Connect with us

Business

Anti-American sentiment rises in Europe as Trump fuels anger

Published

on



Rising anti-American sentiment in Europe as President Donald Trump’s policies ruffle feathers is ushering in a shift in consumer behavior, not least in attitudes toward American goods.

Trump’s threats to impose punitive tariffs on Europe, seize territories and pull military support in the region — including his handling of the war in Ukraine — have irked European consumers, fueling campaigns to boycott US products. 

There’s currently no country in Europe where more than half of the population has a positive attitude toward the US, according to a YouGov poll published March 4. Opinion soured the most in Denmark, where leaders and residents were riled by Trump’s plans to take control of Greenland.

Facebook groups urging the boycott of US goods have sprung up and amassed thousands of followers. One such Danish group, Boykot varer fra USA (Boycott products from USA) has drawn more than 92,000 members since it was created Feb. 3.

“I got more and more upset with his ways of declaring what is right and what is wrong,” Bo Albertus, one of the administrators of the group, said in an interview. “I began to feel like I need to do something.” 

Albertus, a Danish school principal, said he canceled all his streaming services in favor of European or Danish ones and no longer eats at American fast-food chains. 

Read more: French Companies Asked to Drop DEI to Keep US Government Work

“I thought the best way is to stop putting money in their pockets,” Albertus said. Almost every second Dane has deliberately refrained from buying an American product since Trump’s inauguration, a survey from Megafon for Danish broadcaster TV 2 shows. 

A similar Swedish group, Bojkotta varor från USA, has grown just as fast. 

“I was just angry, I didn’t know what to do,” said Jannike Kohinoor, a Swedish teacher and one of the creators of the group. Following Trump’s insinuations that Ukrainian President Volodymyr Zelenskiy was to blame for the war, “our brains were just exploding,” she said. “Starting the group gave us an opportunity to do something.” 

Some 70% of Swedes have or are considering refraining from buying American products as a form of political protest, according to a survey from Verian conducted for Swedish state broadcaster SVT. One in 10 have boycotted US goods completely within the past month, while 19% have only stopped buying certain goods.

Salling Group AS, Denmark’s largest grocery group and the operator of supermarkets Bilka, Fotex and Netto, started marking whether a product is owned by a European company on its electronic price tags. That was in response to an increasing number of customers wanting to buy groceries from exclusively European brands, Chief Executive Officer Anders Hagh said in a LinkedIn post.

Still, any visible impact on European retail earnings would take a while to materialize, Bloomberg Intelligence Senior Analyst Charles Allen said. “These market share shifts tend to take time.”

A growing number of US companies, already rattled by boycotts in Canada, have flagged the potential business risk of more discontent further afield.

The change in consumer behavior has been swift and dramatic for Tesla Inc., fueled by Europeans’ reaction to CEO Elon Musk’s antics and unwelcome involvement in European politics. Tesla’s sales plunged 76% in Germany last month as Musk angered voters taking part in the country’s closely contested federal election. Across Europe, sales of Tesla vehicles fell 45% in January and dropped 40% in February.

Demonstrators from London to Berlin joined a global anti-Tesla protest on Saturday, displaying their opposition to what they perceive as Musk’s undermining of democracy. 

Groupe Roy Energie SAS, which has ordered between five and 15 Tesla cars annually since 2021, has taken a stand by canceling an order of 15 cars in favor of European models despite their higher cost.

“Individual consumers, society, our countries, Europe must react,” Romain Roy, the company’s CEO, told French broadcaster Sud Radio.

In Norway, oil and shipping company Haltbakk Bunkers AS said it would no longer sell fuel to US forces or ships, a reaction to the Oval Office spat between Trump and Zelenskiy, according to public broadcaster NRK. “No fuel for Americans!” the company said in a now-deleted Facebook post. 

The reports prompted Norway’s Defense Minister Tore O. Sandvik to issue a statement saying that the reported boycott isn’t in line with Norwegian government policy.

At the grassroots level, it’s about doing what one can.

