Author: Euronews

Immigration from EU countries has fallen sharply while non-EU immigration has risen. However, EU immigrants benefited the economy because they were working, while the current influx of immigrants is primarily made up of non-working students. ADVERTISEMENTThe UK’s departure from the European Union has been a costly business, leaving it with lower growth and higher inflation, according to Goldman Sachs.UK real GDP has fallen short of economic growth in comparable countries by about 5% since the referendum, the US investment bank’s latest report revealed. Admittedly, not all of the UK’s growth underperformance could be attributed to Brexit, the report pointed out, saying the…

It’s one of the largest fundraisings in the European electric vehicle industry and is expected to reduce Europe’s dependence on Chinese EVs. ADVERTISEMENTTwo of Europe’s largest car makers Stellantis and Mercedes-Benz have raised about €4.4 billion to set up three new electric vehicle (EV) gigafactories across the European Union (EU) in the coming years. The companies said in a press release on Monday that the total funds needed for these factories is expected to be about €7 billion.Factories will be set up in Kaiserslautern in Germany, Termoli in Italy and another undisclosed location in France.  Around 6,000 people are expected to…

Vladimir Putin’s “blackmail” attempts only served to speed up the European Union’s green transition, Ursula von der Leyen said on Tuesday. ADVERTISEMENTBefore the Russian leader decided to launch the full-scale invasion of Ukraine, the bloc was highly dependent on the import of Russian fossil fuels, particularly gas, which it received at a low price via an extensive network of pipelines.But the war forced member states to drastically cut off Russian fuels from their energy system through a combination of sanctions (oil and coal) and national initiatives (gas) aimed at depriving the Kremlin of an important source of revenues.”Two years ago…

Inflation in Switzerland fell unexpectedly in January, potentially paving the way for the Swiss National Bank (SNB) to cut rates next month. ADVERTISEMENTThe annual inflation rate in Switzerland fell to 1.3% in January from 1.7% the previous month, marking the lowest reading in since October 2021, according to the country’s Federal Statistical Office.This has led to analyst predictions that the Swiss National Bank (SNB) might lower interest rates in March.According to Bloomberg, the price drops were unexpected, especially as Switzerland regulates many prices.”The SNB is unlikely to declare victory yet as domestic products increased by 0.6% month-on-month and 2.0% year-on-year,” said…

The once iconic beauty retailer was founded in 1976 by Dame Anita Roddick. It was an early ethical trading business and was best known for its refusal to allow product testing on animals. ADVERTISEMENTThe Body Shop has gone into administration in the UK, less than three months after German private equity firm Aurelius bought it for around £207 million. The decision reportedly followed disappointing Christmas and festive sales.The move is expected to leave up to 2,000 jobs and 100 stores at risk, in order to compete more efficiently with competitors such as Lush, which caters to a younger market. However,…

Farmers in Poland have been blocking roads across the country to call out EU environmental policies and unfair competition from non-EU nations. ADVERTISEMENTPolish farmers on Monday started the third day of a 30-day strike to protest against European Union farming policies.They are demanding measures from both their national government and the bloc to combat production cost hikes, reduced profits and unfair competition from non-EU countries.In Poland, where imports of cheap grain, milk and other produce from Ukraine have caused particular anger, farmers drove tractors across the country to slow down traffic and block major roads, some displaying signs that read “EU…

A recent study reveals more than 11 million Britons have savings of less than £1,000. Euronews looks at the figures and takes a look at the situation across the rest of Europe. ADVERTISEMENTOne in three working-age adults in the UK have less than £1000 (€1175) in their savings account, according to new report from Resolution Foundation.This means that more than 11 million people may have difficulties facing unexpected “rainy day” moments, such as family crises or not being able to put enough money away for retirement.The cost of living crisis has left individuals with small amounts of savings having to borrow…

Disgruntled farmers have taken to the streets across the European Union. But how important is the agricultural sector to the bloc’s economy? Euronews takes a closer look. ADVERTISEMENTAmong their complaints, farmers decry the cost-of-living crisis, fuel taxes, environmental regulation, burdensome bureaucracy, unfair competition and free trade deals.The seemingly coordinated movement, which has already reached countries like Germany, France, Italy and Spain, has caught Brussels off guard and put the Green Deal under serious political pressure ahead of the next elections to the European Parliament.Ursula von der Leyen, the mastermind behind the Green Deal, has reacted by publicly singing odes to…

Shares in German travel giant TUI were trading up around 3% on Tuesday morning on the London Stock Exchange as the company updated investors on its latest financial results. ADVERTISEMENTThe favourable share price follows the company reporting its latest quarterly profit of €6 million on high travel demand, beating analyst estimates.Revenues also soared 15% year-on-year to €4.3bn, while winter and summer bookings were up 8% year on year.TUI also maintained its full-year forecast of a 10% increase in revenues and a 25% uplift in profits.In a statement, Sebastian Ebel, the chief executive of Tui, said: “People’s willingness to travel is still high,…

Eurozone banks have been pouring billions a year into a controversial EU fund designed to limit taxpayer bailouts – but it still might not be enough, a senior official said. ADVERTISEMENTA controversial EU bank crisis fund has reached its intended €78 billion capacity, meaning that lenders won’t need to pay in further annual contributions, a senior official announced today (13 February). The Single Resolution Fund is designed to avoid 2008-style taxpayer bailouts of the financial system – and eurozone banks have been collectively stumping up ten billion euros each year until it reaches a level equal to 1% of bank…