Spain has emerged as one of Europe’s most dynamic economies, defying past struggles to become a leader in growth. In the aftermath of some of the region’s worst flooding in decades, Spain’s government announced a €10.6 billion emergency relief package to help recover from the damage, particularly in the Valencia region. Despite this setback, Spain’s economy continues to soar, bolstered by a booming tourism industry that has helped it achieve the second-fastest growth in the eurozone. Experts predict that Spain’s momentum will persist, with the IMF forecasting a growth rate of 2.9% for 2024, outpacing even large economies like the US.

Once a laggard during the eurozone crisis, Spain is now experiencing a remarkable economic turnaround. With tourism as a key driver, the country welcomed 21.8 million visitors last summer, spurring a surge in hotel bookings and contributing to a record-breaking recovery. The unemployment rate has also dropped significantly since the pandemic, now at its lowest since the financial crisis. Other contributing factors include a strong labour market, improved job creation, and increasing immigration, which has expanded the labour force and fueled higher consumption. This has resulted in lower borrowing costs for Spain, even surpassing France in terms of borrowing rates.

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The country’s recovery goes beyond tourism, with a growing services export sector that includes IT, banking, and engineering. Moreover, Spain has benefited from a rise in international students, many of whom are drawn by the lower cost of living in cities like Madrid compared to other European capitals. As a result, Spain has managed to reduce its debt-to-GDP ratio from 120.3% in 2020 to 107.7% last year, positioning itself as a key growth engine for the eurozone. Despite concerns about its ageing population and productivity levels, Spain’s economic performance remains an enviable example of resilience and success, particularly when compared to other Southern European nations.

Donald Trump has been elected as the 47th President of the United States, securing 277 Electoral College votes, according to reports by international media. The victory was bolstered by a decisive win in Wisconsin, as well as leads in several swing states including North Carolina, Pennsylvania, and Georgia. With JD Vance as his Vice President, Trump’s campaign focused on promises to reform the federal government and take action against political adversaries. Democratic candidate Kamala Harris fell short with 224 Electoral College votes.

Trump’s victory saw immediate reactions from the financial markets. Futures on the Dow and S&P 500 rose over 2% following the news, while cryptocurrency markets also surged, with Bitcoin and Ether gaining over 7%. Meanwhile, European markets responded cautiously due to Trump’s stance on stricter trade policies and potential tariffs that could impact EU exports. EURO STOXX 50 and German DAX futures both dropped slightly, though European leaders have expressed a willingness to collaborate.

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World leaders, including India’s Narendra Modi, Israel’s Benjamin Netanyahu, and France’s Emmanuel Macron, extended their congratulations to Trump. European leaders and Ukraine’s President Volodymyr Zelensky also acknowledged the victory, signalling a diplomatic commitment to future cooperation despite potential trade tensions.

This year is set to be the hottest on record, marking the first time global temperatures surpass 1.5°C above pre-industrial levels, the European Union’s Copernicus Climate Change Service (C3S) announced. From January to October, record-breaking temperatures made it “virtually certain” that 2024 will exceed 2023 as the warmest year since records began. C3S Director Carlo Buontempo emphasized that climate change is the main driver of this milestone, with every continent and ocean experiencing unprecedented warming.

The announcement comes just before the COP29 climate summit in Azerbaijan, where global leaders aim to secure increased funding for climate action. Climate scientist Sonia Seneviratne urged faster action on fossil fuel reduction, warning that the world may breach the 1.5°C limit set by the Paris Agreement by 2030 unless stronger measures are taken.

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The rise in temperatures has intensified extreme weather events globally. In October alone, severe floods in Spain, wildfires in Peru, and destructive floods in Bangladesh highlighted the pressing need for climate policies. Each fraction of warming fuels such events, underscoring the urgency of the upcoming climate talks.

The Statistical Service of Cyprus has reported a substantial increase in beer deliveries from Cypriot factories in October, with growth evident in both domestic sales and exports. 

In October 2024, total beer deliveries reached 4,212,952 litres, marking a 14.8% rise compared to the same month last year. The domestic market saw robust demand, with 4,084,636 litres delivered—up 12.1% from October 2023, reflecting strong local consumption.

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However, the most striking increase came from exports, which surged by 410.9%. In October 2024, Cyprus exported 128,316 litres of beer, a dramatic rise from 25,116 litres in October 2023, indicating growing international demand for Cypriot beer.

