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☆ Europe is producing more startup 'mafias' than ever despite tech rout
▼ + stars: | 2023-05-24 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

The average time taken for a startup to hit unicorn status in Europe is now just seven years, according to Accel. Of the 353 "unicorn" companies in the region, 221 have spun out 1,171 new tech-enabled startup companies as employees at these firms left to start up their own ventures, Accel said, citing Dealroom data. Startup mafias have existed for decades. These "mafias," which are firms started by employees of other tech firms, have historically led to the creation of some of the largest tech companies known today. The largest cohort of newly established startup mafias comes from fintech, with almost 20% of European startups spun out of unicorns operating in the sector.

Persons: Accel, Elon Musk, Peter Thiel, Niklas Zennstrom, Taavet Hinrikus, I'd, Harry Nelis, Klarna, Wise Organizations: Accel, Spotify, PayPal, Elon, Ventures, Fund, Shell, Unilever, CNBC, Startup Locations: Europe, Israel, American, Silicon Valley, West Coast, Palo Alto, Netherlands, fintech

☆ Factbox: Why Ukraine is bidding for F-16 jets and will it succeed?
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +5 min

WHAT KIND OF FIGHTER JETS COULD UKRAINE GET? Ukraine wants F-16s, which it says are "four or five times" more effective than Soviet-era jets it currently has. However, Polish President Andrzej Duda reiterated on Tuesday that Poland has too few F-16 jets to be able to give any to Ukraine. Britain will not send jets to Ukraine, a spokesperson for Sunak has said, since Britain does not have the F-16s that Ukraine wants. Denmark said in February it was "open" to the idea of sending fighter jets to Ukraine.

☆ Swedish inflation dips more than expected in April, easing cbank worries
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +2 min

Stripping out volatile energy prices - a measure the central bank is looking closely at - underlying inflation was 8.4% on the year. For headline inflation, analysts had forecast 7.9%, the same as the Riksbank. Underlying inflation was seen by analysts at 8.7% and at 8.6% by the Riksbank. Another quarter-point hike is expected in June or September, before the tightening cycle comes to an end. Policy-makers said they were ready to rethink the plan if price pressures did not fall back as expected.

☆ Werder without Bundesliga top scorer Fuellkrug against Bayern
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

[1/2] Soccer Football - International Friendly - Germany v Belgium - RheinEnergieStadion, Cologne, Germany - March 28, 2023 Germany's Niclas Fullkrug scores their first goal from the penalty spot REUTERS/Wolfgang RattayBERLIN, May 4 (Reuters) - Werder Bremen will be missing injured Bundesliga top striker Niclas Fuellkrug when they host leaders Bayern Munich on Saturday, coach Ole Werner said on Thursday. "Fuellkrug has been ruled out," Werner told a press conference. Fuellkrug also missed the previous three league matches. Werder have 35 points, seven above the relegation playoff spot with four matches remaining. Bayern lead the title race with a one-point advantage over Borussia Dortmund.

☆ Coronation travel guide: Transport advice, London hotels and where to watch
▼ + stars: | 2023-04-28 | by ( Julia Buckley | ) edition.cnn.com time to read: +16 min

Take the Conrad London St. James, for example, which sits between the Mall and Westminster Abbey. Most of the roads around Westminster Abbey and St. James’s Park Underground station will be blocked off. How to see the coronationCharles and Camilla will ride in the Diamond Jubilee State Coach to Westminster Abbey for the ceremony. Niklas Halle'n/AFP/Getty ImagesThe coronation itself will take place on the morning of Saturday May 6 at Westminster Abbey. Royal Windsor Racecourse, near Windsor Castle, and on the bank of the River Thames, is having a race night to celebrate the day’s public holiday.

☆ Dortmund ready to take five last steps to league title says Terzic
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

BERLIN, April 27 (Reuters) - Borussia Dortmund have five more steps to take to lift their first Bundesliga title in 11 years, coach Edin Terzic said on Thursday, with his team ready for the season's crunch period. They visit VfL Bochum in the mini Ruhr derby on Friday while Bayern are in action at home to Hertha Berlin on Sunday. We have to take five more steps and the next one is tomorrow," Terzic told a news conference. We play tomorrow against Bochum and we can improve our situation tomorrow only if we bag the three points," he added. They also have to play VfL Wolfsburg, Borussia Moenchengladbach, Augsburg and Mainz 05.