“I don’t know if we’re going to have an economic impact, I think that’s longer than a marathon,” Kohinoor said. “But maybe we can have a social impact.”

This story was originally featured on Fortune.com



Source link

Continue Reading

Business

The NHL just struck a $7.7 billion deal with Rogers, which is more than double the previous media-rights contract they signed a decade ago

Published

on



TORONTO (AP) — The NHL and Rogers Communications announced a new 12-year national media rights deal Wednesday to air games on multiple platforms in Canada.

The agreement, which was first reported Monday, is valued at $11 billion Canadian dollars, or roughly $7.7 billion. The new deal runs through the 2037-38 season.

“Based on how the discussions were going and Rogers’ resolve to retain us and our resolve to try and continue to make the partnership work, we actually extended the exclusive negotiating period so that we could get to a point that we were both comfortable,” Commissioner Gary Bettman said at a news conference about the deal. “It wasn’t what I would describe as contentious in the least. I think we were pretty much on the same page. We had to work a little bit on the money, but that came together as well. But in the final analysis, we wanted to be together. And that’s how it came together, as quickly as it did.”

In Canadian dollars, it is worth more than double the previous contract signed in November 2013 that cost Rogers $5.2 billion in the local currency.

Rogers CEO Tony Staffieri said the finances have worked out and will continue to work out with the new deal. Sportsnet, Rogers’ sports network, said its revenue has more than doubled since 2013.

“The value of live sports content just continues to appreciate, and it’s really rooted in viewership continuing to grow,” Staffieri said. “If you look at our NHL deal over the last decade, viewership grew by 50%. And with that kind of growth, what you see is revenue growing at a very steady and healthy pace in terms of advertising revenue, subscription revenue, and in the deal we have now, sub-licensing revenue. And so as we look to the next 12 years, we were very thoughtful in how we thought about the economics.”

The NBA’s U.S. rights deal went up 160% from 2016 to 2025 and the NHL’s U.S. rights deal increased by 213% from 2011 to 2021. Rogers’ deal is a 111% raise from 2014 to 2026.

This is the league’s latest source of revenue after contracting with ESPN and Turner Sports in 2021 for the current U.S. TV and streaming rights deal for $4.5 billion over seven years combined.

The deal includes national rights across all platforms, including TV, digital, and streaming, for all national regular-season games, in all languages, as well as out-of-market rights for all regional games.

It also includes national rights to all playoff games, the Stanley Cup Final and all special events and tentpole events, in all languages.

The agreement allows for strategic sub-licensing for a subset of the rights, including national French-language and a single-night exclusive national package.

This story was originally featured on Fortune.com



Source link

Continue Reading

Business

Burned-out executives can cost companies more than $20,000—and cause a ‘social contagion effect’

Published

on



Is your workforce burned out?

Some 36% of U.S. workers are burned out, and 33% feel more burned out now than they did this time last year, according to a recent report from staffing firm Robert Half. And employee burnout can be pretty costly: Burned out individual contributors can cost US companies an average $3,999 per hourly worker and $4,257 per salaried worker, a recent American Journal of Preventive Medicine study found. These costs jump to $10,824 per manager and $20,683 per executive.

“What hurts companies more than anything, it’s managerial burnout,” said John R. Miles, CEO and founder of leadership firm Passion Struck. “When a manager doesn’t feel like they matter, the entire team feels it. If you have a disengaged manager, you’re likely going to have a disengaged team.”

What does it look like? Employee burnout can result in increased absenteeism, sick days, attrition, and turnover, Leah Phifer, an employee engagement expert and founder of consulting firm WhyWork, told HR Brew.

Leaders experiencing burnout may exhibit unusual-for-them irritability, short tempers, and impatience with employees and peers, she said, and lead to decreased productivity, performance, creativity, and innovation among employees.

And for leaders, it can have a “social contagion effect” on the organization, she said.

“When [leaders] walk into a room, and their face is really drained or stern, it doesn’t matter how the people in the room are feeling,” she said. “They could have been buoyant and celebratory, but as soon as that manager walks into the room looking completely drained and exhausted, it’s going to affect the mood in that room.”

