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Europe’'s energy future: Russia Plans to Cut ’'s Fossil Fuels and Accelerate Green Transition

20/04/2026 by the Logistics TransportIn the the General Assembly

By increasing renewable energy, Europe has pledged to reduce ’'s dependence on fossil fuels by 2027. Moving away from oil and gas was a key goal even before the war in Ukraine, where AB’ aimed to become climate neutral by 2050. How realistic and affordable are the final plans?

Independence of energy

In addition to tackling climate change, Europe’ needs to reduce its dependence on fossil fuels.

The European Commission has prepared the action plan: Reinforce AB’– to end addiction by 2027. This includes scaling up and accelerating renewable energy.

It is estimated to cost 210 billion euros, with a large investment required. InvestEUAB’'s flagship investment programme comes into play.

Working in partnership with the European Investment BankAiming to reassure investors, AB’ has a 26 billion-euro guarantee. It is expected to generate over €370 billion in revenue from public and private sector financing.

Their investment focuses on four areas: sustainable investment, innovation, social inclusion and job creation. And the least of these %The 30’ of Europe needs to contribute to ’'s carbon neutrality.

Solar energy plan

Part of the REPowerEU plan is to double European ’'s solar capacity over the next two and a half years, and Spain is one of the countries where InvestEU’ funds its solar power plants.

There are as many solar panels as you can see between Valladolid and Salamanca. The region is home to seven solar parks built since 2020’, in part thanks to InvestEU’.

Solaria’'s Silvia Alonso Guijarro euronews’e said: “Spain is a great place to build these solar panels, solar plants because we are one of the countries with more sundials per year. These seven photovoltaic solar power plants have a capacity of 261 megawatts, which means they generate 477 gigawatts/hour of energy per year.”

This amount of energy is enough to supply electricity to more than 120,000 ’ households. The project was made possible thanks to the partnership between public and private investors, and the European Investment Bank (EIB) has been enabled to play an important role in providing this financing.

The total cost of the project was 189 million euros. The EIB put 54m euros on the table as a credit or guarantee mechanism, while providing 14m euros as an intermediary.

This meant that more than a third of the total cost of the project had already been covered, providing private investors with enough assurance to finance the remaining 89 million.

Fernando Torija, EIB’'s bureau chief at ’ in Spain, says such guarantees are vital.

“We are betting on the future of these companies. This is perhaps telling other investors who have invested in the company, whether they are financiers or stockholders, and putting the company on the map saying, okay, I kind of have a quality stamp from ‘EIB’.’

InvestEU’'s main goal was to lead a green and digital economic recovery. But the war in Ukraine’ and the sanctions imposed on Moscow’ mean that the capital will be directed directly to help end Europe’'s dependence on Russian gas and oil.

Solaria CEO Darío López Clemente said the company and EIB’ are working closely on plans to develop several more solar parks in ’, Spain.

“Our intention is to continue to develop projects. We are also working with the EIB for a larger financing and a larger project package. The crisis with Ukraine, I think, put the real needs of the European ’ on the table. We are absolutely dependent on other energy sources that we don't have at Avrupa’, and we need to be aware of how important energy is to us. And the only way to solve this situation is with renewable energy, because it's an emergency. – should not be in four or five years, it will be too late to develop all this power in a maximum of one or two years.”

The European Commission recently launched the REPowerEU plan, which also aims to overcome non-financial barriers such as administrative permits and mandates.

Naomi Lloyd of Real Economy’ spoke with European Union Commissioner for Energy Kadri Simpson to learn more about AB’'s efforts to reduce its reliance on Russian oil and gas.

Naomi Lloyd, euronews:

“RussiaIs it realistic to think that you can end ’'s dependence on fossil fuels by 2027?”

EU Energy Commissioner Kadri Simson:

“We do our best to get rid of this addiction as quickly and quickly as possible. REPowerEU, Russia, is planning how we can replace ’'s imports with alternatives. We have reached out to several trusted trading partners. But that's not enough. We don't want to replace fossil fuels 100 percent with other fossil fuels. This means that we will replace natural gas with renewable sources wherever possible. In the construction sector, we will also prioritize electrification in transportation. And on top of that, we will prioritize saving.”

Naomi Lloyd, euronews:

You talk about ending the dependence on Russian fossil fuels, but you want to import oil and gas from other countries. Wouldn't that condemn us to new addictions?”

EU Energy Commissioner Kadri Simson:

“We plan to replace only a third of Russia's imports with other fossil fuels. So yes, we will diversify our supply routes. In parallel, however, we are accelerating our own green transition. We will do this where we can replace fossil fuels with renewable energies.”

Naomi Lloyd, euronews:

Can you tell us about the plans to increase the acceleration of renewable energy under “REPowerEU?”

EU Energy Commissioner Kadri Simson:

“There are some ways we can promote renewable energy very quickly, for example on roofs. So according to our proposal, all newly built buildings should have roof panels. The biggest bottleneck is allowing. Currently, it can take as long as seven years to get a permit for an offshore wind park. However, the European Commission has made a proposal that the ‘ public interest is a right that we call priority’. This significantly shortens the leave time.”

Naomi Lloyd, euronews:

“RussiaYou calculated that ending ’'s dependence on fossil fuels would cost 210 billion Euro’. Can Europe afford it? - ”

EU Energy Commissioner Kadri Simson:

“In the past years, Russiaremembering that we pay about 100 billion euros each year for imports of oil, gas and coal to ’. Then it makes sense to change that dependency. We know that member states still have untapped bailout funds, so there are 225 billion worth of loans that member states can use for green projects. Financing is the key. InvestEU is a very useful tool at our disposal because we will be able to act approximately in the period 2020-27. 372 billion Euro.”

