Netflix to ramp up European production, Ikea profits drop as retailer remodels, and more top news

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Netflix will ramp up its European production of series, documentaries and movies in 2019 as the streaming giant increases its competition with local broadcasters including the BBC. This year, Netflix is on track to make 141 projects in Europe consisting of 81 original productions and 60 co-productions or programs licensed from other producers. Next year, it plans to make 221 projects, including 153 originals. Erik Barmack, Netflix’s vice-president of international originals, said they are aiming for 10 to 12 shows in each country. • Here’s what people are saying.

Ikea’s profits have fallen by more than a third. Ingka, the holding company that runs the vast majority of Ikea stores, reported pre-tax profits of €2.1 billion, down 36%, in the year to August 31. Last week, the world’s biggest furniture retailer announced it was cutting 7,500 office jobs worldwide. Ingka’s deputy chief executive and chief financial officer Juvencio Maeztu said the company’s results were impacted by its investments in its online offering and smaller city-centre stores as Ikea moves to “transform” its business. • Here’s what people are saying.

A group of 30 European tech start-ups say the European Union’s employee ownership rules are causing “a brain drain of Europe’s best and brightest.” The group — which includes the founders and chief executives of iZettleTransferWise and Delivery Hero — wrote an open letter warning EU policymakers that European startups are at a major disadvantage to their peers elsewhere because of laws making it costly for employers to give out stock options to employees. Research by venture capitalists Index Ventures shows  employees own only 10% of late-stage start-ups in Europe, compared to 20% in the U.S. • Here’s what people are saying.

A person needs to work 80-100 hours per week to “change the world,” Elon Musk tweeted this week. The billionaire and entrepreneur cautioned that the pain tied to working those long hours “increases exponentially.” Musk, who serves as CEO for four companies, has said he worked 120 hours per week and his employees at Tesla worked 100 hours per week at times as they were increasing production of the company’s Model 3 sedan. • Here’s what people are saying.

Spain’s two most successful soccer teams top the list of global sporting salaries. The Sporting Intelligence Global Sports Salaries Survey revealed Barcelona spends an average of £10.5 million on each player, while Real Madrid spends £8.09 million per player. Manchester United’s average annual player salary is £6.53 million, compared to Abu Dhabi-owned Manchester City’s £5.93 million. Outside of Barcelona, Real Madrid and Manchester United, Italian club Juventus is the only other soccer team in the top 10. U.S. National Basketball Association teams made up the remaining six positions. • Here’s what people are saying.

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