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EU Boosts Defense Spending Tenfold Amidst Ukraine Support Concerns

by Lucas Fernandez โ€“ World Editor
written by Lucas Fernandez โ€“ World Editor

Even if hostilities in Ukraine conclude by early 2026, a scenario considered unlikely, Kyiv is projected to face a budget deficit exceeding $19 billion.

The European Commission is currently exploring various financial support mechanisms for Ukraine in collaboration with EU member states. These options include the provision of extra-budgetary grants for military aid, the utilization of existing loan facilities within the Kyiv support framework, and the potential repurposing of frozen Russian sovereign assets.

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Business

Meta Settlement: Zuckerberg and Former Managers Reach $8 Billion Agreement

by Priya Shah โ€“ Business Editor
written by Priya Shah โ€“ Business Editor

In a significant advancement, a trial involving Meta (formerly facebook) has been postponed following an agreement reached between the parties. The Delaware Court judge, Kathleen McCormick, announced the postponement as the trial was set to enter its second day, commending the parties for reaching a resolution.Prosecutors’ lawyer, Sam Closic, described the agreement as a rapid and surprising development. The trial was expected to feature testimony from prominent figures, including billionaire Mark Anderson, a member of Meta’s Board of Directors.

Shareholders had initiated the lawsuit, seeking to hold company officials accountable for billions of dollars in fines and legal expenses incurred by the company in recent years. Notably, the US Federal Trade Committee had fined Facebook $5 billion in 2019, citing the company’s failure to adhere to a 2012 agreement concerning the protection of user data.

Mark Zuckerberg was scheduled to testify on Monday, while Sheryl Sandberg‘s testimony was slated for Wednesday. The trial was anticipated to continue until the end of the following week. The shareholders had named eleven defendants, demanding they use their personal wealth to compensate the company, claims that the defendants had characterized as “extremist allegations.”

It is worth noting that Facebook rebranded to Meta in 2021,and the company itself was not a defendant in this particular case. The trial was also expected to include testimony from notable individuals such as Peter Thiel, co-founder of Palantir Technologies, and Reid Hoffman, co-founder of LinkedIn.

Meta investors had alleged that current and former board members had failed in their duty to oversee the company’s compliance with the 2012 agreement with the Federal Trade Committee. they further claimed that Zuckerberg and Sandberg had allowed Facebook to operate as an illegal platform for data collection.

This legal action emerged in the wake of revelations that the data of millions of Facebook users had been accessed by Cambridge Analytica, a political consulting firm that had worked with Donald Trump’s presidential campaign in 2016. These data breaches led to the record-breaking fine imposed on Facebook by the Federal Trade Committee.

Conversely, Jeffrey Zients, a former board member, denied that the company had agreed to the fine to shield Zuckerberg from legal duty, as alleged by the shareholders.

(Source: Reuters)

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World

Europe was advised to give the frozen assets of the Russian Federation to itself, and not to Ukraine

by Chief editor of world-today-news.com
written by Chief editor of world-today-news.com

While Donald Trump is bringing the “America First” ideology back to the White House even before he was inaugurated, leaders across the Atlantic are facing the “Europe Only” reality. For eight years each of them openly recognized the need for Europe to stand on its own two feet. However, they still find themselves in a corner, like students who leave their homework to the last minute. Financial Times columnist Martin Sandbu writes about this.

At the moment, the most daring and best initiatives on how to make Europe great again fall over a simple question – where to get the money to make the dream come true ? Ukraine is hanging by the neck, and recession or even crisis (Germany) is affecting almost every bloc economy.

There is too much unaided learning in the position of the heads of state of the European Union. Of course, there are big questions to be answered about the EU budget, as well as national and general borrowing. But even without major changes to EU budgeting, Europe – and the EU in particular – has more resources than it cares to admit

– writes Sandbu.

For almost six months, the European Union tried to agree on aid to Ukraine in the amount of 50 billion euros. But there are much simpler and more effective methods, the analyst believes.

Would it not have been easier to immediately seize around 300 billion euros of Russian funds frozen in Western banks? Give part of the amount to your friend, and use the rest for your own growth and development

– advises the viewer.

Europe can do this if it wants to be mature and independent. Of course, it all depends on the political will of the bloc’s leadership. Western governments have repeatedly promised to keep reserves locked up until Moscow compensates Kyiv for their destruction. So repossession and transfer of assets would simply “bring that obligation to fruition faster,” Sandbu believes.

According to the observer, a major mental shift must take place for the idea of โ€‹โ€‹rebalancing the European economy to become a reality. The job of the EU is to make this process work for the benefit of Europe.