Ukrainians have the right to work in Europe’, but how difficult is it to find a job?

20/04/2026 by the Logistics TransportIn the the General Assembly

The Ukrainians, who fled the war in ’'s countries, have the right to live and work in AB’ for up to three years.

This section of the ’ takes a look at the challenges Ukrainians may face when trying to find a job and asks the question: What does this refugee influx mean for Europe’'s workforce and economy?

Real Economy travels to ’, Austria, to hear the stories of two Ukrainian women who recently arrived with their children. We also ask Johannes Kopf’a AB’, head of the European Network of Public Employment Services, what he is doing to help Ukrainians find jobs.

Opportunities in the tourism sector

More than 40,000 Ukrainian refugees live in ’, Austria, with their children. A temporary residence permit allows these people to live and work in the country.

Natalia settled in the region of Carinthia in the south of the country, known for its mountains and lakes. Ukraine’da was a beautician. When he arrived at a local refugee centre, the hotel managers offered him accommodation and a job.

“I really like working here, says ”. “We signed a contract until September, then UkraineI will look at how the situation will develop in ’.”

There are currently around 60-70 people living here. And 29’u works for us in various departments: kitchen, restaurant, cleaning, construction services, child care. It's going pretty well. Of course there is a language barrier, but we can overcome it.

Alexandra Tiefenbacher

Director of Human Resources

AustriaThe tourism sector in ’ is growing rapidly, and since 2019’, the number of open jobs in the hospitality sector has doubled, many employers have not been able to find staff.

For manager Alexandra Tiefenbacher, it was an obvious choice to offer suitable rooms and vacancies for Ukrainian refugees for the summer season.

“Currently 60 to 70 people live here, says ”. “, and 29 of them ’u work for us in various departments: kitchen, restaurant, cleaning, construction services, child care. It's going pretty well. "Of course there is a language barrier, but we can overcome it." - ”

Natalia speaks a little English, which allows her to communicate with her colleagues. But it's hard to balance work commitments with the care of her 5-year-old daughter.

“Zor” says. There's a children's playroom here, but it closes at 4:30pm “. If I have a shift that ends at 11pm ’, I still have to find someone to babysit.

More than 7 million Ukrainians have left their country since the beginning of ’'s war in Ukraine, but an estimated 2 million have returned home. Mostly women and children.

They may face a variety of challenges in finding work, especially taking care of children and finding childcare or a school location. They may be experiencing severe trauma. Newcomers Ukrainians may not always speak the language of their new country and their qualifications may not be recognized.

Helping Ukrainians access jobs

To help with this, the EU provides language courses and training, as well as instructions in the Ukrainian language on how to access the job market.

The European Commission is helping EU employers understand and recognize qualifications in Ukraine’ and has translated Europass’ into Ukrainian’, where users create a resume for use across Europe.

It has also translated the EU Skills Profile Tool into Ukrainian. The tool helps map the skills, qualifications and work experience of refugees, migrants and non-EU nationals residing in AB’.

The European Commission is also launching a ‘AB Talent Pool’ to match the skills of Ukrainian refugees with open job positions.

Obstacles in other sectors

Austria’ does not have qualified personnel in other sectors such as health and informatics. However, although half of the Ukrainian refugees registered in the country have university degrees, these positions are difficult to access immediately.

Ganna Zhygun, a mother of three and a German teacher from Ukraine’, recently arrived in Vienna’.

“The most important thing for me was to find a school place for my three children, ” says. “Now that I've found this, I'm looking for a job.”

Ganna wants to work as a German teacher to help other refugees who do not speak the language, but her diploma is not recognized in ’, Austria.

“My training documents need to be translated, legally approved and recognized, ” explains. “This is a problem, it takes a long time.”

Ganna’ya, the staff of the business center established to help refugees in Vienna’, helps in this process.

In the business center, consultant Marjana Çelebi says “We accompany them to appointments. “We translate and help when needed. Our goal is to build an extensive network with all relevant partners so we can help as quickly as possible.”

I think we've learned a lot from previous waves of migration about what's really important for facilitating the transition to the labor market. And this is: language, education, recognition of qualifications. With all these elements in place, I think everyone can be welcomed.

Sandra Leitner

Senior economist, Vienna Institute for International Economic Studies

Ganna, meanwhile, receives a minimum wage and health insurance, just like other refugees registered in the Austrian ’.

The Vienna employment center is part of the Austrian Public Employment Service ’nin (AMS). Johannes Kopf, president of AMS’, is also head of AB’'s Public Employment Service network.

Real Economy’den spoke with Naomi Lloyd about how managing the influx of Ukrainian refugees at European level is an important priority.

He explained how countries support each other and share their experiences.

Share best practices

Kopf, “The subject came up only a few days after the start of this terrible war, says ”. When our Polish colleagues informed the network that the first Ukrainians were coming and would need help. This has led to a really big wave of solidarity in public employment services all over Europe.

“There are some countries: Sweden, Germany, Austria have gained a lot of experience in the refugee crisis in 2015/16 and beyond. For example, to organize the process of recognition of skills or how to organize individual skill mappings in their mother tongue.”

He explained that currently arriving refugees have special needs that are different from previous refugee crises.

“Most of those who come now are women with young children, and of course they have different needs. Most importantly, child care is needed. Austria’ needs to organize a sufficient number of places in schools, kindergartens, etc. The next step is to enter the job market.”

