US tobacco giant Philip Morris to close German plants as Europeans smoke less
US multinational tobacco giant Philip Morris has said it planned to close two German factories due to falling demand across Europe.
Finance
Latest reporting and analysis on finance.
UK budget: Finance minister hikes taxes to highest in 30 years, boosts defence spending
Britain's new finance minister Rachel Reeves has announced the biggest tax increases in three decades in her first budget and pledged to boost UK defence spending.
EC rejects Poland’s plea to exclude defence spending from budget-deficit figures
The European Commission has rejected Poland’s request for defence spending to be excluded from calculations in relation to the country’s budget deficit.
French economy ‘at the edge of the precipice’
There is more than the usual curiosity that accompanies news of budgetary disappointment in an important country in the case of the shambles of public accounts now…
UK budget D-Day: Finance minister Reeves looks set to light blue touchpaper
Britain's new finance minister Rachel Reeves is set announce what may be the biggest tax hikes in three decades in a bid to fix the country's sagging public services,…
Oaktree-owned Banca Progetto placed under court administration in Milan
Italian bank under court administration for allegedly lending money to a person arrested under mafia charges
Sweden’s EV battery Northvolt lays off 840 workers as financial pressures bite
Swedish battery manufacturer Northvolt, which specialises in lithium-ion technology for electric vehicles, has announced it will lay off 840 people as it continues…
Poland’s defence spending forecast to hit 4.7 per cent of GDP this year
Poland's defence spending is projected to reach 4.7 per cent of GDP by the end of 2024, despite the government's acknowledgement of a revenue shortfall this year.
European Parliament approves €35 billion aid for Ukraine from frozen Russian assets
The European Parliament has approved a new macro-finance loan for Ukraine to deal with the effects of the Russian invasion.
Delicious: Dutch are eating more meat despite government veggie push
The Dutch public has increased their meat consumption despite a government attempt to impose a top-down "protein shift" towards no-meat meals.
Germany’s SPD plotting ‘wealth tax’ amid financial problems
Germany's ruling Social Democratic Party (SPD) is plotting the introduction of a wealth tax on assets amidst the country's worsening economic situation, local news…
Car wreck? European auto giant Stellantis cleans house at top amid crisis
Multinational vehicle maker Stellantis has replaced several top managers, including CEO Carlos Tavares, after posting dismal results amid the growing economic crisis…
German company insolvencies at highest level since 2010, thousands of jobs affected
Germany has reportedly experienced a near-record number of corporate insolvencies, with a major economics firm warning that insolvencies have hit their highest point…
France’s belt-tightening budget aimed at reining in debt, finance minister says
France's belt-tightening budget will attempt to regain control over the country's "colossal" debt burden, Finance Minister Antoine Armand has said.
Auditors scold EU spiralling error rate in spending and EU debt of €458.5 billion
While the allowable threshold is 2 per cent, the error rate has risen to almost three times this number, namely 5.6 per cent.
FIFA loses landmark case on football transfers in European court
Astronomically high football player transfer fees typically seen in Europe's top leagues might soon become a thing of the past, with some FIFA rules on international…
French PM Barnier skips confidence vote to avoid early exit
The vote, originally scheduled to follow the general policy speech on October 1, is a customary practice whereby prime ministers seek parliamentary approval.
Economic stagnation ‘the best Germany can hope for’
Germany is about to downgrade its economic forecast for 2024, with authorities now hoping to register zero growth this year, according to a report from the international…
French finance minister warns of ‘one of worst deficits in history’
Finance Minister Antoine Armand has sounded the alarm on the French budget, warning of the "very serious situation" facing France.
German manufacturing sentiment at ‘lowest level since June 2020’
Pessimism within the German manufacturing sector has hit its lowest level since June 2020, a report from a major economic research institution has found.
Eurozone business activity unexpectedly contracts in September
Eurozone business activity contracted sharply and unexpectedly this month as the bloc's dominant services industry flatlined while a downturn in manufacturing accelerated, a…
Germany faces a surge in bankruptcies with ‘worse to come’
In the first six months of this year, almost 25 per cent more companies in Germany filed for insolvency compared to 2023, with experts fearing that the worst is…
France asks EU to let it delay submitting budget deficit plan
France has asked the European Commission to extend beyond September 20 a deadline for submitting a plan to reduce its public deficit to align with Paris' 2025 draft…
Overspending blows multi-billion-euro hole in French budget
France is facing "a serious slippage in public finances" over a €16 billion spending increase, ministers in the country have warned.
It is not Russia or greedy industry, it is the ECB that is driving inflation
With inflation stubbornly sitting above the target set by the European Central Bank (ECB), there seems to be no end in sight for the cost-of-living crisis.
China, Belarus agree to strengthen cooperation in trade, security
China and Belarus have agreed to strengthen cooperation in a range of sectors including trade, security, energy and finance, according to a joint statement after…
OECD: Italy jumps to first place in G7 for real income growth
Italy has had the strongest growth in real household income per capita of all G7 countries in the first quarter of 2024, the Organisation for Economic Co-operation…
Taylor Swift’s Vienna concerts canceled over ‘Islamist terror plot’
Three concerts by pop star Taylor Swift in Vienna have been abruptly canceled following a police raid on youths suspected of planning a terrorist attack at one of…
Germany’s BioNTech reports steep losses in second quarter
BioNTech, the German pharmaceutical giant that became a household name during the Covid pandemic, has stacked up huge losses.
Report casts doubt on German economic viability
Germany's economy is facing challenges that threaten the viability of its growth model, a report has claimed.