised interest rates at the fastest pace in decades and both are expected to do more next year. German exporters had not been able to fully process all orders in recent months due to supply shortages, Jandura said.

☆ German companies plan to invest more in Africa in 2023
▼ + stars: | 2022-12-27 | by ( Rene Wagner | ) www.reuters.com time to read: +2 min

The poll of members of the German-African Business Association also showed that a further 39% of Association's members aim to keep their spending levels in Africa stable. "The majority of companies want to expand their activities in the coming year," Association head Christoph Kannegiesser told Reuters. German companies invested about 1.6 billion euros in Africa in 2021, of which about 1.1 billion euros went to the sub-Sahara region, according to economy ministry data. Namibia could also profit massively from green hydrogen production, said Kannegiesser. The survey showed that 56% of the companies viewed their business activities in Africa in 2022 positively and a further 7% rated them "very good".

☆ German businesses expect only mild recession as disruptions ease
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +2 min

There have been growing signs that the German economy could stave off the worst of an economic downturn triggered by a plunge in energy supply from Russia after the Ukraine invasion. Inflation slowed slightly to 11.3% in November from a high of 11.6% the month prior as energy prices eased. The Association of German Chambers of Industry and Commerce (DIHK) said there were many indications that supply chain disruptions were gradually easing. However, the DIHK warned that soaring energy prices and easing consumer sentiment were still clouding the outlook for 2023. The ZDH association of craftsmen echoed the DIHK, saying noticeably fewer orders were coming in for next year.

☆ Peru president urges Congress to pass reform to bring elections forward amid protests
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: +2 min

LIMA, Dec 17 (Reuters) - Peruvian President Dina Boluarte, who has said she is leading a transitional government, urged the country's Congress to pass a proposal to bring forward general elections in a news conference from the presidential palace on Saturday. Boluarte, formerly Peru's vice president, assumed the presidency earlier this month after ex-President Pedro Castillo tried to illegally dissolve Congress and was arrested. On Friday, Peru's Congress rejected the proposed constitutional reform to move elections forward to December 2023. "I demand that the vote to bring elections up be reconsidered," Boluarte said, criticizing Congress members who had previously abstained from voting. "We want the immediate closure of Congress; we want the resignation of Dina Boluarte," Rene Mendoza, a protester at the border with Bolivia, told Reuters.

LIMA, Dec 17 (Reuters) - Peruvian President Dina Boluarte, who has said she is leading a transitional government, urged the country's Congress to pass a proposal to bring forward general elections in a news conference from the presidential palace on Saturday. Boluarte, formerly Peru's vice president, assumed the presidency earlier this month after leftist ex-President Pedro Castillo tried to illegally dissolve Congress and was arrested. Since then, protests have broken out across the country, and at least 17 people have been killed. On Friday, Peru's Congress rejected the proposed constitutional reform to move elections forward to December 2023. "I demand that the vote to bring elections up be reconsidered," Boluarte said, criticizing Congress members who had previously abstained from voting.

☆ Germany's half-a-trillion dollar energy bazooka may not be enough
▼ + stars: | 2022-12-15 | by ( Christoph Steitz | ) www.reuters.com time to read: +8 min

Almost half a trillion dollars, and counting, since the Ukraine war jolted it into an energy crisis nine months ago. The money set aside stands at up to 440 billion euros ($465 billion), according to the calculations, which provide the first combined tally of all of Germany's drives aimed at avoiding running out of power and securing new sources of energy. That equates to about 1.5 billion euros a day since Russia invaded Ukraine on Feb. 24. Energy rationing is a risk in the event of a long cold spell this winter, Germany's first in half a century without Russian gas. There's no security in sight either, with the push to build up of two alternatives to Russian fuel - liquefied natural gas (LNG) and renewables - years away from targeted levels.

☆ German recession will be milder than expected: Ifo
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Dec 14 (Reuters) - Germany's recession will be milder than expected, with the economy expected to contract by 0.1% in 2023 compared to a previous forecast of shrinking by 0.3%, the Ifo economic institute said on Wednesday. The economy is expected to grow by 1.8% in 2022 compared to a previous forecast of 1.6%. Inflation is seen at 7.8% this year, 6.4% next year and 2.8% in 2024, Ifo said in a statement. Economic growth is expected to bounce back to 1.6% in 2024. Reporting by Rene Wagner; writing by Matthias Williams Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

Researchers for decades have attempted to recreate nuclear fusion – replicating the fusion that powers the sun. Nuclear fusion happens when two or more atoms are fused into one larger one, a process that generates a massive amount of energy as heat. Scientists across the globe have been inching toward the breakthrough, using different methods to try to achieve the same goal. This heat can then be used to warm water, create steam and power turbines to generate power. “The opposing argument is that this result is miles away from actual energy gain required for the production of electricity,” he said.