The European Network for Public Employment Services plays a key role in matching the skills of newly arrived Ukrainians with the needs of the labor market and has made clear its solidarity with Ukrainians and its commitment to supporting those fleeing the war.

Yes, it is better to integrate all these people instead of paying them outreach benefits. But first and foremost, this is a human problem.

Johannes Kopf

President, European Network for Public Employment Services

How can Europe overcome the challenge of successfully integrating Ukrainian refugees?

Real Economy posed the question to Sandra Leitner’e, an expert on migration movements at the Vienna Institute for International Economic Studies.

If it's just about labor market integration, not taking into account the cultural aspect and political response, I think we've learned a lot from previous waves of migration about what's important to facilitate the transition to the labor market, “ says.

“And these are: language, education, recognition of qualifications. I think anyone can be welcomed when all these elements are present.”

According to Johannes Kopf’, helping Ukrainians integrate means, above all, solidarity with refugees.

Asked how newcomers from Ukraine’ could help with skills and labor shortages at AB’, he replied:

“Of course, there are open positions and companies that really work hard to find skilled staff and hope to find IT professionals from, for example, Ukraine’. Oh, of course.

But I don't like to confuse asylum or refugee issues with the needs of the labor market. Yes, it is better to integrate all these people instead of paying them outreach benefits. But first and foremost, it is a human problem. - ”

How will the EU achieve ‘riski reduction’ policy and how will China reduce ’e dependence?

20/04/2026 by the Logistics TransportIn the the General Assembly

European Commission President Ursula von der Leyen, speaking at the Mercator Institute for Chinese Studies in ’ last March, announced the European bloc's intention to reduce economic dependence on China’e. Von der Leyen used the term ’riski reduction“, which states the need to reduce risks from Beijing”e overdependence.

China already supplies 98-100 percent of Europe ’'s heavy rare-earth element needs, Turkey 98 percent of its boron needs, and South Africa 71 percent of its platinum needs.

So how will the European Union implement its risk mitigation strategies while relying on imports from China’, which are necessary to create low-emission technologies for a greener future?

Creating a stable and resilient economic environment

John Seaman of the French Institute of International Relations, ’, explained that the transition to a net-zero society is making Europe’ increasingly dependent on China’e because it needs more batteries for electric cars, solar panels and other renewable energy components.

“The question now is: How do you reduce the risks associated with these dependencies? And how do you negotiate with China to ensure that China does not use ’'s resources in ways that harm European ’'s own interests?

EU put forward the European Critical Raw Materials ActMarch 2023The ’te Council of Europe adopted its position on the proposal in June.

As part of a broader strategy, the EU aims to diversify its supply chains in the digital, green and health sectors, make better use of existing trade rules, defend critical sectors and boost trade with other countries.

Do these ambitions resonate with industrial players?

by Emilie Jolivet the Road GroupA consulting firm headquartered in Lyon’, southeast of ’, thinks: “Most of our customers want to regain control over their packaging, especially predominantly from China and Taiwan’. For example, they want to move to Southeast Asia’.

The EU has also started the European Chips Actchip production capacity to meet the needs of the global market by 2030. %He's aiming for a 20’sine.

Jolivet, “We cannot solve supply chains where complex and component cost are also very important. The European Union’'s effort to invest 43 billion Euro’ is very important. Achieving full autonomy in semiconductors will not be enough, but this is the first step towards specializing or re-specializing in this sector, ” said.

France leads the charge

World Bank says demand for critical raw materials due to accelerating green transition by 2050 %He says it's expected to increase by 500 percent. France is trying to rebuild its supply chains, especially for semiconductors and batteries.

The CEA isIt is a French government-funded technological research organization that carries out innovation projects along the industrial value chain. Simon Perraud, deputy director of the Grenoble plant, explained that if France and Europe want to control ’'s future energy systems, they need to control and diversify their industrial value chains.

Perraud, “For example, it is important to invest and continue research and development to support this entire industrial ecosystem through the expansion of the autonomy of electric vehicles, the use of less critical materials in batteries, and the development of battery recycling processes to recover more metals. And all of this at a lower cost, ” said.

Making batteries with less critical materials is the goal of French startup Olenergies’in. It is developing cobalt- or manganese-free Lithium Iron Phosphate (LFP) batteries to power large renewable energy storage or data centers.

Olenergies’in CEO’ and founder Julien Le Guennec, “We choose to use materials that can be found almost anywhere on the planet and easily recycled; This will allow us to produce batteries that last at least four times longer than traditional lithium batteries and, above all, are very sensitive to digital optimization, ” said.

New supply chains are turning into rising costs

These batteries, which are less powerful but more environmentally friendly, can be adapted thanks to artificial intelligence. However, China is 20% more expensive than ’ imports. In order to stand out in the highly competitive LFP battery market, it is necessary to produce large quantities quickly.

Olenergies hopes to open its first giga factory in the race for technological breakthroughs by 2026.

Swedish state-owned mining company LKAB has announced that it has discovered one million metric tons of rare earth metals in Kiruna’ in the north of the country in January 2023’te.

Although it will take time to extract these very important minerals, Europe serves as ’'s largest deposit. EuropeIt is predicted that these metals will become more important than fossil fuels in ’'s transition to more renewable energy use.

This is positive news for Europe, but as John Seaman’ warned, rebuilding Europe’'s supply chains will lead to higher prices and therefore higher inflation.

Special thanks to “CEA Grenoble”a for providing us with some of the images used in this section.

