Economy


Facebook forces WhatsApp users to share their personal data… or get off the platform

WhatsApp users must share their personal data with parent company Facebook going forward, the app’s new privacy policy has declared – flying in the face of everything that attracted privacy-oriented users to the platform. Facebook’s bait and switch will see WhatsApp sharing private information that goes significantly beyond names and profile pictures with Facebook and other subsidiaries. Phone numbers, address books, status updates, and even detailed data on the type of phone they’re using will be fed to the Facebook hive-mind. And woe betide anyone who does business on WhatsApp – information about shipping addresses, purchases, and the amount of money spent also belongs to Facebook under the new policy, which is supposed to take effect o...

China to dethrone US as world’s biggest economy sooner than we'd predicted, expert group says

The Centre for Economics and Business Research (CEBR) expects that China’s economy will outshine that of the US by 2028, half a decade sooner than it had previously forecast. According to a report from the UK-based consultancy group, the country’s quick rebound from the Covid-19 pandemic will generate a two-percent growth in 2020, while the US is expected to contract by five percent. China's economy, when measured in dollars, is set to narrow the gap with its biggest rival. At the same time, the CEBR report suggests that global gross domestic product (GDP) would drop 4.4 percent, marking the biggest year-on-year decline since the second world war. “The big news in this forecast is the speed of growth of the Chinese economy. We expect it to...

US sanctions may lead to dollar’s demise, Russian central bank warns

The greenback may fall victim to Washington’s sanctions, as these policies force global players to ditch the US dollar and switch to national currencies in trade, according to the Central Bank of Russia (CBR). “Active use of the sanctions regime by the US administration in recent years is something that seriously undermines the reliability of the dollar as means of savings and payments,” CBR Deputy Chairman Aleksey Zabotkin said as cited by Russian media on Wednesday. The official noted that this will result in a reduction of the use of the US currency over the years. While the US is not expected to change its sanction rhetoric, we could see more and more countries opting to trade in national currencies, he added. Russia has been long cal...

Canada likely to become the next 'Five Eyes' nation to ban Huawei 5G

Canada is likely to become the next 'Five Eyes' nation to ban Huawei 5G, a step which may come following the creeping monopoly by the Chinese firm in the 5G world that has sounded alarm bells for major world powers. These world powers are unwilling to allow their communication infrastructure in the future to be comprised of equipment sourced, manufactured and maintained by a single. Since the regime of Mao Zedong, state-controlled companies have played a major role in the Chinese economy, but lately private Chinese companies have begun to play a much larger role in propelling China's economy. This has led to the Chinese Communist Party (CCP), especially since the rise of President Xi Jinping, interfering more and more in the workings of pr...

Mercedes recalls over 660,000 cars from China amid likely oil leak

Mercedes-Benz will recall over 660,000 cars this year from China amid likely oil leak, the Associated Press reported. A seal between the high-pressure fuel pump and a low-pressure fuel pipe may weaken over time, and it will lead to oil leak when the engine starts in cold weather, China’s State Administration for Market Regulation said in a statement. The recall of 668,954 vehicles includes C-class, E-class, V-class, GLK-class, CLS-class, SLC-class, GLC SUV and VS20 VITO models....

‘Brexit is madness’, French finance minister declares, claiming the British will be ‘the big losers’

France’s finance minister has claimed it’s the UK that will lose out big from Brexit, as the UK and EU attempt to overcome significant differences and secure a trade deal in extended, last-ditch talks. Speaking on France Info TV, the minister of the economy, Bruno Le Maire, used a phrase coined by the recently deceased John le Carré, calling the UK’s departure from the EU a “political, economic and historical folly,” and stating that “Brexit is madness.” Asked about the impact of a no-deal Brexit, the finance minister said he believes “the big losers from Brexit will be the British,” predicting that it will have a minor effect on France’s GDP, while the UK experiences a significant dip. Le Maire has repeatedly been critical of the UK’s ...