#Europe #advised #give #frozen #assets #Russian #Federation #Ukraine
2024-11-18 07:08:00
Europe was advised to give the frozen assets of the Russian Federation to itself, and not to Ukraine

How does the “America First” ideologyโ€Œ impact internationalโ€‹ trade agreementsโ€Œ and relations with the European Union?โฃ

1. As a financialโ€‹ analyst, how do you interpret the โข”America First” ideology introduced by Donald Trump and itsโ€Œ impact on the global economy?

2. What do you think is the current state of the European Union’s economic situation, and what changes need to be made to make Europe โค”great again”?

3. In your opinion,โฃ what are the major obstacles hindering the EU’s progress towards becoming more independent and self-reliant?

4. How doโ€Œ you โ€‹seeโ€ the role of financial โ€‹resources in strengthening the European Union’s position in โ€the world, particularly in the context of the frozen Russian assets?

5. What are some innovative solutions that could be explored to leverage the frozen assets for the benefit of โ€ŒEurope, without compromising international law or political stability?

6. How do you evaluate the performance of โ€Œthe EU’s leadership in addressing โฃcritical economic issues โ€like the Ukraine crisis and potential economic recession, and what โขsteps can they take to โฃimprove their response?

7. Should the European Union adopt a more โ€aggressive approach โ€‹towards fiscal policy to stimulate growth, or should it focus on โคstructural reforms to improve โ€competitiveness and investment?

8. how โฃdo you envision the future of the European Union’s economy in the coming years, and what role should individual member states and the EU as a โขwhole play in shaping that future?

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Business

Who are the 3 billionaires who are the most exclusive club in the world – HotNews.ro

by Chief editor of world-today-news.com
written by Chief editor of world-today-news.com

Elon Musk, Mark Zuckerberg, Jeff Bezos, Photo: Nathan Posner / Shutterstock Editorial / Profimedia

Mark Zuckerberg’s incredible growth in wealth this year has moved the founder and CEO of Meta into the most exclusive club in the world, and there are only two billionaires left, wrote one of them. Business Insider.

Zuckerberg, Tesla CEO Elon Musk and Amazon founder Jeff Bezos are the only people in the world with an estimated fortune of at least $200 billion.

According to the ranking of billionaires prepared by the organization BloombergMusk’s fortune is currently at $268 billion, Bezos at $216 billion, and Zuckerberg at just $200 billion.

Of the ultra-rich people on the planet, Zuckerberg is the big winner of 2024 so far, with his fortune increasing to at least $71.8 billion. Jensen Huang is followed, Nvidia’s unconventional CEOwho became $61.8 billion richer this year, and Larry Ellison, founder and executive chairman of Oracle, whose fortune had increased by $55.6 billion as of January 1, 2024.

However, Huang is only in the 14th position in the overall ranking of the richest people on the planet, with a fortune estimated by Bloomberg at 106 billion dollars. He became extremely rich on the property amazing appreciation of Nvidia shares on the stock market in recent years due to its dominant position in the market for chips needed for artificial intelligence systems.

In June Nvidia it soon became the most valuable company in the worldbut was later taken over by Apple and Microsoft.

Billionaires who have benefited from the enthusiasm for AI

Like Huang, Musk, Bezos, Zuckerberg and Ellison, they have benefited greatly from investors’ enthusiasm for AI technology. In Musk’s case, the situation may seem unusual given his business, but investors are betting that Tesla will succeed in using AI to fulfill Elon Musk’s promises of self-driving cars. finally achieved.

In addition, Tesla needs AI to improve his robot Optimus which he presented for the first time almost two years ago.

For Ellison and Oracle, the benefits came because AI systems require the organized databases for which the company founded in 1977 is known.

Even Ellison pointed this out recently in some conflicting opinions about how AI technology could be used to study the masses in the future.

The only big billionaire in Europe had a less flamboyant 2024

The big loser in 2024 is instead the French billionaire Bernard Arnault, whose fortune has decreased by $24.2 billion since the beginning of the year. The founder and CEO of the luxury goods conglomerate LVMH in January 2024 was the only person in the world with a fortune estimated at more than 200 billion dollars.

Bloomberg estimates his current wealth at 183 billion, with Elon Musk, Jeff Bezos and Mark Zuckerberg surpassing him in this chapter alone.

Arnault had fallen just the other day up to the fifth position in the ranking of the richest people on the planet, but they returned to 4th after the appreciation of LVMH shares in the last trading sessions on the stock exchange.