Brussels Economic Forum 2023: Where is Europe and where is it going?

19/04/2026 by the Logistics TransportIn the the General Assembly

With the escalation of the violence of war in ’, the tightening of control of the effects of climate change, scarcity of resources and global competition to achieve them, Europe faces numerous challenges.

However, the European Commission, in its latest economic forecast of the inflation rate of AB’ in 2022 %9.2’den this year %6.4’e and next year %2.8’e predicts a steady slowdown.

GDP growth in AB’ is expected to accelerate again and reach 1.6’ per cent in 2024, after falling from 3.5’ per cent in 2022’ to 0.8’e this year.

Speaking to Euronews’e at the Brussels Economic Forum’ (BEF), the European Commission's most important annual economic event, EU’'s Commissioner for Economy, Euronews’e said that these figures create a cautious feeling of optimism.

Speaking to Euronews’e Paolo Gentiloni, “Status is better than expected. Looking back a few months ago, we predicted a much worse situation where we had some concerns about energy supply, even considering possible power outages.” And there are many concerns about the possibility of stagnation and bankruptcy.”

The BEF coincided with the European Central Bank's decision to raise basic interest rates again in an effort to reduce inflation. Commissioner Gentiloni said he was not concerned about the potential impact this would have on growth.

We should start by collecting income from population groups that pay much less taxes than the rest of us. That means today, 2023’te, the very rich.

Gabriel Zucman

Professor of Economics, University of California, Berkeley

But a recent development could also worry employment at AB’ and even trigger new legislation: It's an artificial intelligence.

Gentiloni, “, we need a set of rules. And we, as the European Union, are the masters of the rules. So I'm pretty sure we'll have good rules about artificial intelligence too, ” added.

EuropeGreen and digital transition of ’

Digitalisation, combined with the dire consequences of the climate crisis, are two of the main drivers forcing the economic transition of the European Union. For member states, this means more investment in education and training.

Spain’'s Minister of Economy and Digital Transformation Nadia Calviño, “This is probably one of the most important challenges we face going forward: How are we going to make sure that we are leading these transitions, that is, the digital and green twin transformation, that we are leading them technologically, ” explained.

“And sectors that have proven to be the most dynamic in creating jobs are linked to new technologies, information technology, science, research and health… This shows that structural transformation in the Spanish economy continues.”

Calviño, “, added that we are investing approximately €4 billion in the Next Generation EU fund to support a very ambitious digital skills program to ensure that our schools, universities and also the elderly have access to the necessary skills.

Addressing social inequalities in Europe’: Taxation and public expenditure

In the European Union, the unemployment rate in ’ is only spite being 6, a fifth of the EU's population still faces the risk of poverty or social exclusion.

The cost-of-living crisis and rising inequalities fuel social unrest and distrust of politics.

Gabriel Zucman, professor of economics at the University of California at Berkeley’, told Euronews’e that the European Union should rethink public sources of income and start taxing the rich.

Almost all social groups in “ and in each Member State pay a lot of taxes. Because we have a social model based on a significant level of taxation. This is true for almost all social groups, with one big exception that is truly rich.”

“In the context of high public debt and rising interest rates, government revenues are needed today. We should start by collecting income from population groups that pay much less taxes than the rest of us. This means that today, in 2023’te is very rich.”

This is a call shared by European unions, who argue that new sources of public income are a way to boost social justice. Another way is public spending.

Liina Carr, Confederate Secretary of the European Trade Union Confederation, told “ that the rules need to be changed. We think maintaining this 3% “ level of rigid deficit is in fact in no way conducive to public spending and investments because it still limits what governments can do.’

“There is also a debate that some investments in greening, such as investment in digitalization, investment in health, investment in education, should be excluded from the rules of debt and openness. Investments of the kind that really support the economy and keep economies strong.”

This discussion gained momentum on AB’, especially after the 2022 American Inflation Reduction Act’.

With a massive allocation of $369 billion (€334 billion) to promote clean technology in the U.S. ’, there is concern that Europe will be sidelined in the green transition in ’.

However, according to Jim Hagemann Snabe’, Chairman of the Board of Directors of Siemens AG, the American ’'s Inflation Reduction Act may be an opportunity for European ’'s industrial goals.

The “ Inflation Reduction Act is a catalyst for sustainable solutions for me. So it's good in that sense. Europe was the first to come up with this idea with the Green Deal, and now they are taking steps, ” explained.

I think the world is at a crossroads where we kind of have technologies, we know how to rebuild energy systems to be renewable, we know how to reinvent transportation systems, we know how to make buildings carbon neutral.

“And this is a catalyst for companies to invest more, invest faster and create the scale we need to create and deliver a more sustainable future.”

Global race for resources

But Europe’'s green and digital transformation is based on critical raw materials such as lithium, cobalt and rare earth elements that AB’ produces very little of. China's rare earth supply %He's paying for his 86’.

According to European Commission Vice-President Valdis Dombrovskis’e, at a time of increasing geopolitical tensions, this reality is shaping European ’'s trade relations.

Dombrovskis, “Therefore, at AB’, we put forward the raw material strategy to increase domestic production and at the same time to provide external supplies.

“, the 2030 target for extraction and mining Getting ’ domestically within the EU. This is, uh, %It means that the 90’ still has to come from outside the EU.”

That's why partnerships with other countries will be so important. We do this through the raw material sections of our trade agreements. We develop bilateral raw material partnerships with different countries.”

UkraineThe Russian occupation of ’ is a clear reminder of the importance of reducing dependence on energy sources.