Global economy to contract by 5.6% this year due to pandemic – UN

The volume of global trade is set face the sharpest decline since the end of the global financial crisis, falling as much as 5.6 percent this year, the UN Conference for Trade and Development (UNCTAD) predicts. The figure, announced by the agency earlier this week, is more optimistic than its previous forecast, which expected global trade to contract by nine percent year-on-year. The previous largest decline was seen in 2009, when global merchandise trade took a 22-percent nosedive. However, the UNCTAD downgraded its forecast for the service sector, which was hit hard by a steep decline in travel, transport and tourism activity during the pandemic. The troubled sector is on path to fall by a staggering 15.4 percent to levels last seen in th...

Apple CEO Tim Cook says most staff will work from home until June 2021

Apple CEO Tim Cook reportedly told most of his employees not to expect to return to the office until next summer, placing the company in line with similar schedules from Facebook, Google, and others. On Thursday, Cook told staff during an all-hands call that it's unlikely they'll be returning until at least June 2021, according to Bloomberg News. Cook reportedly said: "There's no replacement for face-to-face collaboration, but we have also learned a great deal about how we can get our work done outside of the office without sacrificing productivity or results. All of these learnings are important. When we're on the other side of this pandemic, we will preserve everything that is great about Apple while incorporating the best of our...

In a context of mobilization and economic stimulus, the Prince's Government is putting in place a renovation bonus for individuals

In a context of mobilization and economic stimulus, the Prince's Government is putting in place a renovation bonus for individuals. This allowance is intended to encourage individuals to do work in their homes, by calling on the Principality building professionals. This renovation bonus can be claimed by tenants and / or owners of the Principality, aged over 65, who want to do work in their homes in the Principality by using Monaco companies on the basis of of a simple request. Its amount is 20 % of the total VAT of the works, capped at à 2 The bonus will be paid directly by the state to the company chosen by the individual, upon presentation of the invoice. The Government's resolve is to improve the quality of life of residents and Monegas...

Now, earn money while staying at home in pyajamas and watching TV shows, here's how

Do you want to get paid to watch your favorite TV series from the comfort of your homes? Then you will be happy to know that a British loungewear brand is looking to employ people to do just this. Loungewear brand Pour Moi is willing to pay as much as EUR 300 to people hired by the company to test out its comfy pyjamas and other clothes. It may sound surprising but the UK-based company is willing to pay to someone to stay at home all day wearing the pyjamas manufactured by the company. An advertisement has been published by Pour Moi seeking to recruit a comfy clothing tester. If you want to make use of this unique earning opportunity then you have until October 12 to lap up this opportunity. If you wish to apply, then you must first know...

Tesla value hits $420 billion, Musk thanks hardworking team

San Francisco: Elon Musk thanked his hardworking team at Tesla as the electric car makers market cap reached $420 billion which is equal to the next top five carmakers combined together. Musk took to Twitter, thanking the Tesla engineers and other workers. "Thanks to a smart and hardworking team at Tesla. These sure are wild times…" Tesla even surpassed Johnson & Johnson in terms of market cap. There are only seven companies in the S&P 500 index worth more, including Visa at $447 billion and Apple at $2.16 trillion, reports Barrons.com. About two months ago, the EV maker was at $200 billion. It first hit $100 billion in January. With factories in the US and Shanghai, China, and another under construction in Berlin, G...

Monegasque Economy Bulletin - Between confinement and deconfinement, the “expected economic poor performance” in the second quarter

The Monegasque Institute of Statistics and Economic Studies (IMSEE) unveiled, Monday, September 21, to the press, the Principality's Economic Bulletin *. Surrounded by Government Councilors - Ministers Didier Gamerdinger and Jean Castellini, Sophie Vincent, Director of IMSEE, indicated the exceptional nature of this period April-May-June 2020, straddling confinement and deconfinement, explaining unpublished figures. Over the first half of the year, compared to the same period in 2019, the Principality's turnover plunged by 13%, losing more than € 900 million. “Only two sectors are resisting: Construction and Scientific and Technical Activities, administrative and support services. On the other hand, the hotel and catering industry lost 60...