Economy

Olive Oil Prices Set to Halve as Production Rebounds, Says Leading Producer

November 20, 2024

Olive Oil Prices Set to Halve as Production Rebounds, Says Leading Producer

Spain’s Deoleo, the world’s largest olive oil producer, forecasts that olive oil prices will drop to half of their record highs in the coming months. Improved harvest conditions in the 2024-2025 season are expected to stabilize the market after years of price surges driven by droughts, inflation, and high interest rates.

Spain to Legalize 300,000 Undocumented Immigrants Annually to Bolster Workforce

November 19, 2024

Min

Spain to Legalize 300,000 Undocumented Immigrants Annually to Bolster Workforce

Spain plans to regularize the status of approximately 300,000 undocumented immigrants per year over the next three years, aiming to address labor shortages and sustain its welfare system amid an aging population.

Greece to Accelerate Early Repayment of €5bn in Long-Term Debt

November 19, 2024

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Greece to Accelerate Early Repayment of €5bn in Long-Term Debt

Greece plans to repay €5 billion ($5.3 billion) of long-term debt ahead of schedule in 2025, signaling confidence in its economic recovery and fiscal discipline. Prime Minister Kyriakos Mitsotakis announced the plan during a Bloomberg event, highlighting Greece’s transformation from a debt crisis-stricken nation to one of the euro area’s top-performing economies.

French Farmers Protest EU-Mercosur Trade Deal

November 18, 2024

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French Farmers Protest EU-Mercosur Trade Deal

French farmers have launched widespread protests against the proposed EU-Mercosur trade agreement, arguing that it threatens their livelihoods by allowing a flood of cheap agricultural imports from South America, produced under less stringent environmental standards. The protests, which began on Monday, involve rallies, roadblocks, and potential freight disruptions, reflecting farmers’ growing frustration with declining incomes and increasing regulations.

UK Plans Pension Megafunds to Unlock $100bn for Investments

November 18, 2024

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UK Plans Pension Megafunds to Unlock $100bn for Investments

The UK government is set to merge dozens of local pension funds into larger "megafunds," aiming to unlock £80 billion ($100 billion) for investment and drive economic growth. The initiative, announced by Treasury Chief Rachel Reeves, marks the most significant pension reform in decades and is expected to manage assets worth £500 billion by 2030

European Authorities Dismantle VAT Fraud Network, Seizing €520mn

November 14, 2024

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European Authorities Dismantle VAT Fraud Network, Seizing €520mn

A large-scale VAT fraud network involving the Italian mafia has been dismantled across Europe, resulting in the seizure of €520 million in assets and the issuance of around forty arrest warrants. The fraud scheme, which relied on issuing false invoices, generated an estimated €1.3 billion in fictitious transactions and involved multiple countries within the European Union and beyond.

UK Poised for Multi-Billion Dollar Free Trade Agreement with Gulf States

November 12, 2024

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UK Poised for Multi-Billion Dollar Free Trade Agreement with Gulf States

The UK is nearing the completion of a major free trade agreement with Gulf countries, including Saudi Arabia, Qatar, and the UAE. The deal, expected to add $2.1 billion annually to UK trade, marks a significant boost for Prime Minister Keir Starmer's economic agenda.

Trump Tariffs Could Cost UK £22bn in Exports

November 11, 2024

Min

Trump Tariffs Could Cost UK £22bn in Exports

A potential 20% tariff on all imports to the US under Donald Trump’s proposed trade policy could cost the UK £22bn in exports, threatening sectors such as fishing, petroleum, and mining. This would equate to a 0.8% annual hit to the UK’s economic output, with broader knock-on effects across global trade networks.