But as the climate crisis intensifies, aligning this goal with sustainable management of scarce resources will continue to be a major challenge in the coming years.

How important is an adequate EU minimum wage in the context of high inflation? The Latvian case

19/04/2026 by the Logistics TransportIn the the General Assembly

The minimum wage has recently increased across Europe. Latvia’da 2023’te %With 24 increases, the European Union recorded the highest increase in ’. But is it enough to cope with the rising cost of living?

A new European directive to combat poverty at work requires member states to ensure that their minimum wages are adequate. How is this determined and what does it mean for workers? I went to Riga’ to meet them.

The lowest paid don't feel the difference.

The minimum wage in Latvia’ in 2023’te increased from 500 Euro’ per month to 620 Euro’. The estimated inflation rate in the Baltic countries last year %Considering that it is 20, the postal carrier Vizbulīte Horste does not see much difference.

I don't feel the increase in my salary at all, says “. “Prices for everything, including food, have gone up a lot. Since I'm with my husband, we can pay the bills for now, but it's very difficult. If I were alone, I wouldn't survive. - ”

After negotiations between trade unions, employers and the government, the decision was left to parliament because no consensus could be reached on the minimum wage.

Latvian trade union economist Martins Svirskis would have preferred a larger increase.

“We are happy that this issue has come to the fore because negotiations have been quite difficult, says ”. “In recent years, the average wage has risen above 1,400 Euro’. Therefore, it is our goal to exceed a minimum of 700 Euro’. “

The new directive recommends that member states use 60 percent of the average wage or 50 percent of the average wage as a reference point to create a more balanced minimum wage. However, Latvia’'s minimum wage remains one of the lowest in Europe’, where there are significant inequalities between countries due to different working conditions.

Europe60% of minimum wage earners in ’ are women

In Europe, 60 percent of minimum wage earners in ’ are women; Just like Aija Laizāne, a single mother and home caregiver who raised her 17-year-old son alone and tried to make a living.

“So for this one-room apartment you have to pay a total of 250 euros for telephone, gas, electricity and rent, says ”. My son is growing up, he needs clothes, shoes are expensive, clothes are expensive, there is school and we have to pay for train transportation. That's why I'm looking for additional work.”

Latvia is followed by other Eastern countries and AB’ has the highest rate of low-wage workers. They are often inadequately qualified. Eduards Filippovs, president of the Latvian Business Association, an association for entrepreneurs and small businesses, wants a non-taxed minimum wage, as well as clearer, more transparent social security contributions.

“Personally, I had to rethink my business model because I can't afford some temporary workers and I can't attract young people to work, ” says. "The burden of social security is too heavy for me." - “

Eduards supports the increase in the minimum wage, but believes that employers are not adequately consulted in the decision-making process.

“We must also take into account other costs, such as taxes, says ”. “There needs to be a balance between the possibilities of how much businesses can pay.”

The trade union economic adviser stressed the importance of collective bargaining.

Svirskis, “We ask the government to implement some kind of tax deduction for the different benefits negotiated collectively for health care expenses and food and beverage services. “And this year we are also negotiating on education.”

The construction sector, for example, has been able to negotiate a higher minimum wage (€780) and hopes to reach €900 next year.

Agreeing on an adequate minimum wage

So how can we agree that the minimum wage should be sufficient? I spoke with Welfare Minister Evika Silina, who is in charge of the study.

“It was absolutely clear that we needed to do something because our minimum wage was very low compared to other Baltic countries, ” says. “We were historically dependent on Russian gas. And yes, last year our prices were much higher than in Western countries.”

“Last year the legislators' intention was to increase the average income of the Latvian people more or less. ’ini was to take, and this ratio %It will be around 45, but not yet this year. So we probably need to discuss more with our business partners, our unions. Before next year, we need to make sure there's a mutual consensus that we can go much further.

“Businessmen are talking about a payment that is not taxed on the minimum wage. Previously, the amount not taxed was the same as the minimum wage. It's a little different now. I believe we will discuss this figure as well.”

Silina says measures other than the minimum wage have also been taken to help the lowest-paid

“, one of the first tasks I actually started, says ”, is that for people who live on low incomes, they will have bigger outreach benefits where they can help them with home payments and some other issues. Therefore, the government is also ready to develop the skills of our employees, because otherwise it would not be good for the economic growth of our country without people who can work and earn money and live according to their needs. So there are many aspects that we will work on, and one of the most important is to encourage these people and invest in them. They're not very young yet, but they can change jobs and try to learn something new. - ”

Ensuring a decent standard of living for every European worker

Collective bargaining, economic impact analysis and consideration of workers' needs are three tools highlighted by the Eurofound agency; Thus, each member state defines its own minimum wage and provides a reasonable standard of living for each European worker under all circumstances.

Within preferred European centres for cross-border tax planning

19/04/2026 by the Logistics TransportIn the the General Assembly

According to the State of Tax Justice 2024 report prepared by the Tax Justice Network, due to the profit transfer of multinational companies and the offshore tax regulations of rich people, countries are expected to pay 416 billion euros (492 billion euros) each year. $) is estimated to have lost tax revenue.

the United Kingdom, Overseas Territories and Royal Dependencies. %By creating its 26’, it is ranked as the largest contributor to global tax revenue losses.

The report highlights the risk that Europe and its jurisdictions will collectively erode the corporate tax base at a global level. %Turns out he's connected to more than 70 ’ines.

Which European jurisdictions are most frequently used in international tax planning structures? Which countries play an important role in the implementation of such practices? So where do the current rules make it easier for companies to minimize their tax liabilities?

