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☆ Germany air taxi firm Lilium plans to raise $250 mln, shares jump
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

Tencent-affiliate Aceville Pte Ltd will get 184.2 million Lilium warrants worth $1 per Class A share, Lilium said. Lilium did not disclose the valuation at which it planned to raise the funds. The company had a market capitalisation of $152.43 million as of the close of trade on Monday, according to Refinitiv data. Lilium is competing in a crowded market for eVTOL vehicles, hoping to replace cars with aircraft or helicopters for road trips or short hops. It had about $157.5 million of cash, cash equivalents and other financial assets as of March 31.

☆ Cheesecake Fit for a Maestro
▼ + stars: | 2023-04-26 | by ( Ligaya Mishan | ) www.nytimes.com time to read: +2 min

What kind of cheesecake withstands burning and triumphs, and sears itself into the memories of child and worldly wise alike? The ingredient list is brief: for the filling, only cream cheese, sugar and vanilla extract. Oklahoma State University even features a recipe on its website, one of seemingly countless online. Kitsopoulos took a recipe from Pillsbury, developed by Deborah Harroun, the writer of the Taste and Tell blog. Where Pillsbury advises first rolling out the dough for the topping on parchment paper, she just plops it on.

CNN —Harry Belafonte, the dashing singer, actor and activist who became an indispensable supporter of the civil rights movement, has died, his publicist Ken Sunshine told CNN. Bettmann Archive/Getty Images Belafonte, left, plays a school principal in a scene from the film "See How They Run" in 1952. Bettmann Archive/Getty Images Belafonte poses with the Emmy Award he won in 1960 for the musical special "Tonight With Belafonte." Fred Sabine/NBCU/Getty Images Belafonte and other recipients of Albert Einstein Commemorative Awards display their medallions after being honored in 1972. He is survived by his wife Pamela, his children Adrienne Belafonte Biesemeyer, Shari Belafonte, Gina Belafonte, David Belafonte, two stepchildren Sarah Frank and Lindsey Frank and eight grandchildren.

☆ Offered a promotion right after you quit? Don't let your employer dangle a carrot.
▼ + stars: | 2023-04-19 | by ( Rebecca Knight | Shana Lebowitz | ) www.businessinsider.com time to read: +5 min

When you tell your company you're quitting, your boss might try to get you to stay with a promotion. After months — or years — of resenting your job, you're going to quit and take the plunge to start a different career. Your unappreciative manager just made you a surprise offer — a promotion, complete with a new title and a raise. "You don't wake up one morning and say, 'I want to do something completely different,' and quit your job," she said. Remember: If you accept the promotion and stick with your current employer, your boss might not trust you as much anymore.

Speaking at a lunch with Romanian President Klaus Iohannis, Lula said a group of neutral nations must come together to help broker peace between Russia and Ukraine. A White House spokesman accused Lula of "parroting Russian and Chinese propaganda without looking at the facts." Lula has pitched himself as a peace broker to end the war, which began when Russia invaded the neighboring country in February 2022. The European Union has also rejected Lula's suggestion that both Ukraine and Russia are to blame for the war. Among Western nations so far, only French President Emmanuel Macron has welcomed Lula's peace initiative.

But at the same time, EU countries have increased their overall purchases of Russian LNG, undermining the bloc's pledge to end its use of Russian fossil fuels by 2027. Russian LNG exports by region Russian LNG exports by regionEU analysis found Russian LNG imports increased to 22 billion cubic metres (bcm) last year, up from 16 bcm in 2021. Belgium and Spain nearly doubled their imports of Russian LNG in the 12 months since Russia invaded Ukraine, analysis by Kpler showed. The Netherlands has eliminated its Russian pipeline gas imports since the war and reduced, but not eliminated, Russian LNG imports. TO BAN OR NOT TO BANHalting Russian LNG imports would be double-edged, analysts say.

☆ This is what happened when 25 AI avatars were let loose in a virtual town
▼ + stars: | 2023-04-12 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Researchers let 25 AI avatars loose in a virtual town. "To be honest, I don't like Sam Moore," the AI Tom said. Jaime Sevilla, an AI researcher not involved in the study, told Insider the models behind the study could be applied to non-player characters in video games. After all, the AI agents in the study were prone to hallucinations — like failing to recall certain events — which he attributes to how the model was trained. While researchers concluded their AI agents displayed emergent human behaviors, Woolridge said "we need to be skeptical" and "question" what AI tells us at face value.

