
Bulgaria On Track to Win EU Approval to Join the Euro Next Year
Bulgaria is close to clearing a major hurdle toward euro adoption, putting the Black Sea nation on course to join the currency area next year.
The minority government of Prime Minister Rosen Zhelyazkov is awaiting an assessment of its readiness on June 4, when the European Commission and the European Central Bank release their convergence reports.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
21 minutes ago
- Yahoo
How finance can clean up Ireland's ageing fleet
Ireland's vehicle fleet is getting older, and dirtier, at a time when cleaner transport is more urgent than ever. The CEO of Close Brothers Motor Finance Ireland argues that with the right finance tools and industry collaboration, Ireland can upgrade its roads without breaking the bank. As the world works collectively to meet the challenge of climate change, motorists too are doing their part. The International Energy Agency estimates that sales of newer, zero emissions vehicles exceeded 17 million in 2024, more than a fifth of global car sales. The picture isn't uniform however and some countries are doing better than others. While the average age of motor vehicles in Ireland compares well to EU averages, the average age of cars on Irish roads has increased from 5.8 years at the start of 2008, to 9.9 years now according to the Society of Irish Motor Industry . SIMI also estimates that nearly half the cars on Irish roads are 10 years old or more. We recently crunched the latest data from the Irish statistics office (the CSO) meanwhile and discovered that nearly 20% of Irish cars were registered in 2010 or before. There are any number of reasons for this. The boom years of the Celtic Tiger for example were a time of great prosperity in Ireland. Since then, incomes and spending power have been hit by factors ranging from Covid to the cost of living and, latterly, nervousness around American tariffs. And with inflation in Ireland having increased again in the spring, consumer sentiment remains muted. With consumers less willing to spend on newer vehicles, Ireland could find itself beginning to lag when it comes to the twin challenges of tackling climate change and improving air quality. Older vehicles are less efficient than newer models with the UN Environment Programme arguing that "ageing cars are bogging down the battle against climate change". Not only this, older cars also have more of an impact on air quality. Ireland's Environment Protection Agency warned only last year that Ireland might fall short of WHO air quality targets. So, Ireland's ageing vehicles are not only more prone to breakdown, but could be impacting health and the environment. With the Irish buying on average 2.5 used cars for every new car sold, it's vital that newer and more efficient second hand vehicles start replacing Ireland's older vehicles. This could have an immediate impact on safety and air quality and also help Ireland deliver on sustainability. The cost of living however continues to put pressure on household budgets, and car prices in Ireland remain stubbornly high. So upgrading Ireland's car isn't easy. As lenders, we can't alleviate the cost of living or apply cost controls to the car market. There are levers we can pull however, which can help Ireland upgrade its ageing fleet and clean up her roads. As an example, we recently launched an innovative PCP product that attaches a minimum future value to the vehicles we lend against. A recurring conversation I have with dealers in Ireland is about the risk of second-hand vehicle depreciation. At the end of a PCP contract a vehicle is often returned to the dealer. But what if since selling the vehicle an economic shock has impacted used car prices? This could leave a dealer out of pocket so dealers are disincentivised from offering PCP deals. This is despite widespread consumer demand due to the lower repayments PCP deals typically come with and therefore the greater range of newer - and crucially cleaner - vehicles they make available. A future minimum value guarantee on the vehicle makes things far more predictable for motor dealers, meaning offering PCP and upgrading Ireland's fleet is more achievable. Our product demonstrates what an innovative approach to motor finance can achieve when it comes to ensuring cleaner and safer roads. All of which means that Ireland can hopefully get a new set of wheels as we drive for greater sustainability in the used car market. "How finance can clean up Ireland's ageing fleet" was originally created and published by Motor Finance Online, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
31 minutes ago
- Yahoo
China Extends Probe Into EU Pork Imports
