Economy

Eagle Hills Signs €12bn Contract for Major Budapest Redevelopment

January 20, 2025

Eagle Hills Signs €12bn Contract for Major Budapest Redevelopment

Abu Dhabi-based developer Eagle Hills has signed a €12 billion ($12.3 billion) agreement with Hungary to redevelop a 100-hectare industrial area near Budapest's Rakosrendezo station. The ambitious project, supported by the Hungarian and UAE governments, aims to transform the area into a mixed-use city quarter featuring retail, business, school, and sports facilities, along with 35-40 hectares of parks and public spaces. Dubbed the "Grand Budapest Project," it is envisioned as a world-class green district inspired by Dubai's grandeur.

UK Regulators May Loosen Mortgage Rules to Boost Home Loans and Economy

January 20, 2025

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UK Regulators May Loosen Mortgage Rules to Boost Home Loans and Economy

The UK's Financial Conduct Authority (FCA) is exploring changes to mortgage lending rules introduced after the 2008 financial crisis, aiming to boost economic growth. The regulator will examine simplifying responsible lending requirements while maintaining consumer protection. It will also consider lifting the £100 cap on contactless payments. This move follows a government request for regulatory reforms to stimulate the economy.

Germany’s Economy Shrinks for Second Consecutive Year

January 15, 2025

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Germany’s Economy Shrinks for Second Consecutive Year

Germany’s economy contracted by 0.2% in 2024, following a 0.3% decline in 2023, as revealed by the Federal Statistics Office. Key contributors to the downturn include high energy costs, increasing competition in export markets, and a struggling manufacturing sector. The service sector showed modest growth, but construction and manufacturing saw marked declines. The economic struggles come as Germany faces a snap election, with reform and recovery at the forefront of political discourse.

UK Bans Cattle, Pigs, and Sheep Imports from Germany After Foot-and-Mouth Case

January 14, 2025

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UK Bans Cattle, Pigs, and Sheep Imports from Germany After Foot-and-Mouth Case

The UK has imposed an immediate ban on imports of pigs, sheep, cattle, and related products from Germany after a confirmed case of foot-and-mouth disease. The move aims to prevent the highly contagious disease, which affects cloven-hoofed animals, from spreading to the UK. Farming Minister Daniel Zeichner emphasized the government's commitment to protecting British farmers, citing past outbreaks in 2001 and 2007 that devastated the agricultural sector.

Iraq, UK Agree on Trade Package Worth up to $15bn

January 14, 2025

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Iraq, UK Agree on Trade Package Worth up to $15bn

Iraq and the UK announced a trade package valued at up to £12.3 billion ($14.98 billion) and a bilateral defence agreement. The deal includes projects to upgrade Iraq's power grid, water infrastructure, and military bases, alongside enhanced security cooperation.

Spain Proposes 100% Tax on Homes Purchased by Non-EU Residents

January 14, 2025

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Spain Proposes 100% Tax on Homes Purchased by Non-EU Residents

Spain plans to introduce a 100% tax on property purchases by non-EU residents to address its housing crisis. Prime Minister Pedro Sánchez announced the unprecedented measure, targeting non-resident buyers who use properties for investment rather than residence. The proposal, alongside other housing affordability measures, aims to prioritize local residents' access to homes. Critics argue the tax could deter foreign investment and harm the economy.

California Wildfire Costs to Hit European Reinsurers

January 13, 2025

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California Wildfire Costs to Hit European Reinsurers

The ongoing California wildfires, now predicted to be the costliest disaster in U.S. history, are expected to result in significant losses for European reinsurance companies, totaling around €1 billion. Despite the financial strain, analysts suggest the losses fall within reinsurers' prepared budgets, though the fires highlight the escalating risks of climate change and insurance challenges in California.

Large UK Companies to Reduce Hiring and Investment, Says Deloitte

January 13, 2025

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Large UK Companies to Reduce Hiring and Investment, Says Deloitte

A Deloitte survey has revealed that major UK businesses plan to cut hiring in 2025 at the fastest rate since the COVID-19 pandemic. Companies are scaling back investments due to a £25 billion increase in employers' social security charges announced in the government's October budget. Business optimism has fallen to a two-year low, though it remains above the bleak levels seen in 2020 and 2022.

Eagle Hills Signs €12bn Contract for Major Budapest Redevelopment

UK Regulators May Loosen Mortgage Rules to Boost Home Loans and Economy

Germany’s Economy Shrinks for Second Consecutive Year

UK Bans Cattle, Pigs, and Sheep Imports from Germany After Foot-and-Mouth Case

Iraq, UK Agree on Trade Package Worth up to $15bn

Spain Proposes 100% Tax on Homes Purchased by Non-EU Residents

California Wildfire Costs to Hit European Reinsurers

Large UK Companies to Reduce Hiring and Investment, Says Deloitte

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