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Stories related to finance and economics.

First shipment of Russian fertiliser en route to Africa

The first Russian shipment of fertiliser left the Dutch port of Terneuzen on Tuesday (29 November) after days of negotiating to ensure it would not be snagged by Western sanctions. The ship was commissioned by the UN’s food security agency, the World Food Programme, and the cargo is part of some 260,000 tonnes of Russian fertiliser stored in European ports.

patrickn97 Thu, 12/01/2022 - 07:18 Brussels hosts 6th EU-GCC Business forum
The EU and the GCC have underlined their commitment to expanding cooperation during the sixth joint business forum held at the Residence Palace in the European Quarter of Brussels on Thursday, 24 November.  "This meeting is both welcome and timely, given the very challenging global developments we have faced, and continue to face, in 2022," said European Commission Executive Vice-President Valdis Dombrovskis in his keynote speech to the gathering. Dombrovskis said that "in this challenging environment, the EU is fully committed to strengthening economic ties between our two regional blocs. By developing our areas of mutual interest, by working in a more collaborative way, we can achieve real benefits.  "The EU is guided in this important work by our Communication on a 'Strategic Partnership with the Gulf, published in May of this year. The strategic aim of this roadmap is clear: we want to broaden and deepen our cooperation with the GCC and its member countries. We view the Gulf as a dynamic neighboring region, and an important gateway between Europe, Asia and Africa."
dennis2020 Fri, 11/25/2022 - 07:14

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First shipment of Russian fertiliser en route to Africa

The first Russian shipment of fertiliser left the Dutch port of Terneuzen on Tuesday (29 November) after days of negotiating to ensure it would not be snagged by Western sanctions. The ship was commissioned by the UN’s food security agency, the World Food Programme, and the cargo is part of some 260,000 tonnes of Russian fertiliser stored in European ports.

patrickn97 Thu, 12/01/2022 - 07:18
Brussels hosts 6th EU-GCC Business forum
The EU and the GCC have underlined their commitment to expanding cooperation during the sixth joint business forum held at the Residence Palace in the European Quarter of Brussels on Thursday, 24 November.  "This meeting is both welcome and timely, given the very challenging global developments we have faced, and continue to face, in 2022," said European Commission Executive Vice-President Valdis Dombrovskis in his keynote speech to the gathering. Dombrovskis said that "in this challenging environment, the EU is fully committed to strengthening economic ties between our two regional blocs. By developing our areas of mutual interest, by working in a more collaborative way, we can achieve real benefits.  "The EU is guided in this important work by our Communication on a 'Strategic Partnership with the Gulf, published in May of this year. The strategic aim of this roadmap is clear: we want to broaden and deepen our cooperation with the GCC and its member countries. We view the Gulf as a dynamic neighboring region, and an important gateway between Europe, Asia and Africa."
dennis2020 Fri, 11/25/2022 - 07:14
European Union’s new 6.8 million euros project to boost sustainable energy in Central Asia

The European Union has launched a new project “Sustainable Energy Connectivity in Central Asia” (SECCA) ahead of the EU-Central Asia Connectivity Conference “Global Gateway for Sustainable Development”  which opened on Thursday (18 November) in Samarkand, Uzbekistan. National energy authorities and experts from the Central Asian countries (CA) and representatives of the EU attended the launch event.

The SECCA project, with a total budget of 6.8 million euros, aims to promote a more sustainable energy balance in CA in accordance with EU best practices. 

Maximiliaan va… Fri, 11/18/2022 - 17:56
Opinion: Europe finds itself in a double-bind over African gas

Europe needs to make sure that it does not unfairly exploit the area and it does not unduly oscillate between advocating for renewable energy while at the same time looking for fossil fuels in Africa, writes Alexandra Dumitrescu in this op-ed for commonspace.eu.

patrickn97 Tue, 11/15/2022 - 09:38
EU announces €250 million financial package to Moldova to tackle energy crisis

The European Union has pledged Moldova another €250 million in financial aid to deal with the acute energy crisis.

The pro-European government in Chisinau fears that Russia could turn off the gas supply to Moldova at any moment, leaving it cold and without power.

Moldova is very dependent on Russian gas and Ukrainian electricity. Russia is using the gas tap to put pressure on the EU candidate country. The Russian military have also badly damaged Ukraine's electricity infrastructure, which also has repercussions for Moldova.

Maximiliaan va… Sat, 11/12/2022 - 10:04
EU will make monthly payments to Ukraine amounting to €1.5 billion a month starting in 2023

Following the decision of the European Council meeting of 20-21 October 2022, the European Commission now proposes to send an average of €1.5 billion a month to Ukraine at fixed intervals from January to help the country meet ongoing expenses, and to maintain essential public services running, such as hospitals, schools, and housing for relocated people.

Maximiliaan va… Thu, 11/10/2022 - 13:04
Nobel Prize in Economic Sciences awarded to Ben Bernanke, Douglas Diamond and Philip Dybvig for their research on banks and financial crises

Former 14th chairman of the Federal Reserve System (FED), Ben Bernanke, has been awarded the Nobel Prize in Economic Sciences for his research on the stability of the financial system. He shares the prize with Douglas Diamond and Philip Dybvig. The news was announced in Stockholm on Monday (10 October).

Maximiliaan va… Mon, 10/10/2022 - 12:26
EU to integrate financial contributions to Ukraine into its 2023 budget
On Tuesday (4 October), the European Union announced that it will integrate financial support to Ukraine into its 2023 budget, making its monetary contributions more structured and predictable, thus easing the economic pressures on war-torn Ukraine. The support payments will tighten the links between the EU and Ukraine, which got one step closer to achieving full EU membership after being granted candidate status earlier this year.  The decision to formalise the financial support was taken after criticism from the United States and others, who have accused the EU of delaying current support payments, and thereby raising doubts on how committed the EU is to Ukraine’s reconstruction after the war’s conclusion.  Out of the €9 billion promised in May this year, only €1 billion has so far been paid out, while the next payment of €5 billion is expected to reach Kyiv before the end of the year. Meanwhile, the United States has contributed over €10 billion in financial support, and over €25 billion in military aid to Ukraine since the beginning of the full-scale Russian invasion in late February. Financially, Ukraine is struggling significantly as a result of the ongoing war with Russia. Reports estimate that monthly foreign aid of approximately €5 billion is required for the Ukrainian economy to stay afloat. Oleg Ustenko, the economic adviser to Ukrainian President Volodymyr Zelensky, predicts that Ukraine’s deficit will shrink in the coming year to approximately €3.5 billion per month, as Ukraine has managed to resume initially disrupted economic activities in its western regions.
patrickn97 Tue, 10/04/2022 - 19:16
Dozens of migrants dead as boat sinks off Syrian coast

According to updated reports on Saturday (24 September), at least 77 people have lost their lives as a result of a migrant boat sinking off the coast of Tartus, Syria, earlier this week.

patrickn97 Sat, 09/24/2022 - 08:12