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Golden Visas: the four European countries where you can still get citizenship by buying property
Four European countries still offering golden visas to property buyers
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The Journal
31 minutes ago
- The Journal
Fine Gael to open nominations for its presidential candidate tomorrow
FINE GAEL IS to open its nomination process for anyone seeking the party's candidacy for the upcoming presidential election tomorrow. The nominations will close at 4pm on the following Tuesday, 15 July, a statement from the party said. To be nominated, a candidate needs the nomination of 20 members of the Parliamentary Party, 25 Fine Gael Councillors and five members of the Executive Council, it said. Advertisement If a public representative is also a member of the Executive Council, they must indicate in which capacity they are nominating. In the event of a contest where more than one person is successful in being nominated for the candidacy, an electoral college voting system applies. Under the voting system, every member of the party in compliance with the two-year rule has a vote. The membership element of the college is worth 30% of the overall vote, councillors' votes are worth 15%, and the parliamentary party accounts for 55%. There will be a number of hustings held in late July and a postal ballot of members will take place across August. The parliamentary party will vote in September, as will councillors. The selected candidate will be ratified at an event in September. President Michael D Higgins's term will conclude on 11 November. Related Reads Two more names surface for presidency bids as Mary Hanafin confirms intent to run Why are so few candidates dipping their toe in the water in the race for the Áras? The election of the next President must take place within the sixty days before that, leaving the election open to be held from any stage from 13 September to 10 November. It is understood that at present, former European Commissioner Mairead McGuinness is the frontrunner for the party's nomination for the presidency, although MEP Seán Kelly has also declared his interest in contesting. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Saba Yemen
36 minutes ago
- Saba Yemen
China responds to EU with restrictions on medical equipment companies
Beijing – Saba: China announced on Sunday that it has imposed restrictions targeting European companies operating in the medical equipment sector, in response to the European Union's decision to exclude Chinese companies from major public tenders in this sector. The Chinese Ministry of Finance explained in a statement that European companies, with the exception of those with European capital residing in China, will be excluded from tenders valued at more than 45 million yuan (approximately $6.3 million). The ministry confirmed that these measures will take effect today, and the restrictions cover a wide list of products, including prosthetic limbs, spare parts for medical equipment, and surgical instruments. This escalation comes in response to the European Union's recent decision to ban Chinese companies from participating in public medical equipment tenders valued at more than 5 million euros (approximately $5.7 million). The European Commission described the decision as a response to Beijing's "persistent discrimination" against European manufacturers. The Commission claimed that nearly 90 percent of public procurement contracts for medical devices in China were "subject to exclusionary and discriminatory measures" against EU companies. For its part, the Chinese Ministry of Commerce expressed "deep regret" over the European measures, noting that Beijing had repeatedly attempted to resolve disputes through bilateral dialogue and direct consultations. However, the European Commission proceeded with what it described as "new protectionist barriers" in the public procurement sector, forcing China to respond based on the principle of "reciprocity," with the aim of protecting the legitimate rights and interests of its companies and ensuring a fair and competitive environment in the public procurement market. These developments come at a time when trade relations between China and the European Union are experiencing escalating tensions, marked by sharp disagreements over the past three years regarding several strategic sectors, including electric vehicles, railways, solar panels, and turbines. Chinese Foreign Minister Wang Yi recently visited the European Union headquarters, along with France and Germany, in an effort to contain differences and enhance dialogue with the 27-member bloc. However, structural differences over trade remain unresolved, particularly given the EU's large trade deficit with China, which reached approximately $357.1 billion. Whatsapp Telegram Email Print
Global News
40 minutes ago
- Global News
US tariffs on European goods threaten to shake up the world's largest trade relationship
The European Union expects to find out on Monday whether President Donald Trump will impose punishing tariffs on America's largest trade partner in a move economists have warned would have repercussions for companies and consumers on both sides of the Atlantic. Trump imposed a 20% import tax on all EU-made products in early April as part of a set of tariffs targeting countries with which the United States has a trade imbalance. Hours after the nation-specific duties took effect, he put them on hold until July 9 at a standard rate of 10% to quiet financial markets and allow time for negotiations. Expressing displeasure the EU's stance in trade talks, however, Trump said he would increase the tariff rate for European exports to 50%, which could make everything — from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals — much more expensive in the U.S. The EU's executive commission, which handles trade issues for the bloc's 27-member nations, said its leaders hope to strike a deal with the Trump administration. Without one, the EU said