Economy

German Firms Face Worst Slump in Orders Since 2009 Crisis
November 11, 2024
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German Firms Face Worst Slump in Orders Since 2009 Crisis

German industries are experiencing the steepest decline in orders since the 2009 financial crisis, with a pronounced impact on manufacturing and trade sectors. Concerns are rising over Germany’s heavy reliance on imported raw materials, particularly lithium, as supply chain vulnerabilities threaten key industries like automotive manufacturing.

Czech Lower House Backs Gradual Increase in Retirement Age
November 11, 2024
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Czech Lower House Backs Gradual Increase in Retirement Age

The Czech Republic's lower house has approved pension reforms to gradually raise the retirement age to 67 by 2056. The reforms, intended to address an aging population and rising pension costs, include incentives for post-retirement work and adjustments for physically demanding jobs.

Sweden Cuts Interest Rate by 0.5%, Largest in Decade
November 11, 2024
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Sweden Cuts Interest Rate by 0.5%, Largest in Decade

In a bid to bolster economic activity and stabilize inflation, Sweden’s central bank has implemented a significant interest rate cut, lowering the rate by 0.5 percentage points to 2.75%. This is the largest cut in more than a decade and comes amid declining inflation and a weak economic recovery.

Extreme Weather Causes $2tn Damage in Past Decade, Report Finds
November 11, 2024
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Extreme Weather Causes $2tn Damage in Past Decade, Report Finds

Over the last decade, extreme weather events have cost the global economy $2 trillion, with the US facing the highest losses, according to a report by the International Chamber of Commerce (ICC). The findings, coinciding with the COP29 climate summit, underscore the urgent need for financial support from wealthy nations to assist vulnerable countries in adapting to increasingly destructive weather patterns.

Moldova Strives to Become a Hub for Foreign Businesses and IT Investment
November 7, 2024
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Moldova Strives to Become a Hub for Foreign Businesses and IT Investment

The Moldovan government is making significant reforms to attract foreign businesses, including establishing the Moldova IT Park (MITP), a virtual business park offering a reduced tax rate to tech firms.

New Law in Germany Aims to Simplify and Reduce Construction Costs
November 6, 2024
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New Law in Germany Aims to Simplify and Reduce Construction Costs

Germany’s Federal Cabinet has approved a draft law aimed at reducing construction costs by allowing builders to bypass certain non-safety-related standards. The Building Type E Act seeks to make housing construction faster and more affordable, addressing Germany’s current housing shortage.

Serbia Allocates €2.66bn Acros 56 Key Infrastructure Projects
November 6, 2024
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Serbia Allocates €2.66bn Acros 56 Key Infrastructure Projects

Serbia's revised Fiscal Strategy for 2025 highlights a budget of €2.66 billion (313.6 billion dinars) allocated for major infrastructure and development projects, covering areas like the EXPO 2027 event, national highways, railways, and a new bridge over the Sava River.

Schiphol Airport’s 41% Fee Hike Sparks Backlash from Airlines
November 4, 2024
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Schiphol Airport’s 41% Fee Hike Sparks Backlash from Airlines

Schiphol Airport plans to increase airline fees by 41% in 2024 to fund infrastructure improvements and promote sustainability, sparking criticism from KLM, which warns of higher ticket prices and potential harm to the airport’s competitive standing.

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