Belgium and the rest of the euro zone are in recession, European Commission states

Belgium and the rest of the euro zone are in recession, European Commission states

The European Union, the euro zone and most of the member states will enter a recession during the last quarter of this year. That’s what the European Commission expects, it writes in its new economic growth outlook on Friday. Despite this, economic growth in the euro zone is expected to remain at 3.2 percent throughout 2022, before falling back to 0.3 percent in 2023. As far as Belgium is concerned, the Commission forecasts economic growth of 2.8% this year and 0.2% next year. Inflation would peak at 10.4 percent this…

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Engie approaching record breaking €100 billion in revenue during 2022

Engie approaching record breaking €100 billion in revenue during 2022

French energy group Engie has raised its 2022 revenue and profit targets after the company released its third quarter results on Thursday. Revenue for the first nine months of 2022 stood at €69.3 billion, which is almost double compared to what it generated during the first 9 months of 2021. This has been driven by higher energy prices and growth in most of its operations around the world, as well as expansion into renewable energies. With an EBITDA of €10.7 billion for the first three quarters of 2022, the company…

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More than 5,000 mortgage payment deferrals granted by banks

More than 5,000 mortgage payment deferrals granted by banks

Belgian banks have issued more than 5,000 payment deferrals on mortgages since the introduction of support measures on 1 October, Febelfin said on Thursday. These measures were implemented in response to Belgian households struggling to meet their monthly instalments as a result of rising energy prices and record inflation. Customers who qualify for the support are able to demand up to 12 months of deferral on their repayments. The affected borrowers do not need to repay the capital of their mortgage, only interest during this period. This government support measure…

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Binance scraps plans for FTX rescue buyout

Binance scraps plans for FTX rescue buyout

Just one day after announcing that it was considering buying cryptocurrency platform FTX.com to help it out of serious difficulties, Binance said on Wednesday that it was abandoning the deal. After conducting an audit of FTX’s operations, “we have decided that we will not pursue the potential acquisition of FTX,” the cryptocurrency exchange said in a tweet. It said its decision was taken after “news reports regarding mishandled customer funds” and alleged investigations by US agencies. “Our hope was to be able to support FTX’s customers to provide liquidity, but…

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Inflation rises to highest level in nearly half a century

Inflation rises to highest level in nearly half a century

Inflation in Belgium rose to its highest level in almost half a century in september. At the southern neighbours, the overall price level is now more than 11 percent higher than a year ago, an increase that has not been seen there since August 1975. Due to the persistently high prices for energy and food, life has been much more expensive not only in Belgium but in numerous countries for months than a year ago. Especially since the Russian invasion of Ukraine, inflation has risen rapidly. Belgians have now lost…

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Belgian labour cost rising faster than of the Eurozone’s

Belgian labour cost rising faster than of the Eurozone’s

Labour costs are rising significantly faster in our country than in our neighbouring countries. This becomes a problem for many companies, which in the long run will inevitably be reflected in fewer investments and jobs. Against this background, taking action for even stronger wage increases shows little sense of responsibility. Last week, the unions organized a day of action for higher wages. In doing so, they rather easily overlooked the fact that, according to the latest forecasts, gross hourly wages in Belgium will increase by 21 percent in 2022-2024. This…

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Dutch and Belgium fleets search for financial balance

Dutch and Belgium fleets search for financial balance

The Dutch navy has also drastically reduced its resources. While the maritime patrol force was disbanded in 2005 (the 13 P-3C Oriens were sold to Germany and Portugal), it was able to renew its helicopter fleet with 20 NH90s, including 12 combat ASMs. these machines, delivered between 2011 and 2016, succeeded the Lynx, which was decommissioned in 2012. The underwater component, once threatened, will eventually be preserved and regenerated. Four walruses, commissioned between 1990 and 1994, are being modernized to extend their lifespan by 25 to 35 years. The Netherlands…

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Volgende Kft: a new and promising player in the fintech market

Volgende Kft: a new and promising player in the fintech market

One of the most dynamically developing areas of business in the world in recent years is the so-called FinTech. In this article we will talk about one of the new players in this market – the Hungarian company Volgende Kft. The world is accelerating. Services are also accelerating. In particular, thanks to new technologies that enable a person to carry out absolutely any actions he needs in life online. Purchases, sales, delivery, bill payments – all this becomes easy to do through a computer or smartphone. The merit in this…

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DeFi is a monetary enemy #1, according to FRS

DeFi is a monetary enemy #1, according to FRS

Blockchain has been one of the biggest technological developments of recent years, but like any other new technology, it does not come without risks. the Federal Reserve conducted research on the risks that cryptocurrencies may pose in the future. In the study ‘Decentralized Finance (DeFi): Transformative Potential & Associated Risks’, the US central bank explains how Decentralized Finance (DeFi) but also ‘CeFi’ can still pose a major risk in the future. Companies trading in crypto-assets but not traditional financial institutions fall under the category of Centralized Finance (CeFi). In recent…

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European Central Bank considers substantial interest rate increase against inflation

European Central Bank considers substantial interest rate increase against inflation

European central bankers are considering raising interest rates faster to tackle high inflation. This is what President Knot of De Nederlandsche Bank says in an interview with the NOS. He calls for an increase of at least 0.5 percentage points and possibly even 0.75 percentage points in September. “The inflation problem in Europe at the moment is so great that I think our task is to raise interest rates every six weeks until the inflation picture stabilizes around 2 percent,” says Knot. Inflation in the eurozone averaged 9.8 percent in…

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