Business Round-Up: ‘Wise Men’ economists warn 100,000 will lose their jobs by end of 2023

The Economic Council, the economic council often referred to as ‘the sages’, has warned that three years of austerity is likely to hit the country.

At least 100,000 of the 2,950,000 people currently in are likely to lose their jobs over the next 14 months, it predicts.

The development in September of the C25, the country’s leading stocks, led many economists to predict that is heading into a recession – its GDP fell in value during the first quarter of 2022 but then rose in the second – but it will take two consecutive quarters to become official.

The downturn is likely to last until the end of 2024
Since the outbreak of the pandemic, the labor market has increased by 150,000 jobs, a large part of which, the Economic Council states, have been occupied by foreigners.

Nevertheless, plenty of longer-term positions may also be under pressure, it admits.

By the end of 2024, the country’s GDP should begin to return to the same level as at the end of 2021.


If handed over, the dividend fraud mastermind could face trial next summer
It is still not certain whether dividend fraud mastermind , 52, will be extradited from to Denmark to face trial. A court refused to extradite him on September 12, ruling that there was insufficient paperwork. A new attempt with another 600 pages will be made soon. Therefore, the date of the Briton’s trial has been postponed until next summer at the Court, if his extradition is approved. Last month, a court in London approved the extradition of Anthony Mark Patterson, 51, who is also charged in the case. Both men, who are accused of defrauding Denmark of DKK 12.7 billion, have pleaded not guilty. Last month, a court in Dubai ordered Shah and others to pay DKK 8 billion back to Denmark.

Lego acquires innovative manufacturer of educational materials
This week, Lego’s owner Kirkbi completes a reported DKK 6.7 billion takeover of the American e-learning platform Brainpop, which produces educational material (mostly videos) aimed at children aged 5-18. “This is a company with substance: it knows how to engage children and make them curious and interested,” Lego Group CEO Jørgen Vig Knudstorp told the Wall Street Journal

Ørsted is opening a new office near the Ocean Wind 1 project, but will it be partially sold off?
Last week, the Danish energy company Ørsted opened a new office in Newark, the city in New Jersey that many Europeans fly to when they visit New York City. The office will function as Ørsted’s North American Digital Operations headquarters and support the company’s offshore and onshore businesses. Ørsted, which previously opened a US office in Atlantic City in 2018, has local interest in Newark as it recently agreed to a $695 million partnership with PSE&G to develop the Ocean Wind 1 project – a 1,100 MW operation that 500,000 New Jersey homes. In the pipeline, Ocean Wind 2 will see another billion invested. At the same time, in related news, the Blue Blok duo Venstre and Konservative want the to sell part of its 50.1 percent share majority in Ørsted – namely the operation – to help finance other Danish investments in the green transition.

Why Google has been banned by a Danish municipality’s schools
Helsingør Municipality banned the use of Google in local schools on July 14, Wired reports. Google’s educational products, such as Chromebook laptops and school software, are widely used by schools in Denmark, where many children first encounter them at the age of six. The ban can be traced back to an official complaint filed with the data protection authority Datatilsynet in December 2019 by a concerned Helsingør parent who discovered that his eight-year-old son’s name was in the public domain thanks to a account borrowed by another student. to post a rude video comment. Read the rest of the story here.

Makes a pretty penny on the housing market
Despite their relative wealth compared to other nationalities, the Danes still regard a million kroner as both a considerable and remarkable sum – it is, for example, the top prize on the Danish edition of ‘Who Will Be a Millionaire’. So TV2 wasted little time in telling that 58,647 Danish home owners have become ‘millionaires’ since 2019 thanks to profits from property sales. In 2021 alone, 27,249 scored a tax-free million, figures from Kaas & Mulvad show. According to the detached house rule, sellers are exempt from paying property tax on plots of less than 1,400 square meters if it was their year-round address. An added bonus is that when they are sold, they no longer have to pay property value tax, which can easily amount to more than DKK 100,000 per year for a property worth, for example, DKK 20 million.

Venture capitalists unveil their list of Danish startups to watch
Venture capitalists invested a record 2.5 billion US dollars in the Danish startup scene in 2021 on the back of a 240 percent increase from the previous year, underscoring the Danish ecosystem as the fastest growing in the Nordics. And although the investments this year, which are currently at 1.1 billion, have not been able to match the total amount, the sector is always keen to find out who has made the venture capitalists’ list of the Danish startups to watch with, as reported by Sifted. The selections are: Wawa Fertility, Yuman Robots, ByFounders, Embla, Medusa, Synq, Novo Seeds, Synclinino, Ciana Therapeutics, Commit Biologics, Seed Capital, ZTLment, Climate.co and HeyHack.

Startups competing to win prestigious prizes
A ceremony on November 24 will confirm the recipient of Ernst & Young Entrepreneur of the Year Award for 2022. About 18 companies is currently in contention for an award whose previous winners include Endomondo, Trustpilot, Pleo Technology and Veo Technologies, but the field will be whittled down by regional heats by then. The 18 companies up for grabs are Abzu, Capturi, Cerebriu, Coalescent Mobile Robotics, Creative Force, Dalum Beverage Equipment, Ento Labs, Estaldo, Go-Pen, ISH, Measurelet, Nabogo, Navitas Wind, Podimo, Sternula, The Buddha Bowl Project, Sneaker Store and Unicontrol.

Travel agency goes bankrupt
The controversial Danish travel agency Detur has declared itself bankrupt. It blamed problems with liquidity. Customers who have paid for canceled holidays by debit or credit card are advised to ask their banks for a refund. Otherwise, they will have to take the chance as a creditor. Earlier this year, Detur guests were kicked out of their rooms by hotels that claimed Detur had not paid them.

Flights from Billund to Manchester resume
SUN-AIR has confirmed that its flights from Billund to Manchester will resume on 31 October after more than two years of absence due to the pandemic. Last month, SUN-AIR reintroduced its service from Billund to London City Airport. Its services between Denmark and the UK operate under the brand.

Ancotrans buys Dutch container logistics company
The Danish container transport company Ancotrans has expanded its presence on the Dutch container logistics market with the purchase of Transport Rien Boom. The Danish company was advised by Grant Thornton. It is its first Dutch acquisition

Industrial complex snapped up by pan-European operator
Sognevej 25 – a 41,649 m2 light industrial/logistics complex in Brøndby industrial park Priorparken, consisting of five buildings with 196 parking spaces – has been acquired by pan-European operator Cromwell European Real Estate Investment Trust for DKK 117.4 million.

Source: The Nordic Page

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