What does the corporate tax haven index measure?

The Corporate Tax Paradise Index (CTHI) assesses jurisdictions based on how much they contribute to enabling multinational companies to shift profits and reduce tax payments, using a points and indicator system developed by the Tax Justice Network.

The CTHI value of a jurisdiction reflects the extent of its involvement in facilitating the erosion of the global corporate tax base, as calculated by the index. According to the 2024 report, countries are ranked according to the scale and aggressiveness of their tax systems in offering opportunities to avoid corporate taxation.

’'s network of Overseas Territories and Royal Dependencies stands out prominently. The British Virgin Islands, Cayman Islands and Bermuda are in the top three in the index, each scoring over 2,400 points.

Among European countries, Switzerland has the highest score outside the UK network (2,279), while the Netherlands (1,945) has the highest score within the European Union.

EuropeTax risks in ’'s leading economies

Among ’'s top five economies, the United Kingdom (894) has the highest CTHI, followed by France (883). Germany scored 590 points, while Spain scored 557 points. Italy performs best with 342 points; because a lower score points to better performance in limiting corporate tax avoidance.

UK and its networks behind a third of global tax avoidance risk

The CTHI Share is a critical metric that measures the rate of global corporate tax avoidance risk attributed to each jurisdiction. The UK and its Overseas Territories and Royal Dependencies network are responsible for one-third of global corporate tax avoidance risks, while EU countries are responsible for one-third.

If we consider in more detail, the risks of global corporate tax avoidance .7’sini comprises only three British Overseas Territories: the British Virgin Islands (British Virgin Islands%7,1), Cayman Islands (cayman Islands)%6,7) and Bermuda (%5,8).

The UK and its networks have caused over €109 billion in tax losses to countries

the Tax Justice Network

In comparison, the United Kingdom’ itself is only %With a share of 2.1’, Europe still has the highest share of ’'s five largest economies, making it %It is followed by France with 2.1.

Germany and Spain respectively %1.4 and %While having similar shares with 1.3, Italy has only %Responsible for 0.8’.

Switzerland’'s share %It is 5.3’. European ’'s total share, including other European countries and their respective jurisdictions %Reaching 72’.

Tax haven score ranking

The Haven Score is another important indicator used in the report. Measures the extent to which the laws and regulations of a jurisdiction create opportunities to avoid corporate taxation, whether intentional or not.

2024’te, United Kingdom’'s Overseas Territories and Royal Dependencies network ranked first in the ranking, with eight jurisdictions receiving 100’, the highest score possible. United Kingdom’ has a score of 59’.

Outside the UK network, Switzerland (89) has the highest Haven Score in Europe ’, while Ireland and Cyprus (both 79) are leaders within the EU. Portugal has the lowest score with 46 points.

Where does financial activity take place?

In 2021 alone, multinationals are estimated to have shifted profits of €1.2 trillion to regions with low or no tax rates, leading to a loss of €294 billion in direct tax revenues from governments globally.

Global Scale Weight is another indicator that measures how much of the financial activity carried out by multinational companies enters or exits a particular jurisdiction.

the European and Overseas Regions of Global Financial Activities ’ini, while the United Kingdom and its network %It has the largest individual share with 16.

Netherlands among individual European countries %It has the highest weighing weight with 11.1 and weighs %It is followed by Luxembourg with 8.8. the United Kingdom (United Kingdom%8,3), Germany (%4,2), Switzerland and Ireland (both %3,4) and France (%3,1) is also among the European countries with the highest weighing weight.

Lowest legal and documented tax rates

When a country offers special tax incentives or privileged tax regulations to multinational companies, these companies are often forced to pay significantly less than the statutory corporate tax rate on their profits. This can lead to much lower effective tax rates, known as the Lowest Current Corporate Income Tax Rate (LACIT). This measure is produced by the Tax Justice Network through the analysis of potential legal inequalities and tax planning strategies.

According to OECD’, the UKOverseas Territories and Royal Dependencies of ’The statutory corporate tax rate is zero in all eight of ’. However, there are significant differences between legal rates in various jurisdictions and the lowest available corporate income tax rates (LACIT) documented.

The difference between legal corporate tax rates and LACIT rates highlights the potential of tax planning strategies that can result in much lower effective rates. For example, the legal rate in Luxembourg’ %LACIT only when 24.9 %It is 0.3’.

SwitzerlandLegal rate in ’ ,7against ’ %The difference in ’ is 2.6 LACIT’ and in Ireland %It's almost zero against 12.5’. History of Belgium against ’ %While showing a difference of 3’, Malta ’ legal rate and only %It has the largest gap with 5’ LACIT.

In the Netherlands, for LACIT gainst ’e %It contrasts sharply with the statutory rate of 25.8’. Legal rates in overseas regions such as Aruba and Curaçao %the 20 ’den %It's dropping to ’a.

Novo Nordisk cuts off guidance as competition in the weight loss drug market increases

19/04/2026 by the Logistics TransportIn the the General Assembly

Europe’'s largest pharmaceutical company reported earnings in the first quarter that exceeded analysts' expectations, but lowered its all-year forecast. Novo Nordisk at constant exchange rates (CER) of 2025 sales growth, down 3 and 5 points respectively from previous estimates %from 13 to tween 21 and operating profit growth is %From 16 to %He expects it to be between 24.

