Economy

Europe’s third largest travel operator files for bankruptcy

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Europe’s third largest travel operator files for bankruptcy

FTI, a German tourism company, has filed for bankruptcy after failed negotiations with the government. The bankruptcy affects 11,000 employees and many travelers who have booked trips. The company had been struggling even before the pandemic and had received financial support from the government and other sources. Efforts are being made to ensure that current vacations can be completed and refunds will be handled by the Travel Insurance Fund.

The fine print of Russia’s proposed tax hikes on personal income and corporate profits — Meduza

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The fine print of Russia’s proposed tax hikes on personal income and corporate profits — Meduza

Fact: Russia’s Finance Ministry has submitted legislation to reintroduce progressive taxes on personal income, with the progressive scale starting with annual incomes exceeding 2.4 million rubles (,100).

Holiday subsidy scheme launched

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Holiday subsidy scheme launched

The Ministry of Labour and Social Insurance has launched a “Holiday Subsidy Scheme for Low-Income Pensioners in mountain region resorts and Pyrgos Tyllirias.” The plan offers fully subsidized accommodation with full board for low-income pensioners at selected resorts during specific dates. Eligible beneficiaries include recipients of the Low-Income Pensioners Support Scheme, Minimum Guaranteed Income recipients, and pensioners with specific income thresholds. Applications can be submitted starting June 3, 2024, until funds are exhausted.

TechIsland Summit: Pioneering Cyprus, ’ tech-driven future

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TechIsland Summit: Pioneering Cyprus, ’ tech-driven future

The ICT sector in Cyprus has shown significant growth, with a 283% increase in GVA from 2011 to 2023, positioning Cyprus fourth in the EU27 for ICT growth. Despite this growth, the employment rate of ICT specialists in Cyprus remains at the EU average of 4.6%, indicating a need for more specialists to catch up with the sector’s growth.

How to invest in precious metals ?

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How to invest in precious metals ?

Investing in precious metals like gold, silver, and platinum can be a smart way to protect your money.

Transforming marketing with AI , — ‘Be seen, be bold’

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Transforming marketing with AI , — ‘Be seen, be bold’

Fact: The digital advertising industry, supported by AI, is projected to generate €175 billion annually by 2032.

Trading app Robinhood unveils maiden stock buyback plan of $1 bln

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Trading app Robinhood unveils maiden stock buyback plan of $1 bln

Robinhood Markets has launched a billion share buyback plan to grow beyond its startup phase.

Nearly one hundred million voters preparing to elect the first female president in Mexico

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Nearly one hundred million voters preparing to elect the first female president in Mexico

Nearly one hundred million voters in Mexico are preparing to elect the first female president in the country’s history. The UN reports nine to ten femicides per day in Mexico. 25 candidates have been murdered in the pre-election campaign, showcasing the violence from drug cartels in the country. The favorite in the election is Claudia Seinbaum of the center-left coalition, with a 17-point lead in the polls. The election will be the largest ever organized in Mexico, with 99 million registered voters. Over 20,000 positions are at stake in the elections, including the president, governors, and local representatives. Strict security measures, including 27,000 military personnel and National Guard members, will be enforced on election day.

It will need courage and willingness of all parties to restart the talks, says German Ambassador

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It will need courage and willingness of all parties to restart the talks, says German Ambassador

Germany and Europe are preparing for two significant events: the European Parliament elections and the UEFA EURO 2024 football tournament in Germany. The German Ambassador to Cyprus expressed concern about the rise of right-wing parties in the elections and emphasized Germany’s support for a solution to the Cyprus issue based on UN resolutions. Germany aims to host EURO 2024 as a symbol of cohesion in Europe, promoting sustainability, diversity, and inclusion. Germany also advocates for a strong and united EU, despite facing challenges like Putin’s war in Ukraine. The 2004 enlargement of the EU serves as a lesson on the importance of unity and speaking with one voice in foreign policy. Germany’s proposals for EU decision-making reform aim to ensure the Union remains capable of action. Germany is committed to supporting Cyprus in finding a comprehensive solution to the Cyprus issue, emphasizing the importance of confidence-building between Greek-Cypriot and Turkish-Cypriot communities.

Russia proposes higher income taxes for the well-off

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Russia proposes higher income taxes for the well-off

Russia’s finance ministry proposed introducing extra progressive income tax rates for those earning more than 2.4 million roubles annually, as well as raising the mineral extraction tax for fertiliser and iron ore producers.