Economy

UK Bans Cattle, Pigs, and Sheep Imports from Germany After Foot-and-Mouth Case

January 14, 2025

UK Bans Cattle, Pigs, and Sheep Imports from Germany After Foot-and-Mouth Case

The UK has imposed an immediate ban on imports of pigs, sheep, cattle, and related products from Germany after a confirmed case of foot-and-mouth disease. The move aims to prevent the highly contagious disease, which affects cloven-hoofed animals, from spreading to the UK. Farming Minister Daniel Zeichner emphasized the government's commitment to protecting British farmers, citing past outbreaks in 2001 and 2007 that devastated the agricultural sector.

Iraq, UK Agree on Trade Package Worth up to $15bn

January 14, 2025

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Iraq, UK Agree on Trade Package Worth up to $15bn

Iraq and the UK announced a trade package valued at up to £12.3 billion ($14.98 billion) and a bilateral defence agreement. The deal includes projects to upgrade Iraq's power grid, water infrastructure, and military bases, alongside enhanced security cooperation.

Spain Proposes 100% Tax on Homes Purchased by Non-EU Residents

January 14, 2025

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Spain Proposes 100% Tax on Homes Purchased by Non-EU Residents

Spain plans to introduce a 100% tax on property purchases by non-EU residents to address its housing crisis. Prime Minister Pedro Sánchez announced the unprecedented measure, targeting non-resident buyers who use properties for investment rather than residence. The proposal, alongside other housing affordability measures, aims to prioritize local residents' access to homes. Critics argue the tax could deter foreign investment and harm the economy.

California Wildfire Costs to Hit European Reinsurers

January 13, 2025

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California Wildfire Costs to Hit European Reinsurers

The ongoing California wildfires, now predicted to be the costliest disaster in U.S. history, are expected to result in significant losses for European reinsurance companies, totaling around €1 billion. Despite the financial strain, analysts suggest the losses fall within reinsurers' prepared budgets, though the fires highlight the escalating risks of climate change and insurance challenges in California.

Large UK Companies to Reduce Hiring and Investment, Says Deloitte

January 13, 2025

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Large UK Companies to Reduce Hiring and Investment, Says Deloitte

A Deloitte survey has revealed that major UK businesses plan to cut hiring in 2025 at the fastest rate since the COVID-19 pandemic. Companies are scaling back investments due to a £25 billion increase in employers' social security charges announced in the government's October budget. Business optimism has fallen to a two-year low, though it remains above the bleak levels seen in 2020 and 2022.

China and UK Revive Economic Talks After Six-Year Hiatus

January 13, 2025

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China and UK Revive Economic Talks After Six-Year Hiatus

China and the UK have restarted their Economic and Financial Dialogue after a six-year suspension, marking an attempt to reset strained relations. British Chancellor Rachel Reeves led the talks in Beijing, aiming to boost bilateral trade, secure investment, and address sensitive issues such as Hong Kong and China’s support for Russia.

Spain and Morocco Revive Plans for €15bn Gibraltar Strait Tunnel

January 13, 2025

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Spain and Morocco Revive Plans for €15bn Gibraltar Strait Tunnel

After a 43-year journey of stalled ambitions and €104 million in studies, Spain and Morocco are relaunching the Gibraltar Strait tunnel project. The plan involves constructing an undersea railway tunnel connecting Europe and Africa, a venture projected to cost billions of euros and take over 20 years to complete.

Legal Battle Erupts Over €2.5bn Worth of Aircraft Stuck in Russia

January 13, 2025

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Legal Battle Erupts Over €2.5bn Worth of Aircraft Stuck in Russia

Dublin’s commercial court is witnessing one of the largest and most complex commercial cases in history, with global aircraft lessors and major insurers locked in a legal fight over €2.5 billion worth of aircraft stranded in Russia. The dispute centers on compensation claims following Western sanctions imposed after the invasion of Ukraine, with insurers contesting the validity of war risk insurance claims.

UK Bans Cattle, Pigs, and Sheep Imports from Germany After Foot-and-Mouth Case

Iraq, UK Agree on Trade Package Worth up to $15bn

Spain Proposes 100% Tax on Homes Purchased by Non-EU Residents

California Wildfire Costs to Hit European Reinsurers

Large UK Companies to Reduce Hiring and Investment, Says Deloitte

China and UK Revive Economic Talks After Six-Year Hiatus

Spain and Morocco Revive Plans for €15bn Gibraltar Strait Tunnel

Legal Battle Erupts Over €2.5bn Worth of Aircraft Stuck in Russia

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