Author: Euronews

The longest-serving major central bank governor will step down after a 12-year stint with the SNB. ADVERTISEMENTThomas Jordan will hand over his title as chairman of the Swiss National Bank (SNB) in September, the institution announced on Friday.The 61-year-old, known for his unorthodox monetary policy, had been due to finish his term in 2027.The resignation is a momentous moment for the country’s financial industry given Jordan’s high-profile status.After joining the SNB in 1997, Jordan took up the role of chair in 2012, and has since steered the bank through a number of pivotal moments.He notably managed the tail end of…

Italy records marginally positive GDP results yet its deficit for 2023 drastically overshoots expectations. ADVERTISEMENTItaly’s economy grew by 0.9% last year, exceeding a 0.7% forecast, the national statistics agency ISTAT confirmed on Friday.This modest victory was nonetheless tempered by a disappointing deficit figure for 2023, which came in at 7.2% of gross domestic product (GDP).The government had pencilled in a deficit of 5.3% for last year, although it was recorded at 8.6% in 2022.In response to the figures, Italy’s Minister of Economy and Finance, Giancarlo Giorgetti, placed some of the blame on the “irresponsible” superbonus scheme, a policy that helps…

Companies with some of the most ambitious climate policies are among the worst offenders, finds a new report. ADVERTISEMENTIncreasing fossil fuel production is highly rewarded at most of the world’s largest oil and gas producers, despite their ambitious climate targets, according to a report from the financial think tank, Carbon Tracker.The study entitled, ‘Crude Intentions II’, analyses the 2022 policy of incentives at 25 of the largest publicly-listed companies by production volume based outside Russia.It found that only one of these companies – Occidental Petroleum – doesn’t promise extra pay for such growth.The worst offendersDespite a growing number of companies rewarding executives for preparing for…

Europe’s foremost media to deploy full force, teams in national capitals, innovative formats on watershed European Parliament elections ADVERTISEMENTAs Europe counts down to an era-defining election, Europe’s foremost newsroom is set to deploy the full force of its dedicated TV and web journalists recentred in Brussels and spread across national capitals to deliver a high-octane multi-media experience.Our ambitious coverage will reflect the high stakes as more than 400 million Europeans head to the polls amid global conflict and economic turbulence, providing a unique lens through which the continent’s multi-lingual electorate debates with the bloc’s political pacesetters, thought leaders and industrialists on hot-button…

House prices in the UK have risen year-on-year for the first time in 13 months, signalling a recovery after last year’s property slump. ADVERTISEMENTThe UK’s largest building society, Nationwide, announced on Friday that UK house prices were 1.2% higher in February than during the same period in 2023.Over the month, the lender said that costs are up 0.7%, meaning that the average house price has risen to £260,420 from £257,656 in January.Friday’s data, which surpasses analysts’ expectations, points to an upturn in the UK housing market following limited demand last year.”The Index shows the market casting off a lull from…

The opinions expressed in this article are those of the author and do not represent in any way the editorial position of Euronews. The regulation is a promising step forward in achieving a balanced ecosystem for short-term rentals, serving the interests of both the public and visitors in our cities, Famke Halsema writes. ADVERTISEMENTOn Thursday, the European Parliament passed a regulation concerning the sharing and collection of data for Short-Term accommodation Rental services (STR). This piece of legislation is crucial for many European cities, in particular those facing housing shortages and challenges related to tourism.The main benefit for cities is that…

UK Chancellor Jeremy Hunt will outline his spring Budget next Wednesday. Here’s what we know so far. ADVERTISEMENTOn 6 March Chancellor Jeremy Hunt will deliver his tax and spending plans for the UK, in what is likely to be the biggest fiscal announcement before the next General Election.The Budget comes not only against a backdrop of stifling tax burdens but also staggering public debt, placing the Treasury in a politically sticky position.According to the Institute for Fiscal Studies (IFS), tax revenues as a share of national income in the UK are currently on track to hit 37.7% in 2028 to…

Millennials could stand to inherit trillions worth of property and property assets passed down by ancestors in the next 20 years. ADVERTISEMENTMillennials could potentially become the wealthiest generation ever, according to estate agent Knight Frank’s 2024 Wealth Report.Defined broadly as those born from 1981 to 1996, millennials, also known as Generation Y, could possibly see a sizeable windfall in the next 20 years, due to property and other assets amassed by their parents and grandparents. This could clock in at about $90 trillion (€83.1 trillion) in the US alone.”When the silent generation (born from 1925 to 1945), the baby boomers…

The European Union is in full campaign mode 100 days ahead of the parliamentary elections in June. Don’t worry if you don’t know exactly how they work. This guide from Euronews tells you everything you need to know. ADVERTISEMENTThe continent-wide elections will see 720 Members of the European Parliament elected. This is an increase from the current 705 seats to accommodate demographic changes in several member states.The Parliament is the only institution in the EU that is directly elected by voters. The other two main bodies are indirectly elected: the composition of the European Commission requires the approval of MEPs…

The tax burden on the middle class differs across the EU, as well as across the different income segments. ADVERTISEMENTThe UK middle classes continue to face economic struggles despite earning up to £60,000 annually (€70,180), according to a recent report.In many OECD countries, the middle classes have seen their ability to save decline, and in some cases have fallen into debt, as the tax burden on the European middle class becomes increasingly controversial in the present cost of living crisis.The middle class’s income and tax burdens significantly differ across European countries. In general, lower-middle incomes are taxed less, while upper-middle…