Economy

Cruise Passenger Arrivals in Türkiye Jump Staggering 509% in February

March 14, 2025

Cruise Passenger Arrivals in Türkiye Jump Staggering 509% in February

Türkiye's cruise tourism experienced a remarkable surge in February 2025, with passenger arrivals soaring by 509% year-over-year to 29,826. The increase, coupled with a 220% rise in the number of cruise ships docking at Turkish ports, set new monthly records and highlights Türkiye's growing status as a top global cruise destination.

Trump Threatens 200% Tariff on European Wine, Champagne and Spirits

March 14, 2025

Min

Trump Threatens 200% Tariff on European Wine, Champagne and Spirits

US President Donald Trump warned that if the EU does not immediately remove its planned 50% tariff on American whiskey imports, the US will impose a 200% tariff on wines, champagnes, and other alcoholic products from EU countries. This move escalates ongoing trade tensions as the US seeks to pressure its allies while the EU vows a strong yet proportionate response.

EU and Canada Retaliate Against Trump's Metals Tariffs

March 13, 2025

Min

EU and Canada Retaliate Against Trump's Metals Tariffs

In response to US President Trump’s 25% tariffs on steel and aluminium, the EU and Canada have swiftly imposed retaliatory tariffs on US goods worth tens of billions of dollars. The EU's measures will affect up to €26bn of US exports from April, while Canada announced tariffs on nearly C$30bn of American products. These actions aim to pressure the US into lifting its protectionist measures, which have sparked widespread concern over disrupted supply chains and increased economic uncertainty.

Britain to Invest £1.8bn in Home Energy Upgrades

March 13, 2025

Min

Britain to Invest £1.8bn in Home Energy Upgrades

The UK government will invest £1.8bn in energy efficiency improvements such as insulation, solar panels, and heat pumps for social housing. The initiative, aimed at helping low-income households save money and reduce emissions, comes as high wholesale gas prices force the domestic energy price cap to rise and household energy debts to near £4bn. Up to 170,000 homes in England are expected to benefit from the upgrades.

Plan to Make It Easier for UK Councils to Seize Land for Housing

March 12, 2025

Min

Plan to Make It Easier for UK Councils to Seize Land for Housing

The UK government has proposed reforms to compulsory purchase orders (CPOs) as part of its Planning and Infrastructure Bill. The changes would remove the "hope value" factor reflecting potential land appreciation from planning permission thus enabling councils to acquire land at lower prices for housing and regeneration projects. While the move aims to boost construction and deliver 1.5 million new homes in England over the next five years, critics warn it could force rural landowners, especially farmers, to sell at low prices and potentially bypass local councillor input in planning decisions.

Lab-Grown Foods Set for UK Market in Two Years

March 10, 2025

Min

Lab-Grown Foods Set for UK Market in Two Years

The UK government is working to accelerate the approval process for lab-grown foods, potentially bringing cultured meat and other cell-based products to market within two years. The Food Standards Agency (FSA) aims to complete full safety assessments of two such products within this period, addressing concerns that current regulations are too slow compared to other countries.

EU Launches 'Skills Union' to Boost Competitiveness

March 10, 2025

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EU Launches 'Skills Union' to Boost Competitiveness

The European Commission has unveiled the “Skills Union” plan to enhance education, lifelong learning, and labour mobility across the EU, while also attracting highly qualified non-EU workers. The initiative aims to address skill gaps in digital literacy, STEM subjects, and basic competencies, with ambitious targets such as reducing low performance rates to under 15% and attracting one million women into STEM by 2030. The plan seeks to better utilise existing funds around €150bn currently allocated to education and capacity building to strengthen the EU’s global competitiveness.

ECB Cuts Rates to 2.5%, Signals Possible Pause in Future Reductions

March 6, 2025

Min

ECB Cuts Rates to 2.5%, Signals Possible Pause in Future Reductions

The ECB reduced its benchmark interest rate by a quarter-point to 2.5%, marking the sixth cut in nine months. President Christine Lagarde noted that “monetary policy is becoming meaningfully less restrictive,” hinting at a potential slowdown or pause in future rate cuts. The move comes amid falling inflation and amid concerns over global uncertainties, including US tariff threats and rising defence spending in Germany, which have tempered growth forecasts.