☆ Big Oil has engaged in a long-running climate disinformation campaign while raking in record profits
▼ + stars: | 2022-12-09 | by ( René Marsh | ) edition.cnn.com time to read: +7 min

CNN —Big Oil companies have engaged in a “long-running greenwashing campaign” while raking in “record profits at the expense of American consumers,” the Democratic-led House Oversight Committee has found after a year-long investigation into climate disinformation from the fossil fuel industry. The committee found the fossil fuel industry is “posturing on climate issues while avoiding real commitments” to reducing greenhouse gas emissions. Lawmakers said it has sought to portray itself as part of the climate solution, even as internal industry documents reveal how companies have avoided making real commitments. Many of their requests for internal documents were heavily redacted by the companies, which did not specify reasons for withholding the information. “These companies know their climate pledges are inadequate but are prioritizing Big Oil’s record profits over the human costs of climate change,” Maloney said.

☆ Bitcoin dips, and SBF hires high-profile attorney following FTX collapse: CNBC Crypto World
▼ + stars: | 2022-12-07 | by ( Jordan Smith | Talia Kaplan | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin dips, and SBF hires high-profile attorney following FTX collapse: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Rene Reinsberg, the co-founder and president of Celo, discusses what investors should expect in the new year.

☆ German exports fall as demand cools in Europe, U.S.
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Exports down 0.6% m/m, twice as much as forecastImports post strongest m/m fall since JanuaryBERLIN, Dec 2 (Reuters) - German exports fell more than forecast in October, official data showed on Friday, as high inflation and supply chain snags hit demand in key trading partners, further raising the spectre of recession for Europe's largest economy. Exports declined by 0.6% on the month, twice as much as analysts predicted in a Reuters poll, the data from the Federal Statistics Office showed. Germany's top export partner, the United States, saw the sharpest fall in German exports at 3.9%, while exports to other European Union member states were down 2.4%. The German chambers of commerce and industry (DIHK) said last month Germany's exports were likely to fall 2% next year due to a sluggish global economy, with nearly half of German companies that sell abroad expecting an economic downturn. Also last month, German industrial group Thyssenkrupp (TKAG.DE) warned its sales and profit would "nosedive" next year as high inflation and energy costs are compounded by expected recession in Europe.

☆ German exports fall more than expected as demand cools in Europe, U.S.
▼ + stars: | 2022-12-02 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

"The German export engine is noticeably juddering," said German chambers of commerce and industry (DIHK) trade chief Volker Trier. "High inflation rates and a tight monetary policy in important sales markets are dampening international demand." DIHK said last month Germany's exports were likely to fall 2% next year due to a sluggish global economy, with nearly half of German companies that sell abroad expecting an economic downturn. Also last month, German industrial group Thyssenkrupp (TKAG.DE) warned its sales and profit would "nosedive" next year as high inflation and energy costs are compounded by an expected recession in Europe. A survey published on Thursday showed Germany's manufacturing sector reported continued weaker demand in November but the downturn slowed as signs of fewer material shortages fuelled hopes that cost pressures could also ease.

☆ Argentina must avoid Australia upset to keep Messi's dream alive
▼ + stars: | 2022-12-01 | by ( Andrew Cawthorne | ) www.reuters.com time to read: +2 min

DOHA, Dec 1 (Reuters) - Argentina are hot favourites to beat Australia on Saturday in pursuit of Lionel Messi's dream of winning a first World Cup, but they more than anyone have learned not to underestimate an underdog, especially the hard-battling Socceroos. "We've almost got no time to let it all sink in, enjoy it ... it's recovery, recovery, recovery," concurred Australia's assistant coach Rene Meulensteen. Anyone who thinks the match against Australia will be easy is wrong," Argentina's Scaloni said. Reaching the quarter-finals would be dreamland for Australia, but for Argentina it is a bare minimum national expectation as they seek a third World Cup trophy. Messi, on his fifth and final quest to win the World Cup and match his great predecessor Diego Maradona in the No.

