Latest news with #NextGenerationEU
Irish Examiner
29-05-2025
- Business
- Irish Examiner
Funding to electrify Cork rail reaches next EU round
The electrification of Cork's commuter rail service is amongst key investments in the Irish recovery and resilience plan included in the second payment request for €115.5m under the EU Recovery and Resilience Facility. The European Commission endorsed a positive preliminary assessment of Ireland's second payment request under the facility, the centrepiece of NextGenerationEU. Following its assessment of the payment request submitted by Ireland in December, the commission has preliminarily concluded that Ireland has satisfactorily completed the 17 milestones and targets set out in the Council Implementing Decision for the second instalment. The payment request supports six reforms and five investments that will benefit citizens and businesses in Ireland, focusing on enterprise emissions reduction, sustainable transport, carbon taxation, digitalisation in schools, businesses, and public administration, as well as ICT skills, healthcare, pensions, and housing. Flagship measures in this payment request include an investment to support the electrification of Cork rail. The Cork Area Commuter Rail Programme is a series of interrelated projects that will ultimately enable train services every 10 minutes across the Cork rail network. The recently opened Platform 6 at Kent Station, together with the Glounthaune-to-Midleton twin-track project and Cork area signalling and communications upgrades – both set for completion in 2026 – will deliver the network capacity to support 10-minute frequencies on each of Cork's three commuter lines, to Cobh, Midleton, and Mallow. Other measures include an investment to provide digital infrastructure to schools. Ireland is investing in high-speed broadband connectivity for primary schools, which will ensure that learners at primary and post-primary schools are equipped with appropriate digital skills and will contribute to addressing digital disparities in Ireland. Ireland is also accelerating the decarbonisation of the enterprise sector with the launch of the Enterprise Emissions Reduction Investment Fund, targeting manufacturing enterprises. The fund will provide support for carbon-reducing technologies, energy monitoring systems, and research and innovation. The commission has now sent its preliminary assessment of Ireland's fulfilment of the milestones to the Economic and Financial Committee (EFC), which has four weeks to deliver its opinion, after which payment to Ireland can take place. Read More Expert tells conference what Cork Luas needs to deliver on time and within cost
Business Times
30-04-2025
- Business
- Business Times
Eurozone economy expands faster than forecast but faces trade war hit
[FRANKFURT] The eurozone economy grew faster than expected in the first quarter while inflation declined, indicating that the bloc started the year on an upbeat note before successive blows from the US trade war, a surging euro and deteriorating sentiment. The world's second-largest economic bloc has barely grown over the past several years as businesses held back investment and households tried to rebuild wealth lost due to high inflation. That put Europe on the back foot even before the latest escalation in trade tensions under US President Donald Trump, who announced sweeping import tariffs on April 2. This year had been seen as the beginning of a long recovery and early figures have shown promise. But since Trump's 'Liberation Day', policymakers have warned that permanent damage has already been done to the global economy, even if there is an eventual resolution to the tensions. The 20 nations sharing the euro currency saw their economy expand by 0.4 per cent in the first quarter, beating expectations for 0.2 per cent, driven by quick growth in Spain, Eurostat data showed. 'Well, that was a relief,' HSBC economic Fabio Balboni said. 'Private consumption is now – finally! – rising broadly in line with real wages. In addition, investment is also showing signs of life, likely on the back of faster Next Generation EU implementation and lower borrowing costs for firms.' Although Europe's promising growth is likely to be temporary, the bloc well outperformed the US, which contracted in Q1, weighed down by a deluge of goods imported by businesses eager to avoid higher costs. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The underlying eurozone trend was somewhat weaker than the headline figures suggest, however, as data was distorted by a 3.2 per cent expansion in Ireland, fuelled largely by activity among big foreign companies based there for tax reasons. Germany, Europe's largest economy, grew by just 0.2 per cent while France expanded by 0.1 per cent and Italy by 0.3 per cent, suggesting that excluding Ireland, the headline figure would be more modest. Inflation also appears to have slowed, according to national data. Price growth in Germany dipped to 2.1 per cent from 2.2 per cent, coming within striking distance of the ECB's 2 per cent target, while in Italy it held steady at 2.1 per cent. The figures are not game-changers but confirm the ECB's message that inflation is largely defeated and figures will now oscillate around target for the remainder of the year. 