Economy

Germany to Invest €2bn in Domestic Semiconductor Sector
December 1, 2024
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Germany to Invest €2bn in Domestic Semiconductor Sector

Germany plans to invest €2 billion in its semiconductor industry to bolster domestic production, reduce reliance on China and the US, and enhance global competitiveness. This move comes amid growing geopolitical tensions and setbacks from delayed projects like Intel's proposed €30 billion chip factory in Magdeburg.

Norway Halts Plans for Deep-Sea Mining Following Budget Agreement
December 1, 2024
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Norway Halts Plans for Deep-Sea Mining Following Budget Agreement

Norway has decided to halt plans for deep-sea mining in its Arctic waters, following negotiations between the minority center-left government and the green-left SV party. The decision marks a significant shift in Norway’s approach to exploiting seabed resources, which had been slated to begin licensing in 2025.

Strait Bridge Costs Rise to €13.5 Billion Amid Environmental Concerns
November 28, 2024
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Strait Bridge Costs Rise to €13.5 Billion Amid Environmental Concerns

The projected cost of the Strait Bridge connecting Sicily and Calabria has increased to €13.5 billion, raising alarms about exceeding EU spending constraints and sparking debate over the project’s economic, environmental, and social implications. The bridge, expected to open in 2032, is being touted as a major economic boon but faces criticism for prioritizing large-scale infrastructure over pressing local needs.

Slovakia’s Thriving Auto Industry Faces Threats from Trump Tariffs
November 28, 2024
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Slovakia’s Thriving Auto Industry Faces Threats from Trump Tariffs

Slovakia, nicknamed the "Detroit of Europe" for its robust automotive industry, is facing significant challenges as President-elect Donald Trump pledges to impose new tariffs on imports to the U.S. The country's heavy reliance on car exports, with nearly 74% of its U.S. exports tied to passenger vehicles, leaves it vulnerable to potential trade disruptions.

€233mn Contract Signed for Major Lisbon Airport Expansion
November 28, 2024
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€233mn Contract Signed for Major Lisbon Airport Expansion

A €233 million contract for expansion works at Lisbon’s Humberto Delgado Airport has been signed by Vinci, ANA Aeroportos, and a consortium led by Mota-Engil. The project includes the construction of 10 boarding points and a redesign of the airport’s southern building, marking a significant upgrade to address long-standing overcrowding issues.

London’s Historic Smithfield and Billingsgate Markets to Close by 2028
November 27, 2024
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London’s Historic Smithfield and Billingsgate Markets to Close by 2028

The iconic Smithfield meat market and Billingsgate fish market, which have served London for 850 years, are set to close by 2028. The City of London Corporation has decided to cease support for the markets, offering traders compensation and promising to assist with their transition to new premises.

Biden Administration Makes Final Push for Greenland Mining Investment
November 26, 2024
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Biden Administration Makes Final Push for Greenland Mining Investment

In its final weeks, the Biden administration is ramping up efforts to encourage investment in Greenland's critical minerals sector, aiming to secure a steady Western supply of materials vital for the energy transition. Greenland, with its vast reserves of rare earths, nickel, and molybdenum, is being positioned as a mining frontier, with Biden officials promoting the region to international investors ahead of Donald Trump's presidency.

KfW Bank Allocates €24bn for Germany's Hydrogen Core Network
November 26, 2024
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KfW Bank Allocates €24bn for Germany's Hydrogen Core Network

KfW Bank has committed €24 billion to finance the construction and initial operation of Germany’s hydrogen core network, estimated to cost €19 billion. This 9,000-kilometer infrastructure project aims to connect the country’s industrial regions and facilitate the transition to a hydrogen-based energy system. Users will eventually cover costs, but state support will bridge the initial funding gap.

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