☆ Romania aims to buy F-35 fighter planes to boost air defences
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

BUCHAREST, April 11 (Reuters) - Romania aims to buy the latest generation U.S. F-35 fighter planes to boost its air defences, the country's supreme defence council (CSAT) said in a statement on Tuesday. The European Union and NATO state has raised defence spending to 2.5% of gross domestic product this year from 2%, in response to Russia's invasion of Ukraine. Last year, President Klaus Iohannis said Romania was mulling acquiring F-35 planes, which are made by U.S. weapons maker Lockheed Martin Corp (LMT.N). In March, the defense ministry said Romania would buy Abrams tanks made by General Dynamics (GD.N), as part of wider defence acquisitions plans. In December, Romania's defence ministry signed a deal to acquire seven Watchkeeper X unmanned aircraft systems from Israeli defence electronics firm Elbit Systems (ESLT.TA) for roughly 1.89 billion lei ($418.02 million).

☆ German exports rise significantly more than expected in February
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +2 min

BERLIN, April 4 (Reuters) - German exports rose significantly more than expected in February due to strong demand from the United States and China, posting their biggest increase in 10 months, data showed on Tuesday. Exports increased by 4.0% on the previous month, the federal statistics office said. A Reuters poll had predicted a month-on-month rise in exports of 1.6%. In February, exports to European Union countries rose 2.0% on the previous month, while exports to the U.S. and China increased by 9.4% and 10.2% respectively compared with January. Despite the increase, export demand still lacks momentum, Klaus Wohlrabe, head of surveys at Ifo, said.

☆ The creator of the Catan board game has died
▼ + stars: | 2023-04-04 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +3 min

New York CNN —Klaus Teuber, creator of the blockbuster board game Catan, has passed away. “It is with profound sadness that we at Catan Studio acknowledge the passing of Klaus Teuber, legendary game designer and creator of the beloved board game Catan,” the game publisher’s said in a statement posted to Facebook and other social media platforms Tuesday. Catan, originally called Settlers of Catan, came out in 1995. “With sales nearing 25 million copies worldwide, Settlers of Catan is becoming the most popular board game since Risk and Monopoly,” according to the Atlantic. “Thank you Klaus for the joy you have brought to my life through the brilliant game of Catan,” another wrote.

☆ Finland cleared its final hurdle to joining NATO, bringing a geopolitical nightmare for Putin close to reality
▼ + stars: | 2023-03-31 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +3 min

The final holdout within NATO — Turkey — voted on Thursday to let Finland join the alliance. Finland's efforts to join NATO, motivated by Russia's invasion of Ukraine, had been delayed as Turkey held out on approving its membership. It joining NATO would more than double the length of the border between NATO countries and Russia, taking it from around 750 miles to around 1,600. Turkish lawmakers vote in favor of Finland's bid to join NATO late Thursday, March 30, 2023, at the parliament in Ankara, Turkey. Most NATO members quickly approved Finland and Sweden's requests to join, but Turkey delayed the process by months, declining to support either country.

☆ It's really hard for foreign companies to break up with Russia — and there are 3 main reasons why
▼ + stars: | 2023-03-30 | by ( ) www.businessinsider.com time to read: +7 min

One year after Russia invaded Ukraine, just 520 firms have fully exited Russia, per a Yale study. Quite simply, it's just not that straightforward for a company to get out of Russia right now — and there are three main reasons why. Companies have been trying to exit Russia in an orderly fashionMany companies were quick to announce their intent to leave the Russian market after it invaded Ukraine. Thus, companies that want to exit Russia are pressed to find buyers for their Russian operations who would continue running the business under a different brand. Multinational companies face operation challenges in their exitsBecause many foreign companies operating in Russia are multinationals, shutting operations in the country can have a domino effect on their businesses elsewhere.

