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EU may fund Ukraine reconstruction with Russian oligarchs’ frozen assets

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There are new ideas into how to reconstruct Ukraine as the country buckles after nearly three months of war with Russia

The European Union is considering using the frozen assets of Russian oligarchs to rebuild the war-torn Ukraine.

The European Commission is pledging a €9 billion loan to Kyiv to keep the nation afloat as it defends itself against Russian forces.

European Commission president Ursula Von der Leyen spoke to ZDF television revealing that “lawyers are working intensively on finding possible ways of using frozen assets of the oligarchs for the rebuilding of Ukraine” proposing that Russia should also make its contribution.

She also assured that efforts will be put into helping Ukraine with reforms needed for it to join the European Union.

These include changes in rule of law and in the economic and political spheres particularly in battling corruption.

This comes only hours after Europe revealed its plan to reduce its dependence on Russian oil.

The EU sources around 40 per cent of their natural gas and 27 per cent of its imported oil from Russia paying Moscow approximately €400 billion per year.

Europe will begin to invest in pipelines in other countries and increase its reliance on greener energy sources.

The strategy announced in March aims on reducing Europe’s energy dependence on Russia by two thirds just this year.

This all comes amid rising energy costs as businesses deal with increasing financial pressures.

If all goes to plan the EU will have cut all energy ties with Russia by 2030.

Business

Big tech stocks tumble amid market uncertainty

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Big tech companies are struggling in the markets this quarter as interest rates rise to battle inflation

Russia’s invasion of Ukraine has devalued tech stocks causing further supply chain disruptions and sending the broad S&P 500 index down about 5 per cent.

Rising interest rates triggered more severe plummets with the S&P dropping another 16 per cent and the Nasdaq Composite index by 22 per cent.

Tesla’s stock took a huge hit sinking to nearly 38 per cent its largest decline since 2010.

Amazon saw similar results falling by 35 per cent the most in over 20 years.

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Business

Google to pay millions to app developers

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App developers are accusing Google of tempting users into making in-app purchases.

The lawsuit relates to money that was made by app creators for Android smartphones.

The lawsuit was filed in a San Francisco court, where the 48,000 app developers are believed to have been affected.

“Following our win against Apple for similar conduct, we think this pair of settlements sends a strong message to big tech: the law is watching, and even the most powerful companies in the world are accountable when they stifle competition.”

Steve Berman, ATTORNEY FOR the Android developers.

Google says the settlement’s funds will support developers who have made less than USD $2 million in revenue between 2016 and 2021.

“A vast majority of U.S. developers who earned revenue through Google Play will be eligible to receive money from this fund, if they choose,” the company says.

Google says it will charge developers a 15 per cent commission on their first million in revenue.

The court is yet to approve the proposed settlement.

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Business

Tesla deliveries expected to fall – here’s why

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Tesla deliveries are expected to drop significantly in the second quarter, as prolonged Covid lockdowns in China and supply chain issues take their toll

The company is also struggling to ramp up its new factories, with Tesla boss Elon Musk seemingly distracted by his very public pursuit of Twitter.

Tesla has been plagued by production glitches in China and slow output growth at new factories in both Texas and Berlin.

Experts predict deliveries will slump to just over 295,000 vehicles for the second quarter.

This would be down from the company’s record of 310,000 in the preceding quarter, marking Tesla’s first quarter-on-quarter decline since 2020.

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