Lars Fruergaard Jørgensen, Chief Executive Officer of “ABDWe have lowered our forecast for the whole year due to the planned low-brand GLP-1 penetration, which is affected by the rapid expansion of compositions in ’. We are actively focused on efforts to prevent illegal and unsafe compounds and expand patients' access to our GLP-1 treatments, ” said.

Novo Nordisk’in shares open European market despite downgrade %It's up 4.4. However, the stock has been around since the beginning of the year, compared to the steady performance of Eli Lilly’, its main competitor in the USA’. %He's down 26 percent.

Category: Compound pressures

Demand for GLP-1 weight loss drugs increased throughout 2024, significantly outpacing supply. Under the U.S. Food and Drug Administration's (FDA) policy, compound pharmacies are allowed to produce copies of drugs that fall short of supply. This allowed smaller telehealth competitors to sell cheaper, compound versions of weight loss treatments such as Wegovy and Eli Lilly’nin Zepbound’u.

Although the FDA announced in February that deficiencies had ended, it allowed a transition period for compound versions until May 22, ’. In response to rising price pressure, Novo Nordisk cut its cost at Wegovy’'s online pharmacy NovoCare’ by more than half following a similar move by Eli Lilly’.

With nearly 1 billion people living with obesity worldwide and only a few million receiving treatment, Novo Nordisk continues to make Wegovy“ available globally, ’ said. CFO Karsten Munk Knudsen said he expects Wegovy sales to accelerate in the third quarter.

Profit exceeded expectations

Net profit per year %Net sales increased by 20 to 38.8 billion Danish kroner (EUR 5.2 billion) %increased by 18 to 78.1 billion krona (EUR 10.5 billion); They both exceeded consensus estimates. Sales of the company's core diabetes and obesity care division ’ increase and GLP-1 diabetes drug sales With the effect of the ’ increase increased to 73.5 billion krona (9.9 billion euros). All figures are on CER’.

Novo Nordisk also emphasized the completion of the REDEFINE 2 trial of the new generation obesity drug ÇağrıSema’. The treatment is %It reduced weight by 15.7 percent. Novo Nordisk expects to apply for the first regulatory approval of ÇağrıSema’ in the first quarter of next year. However, the result, which was first announced in March, was foreseen. %It disappointed investors who fell below the 25’ weight reduction. Eli Lilly last year for his latest weight-loss drug, retatrutide %He announced the results of the trial, which showed 24 weight loss.

Jørgensen said, "As part of “ R&D, we are pleased to have completed the last significant trial for our next-generation obesity treatment CagriSema and applied for U.S. approval for oral semaglutide 25 mg, which has the potential to be the first oral GLP-1 treatment for obesity."

Ford expects a €1.39 billion blow to 2025’te from Donald Trump’'s tariffs

19/04/2026 by the Logistics TransportIn the the General Assembly

Ford Motor Co. said on Monday it expects its profit to be $1.5 billion (€1.39 billion) excluding interest and taxes as a result of this year's tariffs. The company also withdrew its all-year financial guide due to the uncertainty created by the Trump administration's burgeoning trade policy and suspended publishing a new one.

Automobile manufacturer, President Trump’ applied to vehicles ’ is less affected by tariffs than other car manufacturers.

Last week, General Motors said it was preparing for a potential impact of car tariffs as high as $5 billion (€4.4 billion) at 2025’. Ford and Tesla’ are expected to see a smaller impact from the tariffs compared to GM and other automakers as they assemble most of their cars in the USA’. Still, the impact they'll see won't be insignificant.

Ford initially estimated that its 2025 pre-interest and pre-tax earnings would be in the range of $7 billion to $8.5 billion (€6.2 billion to 7.5 billion), but on Monday the company said tariff-related risks made it difficult to update its full-year guideline at this time, given the “potential outcome range.

Ford CEO Jim Farley has been vocal about the advantage higher domestic production gives his company, and he did the same on Monday, acknowledging that the industry's tax impact is still in the early stages.

In his earnings interview with analysts, Farley said it is too early to measure relevant market dynamics, including potential supply chain disruptions across the “Sector. Car manufacturers with the largest footprint in “ will have a great advantage, and this also applies to Ford. This puts us in a pole position. - ”

Ford’'s earnings statements dominated the potential impact of tariffs; One executive pointed out how a small problem in a few parts can have a dramatic impact.

Operations Director Kumar Galhotra, “ChinaHow rare earth materials from ’, for example, are imported, has become quite complex over the past few weeks, not just for us, but for the entire industry, ” said. “Only a few parts will be enough to potentially cause some interruptions in our production.”

The first quarter (1. (Quarter of results)

The announcement comes after the automaker announced its first quarterly results, along with a sharp drop in profits. Net revenue fell by about two-thirds in the first quarter compared to the previous year, to 1.33 billion $471 million from ’ (€1.17 billion) $’a (€417 million) declined.

In the quarterly report, “ reported that as a result of the reduction in wholesale sales resulting from planned shutdowns at certain factories in relation to new product launches and inventory rebalancing measures, ” %It fell five times to $40.7 billion (€35.9 billion).

The results exceeded the expectations of analysts who participated in the FactSet survey, who estimated revenue to be about $38 billion (33.5 billion euros).

USAView of the car manufacturing sector in ’

President Donald Trump said one of the goals of his trade policy was to move more product manufacturing, such as cars, back to the U.S. ’. Last week, Trump signed executive orders to loosen some of the 25 percent ’ tariffs on cars and auto parts, which he said would give automakers more time to change production operations.

