Economy

Belgrade Becomes First Major European City to Offer Free Public Transport

December 22, 2024

Belgrade Becomes First Major European City to Offer Free Public Transport

Belgrade, Serbia’s capital, will offer free public transport to all residents and visitors starting January 1, becoming the first major European city with over one million residents to take this step. The initiative aims to tackle traffic congestion and air pollution in the city of 1.7 million people, which ranks among the world’s most polluted cities. Mayor Aleksandar Sapic also announced plans to upgrade the public transport fleet by 2027, ensuring that no buses will be older than two years by 2025.

Madrid Unveils €25bn Urban Transformation with Nuevo Norte Project

December 22, 2024

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Madrid Unveils €25bn Urban Transformation with Nuevo Norte Project

Madrid’s ambitious Nuevo Norte project has taken a significant step forward as Crea Madrid Nuevo Norte (Crea MNN) acquires land from Adif for €1.245 billion. The development, spanning 2.3 million square meters, is set to transform the Chamartín area into a modern business and residential hub, featuring 10 skyscrapers and 350,000 jobs, with completion projected over the next 25 years.

European Clean Tech Exports Poised to Triple, Says World Bank

December 19, 2024

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European Clean Tech Exports Poised to Triple, Says World Bank

Central and Eastern European (CEE) countries, including Poland, Bulgaria, Croatia, and Romania, are positioned to significantly scale up their clean energy technology exports, potentially tripling their output. This surge could bolster the EU's global competitiveness and support its net-zero 2050 ambitions, provided the bloc meets its Net Zero Industry Act (NZIA) goals.

Heathrow to Invest $3bn in Airport Upgrades Over Two Years

December 18, 2024

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Heathrow to Invest $3bn in Airport Upgrades Over Two Years

London’s Heathrow Airport has announced a £2.3 billion ($2.92 billion) investment plan for 2024–2026, aimed at modernizing facilities, enhancing baggage systems, and improving punctuality. The announcement follows a major ownership shift, with Saudi Arabia’s Public Investment Fund (PIF) and French firm Ardian acquiring a 37% stake in the airport.

Netherlands to Block Serbia's Progress Toward EU Membership

December 17, 2024

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Netherlands to Block Serbia's Progress Toward EU Membership

Dutch Foreign Minister Caspar Veldkamp has announced that the Netherlands will block Serbia’s next step in the EU accession process, citing concerns over insufficient progress in the rule of law, relations with Kosovo, and Serbia's failure to align with EU foreign policy. The move reflects a broader Dutch political consensus demanding tangible results from candidate countries.

HS2 Costs Soar to Over £80bn Amid Rising Inflation and Project Challenges

December 17, 2024

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HS2 Costs Soar to Over £80bn Amid Rising Inflation and Project Challenges

The projected cost of the HS2 high-speed rail project has increased by 15% in the last year, with the bill potentially surpassing £80 billion at current prices. The cost estimates include building the HS2 Euston station, which alone is expected to cost around £5 billion.

Switzerland Imposes Stricter Rules on Cross-Border Shopping Tourists

December 16, 2024

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Switzerland Imposes Stricter Rules on Cross-Border Shopping Tourists

Starting January 1, 2025, Switzerland will halve the value of goods its citizens can bring home tax-free from 300 Swiss francs to 150 francs (approximately €160). The move aims to discourage cross-border shopping, which impacts Swiss tax revenues and businesses.

UK Becomes First European Member of Indo-Pacific Trade Bloc CPTPP

December 15, 2024

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UK Becomes First European Member of Indo-Pacific Trade Bloc CPTPP

The United Kingdom has officially joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), becoming the 12th member and the first European country to do so. Membership in the trade bloc, spanning 15% of global GDP, is projected to bolster Britain’s economy by $2.5 billion annually.