EU economic news

CNC
Added On November 14, 2017

More news from Europe.

 

And German media report that the country faces a steep hike in its annual European Union contributions, as a consequence of Brexit.

 

GERMANY EU MEMBERSHIP FEES HIKE AFTER BREXIT

 

A financial assessment estimates the European Parliament will face a 10.2 billion euro shortfall when the UK exits the bloc in 2019.

 

It says Berlin's share would be around 3.8 billion euros of this - or an extra 16 percent on top of what Germany currently pays.

 

However nothing is yet certain.

 

EU officials are also discussing about the possibility of lowering the bloc's overall expenditure, or raising new taxes, to offset the lost income when Britain leaves.

 

SPAIN PM CALLS ON COMPANIES NOT TO LEAVE CATALONIA

 

Spanish Prime Minister Mariano Rajoy has urged businesses not to abandon Catalonia.

 

Rajoy's plea comes after hundreds of firms moved their legal headquarters away as uncertainty over the region's independence drive drags on.

 

Last month, the Prime Minister dismissed Catalonia's government and parliament and called for new elections in the turbulent region for December 21. 

 

Catalonia's independence crisis has so far pushed more than 2,400 firms to re-register their legal headquarters outside the wealthy northeastern region.

 

IRAN,ITALY CLOSE TO SETTLE BANKING HURDLES

 

Media reported that Iran and Italy are looking to overhaul their banking agreements, in a bid to recapture lost trade. 

 

In 2010, Italy conducted about 8.2 billion U.S. dollars of trade with Iran - more than any other European country.

 

However, international sanctions on Iran hit business hard, with trade withering to just 1.8 billion dollars in 2014.

 

After banking issues between the two countries are resolved, it is expected that bilateral trade would return to pre-sanctions levels.