EU companies affected by sanctions imposed on Russia can get up to 400,000 euros ($440,360) in state support and compensation up to 30% of energy costs under looser EU state aid rules, the European Commission said on Wednesday, Reuters reported. From airlines to carmakers to tourism businesses, thousands of companies across the 27-country bloc have reported severe disruption due to the sanctions. Companies in the agriculture, fisheries, aquaculture sectors can get up to 35,000 euros while businesses facing a liquidity crunch can get state guarantees on loans, subsidised loans.
Read more
Resources Per Country
- Albania
- Austria
- Belarus
- Belgium
- Bosnia and Herzegovina
- Bulgaria
- Croatia
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Gibraltar
- Greece
- Guernsey
- Hungary
- Iceland
- Ireland
- Isle of Man
- Italy
- Jersey
- Kosovo
- Latvia
- Liechtenstein
- Lithuania
- Luxembourg
- Macedonia
- Malta
- Moldova
- Monaco
- Montenegro
- Netherlands
- Norway
- Poland
- Portugal
- Romania
- Russia
- San Marino
- Serbia
- Slovakia
- Slovenia
- Spain
- Sweden
- Switzerland
- Ukraine
- United Kingdom
- Vatican City
The U.K. Treasury will pocket about 27 billion pounds ($36 billion) more a year in revenue than previously forecast despite eye-catching tax cuts on pay announced in its Spring economic statement on Wednesday, Bloomberg News reported. The figures, buried in documents from the Treasury and Office for Budget Responsibility, leave Chancellor of the Exchequer Rishi Sunak presiding over the highest tax burden since Clement Attlee’s Labour government in 1949.
Read more
The U.K. plans to sell fewer bonds than expected over the coming fiscal year, softening the blow of the first borrowing package in over a decade that will be financed without the help of the Bank of England, Bloomberg News reported. Britain will sell 124.7 billion pounds ($165 billion) of gilts in 2022-23, around a fifth less than the median expectation in a Bloomberg survey of primary dealers. The nation’s Debt Management Office said it will also sell 23.2 billion pounds of bills to fulfill the U.K.’s funding requirements.
Read more
The United States and Britain ended a four-year dispute over U.S. steel and aluminum tariffs on Tuesday, pledging to work together to counter China in a deal that also removes retaliatory tariffs from U.S. motorcycles, whiskey and other products, Reuters reported. In a joint statement, U.S. Commerce Secretary Gina Raimondo and U.S.
Read more
Swiss trader Mercuria Energy Group Ltd. secured a $2 billion emergency credit facility from banks as commodities prices surge following Russia’s invasion of Ukraine, Bloomberg News reported. The credit facility, which was secured earlier this month, can be renewed or closed in six months time. Trading houses have been seeking funds to maintain their physical and derivative positions as prices of everything from natural gas to metals soar. With markets upended and sanctions threatening to disrupt raw materials supplies, traders are facing a liquidity squeeze that could reshape the sector.
Read more
From the pandemic to Europe’s largest military conflict since World War II, it seems the world is moving from one extraordinary period to another. The conflict in Europe has generated a maze of rapid legal, political and economic responses from authorities around the globe. Those actions are rippling through capital, markets and boardrooms as businesses grapple with how to respond. Join ABI and a panel of experts to discuss where we are headed and what businesses should consider.
Russian shopping malls are facing a drop in rental income of around 30% to 50% this year due to international brands shuttering their operations, leaving many facing bankruptcy, a report from Forbes Russia has found, European Supermarket Magazine reported. Marks & Spencer, H&M, Nike, Mango, ASOS and Farfetch are among the international brands that have ceased operations in Russia due to the conflict in Ukraine, with CBRE analysts estimating that the share of closed stores stands at 15% by brand and 20% by area, Forbes said.
Tommy Robinson has failed to appear at the High Court to answer questions about his finances in connection with unpaid legal bills, The Mirror reported. The English Defence League founder was successfully sued for defamation by Jamal Hijazi when the then 15-year-old was assaulted at Almondbury Community School in Huddersfield in October 2018.
Three Spanish truckers unions on Tuesday dismissed a government aid package and joined a spontaneous one-week strike against rising fuel prices that is likely to aggravate a shortage of food products in supermarkets across the country, KFGO.com reported. The three truckers unions opted to join the strike after they decided a 500 million euro ($550.45 million) government support package offered on Monday was vague and not enough to compensate for the soaring price of diesel.
The apartments typically go unused, instead acting as an investment vehicle to hold onto money, Africa Business Insider reported. They're often held through a trust or shell company to hide the identity of the true owner. In a small city in South Florida called Sunny Isles Beach, luxury condos tower over the Atlantic Ocean. But high above the busy streets, not all of the city's multi-million dollar apartments light up at night.