it was prepared to retaliate with tariffs on hundreds of American products, ranging from beef and auto parts to beer and Boeing airplanes. Story continues below advertisement US-EU trade is enormous The EU's executive commission describes the trade between the U.S. and the EU as 'the most important commercial relationship in the world.' The value of EU-U.S. trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat. The biggest U.S. export to Europe is crude oil, followed by pharmaceuticals, aircraft, automobiles, and medical and diagnostic equipment. Europe's biggest exports to the U.S. are pharmaceuticals, cars, aircraft, chemicals, medical instruments, and wine and spirits. EU sells more to the US than vice versa Trump has complained about the EU's 198 billion-euro trade surplus in goods, which shows Americans buy more stuff from European businesses than the other way around. However, American companies fill some of the gap by outselling the EU when it comes to services such as cloud computing, travel bookings, and legal and financial services. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy The U.S. services surplus took the nation's trade deficit with the EU down to 50 billion euros ($59 billion), which represents less than 3% of overall U.S.-EU trade. What are the issues dividing the two sides? Before Trump returned to office, the U.S. and the EU maintained a generally cooperative trade relationship and low tariff levels on both sides. The U.S. rate averaged 1.47% for European goods, while the EU's averaged 1.35% for American products. Story continues below advertisement But the White House has taken a much less friendly posture toward the longstanding U.S. ally since February. Along with the fluctuating tariff rate on European goods Trump has floated, the EU has been subject to his administration's 50% tariff on steel and aluminum and a 25% tax on imported automobiles and parts. Trump administration officials have raised a slew of issues they want to see addressed, including agricultural barriers such as EU health regulations that include bans on chlorine-washed chicken and hormone-treated beef. Trump has also criticized Europe's value-added taxes, which EU countries levy at the point of sale this year at rates of 17% to 27%. But many economists see VAT as trade-neutral since they apply to domestic goods and services as well as imported ones. Because national governments set the taxes through legislation, the EU has said they aren't on the table during trade negotiations. 'On the thorny issues of regulations, consumer standards and taxes, the EU and its member states cannot give much ground,' Holger Schmieding, chief economist at Germany's Berenberg bank, said. 'They cannot change the way they run the EU's vast internal market according to U.S. demands, which are often rooted in a faulty understanding of how the EU works.' 'Consequence for many companies' Economists and companies say higher tariffs will mean higher prices for U.S. consumers on imported goods. Importers must decide how much of the extra tax costs to absorb through lower profits and how much to pass on to customers. Story continues below advertisement Mercedes-Benz dealers in the U.S. have said they are holding the line on 2025 model year prices 'until further notice.' The German automaker has a partial tariff shield because it makes 35% of the Mercedes-Benz vehicles sold in the U.S. in Tuscaloosa, Alabama, but the company said it expects prices to undergo 'significant increases' in coming years. Simon Hunt, CEO of Italian wine and spirits producer Campari Group, told investment analysts that prices could increase for some products or stay the same depending what rival companies do. If competitors raise prices, the company might decide to hold its prices on Skyy vodka or Aperol aperitif to gain market share, Hunt said. Trump has argued that making it more difficult for foreign companies to sell in the U.S. is a way to stimulate a revival of American manufacturing. Many companies have dismissed the idea or said it would take years to yield positive economic benefits. However, some corporations have proved willing to shift some production stateside. France-based luxury group LVMH, whose brands include Tiffany & Co., Luis Vuitton, Christian Dior and Moet & Chandon, could move some production to the United States, billionaire CEO Bernaud Arnault said at the company's annual meeting in April. Arnault, who attended Trump's inauguration, has urged Europe to reach a deal based on reciprocal concessions. 'If we end up with high tariffs, … we will be forced to increase our U.S.-based production to avoid tariffs,' Arnault said. 'And if Europe fails to negotiate intelligently, that will be the consequence for many companies. … It will be the fault of Brussels, if it comes to that.' Story continues below advertisement 'Road could be rocky' Some forecasts indicate the U.S. economy would be more at risk if the negotiations fail. Without a deal, the EU would lose 0.3% of its gross domestic product and U.S. GDP would fall 0.7%, if Trump slaps imported goods from Europe with tariffs of 10% to 25%, according to a research review by Bruegel, a think tank in Brussels. Given the complexity of some of the issues, the two sides may arrive only at a framework deal before Wednesday's deadline. That would likely leave a 10% base tariff, as well as the auto, steel and aluminum tariffs in place until details of a formal trade agreement are ironed out. The most likely outcome of the trade talks is that 'the U.S. will agree to deals in which it takes back its worst threats of 'retaliatory' tariffs well beyond 10%,' Schmieding said. 'However, the road to get there could be rocky.' The U.S. offering exemptions for some goods might smooth the path to a deal. The EU could offer to ease some regulations that the White House views as trade barriers. 'While Trump might be able to sell such an outcome as a 'win' for him, the ultimate victims of his protectionism would, of course, be mostly the U.S. consumers,' Schmieding said.
