Klarna workers to strike over lack of union negotiations
- Klarna workers in Sweden will strike on November 7, 2022 over the company's refusal to negotiate with unions.
- Unions want collective bargaining rights over issues like pay and redundancies.
- Klarna has resisted negotiating with unions in Sweden.
N26 onboarding restrictions eased in Germany
- German regulator BaFin is easing limits on N26 customer onboarding imposed in 2021.
- N26 expects to onboard 60k new customers per month, up from 50k.
- The restrictions had hampered N26's growth and margins.
UK Future Fund converts loans to equity in struggling startups
- The UK Future Fund has converted 661 loans worth £652m into equity stakes.
- 146 startups backed by the Fund have gone insolvent, writing off £138m.
- 329 loans worth £298m remain outstanding.
US economy grows faster than expected in Q3
- US GDP grew 4.9% in Q3, exceeding analyst forecasts
- Half of the growth was fueled by a 4% rise in consumer spending
- Discretionary spending on travel, sports equipment, and entertainment drove the increase
Twitter engagement declines under Elon Musk
- Global app downloads fell 38% from Oct 2022 to Sept 2023
- Monthly active users dropped 14.8% over the past year
- Ad revenue reportedly down 60% since Musk took over
New public funding programs for emerging VC managers
- Germany launched a €200m program for diverse emerging managers requiring some investment in Germany
- France introduced tax incentives that could unlock €500m annually for startups
VC acquisitions and new funds
- German fund Equation acquired VC software startup Betterfront
- French fund id4 Ventures raised a €16m pre-seed fund
- Sofinnova Partners closed a $200m digital medicine fund
