Economy

 

Elon Musk Jacquelyn Martin / AP  

 

The world's richest  

America's richest get richer - Musk richest of all  

 

Forbes Magazine has released its list of the 400 richest people in the United States. In total, the group became 500 billion dollars richer than last year. The business magazine explains, among other things, the rise with the AI boom on the stock market.  

 

"They are now sitting at 4,500 billion dollars," writes the paper, pointing out that they are again at the level measured in 2021. Last year, the group became 500 billion poorer.  

 

Elon Musk tops the list again, worth roughly $251 billion, exactly the same as last year. 

 

He is 90 billion richer than Jeff Bezos who ends up in second place.  

 

 

Forbes calculated the data using stock values as of September 8, 2023. Illustration image Wong Maye-E / AP

   

Political situation in Singapore  

Singapore is considering controls on car and wine purchases  

 

Singapore may impose money laundering controls on the purchase of luxury assets such as cars, watches, handbags and alcohol. The Financial Times reports that the country is reeling after a $2.8 billion money laundering scandal that took place in August. 

 

On Tuesday, the country's government said it will investigate the possibility of expanding the regulatory framework against money laundering. Currently, assets such as cars and watches are not regulated, unlike valuable gems and metals. 

 

 

SAS CEO Anko van der Werffsäger and chairman Carsten Dilling. Christine Olsson/TT  

 

The problems for SAS  

Air France and KLM new major owners in crisis-ridden SAS  

 

A consortium of the European aviation giant Air France-KLM together with the investment companies Castlelake and Lind Invest and the Danish state take over as major shareholders in SAS. This is stated in a press release. 

 

Castelake takes a share of 32 percent, the Danish state 26 percent, Air France-KLM 20 percent and Lind Invest 8.6 percent. 

 

The remaining approximately 13.6 percent of the shares will most likely be distributed between and held by certain creditors who may receive compensation in shares. 

 

SAS receives around SEK 13 billion in new capital, says CEO Anko van der Werff at a press conference.  

 

Vice President of the European Commission Vera Jourova. Yves Herman / AP  

 

The development of AI  

The EU is considering restrictions on advanced chips and AI  

 

The EU countries should investigate the risks of exporting critical technologies, the Commission believes. It reports Direkt.  

 

To strengthen the EU's economic security, the Commission proposes that the Union prepares trade restrictions for advanced chips, artificial intelligence, biotechnology and quantum technology. 

 

- The EU wants to be a player, not a playground, says Vice President Vera Jourova.

 

 

Illustration image. Lewis Joly / AP  

 

The energy crisis in Europe  

Weather forecasts lower European energy prices 

 

European fossil gas prices will fall by 10 percent tomorrow. A milder weather forecast for October has eased concerns about gas shortages, according to Bloomberg.  

 

Temperatures in northwestern Europe are forecast to be significantly higher than average for the season. In addition, the gas stocks are now filled to 95 percent, which helps to keep prices in check despite tighter supply, writes the news agency.

 

 

Fredrik Sandberg/TT  

 

The development of the Swedish krona 

Calmfors: The weak krona is not the Riksbank's fault  

 

Many blame the weak krona on failed monetary policy. But that is wrong, writes economics professor Lars Calmfors in DN.  

 

The Riksbank's only real tool – the interest rate – can theoretically be used either to achieve inflation targets or exchange rate targets. But not both, he writes.  

 

In order to increase the exchange rate of the krona against, for example, the euro, the Riksbank would have to raise the interest rate higher than the European Central Bank's interest rate of 4 percent. 

 

If the Riksbank shifts its focus from the inflation target to this, one would have to raise the interest rate so much that one loses control over the level of activity in the economy and inflation. That would cause the economy to slow down hard and unemployment to skyrocket.