☆ German public sector wage talks fail, enter truce phase
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

BERLIN, March 30 (Reuters) - German public sector employers and unions representing around 2.5 million workers entered a truce phase on Thursday after talks failed to resolve a wage dispute, days after the country's biggest strikes in decades. A third round of negotiations lasting three days ended late on Wednesday without result, the Verdi and dbb unions said. "Despite clear movement, the employers were not prepared to make sufficient concessions to the employees on the minimum amount," said Verdi chief Frank Werneke. The Interior Ministry announced on Twitter in the early hours of Thursday that the talks would enter arbitration, bringing an independent mediator to the table. Public sector employers have offered an 8% pay raise, or a minimum of 300 euros ($325) per month, Faeser said.

☆ Russia is forcing Western companies exiting its market to make a donation to the country — and it's making it harder for them to leave
▼ + stars: | 2023-03-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Foreign investors exiting Russia must donate at least 10% of the sale proceeds of their assets to the state. Russia witnessed an exodus of companies it invaded Ukraine, but some have remained — either voluntarily or due to challenges in leaving the Russian market. About 550 foreign companies are still actively operating in the country, according to Yale's list. These options are not available to every company — especially since there would be fewer potential buyers in the first place due to sweeping sanctions against Russia, according to Estrin and Meyer. Over 2,000 companies are seeking approval to exit the Russian market, the Financial Times reported on Tuesday, citing a person involved in an exit negotiation.

☆ Air taxi firm Lilium says in funding talks, defends battery design
▼ + stars: | 2023-03-28 | by ( Tim Hepher | ) www.reuters.com time to read: +3 min

PARIS, March 28 (Reuters) - German air taxi developer Lilium said on Tuesday it was in "active and constructive" discussions for new funding as it ramps up battery-cell production. But the challenge of securing certification and funding innovations such as batteries weigh heavily on the new sector. In November, Lilium raised $119 million from existing and new shareholders and partners such as Honeywell. Headed by former Airbus executive Klaus Roewe, Lilium is initially targeting contracts with large corporations and private individuals. Critics say the more radical design may be harder and take longer to certify than other eVTOL models.

The Arctic Council was created in 1996 to discuss issues affecting the polar region, ranging from pollution to local economic development to search-and-rescue missions. The Arctic Council comprises the eight Arctic states of Russia, the United States, Canada, Finland, Norway, Iceland, Sweden and Denmark. Russia's possible degree of involvement with the Council once Norway takes over is still unclear. Russian Foreign Minister Sergei Lavrov had earlier extended an invitation to Arctic officials to attend a transition ceremony in Salekhard, Siberia. Russian Arctic Ambassador Nikolay Korchunov, chair of the Senior Arctic Officials on the council, told Reuters the transition would "presuppose active and responsible participation of all Arctic Council member states in this preparatory process."

BERLIN/FRANKFURT, March 27 (Reuters) - A massive strike in Germany was set to begin early Monday, crippling mass transport and airports in one of the biggest walkouts in decades as Europe's largest economy reels from soaring inflation. But officials in Germany have made clear that their fight is only about pay. The Verdi union is negotiating on behalf of around 2.5 million employees in the public sector, including in public transport and at airports. Railway and transport union EVG negotiates for around 230,000 employees at railway operator Deutsche Bahn (DBN.UL) and bus companies. Employers are also warning that higher wages for transport workers would result in higher fares and taxes to make up the difference.

Two of Germany's largest airports, Munich and Frankfurt, suspended flights, while long-distance rail services were cancelled by rail operator Deutsche Bahn (DBN.UL). "Millions of passengers who depend on buses and trains are suffering from this excessive, exaggerated strike," a Deutsche Bahn spokesperson said on Monday. At the same time, in France they go on strike all the time about something," said passenger Lars Boehm. The head of the Bundesbank Joachim Nagel said last week Germany needed to avoid a price-wage spiral. "Despite signs of second-round effects, we have not observed a destabilising price-wage spiral in Germany so far."

[1/5] A general view inside the Munich Airport during a strike called by the German trade union Verdi over a wage dispute, in Munich, Germany, March 26, 2023. "The people are not only underpaid, they are hopelessly overworked," Frank Werneke, head of the Verdi labour union, told Bild am Sonntag. The Verdi union is negotiating on behalf of around 2.5 million employees in the public sector, including in public transport and at airports. Railway and transport union EVG negotiates for around 230,000 employees at Deutsche Bahn (DBN.UL) and bus companies. "It is a matter of survival for many thousands of employees to get a considerable pay rise," he said.

