Author: Euronews

The change comes as the government seeks to clean up its country’s financial image. ADVERTISEMENTCyprus has made headway in weaning itself off Russian cash and business as it tries to clean up its image, according to official figures. A team of visiting US officials is helping the government look at cases of alleged sanctions-busting.Russian deposits held in Cypriot banks reportedly fell 76% from 2014 to 2022, while Ukrainian deposits shrank by 67%. The number of Russian clients using Cypriot banks dropped by 82% in the same period, while Ukrainian clients fell by 54%.For years, the Mediterranean island was known as…

The streaming giant gained over 13 million subscribers in the three months to December, claiming password-sharing crackdown a success. ADVERTISEMENTNetflix defied Wall Street expectations in the closing months of 2023 by gaining 13.1 million subscriptions in their final quarter, according to their new earnings report.This was the best three-month figure recorded since the pandemic year of 2020, and brings Netflix’s total subscribers to 260.3 million globally.The streaming platform also reported an operating income (profit minus operating expenses) of $1.5 billion (€1.38 billion) in their final quarter, up from $550 million a year earlier.”These latest results reaffirm that Netflix is firmly…

Frustration over the delay in North Macedonia’s EU accession is creating an opening for Russia to sow discord in the country through an “arsenal” of hybrid warfare, the country’s foreign minister has warned. ADVERTISEMENTBujar Osmani told Euronews on Tuesday evening that Russia is using targeted disinformation campaigns – including online trolling and fake news – to “fracture the social fabric of society” in the country and the wider Western Balkans and stall their accession to the EU. “Obviously Russia designed disinformation in order to keep North Macedonia from achieving its strategic goals, which is NATO and EU membership,” Osmani said.”The frustration that is…

Tax and spending reforms are necessary in the country where the public debt is 140% of the gross domestic product, states a new report from the OECD. ADVERTISEMENTTightening the belt is one of the key measures to uphold long-term growth in Italy, stated the Organisation for Economic Cooperation and Development (OECD) in their Economic Survey of Italy that takes a close look at the country’s prospects. The report acknowledges that Italy’s economy has weathered recent crises successfully but warns it is now slowing amid tightening financial conditions. To secure strong and sustainable growth over the long term, the OECD is recommending…

The overall cost of end-of-life services in the UK has reached an unprecedented amount, meaning that it’s not just getting expensive to live in the country, but to die there too. ADVERTISEMENTDying in the UK is becoming increasingly expensive due to soaring funeral costs over the past two decades, made worse recently by persistent inflation, according to new figures. A new report by financial services firm SunLife shows that the overall cost of dying in the UK can set you back as much as £9,658 (€11,258), which covers fees for administering an estate, a basic funeral service, and optional extras…

Houthi attacks in the Red Sea have disrupted crucial trade routes between Europe, the Middle East, and Asia, leading to concerns of renewed inflationary pressures. ADVERTISEMENTRerouting by major shipping companies and potential disruptions in the Suez Canal pose challenges for Europe, with inflation and energy price fluctuations becoming significant worries.Recent events in the Red Sea, involving attacks by the Iran-based Houthi group, have disrupted the maritime navigation sector, pivotal for trade between Europe, the Middle East and Asia, raising concerns about the potential resurgence of inflationary pressures.The ensuing fear has led to major shipping companies altering their routes to avoid…

Sweeping gains for far-right and Eurosceptic parties could allow a populist right-wing coalition to take control of the European Parliament this year for the first time, a new study finds. ADVERTISEMENTAccording to the European Council on Foreign Relations (ECFR) thinktank, Eurosceptic populists should top the polls in nine EU countries – including Austria, Belgium, France and the Netherlands – during the 6-9 June European elections. They should also come second or third in a further nine countries.The far-right surge could allow a coalition of Christian democrats, conservatives and the radical far-right to piece together a majority and steer EU policy for the…

European shares climbed up as investors expect the ECB to keep rates steady at its monetary policy meeting this week. ADVERTISEMENTEuropean stocks started the week bright on Monday, drawing optimism from US equities, following the S&P 500 index touching record highs on Friday. However, impending interest rate decisions from the European Central Bank (ECB) and Bank of Japan later this week have kept investors on their toes.The Stoxx 600 index was up 0.57 per cent to €471.8, while the CAC 40 inched up 0.4 per cent to €7,399.4. The FTSE 100 also advanced 0.06 per cent to £7,465.2.Regarding the ECB decision,…

As we move into 2024, Europe’s second largest economy is likely to need to weather many storms before its economy reaches a stable point. ADVERTISEMENTThe recent controversial immigration bill will create further challenges for France which needs to address its ongoing labour shortages while facing the threat of the far right taking over the helm of affairs. French manufacturing worsened towards the year end and, with the level of ongoing geopolitical uncertainty at present, its recovery will not be smooth. The extraordinary debt levels across the major economies in the world pose a risk to France, too, as it faces the…

One of the most prominent themes to emerge from the latest World Economic Forum in Davos was the rising potential and associated challenges for generative AI. ADVERTISEMENTEuronews Business digs deep and considers the opportunities and challenges for Europe from Generative AI.What is generative AI?Generative AI refers to learning models which assist in the creation of new content in any required format. It is trained on “vast databases” and is designed to generate high-quality content in response to given prompts. Considering the ever-increasing popularity of generative AI such as Chat GPT, Dall E & Claude, it is estimated to grow at…