Economy

Germany’s EV Shift Puts 186,000 Auto Jobs at Risk by 2035
November 4, 2024
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Germany’s EV Shift Puts 186,000 Auto Jobs at Risk by 2035

Germany's shift to electric vehicle production could lead to 186,000 job losses by 2035, with traditional roles declining but new positions in engineering, IT, and technical fields partially offsetting the cuts. Major investments in R&D and plant conversions underscore the industry's commitment to successfully transitioning to EVs despite the employment challenges.

EU Agrees to Hike VAT on Online Platforms like Airbnb and Uber
October 31, 2024
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EU Agrees to Hike VAT on Online Platforms like Airbnb and Uber

The European Union has reached a consensus to impose up to 25% VAT on digital platforms providing short-term rentals and ride-sharing services, such as Airbnb and Uber.

Macron in Morocco: The €10bn Partnership Deal
October 31, 2024
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Macron in Morocco: The €10bn Partnership Deal

During a three-day state visit to Morocco, French President Emmanuel Macron and King Mohammed VI signed a series of agreements worth up to €10 billion, focusing on sectors like rail, green hydrogen, and renewable energy.

Reeves Raises UK Taxes by £40bn in First Labour Budget
October 30, 2024
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Reeves Raises UK Taxes by £40bn in First Labour Budget

UK Chancellor Rachel Reeves unveiled Labour's inaugural budget, introducing a £40 billion tax increase to address fiscal challenges attributed to previous administrations and to fulfill the party's pledge for "national renewal."

Torrential Rains Cause Widespread Damage in Valencian Community
October 30, 2024
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Torrential Rains Cause Widespread Damage in Valencian Community

The Valencian Community faces severe disruption due to torrential rains and flooding, causing significant road closures, rail stoppages, port closures, and numerous flight diversions. Authorities urge citizens to avoid travel as repair efforts continue.

Dangerous Chemicals Detected in Hundreds of Cosmetics in Europe
October 30, 2024
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Dangerous Chemicals Detected in Hundreds of Cosmetics in Europe

The European Chemicals Agency (ECHA) has revealed that hundreds of cosmetic products sold in Europe contain harmful, banned substances. Of the 4,500 products examined between November 2023 and April 2024, 285—approximately 6%—contained chemicals prohibited for their potential to reduce fertility and increase cancer risk.

EU Imposes Tariffs on Chinese EVs, Prompting Beijing’s Retaliation
October 30, 2024
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EU Imposes Tariffs on Chinese EVs, Prompting Beijing’s Retaliation

The European Union has implemented new tariffs of up to 35.3% on electric vehicle (EV) imports from China, citing subsidies that unfairly boost China’s market share. Beijing has challenged the tariffs at the World Trade Organization (WTO), calling them protectionist and unjust.

Over 70,000 IG Metall Workers Join Warning Strikes Across Germany
October 29, 2024
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Over 70,000 IG Metall Workers Join Warning Strikes Across Germany

Approximately 71,000 IG Metall union members participated in warning strikes across Germany, demanding a 7% wage increase in the ongoing metal and electrical industries’ wage dispute. Despite two rounds of negotiations, employers remain far from meeting these demands, offering smaller raises over a longer period.

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