China said Tuesday that it would extend a yearlong probe into pork imports from the European Union, as Beijing seeks to bolster ties with the 27-member bloc amid heightened trade tensions with the U.S. The Chinese Commerce Ministry decided to extend its antidumping investigation into EU pork products by six months to Dec. 16, citing the complexity of the case, according to an official notice. Think Twice Before You Click 'Unsubscribe' The Canned-Food Aisle Is Getting Squeezed by Rising Steel Tariffs The Best New Features Coming to Your iPhone, iPad and Mac (and What's Missing) FTC Seeks Information From Top Advertising Agencies as Part of Ad-Boycott Probe Judge Tosses Justin Baldoni's Lawsuits Against Blake Lively and New York Times The probe was launched last June in response to the EU's decision to slap antisubsidy levies on Chinese electric vehicles and was originally set to conclude later this month. Most of the EU's pork exports go to East Asia, in particular China, with Germany, Spain and France among the biggest producers, according to the European Commission. Tuesday's announcement is viewed as another goodwill gesture by Beijing, as Chinese leaders launch a global charm offensive to improve relations with major economic partners amid a trading fight with Washington. Back in April, Beijing extended a similar probe into brandy imports from the EU by three months to July and expanded Spanish pork exporters' access to the Chinese market through bilateral trade agreements. Earlier this month, Chinese Commerce Minister Wang Wentao talked with EU trade officials over a range of issues including Chinese EVs and export controls during a trip to France. In a statement after Wang's trip, the Chinese Commerce Ministry said negotiations with the EU on setting minimum prices for Chinese-made EVs have entered its final stages. Wang also said in his meetings with European counterparts that China will accelerate approvals of qualified rare-earth exports to Europe, adding that he hopes the EU can bolster exports of high-tech products to the country, according to the ministry. In retaliation against President Trump's 'Liberation Day' tariffs in April, China slapped new export controls on seven types of rare-earth minerals that are needed for a range of products including electronics, cars and advanced defense equipment. Such restrictions from the world's dominant rare-earth supplier have become a headache for global businesses, especially American and European automakers, many of which have warned of significant disruption in the global supply chain. Tuesday's extension also came as senior officials from China and the U.S. are meeting in London for their second round of talks with export controls taking the center stage. Write to Singapore Editors at singaporeeditors@ Alexander Brothers File $500 Million Defamation Suit Against The Real Deal Warner Discovery Splits Cable From Marquee Streaming, Studio Businesses Apple Unveils Array of New Software, but AI Comeback Remains Far Off Disney to Pay NBCUniversal Another $438.7 Million for Hulu Stake Businesses Are Bingeing on Crypto, Dialing Up the Market's Risks Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati

Yahoo
31 minutes ago
- Yahoo
Deutsche Bank raises global growth outlook for 2025 though sees headwinds ahead
-- Deutsche Bank raised its global GDP growth forecast for 2025 to 2.9%, citing trade de-escalation and stimulus policies across major economies, though it warned that geopolitical risks and elevated tariffs remain key challenges. In the U.S., Deutsche now expects 1.6% growth in 2025, up from previous forecasts, supported by improved financial conditions and potential policy support including tax cuts and extensions of the 2017 tax law. The bank sees unemployment averaging 4.3% and inflation pressures persisting, with core PCE forecast to end the year at around 3.5%. Despite a high effective tariff rate of 17%, the highest in decades, Deutsche expects this to decline toward 15% and views the overall economic impact as manageable. A fiscal package expected in July could further support demand, combining household tax cuts with long-term spending reductions. For China, growth is now seen at 4.7% for 2025, slightly above earlier estimates. The bank said policy easing and fiscal stimulus would continue in a more measured form, including a reserve ratio cut by year-end. However, the outlook is tempered by the assumption of persistent U.S. tariffs on Chinese goods through at least 2025. The euro area growth forecast was revised up to 0.8% for 2025 and 1% in 2026, driven by higher defense spending and stronger credit growth amid rate cuts from the European Central Bank. Germany's economy is forecast to grow 0.3% in 2025, with gains accelerating to 1.5% in 2026 as fiscal policy turns more expansionary. India's growth forecast remains unchanged at 6.5% for both 2025 and 2026, supported by food price moderation and an expected U.S.-India trade deal. The global recovery remains fragile, Deutsche said, with risks tied to renewed trade tensions, elevated deficits, and geopolitical volatility. Related articles Deutsche Bank raises global growth outlook for 2025 though sees headwinds ahead Snap to launch consumer smart glasses in 2025, rivaling Meta BlackRock portfolio managers 'laser focused' on capturing market opportunities Sign in to access your portfolio