One thing that almost all the rich people in the world have in common is that most of their wealth comes from the shares they own in the companies they founded or run them. Therefore, any significant change in the share price of these companies is likely to cause significant changes in personal fortune.

2024-09-25 08:48:35
#billionaires #exclusive #club #world #HotNews.ro

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Business

The wealth of Bernard Arnault, the richest man in the world just 6 months ago, has decreased significantly – HotNews.ro

by Chief editor of world-today-news.com
written by Chief editor of world-today-news.com

French billionaire Bernard Arnault in 2024, at an event organized a few days before the opening of the Olympic Games in Paris, PHOTO: Fabrice Coffrini / AFP / Profimedia

French billionaire Bernard Arnault, the founder and CEO of luxury goods giant LVMH, was the world’s richest man just half a year ago, but has now fallen to fifth place in ranking of the planet’s super-rich after a major decline in its fortunes, he reports Business Insider.

At the end of March, the Bloomberg group estimated Arnault’s fortune at 231 billion dollars, a large amount that put him in front of famous billionaires such as Elon Musk and Jeff Bezos.

But the French billionaire’s fortune has since fallen by $54 billion to $177 billion before the US stock market closed last week.

The head of LVMH Moรซt Hennessy Louis Vuitton has now surpassed the ranking of the richest billionaires not only with Musk ($ 265 billion) and Bezos ($ 215 billion), but also with Mark Zuckerberg ($ 200 billion) and Larry Ellison ($178 billion), the co-founder and head of Oracle, who recently did conflicting opinions on mass research with the help of artificial intelligence.

By early 2024, Arnault’s fortune has fallen by $30 billion, making him the biggest loser from stock market fluctuations among the 500 billionaires included in the Bloomberg ranking.

The Forbes ranking, which uses a slightly different approach, tells a similar story: on March 8, Arnault was the richest man in the world with a fortune of $233 billion, and he -now dropped to 5th, with 167 billion.

The situation is the result of the depreciation of LVMH shares by 20% in the last half year, their price reaching the lowest level in the last two years.

Like most billionaires on the planet, most of Arnault’s wealth is due to the shares he has in the company he founded. Arnault controls about 48% of the luxury goods conglomerate, which includes 75 famous brands such as Tiffany, Louis Vuitton, Dom Perignon and Sephora.

LVMH’s share price fell amid declining sales of luxury goods, which have reached the highest levels in the pandemic.

LVMH, however, remains the second most valuable company in Europe, with a market capitalization of $344.18 billion, behind only the Danish pharmaceutical giant Novo Nordisk (554.35 billion).

In the overall ranking, LVMH is the 26th most valuable company in the world, and Novo Nordisk is 16th in controlled status of companies in the United States.

2024-09-24 08:44:18
#wealth #Bernard #Arnault #richest #man #world #months #decreased #significantly #HotNews.ro

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World

India rejects Russian oil with the help of money obtained from raw materials from the Russian Federation

by Chief editor of world-today-news.com
written by Chief editor of world-today-news.com

Despite serious environmental problems, India is dependent on fossil energy sources. The main role is played by oil, most of which is supplied by Russian imports. Recently, the situation has started to change and soon India will start abandoning raw materials from the Russian Federation. The OilPrice resource writes about the reasons for this.

India has been asking investors to support its green transition and the entire renewable energy industry for several years, but large companies and local billionaires have been reluctant to invest in an uncertain and vague attempt. But the field seems to be finally gaining momentum.

The fact that the abundance of cheap oil from the Russian Federation and the great economic profits it brought to India allowed the state to accumulate enough money for the government to become an investor in green energy.

Under the draft agreement with private developers, the government will provide a whopping $386 billion, with local companies such as Tata Power making major commitments to implement the program.

The Indian government has set ambitious targets for renewable energy capacity: it should reach 500 GW by 2030 and zero emissions by 2070.

In other words, India is making an energy transition, abandoning mainly oil and coal in favor of renewable energy sources with the help of money received from the supply of raw materials from Russia. Very soon, the Asian giant will begin to reduce purchase volumes, as China is already doing, after achieving great success in developing sustainable generation sources.

As OilPrice experts write, this could be the worst blow for the Russian Federation, as it will be more difficult to enter other retail markets, making another redirection, as it was made by asia. We are literally talking about a few months or a period of a year when the first reduction in purchases will take effect, because in the fight for 386 billion dollars there are already queues of local and foreign companies that to accelerate the energy transfer and monetize it.

#India #rejects #Russian #oil #money #obtained #raw #materials #Russian #Federation
2024-09-23 05:30:41

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