☆ Is this the last Christmas for Sears?
▼ + stars: | 2022-11-29 | by ( Chris Isidore | ) edition.cnn.com time to read: +13 min

Easterling was at the Sears in her hometown of Jersey City, New Jersey, one of only 15 full-line Sears stores still open. The two started a catalog business selling watches and jewelry in 1888, incorporating under the Sears Roebuck name in 1893. The Sears catalog was the way many Americans first started to buy mass-produced goods. File photo/AP People shop inside a Sears store in Morton Grove, Illinois, in 1961. AP Soldiers guard a Sears store in Baltimore after riots broke out following the assassination of Martin Luther King Jr. in 1968.

But a new U.S. law offering hefty subsidies to local manufacturers of green technology has given the company pause for thought. That is roughly four times what the German government is offering, he said, with cheaper energy prices in the United States on top. The act introduces tax credits related to investment in green technology, plus tax breaks for consumers buying an electric vehicle or other green product made in North America. German carmakers and suppliers, for which the United States is a main export market, are among its biggest victims. "If we don't do anything, a lot will emerge in the United States," said Siemens Energy (ENR1n.DE) Chief Executive Christian Bruch.

☆ Two companies have luxury trains called the 'Orient Express.' Here are the differences
▼ + stars: | 2022-11-22 | by ( Lucy Handley | ) www.cnbc.com time to read: +9 min

The "Orient Express" has been called the "king of trains" and the "train of kings." By the 1970s, the original Orient Express trains had made their last journeys, and the carriages fell into disrepair. The Orient Express 'La Dolce Vita'Accor has more plans to use the Orient Express name. A rendering of the "Orient Express La Dolce Vita," which will connect Rome to cities like Paris, Istanbul and Split. A rendering of a bedroom suite on the "Orient Express La Dolce Vita," showing the train's 1960s-style decor.

☆ Petrofac CEO to step down, shares fall
▼ + stars: | 2022-11-22 | by ( Radhika Anilkumar | ) www.reuters.com time to read: +2 min

SummarySummary Companies CEO Sami Iskander to step down end of MarchTo be replaced by senior McDermott executive Tareq KawashShares down 3.2%Nov 22 (Reuters) - Oilfield services provider Petrofac Ltd (PFC.L) said on Tuesday that Sami Iskander would step down as chief executive officer at the end of March 2023 and be replaced by Tareq Kawash, a senior executive at energy firm McDermott. Shares in Petrofac, which did not give a reason for Iskander's planned departure, were down 3.2% at 0855 GMT. "PFC's balance sheet will come under renewed scrutiny," analysts at Jefferies said in a note. He will take over as Petrofac CEO on April 1. Reporting by Radhika Anilkumar in Bengaluru; Editing by Savio D'Souza and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ German producer prices unexpectedly fall in October
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 21 (Reuters) - German producer prices fell unexpectedly on the month in October, due primarily to a dip in prices for electricity and distributed natural gas, according to data released on Monday. Producer prices of industrial products fell 4.2% on the month, theFederal Statistical Office reported, compared with economists' expectations for a rise of 0.9%. October marks the first month-on-month decrease in producer prices, considered a leading indicator for consumer prices, since May 2020. Electricity prices were down 16.9% across all customer groups compared with September 2022, while prices of natural gas were down 9.0%, according to the office. Germany's consumer prices, harmonised to compare with other European countries, were 11.6% higher year-on-year in October.

☆ Germany's LNG terminals to cost more than double earlier estimate
▼ + stars: | 2022-11-20 | by ( Megan Rowling | ) www.reuters.com time to read: +1 min

[1/2] General view of the new floating LNG gas terminal, which allows Germany to import LNG via ship from other countries, in the harbour in Wilhelmshaven, Germany, November 15, 2022. Overall, the costs are estimated at about 6.56 billion euros, the ministry said, confirming a report in Der Spiegel. That compares with 2.94 billion euros estimated in the country's 2022 budget. The ministry said the floating terminals were essential for Europe's biggest economy to compensate for a collapse in deliveries of Russian gas since Moscow's invasion of Ukraine. Germany this month completed the construction of its first floating terminal for LNG at the North Sea port of Wilhelmshaven.

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