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Reuters
16-07-2025
- Business
- Reuters
Nigeria's inflation falls for third month in June
ABUJA, July 16 (Reuters) - Nigeria's headline inflation rate (NGCPIY=ECI), opens new tab fell for the third straight month in June, to 22.22% year-on-year from 22.97% in May, data from its statistics agency showed on Wednesday. Inflation in Africa's most populous country soared to repeated 28-year peaks last year, spurred by President Bola Tinubu's moves to end costly subsidies and devalue the country's naira currency after coming to power in 2023. It dropped sharply in January, when the statistics agency updated the base year for its calculations and reweighted the inflation basket, falling to 24.48% in annual terms from 34.80% in December. But its decline has since slowed. Food inflation (NGFINF=ECI), opens new tab stood at 21.97% year on year in June compared with 21.14% the month before. The central bank, which has kept its key lending rate unchanged at its last two policy meetings, has another rate-setting meeting next week.
Wall Street Journal
15-07-2025
- Business
- Wall Street Journal
Europe's Factories Boosted by Tariff Frontrunning as August Deadline Looms
Factory output in the eurozone partly rebounded from a tariff-induced slump in May, but trade is likely to remain a headwind even as manufacturers harbor hopes of better times on government pledges to increase defense and infrastructure spending. Industrial production increased 1.7% from April across the 20 nations that make up the eurozone, according to figures released by the European Union's statistics agency on Tuesday. That was a faster rise than economists had expected, according to a poll conducted by The Wall Street Journal.
Euronews
12-03-2025
- Business
- Euronews
From Tashkent to Berlin: how Uzbekistan is unlocking global job opportunities
'Partner Content' is used to describe brand content that is paid for and controlled by the advertiser rather than the Euronews editorial team. This content is produced by commercial departments and does not involve Euronews editorial staff or news journalists. The funding partner has control of the topics, content and final approval in collaboration with Euronews' commercial production department. In September 2024, during the official visit of German Chancellor Olaf Scholz to Samarkand, an intergovernmental agreement between Germany and Uzbekistan was signed to establish a comprehensive partnership in the field of migration and mobility. This agreement greatly simplifies the employment process of Uzbek specialists in Germany, an important step in solving the challenge of labour shortages in various sectors of the German economy. ADVERTISEMENT Today, Germany is facing an acute shortage of skilled workers, particularly in sectors such as transport and healthcare. In response to this challenge, the country is strengthening cooperation with Uzbekistan and opening up new prospects for Uzbek workers wishing to work in Germany. Uzbekistan demographics: young and ambitious According to Uzbekistan's Statistics Agency, the country's population was 37.5 million as of January 1, 2025, a 2 per cent rise on the previous year. More than half of the population (50.4 per cent) are men, and the median age in the country is less than 30 years old. Such a demographic portrait makes Uzbekistan an attractive partner for countries experiencing labour shortages. Germany has long experience with guest workers – or gastarbeiter. In the 1950s and 1960s, what was then West Germany signed bilateral agreements with many nations, most notably in southern Europe. However, as what became the European Union evolved, and trans-border labour mobility was entrenched in treaties, German companies began looking farther afield. Much like Italy, Greece and other southern European countries, Uzbekistan has sent its workers abroad for many years. But that flow has reversed in recent years. In early June 2024, Uzbekistan authorities said that there were 4 to 6 million labour migrants from Uzbekistan in the Russian Federation before 2016, but their number has since dropped to 1 million. Partly as a consequence, a new labour migration agency of the Uzbekistan government has been established and negotiations have led to agreements elsewhere. For instance, an agreement with Japan was signed in 2019 giving protected status to Uzbek 'workers with special skills.' Uzbekistan became one of 10 nations whose citizens are permitted to work and train in Japan for up to five years. ADVERTISEMENT In Germany, one of the biggest challenges is the shortage of transport drivers. State-owned Deutsche Welle TV recently reported on the trucker shortage, focusing on the role of young Uzbek drivers in filling the gap. Shortage of personnel in Germany: opportunities for Uzbeks Germany is currently experiencing an acute shortage of truck drivers, with a shortage of around 70,000 truck drivers. The DW report focused on GP Günter Papenburg, a well-known German enterprise which has accepted more than 60 Uzbek trainee truck drivers. The company's head of human resources, Angela Papenburg, noted: 'Uzbekistan has a very young population, and in some regions there is a high level of youth unemployment. We see this as an opportunity for both parties: German companies receive qualified workers, and Uzbeks receive decent jobs and vocational training.' In order to speed up the integration of Uzbek specialists into the German labour market, teachers from Uzbek vocational schools are arriving in Germany to learn local work standards. This will make it possible to quickly adapt curricula to German requirements and make it easier for Uzbek job seekers to obtain a driver's licence. The agreement: new perspectives for labour mobility The agreement includes 25 articles and covers a wide range of issues, including: Promotion of equitable mobility for skilled professionals. Training of Uzbek workers in Germany and creation of educational programmes in Uzbekistan. Simplification of entry procedures for qualified professionals, especially in the healthcare sector. Development of cooperation in the field of workers' rights protections and the fight against illegal migration. As part of the agreement, Germany expects to host hundreds of Uzbekistani specialists in the care sector, as well as medical workers. In 2025, Uzbekistan plans to send 800 nurses to work in German hospitals and nursing homes. In addition, Tashkent is actively developing a vocational training system, adapting curricula to EU standards. German companies such as Papenburg are considering expanding cooperation in specialist training in Uzbekistan, which will enable qualified personnel to train in their homeland before moving to work in Germany. Balancing interests: benefits for both countries The signed agreement not only opens up new employment opportunities for Uzbek specialists, but also helps Germany solve the problem of labour shortages. At the same time, the document covers measures to combat illegal migration and protect the rights of workers. In a press statement, Olaf Scholz commented on the agreement, saying: "We are enabling the necessary immigration of highly talented workers that our economy needs. At the same time, we agree on simple and unbureaucratic procedures for those who need to return to their country. This is a fair and rational approach." According to the Deutsche Presse-Agentur, 13,700 Uzbekistan citizens currently live in Germany, most of whom are in the country legally. About 200 people are expected to be deported to Uzbekistan under the terms of the agreement. ADVERTISEMENT Prospects for future cooperation German business is showing increasing interest in cooperation with Uzbekistan. In addition to labour migration, the parties also agreed on partnership in the areas of water resources, climate change, transport and critical minerals. This indicates growing trust and strengthening bilateral ties. According to experts, the signed agreement will be an important step in the formation of a new model of economic cooperation between Germany and Uzbekistan. It will not only solve the problem of personnel shortages, but also stimulate the development of educational and professional programmes, improving the level of qualification of Uzbek specialists. The new migration strategy opens up prospects both for Uzbeks seeking to find decent work abroad, and for the German economy, which needs an influx of young and energetic personnel. In the face of global challenges, this approach can become a model of effective cooperation between European and Central Asian nations.