'For the ECB, today's growth and inflation reports clearly pave the way for some additional, though very gradual and measured, rate cuts, without giving any reasons for panic,' ING economist Carsten Brzeski said. Interest rate cuts are coming mostly because the outlook has darkened significantly. Some of Europe's largest firms – including Volkswagen and Mercedes-Benz on Wednesday – have issued warnings in recent days that tariffs will weigh on profits, hold back sales and may curtail investment. Meanwhile, a key sentiment indicator published on Tuesday showed a major dip, erasing any hope of a recovery and putting the indicator on a downward trend after it flatlined for most of 2024. The ECB has already said that on top of the trade war, the financial market turbulence set off by US policies and the general deterioration in sentiment will all dampen growth. But the bloc was seen expanding by less than 1 per cent even before Trump's tariff bombshell, suggesting that any other major damage would put it close to a recession. Most economists and policymakers say that the US is bound to take a bigger hit than other economies, however, creating an incentive for the Trump administration to scale back its tariffs, some of which have already been suspended. Increased spending by the new German government on defence and infrastructure could help insulate the eurozone, but that will take time to legislate and implement, suggesting little to no fiscal boost is likely this year and Europe will also suffer. REUTERS
Yahoo
08-04-2025
- Business
- Yahoo
Meton Energy announces FID for two solar farms in Macedonia, Greece
Meton Energy, a joint venture between RWE Renewables Europe & Australia and PPC Renewables, has announced the final investment decision for two large-scale photovoltaic projects in Central Macedonia, Greece. The solar farms, named Kotyli and Neo Syrakio, will have a total capacity of 567 megawatts peak (MWp) and are expected to commence construction in spring 2025, with commissioning in 2027. The projects will generate enough annual energy to supply 140,000 households. Meton Energy has secured ten-year bilateral power purchase agreements with PPC and RWE Supply & Trading to purchase the green electricity produced. The €418m investment includes €175m from European Union – NextGenerationEU funds through the recovery and resilience facility plan known as Greece 2.0, with the balance financed by €169m in commercial debt from Greek banks and shareholder contributions. Formed in 2021, the joint venture has a 51% stake held by RWE Renewables Europe & Australia, and a 49% interest held by PPC Renewables. The partnership has already energised five solar farms with a total capacity of 210MWp and completed construction of a sixth project. Three additional solar farms, totalling 625MWp, will be operational by the end of 2025. These nine projects, located in Western Macedonia, will have a combined capacity of 940MWp. RWE Renewables Europe & Australia CEO Katja Wünschel stated: 'With our latest investment decision, we underpin once again our strong commitment to the Greek market with now roughly 1.5 gigawatts of solar capacity in deployment. This great achievement is the result of the excellent cooperation between the teams involved at RWE and PPC. Together we are accelerating the energy transition in Greece.' PPC Renewables CEO Konstantinos Mavros commented: 'In Central Macedonia, we are creating a new and sustainable future. Our co-operation with RWE has proven to be an excellent demonstration of what we can do when we work together. Both our current projects in the old lignite mines in Amyntaio and the new investment in Central Macedonia mean more new jobs both in the construction and operation phases, and a promise for sustainable growth and a brighter future for Greece.' RWE Renewables Hellas CEO and Meton Energy CEO Costas Papamantellos added: 'We are delivering our solar projects at an impressive pace. The first cluster of the Amynteo portfolio is already energised, construction works for Amynteo Clusters II and III are at an advanced stage and we are looking forward to connecting all projects to the grid this year. By taking this FID, we have laid the ground for our next two large-scale photovoltaic projects in Greece, which will contribute to reach the country's climate goals.' "Meton Energy announces FID for two solar farms in Macedonia, Greece" was originally created and published by Power Technology, 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. Sign in to access your portfolio
Euronews
11-03-2025
- Business
- Euronews
Misuse of funds to VAT fraud: The state of combatting fraud across the EU
The European Public Prosecutor's Office had over 2,000 active fraud-related investigations by the end of 2024, with total estimated damages amounting to €24.8 billion. VAT fraud continues to be the most significant concern. ADVERTISEMENT At the end of 2024, the European Public Prosecutor's Office (EPPO) had 2,666 active investigations relating to fraudulent crimes - an increase of 38% from the previous year. This resulted in an estimated damage to the EU budget of €24.8 billion, which was 22,5% more than in 2023, according to the latest annual report of EPPO. EPPO investigates and prosecutes crimes affecting the financial interests of the EU, such as the misuse of funds, money laundering, VAT fraud, and corruption. More than half of the estimated €13.15 billion in damage is linked to cross-border VAT fraud. Germany (179) and Italy (149) recorded the highest numbers of active VAT fraud investigations amongst 22 EU countries, with an estimated total damage of €3.89 billion and €4.65 billion, respectively. "EU fraud has become highly attractive to very dangerous criminals, partly due to a historical uneven judicial response in this field," the European Chief Prosecutor, Laura Codruța Kövesi, explains. In November 2024, the EPPO carried out a vast investigation, code-named "Moby Dick", in the Italian cities of Milan and Palermo. This operation led to authorities freezing 129 bank accounts, and seizing 192 real estate properties, along with 44 luxury cars and boats. The suspects had established companies in Italy and other EU Member States, as well as in non-EU countries, to trade the goods through a fraudulent chain of missing traders that would vanish without fulfilling their tax obligations. Other companies in the fraudulent chain would subsequently claim VAT reimbursements from the national tax authorities. Related Spain busts international crime ring for alleged luxury car import tax scam Who has been reporting these crimes to EPPO? The EPPO processed 6,547 crime reports last year - a rise of 56% compared to 2023. Over 70% of the reports came from private parties and close to 27% from national authorities. Only 1,7% came from institutions, bodies, offices, and agencies of the EU. "There was still no improvement in terms of detection and reporting from their side, even three years after the start of EPPO operations," EPPO's annual report stated. From an economic recovery package to fraud suspicions By the end of 2024, the EPPO had 311 active cases related to NextGenerationEU, with 307 from the Recovery and Resilience Facility (RRF). ADVERTISEMENT This is about 17% of all spending fraud investigations. The primary methods of fraud related to the RRF include the submission of false, incomplete, or misleading information to unlawfully secure funds. Common tactics also involve the forgery and manipulation of invoices and contracts, often accompanied by false statements or documents intended to conceal disqualifying criteria. Bribery of public officials and bid rigging have also been instrumental in ensuring that contracts with inflated prices are awarded to specific companies.
Euronews
11-03-2025
- Business
- Euronews
How is fraud across the EU being tackled?
The European Public Prosecutor's Office had over 2,000 active fraud-related investigations by the end of 2024, with total estimated damages amounting to €24.8 billion. VAT fraud continues to be the most significant concern. ADVERTISEMENT At the end of 2024, the European Public Prosecutor's Office (EPPO) had 2,666 active investigations relating to fraudulent crimes - an increase of 38% from the previous year. This resulted in an estimated damage to the EU budget of €24.8 billion, which was 22,5% more than in 2023, according to the latest annual report of EPPO. EPPO investigates and prosecutes crimes affecting the financial interests of the EU, such as the misuse of funds, money laundering, VAT fraud, and corruption. More than half of the estimated €13.15 billion in damage is linked to cross-border VAT fraud. Germany (179) and Italy (149) recorded the highest numbers of active VAT fraud investigations amongst 22 EU countries, with an estimated total damage of €3.89 billion and €4.65 billion, respectively. "EU fraud has become highly attractive to very dangerous criminals, partly due to a historical uneven judicial response in this field," the European Chief Prosecutor, Laura Codruța Kövesi, explains. In November 2024, the EPPO carried out a vast investigation, code-named "Moby Dick", in the Italian cities of Milan and Palermo. This operation led to authorities freezing 129 bank accounts, and seizing 192 real estate properties, along with 44 luxury cars and boats. The suspects had established companies in Italy and other EU Member States, as well as in non-EU countries, to trade the goods through a fraudulent chain of missing traders that would vanish without fulfilling their tax obligations. Other companies in the fraudulent chain would subsequently claim VAT reimbursements from the national tax authorities. Who has been reporting these crimes to EPPO? The EPPO processed 6,547 crime reports last year - a rise of 56% compared to 2023. Over 70% of the reports came from private parties and close to 27% from national authorities. Only 1,7% came from institutions, bodies, offices, and agencies of the EU. "There was still no improvement in terms of detection and reporting from their side, even three years after the start of EPPO operations," EPPO's annual report stated. From an economic recovery package to fraud suspicions By the end of 2024, the EPPO had 311 active cases related to NextGenerationEU, with 307 from the Recovery and Resilience Facility (RRF). ADVERTISEMENT This is about 17% of all spending fraud investigations. The primary methods of fraud related to the RRF include the submission of false, incomplete, or misleading information to unlawfully secure funds. Common tactics also involve the forgery and manipulation of invoices and contracts, often accompanied by false statements or documents intended to conceal disqualifying criteria. Bribery of public officials and bid rigging have also been instrumental in ensuring that contracts with inflated prices are awarded to specific companies. ADVERTISEMENT
