The European Central Bank (ECB) has announced a further tightening of monetary policy in response to rising inflation. In a statement released today, the ECB cited the need to overcome increased inflation as the primary reason for the decision. As part of the policy shift, the ECB’s committee has increased the refinancing rate by an…
Car sales in the European Union increased by 28.8% to 1.088 million units in March compared to the same month last year. The information has been published by the European Automobile Manufacturers Association (ACEA). Last month, all the largest markets of the European Union showed double-digit sales growth: Spain – 66.1%, Italy – 40.7%, France…
Belgium has received a windfall of 625 million euros from the taxation of income from frozen Russian assets, according to a report by Le Soir. This comes after a recent audit of the state budget, which revealed a significant amount of funds. The frozen assets, worth 250.6 billion euros, were placed through the international depository…
Across the Eurozone, the pace of consumer price growth has slowed. In particular, in March the annual inflation level was 6.9%, in February this figure was 8.5%. As for core inflation (CPI), which excludes food and energy prices, the figure rose 0.1 percentage point to 5.7%, indicating that the rate of price growth in the…
UBS’s acquisition of Credit Suisse, Switzerland’s second-largest bank, could result in job losses of tens of thousands, according to an anonymous source cited in the Financial Times. The cuts are expected to impact a third of the 120,000 people employed across both banks, with Credit Suisse’s internal business and investment operations bearing the brunt. The…
The European Union calls on third countries to tighten the monitoring of trade with sanctioned technologies — Bloomberg reports that the monitoring will be applied to countries where a sharp increase in the import of advanced technologies and other goods from the European Union, which Russia can use for military purposes in Ukraine, is observed….
Cargo transportation in Europe suffered a sharp drop in the fourth quarter of 2022, with a 36% decrease in cargo shipments compared to the previous quarter. The decline was observed across the continent, according to a study by TIMOCOM, a European logistics platform. The decline was particularly evident in Germany, where cargo transportation had already…
Consumer prices in Germany rose by 9.2% in January. Inflation slowed down to 9.6% in December. This data is given by the country’s Federal Statistical Management. The data was in line with the preliminary estimate and consensus of analysts polled by Bloomberg and Trade Economics. Consumer prices rose by 0.5% month-on-month, which was also in…
The European Union plans to include four Russian banks, including Alfa-Bank, in the new package of sanctions and ban the delivery of several goods to Russia. The new financial sanctions will affect four Russian banks, including the largest Alfa-Bank in Russia. In total, 130 individuals and legal entities are planned to be included in the…
The German government has announced a new set of tax reforms aimed at boosting economic growth and increasing investment in the country. The reforms are part of the government’s broader strategy to promote a favorable business environment and stimulate innovation. The main provisions of the tax reform include reducing the corporate tax rate from 15%…