☆ Handelsbanken scores profit beat as interest income climbs
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

STOCKHOLM, April 26 (Reuters) - Swedish bank Handelsbanken (SHBa.ST) reported first-quarter net profit above market expectations on Wednesday on the back of climbing interest income and said its credit quality remained good against a backdrop of heightened uncertainty. Soaring inflation over the past year has seen central banks crank up key rates radically, boosting interest income for banks such as Handelsbanken, but also spurring their own costs and ramping up pressure on their customers and on property prices. The rival of Swedbank (SWEDa.ST), SEB (SEBa.ST) and Nordea (NDAFI.HE) said net profit totalled 6.81 billion Swedish crowns ($661.23 million) versus a year-ago 5.69 billion, topping a mean forecast 6.20 billion, according to Refinitiv estimates. The bank, whose main markets are Sweden, Norway and Britain, said its net interest income, which includes revenues from mortgages, rose to 11.49 billion from a year-ago 8.01 billion, above the 10.89 billion expected by analysts. Handelsbanken said its credit losses edged up to 30 million crowns from only 6 million a year ago, well below the 386 million seen by analysts.

☆ Spotify's monthly active users top 500 million, beat estimate
▼ + stars: | 2023-04-25 | by ( Supantha Mukherjee | ) www.reuters.com time to read: +2 min

The number of monthly active users rose to 515 million in the first quarter, beating Spotify's guidance and analysts' forecast of 500 million, according to IBES data from Refinitiv. Premium subscribers, who account for most of its revenue, rose 15% to 210 million, topping estimates of 206 million. The company forecast monthly active users of 530 million. Spotify last year laid out plans to get one billion users by 2030 and reach $100 billion in annual revenue. Spotify's current-quarter revenue forecast of 3.2 billion euros also missed expectations of 3.26 billion euros.

☆ Ukraine war spurs record global spending on military, Stockholm think tank says
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: +2 min

STOCKHOLM, April 24 (Reuters) - Global military spending rose to a record last year as Russia's war in Ukraine drove the biggest annual increase in expenditure in Europe since the end of the Cold War three decades ago, a leading conflict and armaments think tank said on Monday. World military expenditure rose by 3.7% in real terms in 2022 to $2.24 trillion, the Stockholm International Peace Research Institute (SIPRI) said in a statement. "As a result, we can reasonably expect military expenditure in Central and Western Europe to keep rising in the years ahead." SIPRI estimated that military aid to Ukraine from the United States accounted for 2.3% of total U.S. military spending in 2022. Though the United States was the world's top spender by far its overall expenditure rose only marginally in real terms.

Volvo, a rival of manufacturers such as Daimler Trucks (DTGGe.DE) and Traton (8TRA.DE), forecast 2023 heavy truck sales in Europe and North America of 320,000 for each region. Handelsbanken analyst Hampus Engellau said the raised truck outlook sent a strong message that Volvo sees the second-half of 2023 as a good market for its trucks. Gothenburg-based Volvo, which also makes construction equipment and engines, said there was pent-up demand to replace aging fleets which had helped boost order intake. Shares in Volvo, one of Sweden's biggest employers, rose 1.2% in morning trade in a flat broader market (.OMXSPI). Volvo is not the only automaker to have had a good quarter.

☆ Creator of Nansen's Shanghai dashboard breaks down the data following the upgrade
▼ + stars: | 2023-04-19 | by ( 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 EmailCreator of Nansen's Shanghai dashboard breaks down the data following the upgradeCNBC 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. Following Ethereum's latest upgrade, Crypto World spoke with Niklas Polk, a research analyst with the blockchain analytics platform Nansen, about the new Shanghai dashboard he helped create and the data it revealed regarding ETH withdrawals.

☆ Germany has shut down its last three nuclear power plants, and some climate scientists are aghast
▼ + stars: | 2023-04-18 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +8 min

16 April 2023, Baden-Württemberg, Neckarwestheim: The Neckarwestheim nuclear power plant. The era of commercial power generation with nuclear power plants in Germany came to an end on Saturday with the separation of the Isar 2, Neckarwestheim and Emsland nuclear power plants from the power grid. Picture Alliance | Picture Alliance | Getty ImagesAs of Sunday, April 16, Germany is no longer producing any electricity from nuclear power plants. With the separation of the Isar 2, Neckarwestheim and Emsland nuclear power plants from the power grid, the era of commercial power generation with nuclear power plants in Germany came to an end on Saturday. Nuclear energy is also often more expensive than wind and solar power, Quaschning said, adding, "there are no longer any real advantages with nuclear energy."

☆ Sweden's Alecta axes CEO after US bank losses
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

OSLO/STOCKHOLM, April 11 (Reuters) - Swedish pension fund Alecta on Tuesday fired its CEO Magnus Billing with immediate effect following the recent announcement of large losses from investments in several U.S. banks. Alecta, Sweden's largest pension fund provider, last month said it had lost 19.6 billion Swedish crowns ($1.87 billion) from its shareholdings in First Republic Bank (FRC.N), Silicon Valley Bank and Signature Bank. "The losses have severely damaged the trust in Alecta's asset management," the company said in a statement. "The board has concluded that Alecta needs new leadership in order to implement the necessary changes within the asset management and re-establish trust." The pension provider last week announced the replacement of its head of stock market asset management.

