Renewables in heating, cooling sector to tame oil market volatility, EU official says
Businessam Staff
May 29, 2018
Dominique Ristori, a senior EU official said promoting renewable energies in the heating and cooling sector is “a productive investment” that will strengthen Europe’s resilience to the renewed volatility seen on oil markets since the US pulled out of the Iran nuclear deal. The draft directive on renewable energies currently under negotiation at EU level […]
EU moves to ban straws, other single-use plastics
Businessam StaffMay 28, 2018
The European Union is proposing a ban on single-use plastics to help protect marine life. The proposals, according to BBC news, are aimed at outlawing many commonplace plastic items including straws, cotton buds, cutlery, balloon sticks and drink stirrers. The governing body also wants almost all plastic bottles to be collected for recycling by 2025. […]
German’s Deutsche Bank to cut about 7,000 jobs globally
Businessam StaffMay 25, 2018
German’s Deutsche Bank has announced it is to cut at least 7,000 jobs. The commercial, investment and retail banking giant announced the move at its annual general meeting in Frankfurt. The company said as part of a business review, the number of full-time equivalent positions is expected to fall “from just over 97,000 currently to […]
IMF keeps Russia’s 2018 economic growth forecast at 1.7% as Putin set to meet Lagarde
Businessam StaffMay 23, 2018
The International Monetary Fund kept its forecast for Russian economic growth this year steady at 1.7 percent despite Western sanctions against Russia, the IMF said on Wednesday as Vladimir Putin, the country’s president will meet Christine Lagarde, the fund managing director during the St. Petersburg Economic Forum to discuss IMF reforms, the situation in the […]
EU economies hit by collapse in investment, data reveals
Businessam StaffMay 18, 2018
Most European Union (EU) countries have been hit by a collapse in investment in past decade, Eurostat, the EU’s statistical agency, data published May 14 reveals. The data revealed that capital investment, gross fixed capital formation, has fallen dramatically in 24 of the 28 member states in the 2007-2017 period and investment decreased on average […]
EU proposes to spend more post-Brexit budget, but triggers battles
Businessam StaffMay 3, 2018
By Chukwuemeka Obioma The European Union has proposed a bigger new multi-year budget that will trigger battles among member states over how to fill the funding gap left by Britain’s exit next year. During the 2021-27 period, the EU would trim the biggest single item, farm subsidies, by five percent and wants a new plastics […]
Euro zone economy expands 0.4% in Q1 2018, slower than previous quarter, year-on-year
Businessam StaffMay 2, 2018
Euro zone economic growth slowed as expected at the start of 2018, although economists said temporary factors were partly behind the weakness and that the economy should continue to expand strongly this year. Gross domestic product across the 19 countries sharing the euro currency expanded by 0.4 percent in the first quarter compared to the […]
Tech Giants to face 3% tax on revenue under new EU plan
Businessam StaffMarch 17, 2018
Large digital companies operating in the European Union, such as Alphabet Inc. or Twitter Inc., could face a 3 percent tax on their gross revenues based on where their users are located, according to a draft proposal by the European Commission. The draft circulated Friday according to Bloomberg outlines how a targeted levy on gross […]
European banking authority to review crypto regulation
Businessam StaffMarch 15, 2018
The European Banking Authority (EBA) is to review the regulation of cryptocurrencies in the region, after hearing fresh concerns about digital assets’ vulnerability to money laundering and terrorist financing. Virtual currencies like bitcoin have been attracting increased scrutiny in recent months amid wild price swings. In February, the EBA, European Securities and Markets Authority and […]
Global demand for Russian-built nuclear power plants rises
Businessam StaffMarch 10, 2018
Russia’s state nuclear corporation Rosatom expects to sign foreign contracts worth $26 billion this year for the construction and maintenance of nuclear power plants, official data shows. According to its results for 2017, Rosatom’s portfolio of foreign orders for the next decade totals $133.6 billion. The company traditionally calculates its portfolio of orders for a […]