What’s causing leadership burnout? Burnout isn’t caused simply by workload, Miles said. It can stem from a “mattering erosion,” when employees feel like who they are, what they value, and what they do aren’t important.

“It’s not as if burnout happens over a short period of time. It builds up in a matter of micro-losses,” Miles said, like when employees are made to feel “less than” or excluded by coworkers, or sacrifice time with friends and family, or on their health, to work.

When this happens, everyone in an organization can end up in a “downward spiral” toward burnout, he said.

What can HR do? HR pros can help combat burnout by flagging “emotional shifts” to leadership, Miles said. That way, they can mitigate burnout in its early stages, before it becomes “difficult to counteract.” HR should be the place, Miles added, where leaders can share “what’s hard, what’s working, and what’s breaking them down.”

“Who’s supporting the support?…We treat managers like they’re buffers in the organization,” Miles said. “They’re the ones that we’re expecting to absorb change, deliver the hard news, [and] mediate emotional challenges. But I think what we’re not doing is we’re not checking in on their capacity.”

Phifer recommended HR pros also help leaders recognize their unique burnout symptoms, so they can communicate how they’re feeling with their employees and colleagues. If they don’t, she added, their team may experience retention issues.

This report was written by Mikaela Cohen and was originally published by HR Brew.

This story was originally featured on Fortune.com



Source link

Continue Reading

Business

BNY launches new blockchain accounting tool with BlackRock as first client

Published

on



On Thursday, the financial giant Bitcoin, traditional financial institutions like BNY have been hesitant to enter the space, largely because of regulatory uncertainty. Still, BNY has shown an interest in the technology, including Ethereum, the second largest cryptocurrency, with the bank. 

The plan, however, clashed with the Securities and Exchange Commission during the Biden Administration, which issued guidance surrounding balance sheet requirements for companies holding crypto assets for clients. 

After putting its custody product on hold and continuing to build out its tokenization capabilities, BNY received an exemption in 2024 that allowed it to custody Bitcoin and Ethereum held for exchange-traded products without it being treated as a balance-sheet liability, and soon after received approval to hold crypto assets for other purposes. Under Trump, the SEC quickly rescinded the previous guidance, known as SAB 121, which was broadly unpopular among banks and crypto firms.

BNY’s latest crypto product moves beyond custody, and reflects the growth of financial instruments launched on blockchains, such as BlackRock’s on-chain money market fund, BUIDL. Larry Fink, BlackRock’s CEO, has publicly argued that more and more financial assets will be tokenized to improve cost and efficiencies, though the technology has still been limited to specific pilots and a largely blockchain-native customer base. 

Put in simple terms, the new tool will allow BNY to post the net asset value, or NAV, for tokenized funds directly onto the blockchain, rather than having to rely on the accounting of third-party services to furnish this information. Butler said that the product will help investors see the up-to-date NAV of financial instruments such as BUIDL, which in turn will drive more creditworthiness. 

While Butler acknowledged that this type of data sharing is not unique to crypto, she said that BNY’s blockchain enables the company to offer a fuller suite of tools around tokenized funds. “It’s just a use case to demonstrate how you can actually now start to make information more available to everybody that needs it,” she told Fortune

BlackRock, which relies on BNY as the fund administrator and custodian for BUIDL, will be the first client to use the tool. “BNY’s enablement of off-chain data insights to public blockchains is an unprecedented event and a significant milestone for the industry,” said Robert Mitchnick, BlackRock’s head of digital assets, in a statement shared with Fortune

As BNY continues to push into the digital asset space, Butler said that they’ll expand the data product to other companies offering the tokenized fund based on client demand, though she declined to share whether BNY is working on additional blockchain tools. “We have the opportunity to operate at all parts of that fund life cycle and the assets life cycle,” she said.

This story was originally featured on Fortune.com



Source link

Continue Reading

Trending

Copyright © Miami Select.