Economy

Electric Vehicle Transition Could Cost Europe €400bn
October 6, 2024
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Electric Vehicle Transition Could Cost Europe €400bn

A McKinsey study warns that Europe's shift to electric vehicles (EVs) could lead to a loss of up to €400 billion in economic value by reducing Europe's global market share in the automotive industry from 60% to 45%. However, the transition also holds significant potential, with opportunities for growth if companies adopt innovative strategies and focus on developing electric car ecosystems.

Germany Faces Shortage of 530,000 Skilled Workers, with Childcare Hit Hardest
October 6, 2024
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Germany Faces Shortage of 530,000 Skilled Workers, with Childcare Hit Hardest

Germany is grappling with a shortage of over 530,000 skilled workers, particularly in sectors such as childcare, health, and skilled trades. A new study reveals the pressing need for reforms, with calls for training initiatives and strategies to attract workers from abroad.

Italy Plans Tax Hikes on Most Profitable Companies
October 3, 2024
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Italy Plans Tax Hikes on Most Profitable Companies

Italy's Economy Minister, Giancarlo Giorgetti, announced plans to raise taxes on companies in sectors benefiting from favorable business conditions, such as weapons manufacturers. This news has already impacted the Milan stock market, with energy and financial stocks experiencing significant drops.

Global supply chains under new pressure following rush of problems
October 3, 2024
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Global supply chains under new pressure following rush of problems

Global supply chains are facing severe disruptions due to conflicts in the Middle East, drought affecting the Panama Canal, and strikes at US ports, leading to increased transportation costs and longer delivery times. These challenges are driving up prices for businesses and consumers, with potential for further inflationary pressures as oil prices rise and supply issues persist.

Adnoc targets largest-ever foreign takeover with Covestro offer
October 2, 2024
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Adnoc targets largest-ever foreign takeover with Covestro offer

Abu Dhabi National Oil Company (Adnoc) has made a €14.7 billion offer to acquire German chemicals company Covestro, as part of its strategy to diversify beyond oil and expand into the chemicals sector. Adnoc plans to invest heavily in Covestro’s global operations while retaining its management team and honoring employee agreements, pending regulatory approval.

UK House Prices Surge 3.2% as Mortgage Rates Fall
October 1, 2024
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UK House Prices Surge 3.2% as Mortgage Rates Fall

UK house prices rose by 3.2% in September, the fastest growth in nearly two years, driven by rising incomes and lower mortgage rates, particularly for terraced homes. Increased mortgage approvals and falling interest rates are expected to boost buyer demand, though affordability challenges remain for first-time buyers.

Eurozone inflation falls below 2%
October 1, 2024
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Eurozone inflation falls below 2%

Eurozone inflation dropped to 1.8% in September, the lowest since 2021, primarily due to falling energy prices, strengthening the case for another European Central Bank (ECB) rate cut this month. With inflation now below ECB forecasts, markets are anticipating multiple rate cuts before the end of the year.

Irish government reveals tax cuts in its pre-election budget
October 1, 2024
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Irish government reveals tax cuts in its pre-election budget

Ireland's pre-election budget includes tax cuts and infrastructure investment, funded by a €25bn surplus. Critics say it neglects key issues like housing and healthcare.

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