Economy

Central Europe Factories and Retailers Shut Down Amid Severe Flooding

September 16, 2024

Central Europe Factories and Retailers Shut Down Amid Severe Flooding

Factories and retailers across Central Europe have halted operations as severe flooding continues to wreak havoc, killing at least 10 people and forcing tens of thousands to evacuate. The disaster has severely impacted industrial and retail operations from Poland to Romania, including chemical plants, soft drink manufacturers, and power utilities.

Portugal Unveils €2bn Housing Package to Combat Crisis

September 13, 2024

Min

Portugal Unveils €2bn Housing Package to Combat Crisis

Portugal's government has launched a new €2 billion housing initiative aimed at building 33,000 homes by 2030 to help the country's neediest families facing skyrocketing rents and property prices. This comes as the nation grapples with a severe housing crisis exacerbated by foreign investment and a booming tourism sector.

Intel’s $4.6bn Investment in Poland Moves Forward

September 12, 2024

Min

Intel’s $4.6bn Investment in Poland Moves Forward

Intel is preparing to invest $4.6 billion in a semiconductor factory in Lower Silesia, Poland, the largest greenfield investment in Polish history. The Polish government is set to notify the European Commission next week regarding state aid for the project, which is crucial for moving forward. Despite Intel's global challenges, the investment in Poland remains on track.

Car Ownership Among Young People in Italy Drops by 33% in a Decade

September 12, 2024

Min

Car Ownership Among Young People in Italy Drops by 33% in a Decade

The number of cars registered to people under 25 has dropped by 33% over the last decade, driven by rising insurance costs and decreasing interest in car ownership among younger generations. Many young people are delaying getting their driving licenses, particularly in urban areas where public transportation offers viable alternatives.

UK to Require £10 Travel Permits for EU and US Citizens

September 11, 2024

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UK to Require £10 Travel Permits for EU and US Citizens

The UK government has announced that EU and US citizens, along with travellers from other visa-exempt countries, will need to apply for a £10 electronic travel authorization (ETA) to enter the UK starting in 2025.

Sweden Increases Justice System Budget by €300mn to Combat Rising Crime

September 11, 2024

Min

Sweden Increases Justice System Budget by €300mn to Combat Rising Crime

Sweden plans to increase spending on its justice system by €300 million in 2025 as part of a broader strategy to tackle escalating crime rates. The total justice budget will grow by 10% to €7.5 billion, with a focus on curbing gang violence and preventing the recruitment of minors into criminal organizations.

Germany Introduces Immigration Controls at Its Borders

September 10, 2024

Min

Germany Introduces Immigration Controls at Its Borders

Germany has announced the introduction of border controls with Belgium, France, Luxembourg, the Netherlands, and Denmark starting September 16, in an effort to combat illegal immigration.

UK Steel and Oil Industries Brace for Massive Job Cuts

September 10, 2024

Min

UK Steel and Oil Industries Brace for Massive Job Cuts

The UK government warns of up to 6,000 job losses in the steel and oil industries this September. These cuts are part of a shift towards greener production methods, with the government supporting new eco-friendly facilities over existing carbon-intensive operations.