Economy

EU Finalizes Mercosur Trade Deal Amid French Resistance

December 9, 2024

EU Finalizes Mercosur Trade Deal Amid French Resistance

The EU has concluded a landmark trade agreement with South America’s Mercosur bloc, creating a free-trade zone for over 700 million people. The deal, spearheaded by European Commission President Ursula von der Leyen, faces strong opposition from France over concerns about agricultural imports but has been lauded by Germany for its economic benefits. The agreement represents a geopolitical win for the EU but is expected to encounter further political battles before full ratification.

EU Introduces Cap on Transport and Building Emissions with New Carbon Market

December 5, 2024

Min

EU Introduces Cap on Transport and Building Emissions with New Carbon Market

The European Union has introduced a new emissions trading system (ETS2) targeting road transport and buildings, capping emissions at just over a billion tonnes annually starting in 2027. The scheme, designed to cut emissions by 42% by 2030, is expected to raise fuel and heating costs unless governments accelerate transitions to green energy. A Social Climate Fund of €86.7 billion will mitigate impacts on vulnerable households.

Belgrade Metro First Line Completion Delayed Again Until 2030

December 4, 2024

Min

Belgrade Metro First Line Completion Delayed Again Until 2030

The completion date for the first line of Belgrade’s metro system has been postponed from 2028 to 2030. Construction work is set to begin in 2025 with preparatory activities, supported by a €178.38 million loan from Deutsche Bank. Despite some progress, including work at the Makiš Depot site, the overall project has faced significant delays.

Russia Faces Record Crop Losses Amid Drought and Frosts

December 4, 2024

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Russia Faces Record Crop Losses Amid Drought and Frosts

Russia is experiencing its worst agricultural crisis in 23 years, with 38% of winter crops lost due to severe frosts and prolonged droughts. The Central Federal District has been hit hardest, and grain export restrictions have been imposed to curb soaring food inflation, which reached 10.2% in November.

Italian Companies Forced to Secure Climate Insurance Starting January 1

December 3, 2024

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Italian Companies Forced to Secure Climate Insurance Starting January 1

From January 1, Italian companies will be required by law to secure insurance against climate risks, including floods, landslides, and wildfires. This landmark legislation, aimed at addressing the rising financial toll of natural disasters, particularly targets small and medium-sized enterprises (SMEs), which are currently underprotected. The Italian government will support the initiative with a €5 billion fund to help manage the transition.

British Food Exports to EU Fall by £3bn Annually Post-Brexit

December 3, 2024

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British Food Exports to EU Fall by £3bn Annually Post-Brexit

A report from the Centre for Inclusive Trade Policy (CITP) reveals that British food and agricultural exports to the EU have declined by nearly £3 billion annually since Brexit. The study attributes the fall to post-Brexit regulatory barriers, including new border checks and health certificates. Industry groups are urging the UK government to negotiate a veterinary agreement with the EU to reduce trade barriers.

Hungary and Ukraine Propose €1bn Border Development Plan to the EU

December 2, 2024

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Hungary and Ukraine Propose €1bn Border Development Plan to the EU

Hungary and Ukraine have announced a €1 billion joint development plan to improve border infrastructure and road links. The proposal, aimed at enhancing connectivity and trade, includes new motorway links, a freight crossing point, and road improvements.

Bosnia and Herzegovina Discovers Significant Lithium Deposits

December 2, 2024

Min

Bosnia and Herzegovina Discovers Significant Lithium Deposits

Bosnia and Herzegovina has identified over one million tons of lithium concentrate in the Lopar area, with further exploration underway across 20 additional sites. This discovery positions the country as a potential key player in the global lithium market, vital for electric vehicle batteries and renewable energy storage.