Automakers and independent analyses have shown that tariffs can increase prices, reduce sales, and make U.S. production less competitive around the world. However, Ford does not expect significant price increases. According to CNN’, the automaker expects U.S. auto prices to rise in the second half of this year due to tariffs on both imported cars and auto parts. %From 1 to %He expects it to increase by 1.5%.

Ford has promised an update to its financial guidance while announcing its results for the second quarter of the year.

Mattel plans to raise prices for some toys to offset tariff costs

18/04/2026 by the Logistics TransportIn the the General Assembly

Mattel Inc., a manufacturer of Barbie dolls, Hot Wheels cars and other popular toys, said on Monday that President Donald Trump will have to raise the prices of some products sold in the U.S. ’ if ’ is needed to offset the rising costs associated with “'s tariffs.

El Segundo, a California-based company, said the increases were necessary despite accelerating plans to move its production base away from China’. Trump imposed a 145% tariff on most Chinese products.

Company executives in a conference call analysts China’in is currently Mattel’in's global production %He said he made up his 40’. The company plans to move around 500 products this year from manufacturers in China’ to sources in other countries, compared to 280 products last year.

For some highly sought-after toys, Mattel said it would apply to factories in multiple countries. The company said it is focused on delivering products to stores without interruption to prevent possible shortages.

Despite the price increases, the company %From 40 to ’sinin about 20 to customers $ He said he expects it to cost more (€17.60) or perhaps less than that amount.

Ynon Kreiz, CEO and Chairman of the Board of Directors of “, told analysts that the diversified and flexible supply chain in global commercial organizations are clear advantages for Mattel in this period of uncertainty.

Mattel takes back the appearance of guidance

However, citing ongoing uncertainty over the president's trade policies, Mattel retracted its annual earnings forecast on Monday. The company said it would be difficult to predict consumer spending and the company's U.S. sales for the rest of the year without further information.

Mattel reported higher-than-expected sales in the first quarter, but also reported a greater loss. Mattel reported sales in the quarter ending March 31, ’. %He said it increased by 2 to $827 million (€728.9 million).

The company's losses rose to $42.3 million (35.5 million euros) this quarter. This compares to a loss of $28.3 million (24.9 million euros) in the same quarter last year.

Mattel’in stock price, USAFollowing markets in ’ %It dropped by less than 1’.

Why doesn't the UK government reject the nationalization of important British steel mills?

18/04/2026 by the Logistics TransportIn the the General Assembly

As the global trade war escalated pressure to maintain the country's ability to provide the steel it needs for domestic industry, the British government refused to rule out the possibility of nationalization of the last plant in ’, United Kingdom, which produces steel from raw materials.

According to local politicians and unions, unless the government intervenes, iron pellets used to produce steel in two large blast furnaces at Scunthorpe steel mills operated by British Steel may soon run out. This was because the plant's owner, China's Jingye Group’, canceled orders for these essential raw materials amid negotiations to increase government support.

The news comes two weeks after British Steel’in “ said it was considering shutting down blast furnaces because they are no longer financially sustainable due to tough market conditions, tariffs and rising environmental costs.

After Jingye’nin rejected a £500m (€577.6m) bid to help modernise the facility, the government is continuing negotiations with the company. Asked on Tuesday what the government is prepared to do to keep the plant open, Prime Minister Keir Starmer said ’ is firmly committed to steel production in the UK.

In a statement to the parliamentary committee, all options regarding “Scunthorpe are on the table, ” said.

British Steel and its ancestors have been producing steel at Scunthorpe’ for over 130 years, and the United Kingdom has benefited from ’'s development of advanced steelmaking technology during the Industrial Revolution. The factory currently employs about 2,700 people.

Jingye acquired British Steel’i at 2020’ and said the plant has invested more than £1.2 billion (€1.4 billion) to remain operational against “, the ongoing production instability.

UK's steel production falls

United KingdomDue to ’'s steel production, high production costs and the rapid growth of Chinese production since the late 1960s, %It's down 80, and that's brought prices down around the world.

Britain, the world's fifth-largest steel producer in 1970, produced only 5.6 million tons of steel in 2023; This is global production. %It makes up 0.3’. By comparison, China accounts for 1.02 billion tons of production worldwide. He produced his ’.

The remaining steel producers of ’ are now under pressure to reduce carbon emissions due to the threat of global warming. Most have switched to electric arc furnaces that produce steel from recycled material.

This left Scunthorpe’ as the only factory with blast furnaces capable of converting iron ore into untreated steel.

Union officials said British Steel’ must order more iron pellets in the next few days to guarantee delivery before the plant runs out of raw materials in late May.

Thomas Smith, a steelworker and representative of the union community, told Sky News’e “ this week that we are in danger of losing these furnaces. “ added that if we miss the deadlines, we will reach a point where we will have to decide whether to close them both.

During a debate in the House of Commons on Monday, lawmakers said U.S. President Donald Trump, fueled by ’'s new import taxes, needed his own steel-making industry to maintain ’'s economic independence amid a flourishing trade war.

Martin Vickers, a member of Parliament representing the region adjacent to the Scunthorpe’, said he believed that Jingye’ was not involved in the meaningful negotiations with “.

In a speech to the House of Commons on Monday in ’, “ said that in this case I have come to the view that temporary expropriation is the only way. “This will secure jobs at Scunthorpe’ and secure the future of steelmaking.”

Industry Minister Sarah Jones said Jingye’ continued to meet with the government.

Our belief was clear that the best way forward for “Scunthorpe and British Steel was to continue as a commercially managed business with private investment and government backing, ” said. But I can tell the honourable gentleman that no option is on the table. - “