income
The climate crisis will reduce global income by about a fifth in the next 25 years compared to a fictional world that's not warming. That’s according to a new study which predicts people in the world’s poorest areas and those least responsible for heating the atmosphere will take the biggest monetary hit. Climate change’s economic bite out of incomes is already locked in at about $38 trillion (€35.6 trillion) a year by 2049, researchers at Germany's Potsdam Institute for Climate Impact Research (PIK) found. By 2100 the financial cost could hit twice what previous studies estimate. “Our analysi...
Euronews (English)
Wealth inequality is very much evident across the world, and Europe is no exception: the wealthiest 10% on the continent own a staggering 67% of the wealth, while the bottom half of adults possess only 1.2% of it. The extent to which wealth is unevenly distributed varies considerably from country to country too, as shown by Credit Suisse and UBS's Global Wealth Report 2023. Net worth or “wealth” is defined as the value of financial assets plus real assets (principally housing) that households own, minus their debts. Its unequal distribution is measured by the Gini coefficient and the share of ...
Euronews (English)
Lufthansa, Europe's largest airline group by revenue, saw net profits more than double last year. It is planning to pay dividends again for the first time since the pandemic. The German carrier group, which also includes SWISS, Austrian Airlines, Brussels Airlines and Eurowings, described its 2023 performance as the "third-best financial result in the history of the Lufthansa Group". The group reported a net profit of €1.67 billion for 2023 compared with €791 million on the year earlier. Revenue was up by 15% at €35.4 billion while passenger numbers climbed 20% to more than 120 million. "The L...
Euronews (English)
Washington (AFP) - Amazon founder Jeff Bezos took back his spot as the world's richest man on Monday, dethroning Elon Musk on the Bloomberg Billionaires Index. Bezos' net worth stands at $200 billion, according to the tracker, surpassing the Tesla chief's $198 billion. Musk, who also heads X (formerly Twitter) and SpaceX, has seen his riches fall by more than $30 billion as Tesla's share price has dropped 25 percent in recent months. Adding to Musk's woes, a court in January approved the annulment of his enormous Tesla compensation agreement, worth $55.8 billion and originally struck in 2018. ...
AFP
Washington (AFP) - The US central bank's favored measure of inflation edged lower on an annual basis in January, government data showed Thursday, but a metric stripping out volatile food and energy prices jumped month-over-month. The new data highlights the challenges facing the Federal Reserve, which has recently poured cold water on the prospects of early rate cuts amid a strong economy, low unemployment and inflation that remains above its long-term target of two percent. The personal consumption expenditures (PCE) price index rose at an annual rate of 2.4 percent in January, down 0.2 perce...
AFP
UK citizens earning the average or close to the average wage are finding it hard to pay rent, afford food and purchase other essentials, according to a new report, as the country grapples with the cost of living crisis gripping Europe. A study published by the abrdn Financial Fairness Trust said that people near the middle of the UK's income distribution (which can range between £29,000 and £65,000 - or €34,000 and €76,000 - depending on the type of household) are facing a range of pressures on their finances. This is "contributing to a widespread sense of economic malaise that goes well beyon...
Euronews (English)
One in three working-age adults in the UK have less than £1000 (€1175) in their savings account, according to new report from Resolution Foundation. This means that more than 11 million people may have difficulties facing unexpected "rainy day" moments, such as family crises or not being able to put enough money away for retirement. The cost of living crisis has left individuals with small amounts of savings having to borrow in their hour of need. Even those with more than £1000 in savings - some 18% - said they used credit cards, overdrafts, or borrowed from formal lenders to cover daily livi...
Euronews (English)
Children of conventionally attractive parents earn more than those from more average-looking families, according to new research by the US-based National Bureau of Economic Research. The study, entitled: "The Economic Impact of Heritable Physical Traits: Hot Parents, Rich Kid?" examined prior datasets which tracked the attractiveness of parents and their children, as well as the children's earnings. It looked at families in both the United States and China, as well as among billionaires worldwide. The attractiveness of parents and children was rated by other people, rather than determined by m...
Euronews (English)
Washington (AFP) - The US Federal Reserve's favored measure of inflation ticked higher last month, according to government data published Friday, indicating that its long-running battle against rising prices is not over yet. The latest announcement will likely ensure the US central bank keeps interest rates on hold at its next decision announcement on Wednesday, as policymakers continue talks on when to start cuts. The personal consumption expenditures (PCE) price index rose at an annual rate of 2.6 percent last month, unchanged from November, the Department of Commerce said in a statement. On...
AFP
Shares in Tesla fell on Wednesday after the US solar panel and battery maker said its net income was $7.93 billion from October through December, compared with $3.69 billion a year earlier. However, excluding one-time items, such as the $5.9 billion noncash tax benefit for deferred tax assets, the company made $2.49 billion, or 71 cents per share. That was down 39% from a year ago and short of analyst estimates. Data provider FactSet said analysts expected earnings of 73 cents per share. Tesla reported quarterly revenue of $25.17 billion, up 3% from a year earlier but also below analyst estima...
Euronews (English)
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