☆ Swedish prosecutor says may be difficult to determine who blew up Nord Stream pipelines
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, April 6 (Reuters) - It will likely be difficult to determine who blew up the Nord Stream pipelines connecting Russia and Germany in the Baltic Sea last year, Sweden's prosecution authority, which is investigating the incident, said on Thursday. The Sept. 26 explosions at the pipelines connecting Russia and Germany occurred in the economic zones of Sweden and Denmark. The blast in the Swedish zone happened at a depth of 80 meters and the prosecutor said investigating it was complicated. While no conclusion has been drawn there have been a number of theories as to who blew up the pipelines and how. Germany has confirmed its investigators raided a ship in January that may have been used to transport the explosives used to blow up the pipelines.

"I feel it's a good thing that Finland is joining NATO. In Virolahti, near the Russian border due east of Helsinki, retired Finnish combat engineer Ilkka Lansivaara had hung his own NATO flag from the side of his house. Memories of Finland's close relations with Moscow to preserve independence - a tactic known as "Finlandisation" - run deep for many Finns. Finland brings a sizable, well-trained military into NATO and Russia has said it will have to take "counter-measures" to ensure Russian security in response. Meanwhile, Finland's close partner Sweden continues to wait for ratification of its NATO membership bid in the face of opposition from Turkey and Hungary.

☆ Factbox: Steps in Finnish, Swedish path to NATO membership
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +5 min

Hungary's parliament approved a bill this week to allow Finland to join NATO after Erdogan declared Turkey was ready to approve that bid. Turkey's parliament is expected to follow through on Erdogan's commitment with a vote this week, clearing the way for Finland to join NATO within weeks. Here are the key steps in Finland's and Sweden's path towards NATO membership so far:FINLAND AND SWEDEN SUBMIT MEMBERSHIP REQUESTThe applications, letters signed by the countries' foreign ministers, were formally handed in by Finland's and Sweden's NATO ambassadors on May 18, 2022. FINLAND FORGES AHEADAll NATO countries must ratify a would-be member's application before it can join the alliance. But NATO Secretary-General Jens Stoltenberg has said getting Sweden's application over the line is a top priority.

☆ Corporations desperate to avoid poor quality carbon credits and are starting up their own climate funds to offset emissions
▼ + stars: | 2023-03-24 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +6 min

The voluntary carbon market has a problem with bad quality carbon credits. "Headline after headline is published exposing these offsets for poor quality," Michelle You, CEO and cofounder of carbon removal platform Supercritical told Insider. The London Stock Exchange has also done this for investors - instead of getting dividends, they get carbon credits. He expects bespoke funds will phase out when the quality of carbon credits is better assured. Frontier Fund has brought widespread attention to the carbon removal space and sends critical demand signals to early carbon removal companies, Supercritical's You said.

☆ Nordic countries plan joint air defence to counter Russian threat
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +2 min

COPENHAGEN, March 24 (Reuters) - Air force commanders from Sweden, Norway, Finland and Denmark said on Friday they have signed a letter of intent to create a unified Nordic air defence aimed at countering the rising threat from Russia. The move to integrate the air forces was triggered by Russia's invasion of Ukraine in February last year, commander of the Danish air force, Major General Jan Dam, told Reuters. Finland has 62 F/A-18 Hornet jets and 64 F-35s on order, while Denmark has 58 F-16s and 27 F-35s on order. The signing at the Ramstein Air Base in Germany last week was attended by NATO Air Command chief General James Hecker, who also oversees the U.S. Air Force in the region. The Nordic air force commanders first discussed the closer cooperation at a meeting in November in Sweden.

☆ U.S. bank woes no threat to Swedish financial system, watchdog says
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

OSLO, March 13 (Reuters) - The collapse of Silicon Valley Bank (SVB) and some other U.S. banks is unlikely to impact Sweden's financial stability, Sweden's financial watchdog said on Monday. While the U.S. banking market was hit by a degree of turbulence, Swedish banks are regulated more tightly to ensure liquidity buffers are in place and balance sheets are protected, it added. "Our assessment is however that the stability of the Swedish financial system is not affected by this," acting FI Director-General Susanna Grufman said. Pensions group Alecta has around 12 billion Swedish crowns ($1.12 billion) in investments in Silicon Valley Bank and Signature Bank (SBNY.O), news agency TT reported. "Up to now we do not see any spread of the effects into the Swedish financial system," Wykman told Reuters.

