HAUSER MAKES MOVE TO PROTECT EUROPEAN HI-TECH

Cambridge entrepreneur and VC Dr Hermann Hauser is mobilising forces in the EU to create a €100 billion fighting fund to protect European life science and hi-tech businesses from being lured to the US or China and into foreign sovereignty where they could become vulnerable to asset stripping. Dr Hauser felt it necessary to broaden his campaign to protect Arm Cambridge jobs and technology and associated UK bragging rights in light of its proposed $40bn acquisition by US giant NVIDIA. Not content with helping the UK government formulate policy on protecting Arm, he says the issue has now taken on much wider significance. READ MORE: https://www.businessweekly.co.uk/news/hi-tech/hauser-seeks-%E2%82%AC100bn-eu-cash-fight-us-and-china-bid-tech-dominance

US DOING BETTER THAN EUROPE, SAYS WSJ

The faster spread this fall of COVID-19 in Europe compared to the spread in the United States during the same period has left Europe’s economy sputtering even as the U.S. economy continues to come back to life, according to new data cited by the Wall Street Journal. IHS Markit, a data firm, reported Friday that its Purchasing Managers Index for the U.S. rose to 55.5 in October from 54.3 in September, WSJ reported. Any figure greater than 50 indicates an increase in economic activity. Chris Williamson, chief business economist at IHS Markit, said U.S. executives expected more stimulus payments, a lessening of pandemic restrictions and political calm, WSJ reported. READ MORE: https://www.pymnts.com/economy/2020/united-states-economy-up-as-europe-declines-amid-covid-resurgence/

DANISH GROUP NETS SWISS PAYMENTS FIRM

Nets Group, Denmark’s payment provider, announced the acquisition of CCV Switzerland, a subsidiary of CCV Group based in the Netherlands. The acquisition is expected to be completed in the coming weeks. CCV Schweiz is said to have a portfolio of around 34,000 payment terminals and employs around 90 people at three locations in Switzerland. CCV Schweiz will be integrated with Concardis Schweiz, which is part of Nets Group. As soon as the integration is completed in the coming months, the two companies will operate under the Nets brand. READ MORE: https://fintechnews.ch/mobilepayments/nets-group-acquires-swiss-payment-terminal-provider-ccv-switzerland/40084/

GAP CLOSURES MAY BE WORSE THAN FEARED

The retailer has said it is exploring “different ways” to operate its European business. A spokesman said: “One of the options that will be explored is the possible closure of our company-owned and operated Gap Specialty and Gap Outlet/Gap Stock stores in the UK, France, Ireland and Italy at the end of the second quarter next year. “The business is also looking at different ways to serve European customers such as franchise, third-party partnerships and alternative ways to operate the European ecommerce business.” READ MORE: https://www.drapersonline.com/news/gap-mulls-closure-of-all-european-stores-and-uk-warehouse?tkn=1

PHOTO: A Gap store