☆ Morning Bid: Central banks try to see through stress
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanEven with a nod to greater banking stress, the major central banks all seem determined to tighten the monetary screw another notch. With Treasury Secretary Janet Yellen's pushback against suggestions of a blanket insurance of all U.S. banking deposits unnerving investors again after the Fed decision, few believe the financial stress has fully dissipated. Even though stock markets swooned after the Yellen comments on Wednesday, S&P500 futures were back up smartly ahead of Thursday's open. European bourses and banking stocks were only a touch lower in the face of the latest European rate rises. The dollar hit its lowest since early February but regained its footing ahead of the U.S. open and BoE decision.

The Verdi union is negotiating on behalf of around 2.5 million employees in the public sector, including in public transport and at airports. Railway and transport union EVG negotiates for around 230,000 employees at Deutsche Bahn (DBN.UL) and bus companies. Verdi has called on around 120,000 employees in the transport and infrastructure sectors, including ground and air traffic service providers, shipping, motorways and municipal ports, to join the strikes. We want a negotiable offer," said Martin Burkert, the chairman of the EVG union, which represents workers at 50 transport companies, including railway operator Deutsche Bahn. German airport association ADV also condemned the strikes expected to hit around 380,000 air travellers on Monday as all airports across Germany, except Berlin, would come to a virtual standstill.

☆ Analysis: Wage catch-up to prolong Europe's inflation battle
▼ + stars: | 2023-03-10 | by ( Balazs Koranyi | ) www.reuters.com time to read: +6 min

"Part of the wage increase is understandable," said Jens Ulbrich, chief economist at Germany's Bundesbank. Yet the rapid wage growth underway now will hamper the European Central Bank's efforts to get inflation back to its 2% target, and possibly force it to keep interest rates high for longer. "We are taking a first step, but much more is needed to reverse the years of lopsided wage growth," Kager added. "The inflation trend, food and especially energy prices are tearing deep holes in our workers' budgets," ver.di Chairman Frank Werneke said. "The high levels of wage growth projected for 2023 and 2024 can be expected to make wages an increasingly dominant driver of underlying inflation in the euro area," Lane says.

☆ Logistics Giant Kuehne + Nagel Seeks Expansion
▼ + stars: | 2023-03-07 | by ( Paul Berger | ) www.wsj.com time to read: +5 min

Kuehne + Nagel CEO Stefan Paul. Photo: Kuehne + NagelAs a forwarder, Kuehne + Nagel helps companies move freight around the world by ocean, air and land and is a dominant player in the automotive, industrial, retail, aerospace, healthcare and high-tech industries. What do you see as potential growth areas for Kuehne + Nagel in the contract logistics space? Does that make it easier for a company like Kuehne + Nagel to jump in? How would that affect Kuehne + Nagel?

☆ Schaeffler CEO: We've decided not to neglect opportunities in hybrid vehicles
▼ + stars: | 2023-03-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSchaeffler CEO: We've decided not to neglect opportunities in hybrid vehiclesKlaus Rosenfeld, CEO of the German automotive supplier, discusses its earnings and how the firm is approaching the automotive industry's transition to electric vehicles.

☆ Moldova and Romania vow to boost ties amid war in Ukraine
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

Inquam Photos/Octav Ganea via REUTERSBUCHAREST, March 1 (Reuters) - Moldova and Romania pledged on Wednesday to boost economic ties following Russia's invasion of neighbouring Ukraine, and Bucharest reiterated support for Chisinau's bid to join the European Union. Moldova has been hit hard by the economic fallout of the war in Ukraine, which borders both Moldova and Romania, and tensions with Russia have risen over the war in Ukraine and the tiny former Soviet republic's EU accession bid. Recean said talks also covered regional security and that Moldova, which is highly dependent on Russian gas, was considering signing long-term contracts on gas and electricity supplies from Romania. "Romania will firmly support Moldova's European agenda, economic recovery and strengthening its security," said Iohannis, whose country joined the EU in 2007. Recean said Moldova and Romania enjoyed a "special relationship" and that Romania's experience in joining the EU was helpful for Chisinau.

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