☆ Sweden, Finland and Turkey hold NATO talks, agree to more meetings
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

STOCKHOLM/ISTANBUL, March 9 (Reuters) - Turkey has acknowledged that Sweden and Finland have taken concrete steps to meet Ankara's concerns over their bids to join NATO and the three will hold further meetings, Sweden's chief negotiator in the accession process said on Thursday. Sweden and Finland applied last year to join NATO, but faced unexpected objections from Turkey which says the two countries harbour members of the Kurdistan Workers Party (PKK), considered a terrorist group by Ankara and its Western allies. "We see that Turkey recognized that both Sweden and Finland have taken concrete steps in this agreement, which is a good sign," chief negotiator Oscar Stenstrom told a news conference at NATO headquarters after trilateral talks resumed. President Tayyip Erdogan's spokesman, Ibrahim Kalin, said steps taken by Sweden and Finland to address Ankara's security concerns were positive, but not enough for Turkey's ratification of their NATO bid. In January, Turkey suspended talks set up as part of a trilateral deal agreed in Madrid last year aimed at smoothing Finland and Sweden's accession process.

☆ Sweden to send up to 10 Leopard tanks to Ukraine
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, Feb 24 (Reuters) - Sweden will donate up to 10 Leopard 2 tanks and HAWK anti-aircraft systems to Ukraine, the Nordic country's government said on Friday, in its latest tranche of military support to help Kyiv push back the Russian invasion. "The Swedish tanks reinforce the Leopard 2 contribution that other European countries make. Coordination of support is ongoing with international partners donating Leopard 2 or other tanks," the government said in a statement. Earlier on Friday, the one-year anniversary of the invasion, Poland said it had delivered four Leopard tanks to Ukraine already and was prepared to deliver more quickly. Warsaw's commitment to its neighbour has been instrumental in persuading European allies to donate heavy weapons to Ukraine, including tanks, a move opposed by several governments, including Berlin, until recently.

☆ Sweden open to sending Leopards to Ukraine, defence minister says - TT news agency
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, Feb 23 (Reuters) - Sweden is open to sending some of its Leopard battle tanks to Ukraine as the Nordic country prepares to present another package of aid to help the country fight off the Russian invasion, its defence minister told local news agency TT. Sweden has delivered a string of military and civilian aid packages to Ukraine since the invasion, which Moscow calls a special military operation, began a year ago. The latest instalment includes armoured infantry fighting vehicles, which Defence Minister Pal Jonson told the news agency would be the country's main contribution to Ukraine in terms of equipment for ground warfare. Sweden is also preparing to send Ukraine the advanced Archer artillery system to Ukraine, but support in the Swedish parliament has been growing to additionally contribute some of the country's around 120 Leopard tanks. "We are open to that and we are in close dialogue with above all Germany about it," Jonson was quoted by TT as saying.

WARSAW, Feb 22 (Reuters) - U.S. President Joe Biden will meet leaders of NATO's eastern flank on Wednesday to show support for their security after Moscow suspended a landmark nuclear arms control treaty. Hours earlier, Putin delivered lengthy remarks laden with criticism of the Western powers, blaming them for the war in Ukraine. At the meeting, Biden plans to reaffirm commitments over their security and discuss support for Ukraine before he returns to Washington. "Lithuania and other like-minded countries have several requests, which concern air defence, forward defence presence, air defence systems, and greater investments in the defence industry," Asta Skaisgiryte said. The former Soviet republic on Russia's doorstep joined NATO in 2004 and plans to host Biden in July for the security alliance's leaders' summit.

Biden said the West was never plotting to attack Russia and the invasion was Putin's choice. "It is a big mistake," Biden said of Putin's decision before his session with eastern European allies known as the Bucharest Nine. We will defend literally every inch of NATO, every inch of NATO," he said. The Kremlin says it regards NATO, which could soon expand to include Sweden and Finland, as an existential threat to Russia. It said the leaders looked forward to further strengthening unity and collective defense at a NATO summit in Vilnius in July.

☆ Ukraine's Zelenskiy thanks Norway for $7 bln in aid over five years
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +2 min

[1/3] Norway's Prime Minister Jonas Gahr Stoere and Ukraine's President Volodymyr Zelenskiy shake hands before a meeting, as Russia's attack on Ukraine continues, in Kyiv, Ukraine July 1, 2022. Speaking via video link from Kyiv, Zelenskiy said Norway's decision set a precedent for "sustainable support", calling it a "historic contribution". Russia will not overcome our unity, the unity of all those that cherish freedom." Those who are here today, we are with Ukraine today," Prime Minister Jonas Gahr Stoere said. For 2023, half the package will fund military aid to Ukraine and the rest is to go to humanitarian assistance, although this breakdown could change in coming years.

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