European commercial aviation enjoyed an upturn last month, as the number of flights in the EU climbed 130% year-on-year. While the number of commercial flights was 166,990 in December 2020, the industry saw numbers of 383,720 last month. Flight volumes were 24% below the pre-pandemic levels in December
Polish oil and gas firm PKN Orlen will sell refinery assets to Saudi Aramco and swap petrol stations with Hungarian energy company MOL to clear the way for a takeover of Grupa Lotos, it announced Wednesday. Saudi Aramco will pay USD 255 million for a 30% stake in Lotos’ refinery
The “Fit for 55” plan to further slash CO2 emissions may cost Poland around EUR 190 billion, according to analysts at the state-owned Polish bank Pekao. The EU’s original target had been to cut reduce greenhouse gas emissions by 40% by the end of the decade, compared to 1990
Taiwan will extend a USD 1 billion credit line to Lithuania as a gesture of solidarity with the Baltic country, and to help to offset the trade embargo that China has imposed on it. The fund aims to develop Lithuania’s biotech, finance, semiconductor and satellite industries. “We recognise and
Hungary will hold an election on April 3 when nationalist Prime Minister Viktor Orban will compete with an opposition alliance fronted by a conservative outsider, Hungarian President Janos Ader announced Tuesday afternoon. While some of Orban’s policies since he won an election landslide in 2010 have been popular, most
EUR 700 million spent on developing the rule of law in the Western Balkans has failed to deliver tangible results, according to a report released by EU finance watchdog the European Court of Auditors (ECA) on Monday. Despite the funding extended from 2014-20 on promoting justice and freedom of expression,
Czechia will stop burning coal by 2033, five years earlier than previously planned, the country’s incoming governing coalition revealed in its policy programme on Friday. The outgoing government led by Andrej Babis had targeted 2038 as a possible exit for coal, but made no formal commitment. The new Czech
The European Commission (EC) has greenlit Hungary extending EUR 24 million in state aid towards the expansion of a South Korean firm’s factory that makes copper foil for electric vehicle (EV) batteries. Volta Energy Solutions is investing EUR 206 million in upping the operational capacity of its plant in
Poland is recalling its new ambassador to Czechia after he said the countries’ tensions are due to “a lack of empathy, understanding and desire for dialogue” from the Polish side. Miroslaw Jasinski, who started in the role on 21 December, made the remarks in connection with the Turow mine dispute
Taiwan will set up a USD 200 million investment fund for Lithuania to offset economic pressure from China, it announced Thursday. Taiwan’s Deputy Foreign Minister Tseng Wen-Sheng said “Taiwan & Lithuania are like-minded partners bound by an unshakeable belief in freedom and democracy. We’ll overcome China‘s threat
Aspirant EU-member Moldova could receive EUR 150 million from the bloc after the European Commission approved funding on Tuesday. The EU will extend EUR 30 million in grants and EUR 120 million in preferential loans over the next two years if the Chisinau government fulfils commitments to improve governance and
EU High Representative Josep Borrell said the European Union will act decisively if Russia commits further acts of aggression against Ukraine, ahead of a two-day visit to the Eastern European country on Tuesday. Tensions are high between Ukraine and Russia, which has amassed around 100,000 troops on Ukraine’s
The European Commission (EC) is considering classifying investments in nuclear and natural gas as sustainable under its new “green taxonomy” regulations , it said in a statement on 1 January. Brussels aims to cut Europe’s carbon emissions to zero by 2050. While green stock and bond portfolios do not currently
Central and Eastern Europe’s premier budget air carrier appears to have initiated a significant pull-back in terms of where it flies. Based in Budapest, Wizz Air has cut flight service to 84 destinations, with Western Europe seeing most of the reductions. The airline has confirmed to Simple Flying that
The so-called ‘Open Balkans’ initiative to ease movement, travel and trade restrictions between Albania, North Macedonia and Serbia has taken a big leap forward. Leaders from all three countries – Albanian Prime Minister Edi Rama, Macedonian Prime Minister Zoran Zaev and Serbian President Aleksandar Vucic, – met today in Albania, signing six