euro

EU inflation data spoils ECB dovish expectations

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EU inflation data spoils ECB dovish expectations

The euro is experiencing a third successive decline against the pound sterling, with the EURGBP pair rising sharply at 0.8531, notching a 0.26% gain. Eurozone inflation data, both headline and core HICP, exceeded forecasts, potentially impacting the timing of the ECB’s easing cycle. Spain’s HICP data came in higher than expected at 3.8% YoY, while Germany’s HICP harmonised inflation rate increased to 2.8% YoY. The EU’s block figures also rose, indicating unexpected inflation pressures that may lead the ECB to reconsider its dovish stance.

Inflation up in three German states, pointing to slight national rise

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Inflation up in three German states, pointing to slight national rise

Inflation in three German states inched up in May, with rates rising in North Rhine-Westphalia, Bavaria, and Saxony. However, inflation in Brandenburg nudged down. Economists forecast Germany’s harmonized inflation rate to be 2.7% in May, up from 2.4% in April.

Police monitor Taylor Swift gig decibels as Madrid locals fume at noise

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Police monitor Taylor Swift gig decibels as Madrid locals fume at noise

Police measured the decibel count of Taylor Swift’s concert at Real Madrid’s Bernabeu stadium after receiving complaints about noise levels. City hall is evaluating the readings to see if they exceeded permitted levels, with fines being prepared for promoters of previous concerts that surpassed noise limits. Residents are considering legal action to block future events due to the high noise levels. During the concert, experts recorded readings of 80 decibels, well above the permitted 53 decibels for a concert venue. The stadium’s revamp aims to increase Real Madrid’s income beyond football, with the recent concerts contributing to the club’s financial goals.

Legal issue affects continued employment for Larnaca port workers

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Legal issue affects continued employment for Larnaca port workers

A legal dispute has arisen regarding the future of workers at Larnaca Port and Marina after a development project collapsed. The contracting company, Kition Ocean Holdings, transferred the workers to the state instead of sending termination letters. Trade unions argue that proper termination letters are needed for the workers to be reassigned to the Development Company. The company claims they followed the TUPE law to protect the workers’ rights during the transfer. The workers met with the Mayor to express their concerns, and further discussions are scheduled.

Underdogs Dortmund bank on solid defence against Real

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Underdogs Dortmund bank on solid defence against Real

Borussia Dortmund are clear underdogs in the Champions League final against Real Madrid, but they have been more consistent in Europe despite finishing fifth in the Bundesliga.

Türkiye says minimum tax in pipeline for multinational companies

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Türkiye says minimum tax in pipeline for multinational companies

Türkiye is set to implement a minimum corporate tax on multinational companies, following a global agreement reached by approximately 140 countries under the OECD for a 15% global minimum tax. This new regulation aims to prevent countries from claiming taxes that could be rightfully due to Türkiye. The tax collection process under the new regime involves countries being able to claim the difference if a multinational company’s subsidiary pays less than 15% in corporate tax. Failure to implement the global minimum tax could result in Türkiye losing its taxation rights to other countries. The OECD estimates that after the global minimum tax is in place, only 7% of corporate profits will be taxed below the 15% threshold, leading to an increase in corporate tax income for governments globally.

Kapnos to run Larnaca shuttle every 30 mins over peak summer period

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Kapnos to run Larnaca shuttle every 30 mins over peak summer period

Kapnos airport shuttle operates a Nicosia to Larnaca route every 30 minutes at peak hours and has recently acquired five new Euro 6 buses.

EAC upgrades to stabilise system

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EAC upgrades to stabilise system

The board of the Electricity Authority of Cyprus (EAC) is set to award contracts for two projects worth €45 million to beef up the electricity transmission system. The EAC’s top priority is the stability of the system and providing uninterrupted power to consumers. The EAC is also working on increasing infrastructure projects to help with the penetration of renewables in the energy mix. The layout of the grid is not to blame for discarding energy generated from renewables, as the cutbacks are due to demand being less than the generated electricity. It is currently unfeasible to have a transmission grid that allows the connection of renewables from anywhere in Cyprus due to the high cost of building a new network. Strengthening transmission lines would require a major investment of hundreds of millions of euros, which consumers would have to pay for. Acquiring permits for new transmission lines also takes a long time.

The best SEPA Cryptocurrency exchanges

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The best SEPA Cryptocurrency exchanges

Fact: SEPA transfers offer a standardized, quick, and cost-effective method for transferring euros between bank accounts in its member countries in Europe.

German business sentiment stagnates in May

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German business sentiment stagnates in May

German business morale stagnated in May, with the Ifo institute reporting that the business climate index remained constant at 89.3, falling short of the forecasted improvement. The German economy is expected to have slow progress in its recovery this year, with companies being less satisfied with the current business situation. Despite some sectors recovering, the overall outlook remains cautious.