Passenger numbers at Cyprus’ Larnaca and Paphos airports rose by 7.14% in October 2024 compared to the same month last year, as reported by the Ministry of Transport, Communications, and Works. This surge supports forecasts that 2024 will be a record-breaking year for the country’s two major airports, with total passenger numbers expected to exceed 12 million by year-end.

According to a Ministry press release, the January to October period has seen unprecedented passenger volumes, despite the challenges posed by rising geopolitical tensions. Overall, passenger traffic for the first ten months of the year rose by 5.3% compared to the same period in 2023, reinforcing the upward trend in air travel demand for Cyprus.

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In October alone, Larnaca Airport recorded an 8.8% increase in passenger numbers, while Paphos Airport experienced a 3.2% rise. Larnaca saw nearly 1 million travellers (957,625), while Paphos welcomed 380,440 passengers, marking October as one of the busiest months in recent history.

The primary travel markets for these airports were the United Kingdom, Greece, Israel, Poland, and Germany. Flight traffic also saw a significant boost, with a 10.54% increase in October compared to the previous year, totalling 10,390 flights. 

Revised projections from the Ministry now anticipate a historic year for both airports, driven by sustained demand. As 2024 draws to a close, Larnaca and Paphos are poised to surpass 12 million passengers, setting a new benchmark for the island’s aviation sector.

Hellenic Bank, Cyprus’ second-largest bank, announced a net profit of €284 million for the nine months ending September 2024, reflecting an annual increase of 28%. The bank attributes this growth to robust organic capital generation and a favourable interest rate environment, resulting in a capital ratio boost of nearly four percentage points. However, quarterly, the bank noted a slight decline in net interest income in the third quarter, affected by recent ECB rate cuts.

As Hellenic Bank’s first financial report as a subsidiary of the Greek Eurobank Group, CEO Michalis Louis stated that this transition marks “a new chapter” for the bank. He emphasized that, despite global challenges, the Hellenic Bank maintains a strong capital base and surplus liquidity, enabling it to support economic growth and meet the needs of both individual and business clients. Over the nine months, net interest income (NII) reached €455.6 million, a 20% increase year-on-year, although it remained stable at €151 million between the second and third quarters. Non-interest income also rose by 15% to €98.1 million.

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The bank’s capital ratios improved significantly, with the CET1 capital ratio reaching 26.7% and the total capital ratio standing at 32.51% as of September 2024. Total expenses rose by 11% year-on-year to €216 million, with staff costs comprising 46% of these expenses. The cost-to-income ratio decreased slightly to 38.9%, compared to 41.7% for the same period last year, reflecting the bank’s efforts to optimize costs.

New lending for the nine months dropped by 22% year-on-year to €705 million, mainly due to high interest rates that dampened loan demand. Total loans by the end of September stood at €6 billion, down from €6.16 billion the previous year. Non-performing exposures (NPEs), as per the European Banking Authority directive, were €404 million, representing 6.7% of total loans; excluding loans covered by the Asset Protection Scheme (APS), NPEs amounted to €100 million, or 2.6% of loans.

Customer deposits stood at €14.9 billion at the end of September 2024, compared to €15.3 billion at the end of 2023. The bank’s Liquidity Coverage Ratio remained robust at 583%, bolstered by €5.3 billion in Eurosystem placements that benefited from current interest rates. Total assets were €17.61 billion at the end of September, reflecting a decrease due to ECB refinancing repayments under the Targeted Long-Term Refinancing Operations program.

Boeing workers in the United States have voted to approve the company’s latest pay offer, effectively ending a seven-week strike that significantly disrupted operations at the aerospace giant. 

The newly agreed contract will see workers receive a substantial 38% wage increase over the next four years, a victory for the International Association of Machinists and Aerospace Workers (IAM) union, which represents around 30,000 striking employees.

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With the agreement now in place, workers can begin returning to their jobs as early as Wednesday, but no later than November 12, according to the IAM. The strike, which started on September 13, had a considerable impact on Boeing’s factories, leading to a major slowdown in production and exacerbating ongoing challenges for the company.

The union confirmed that 59% of its members voted in favour of the new contract, which not only includes the pay raise but also offers a one-time $12,000 (£9,300) bonus and revisions to the workers’ retirement plans.

Jon Holden, the IAM leader, described the agreement as a win for the workers, saying, “Through this victory and the strike that made it possible, IAM members have taken a stand for respect and fair wages in the workplace.”

Initially, the union had demanded a 40% wage increase and rejected two earlier proposals from Boeing. Despite the difficult months leading to the agreement, Boeing’s CEO Kelly Ortberg expressed a unified sentiment, stating, “While the past few months have been difficult for all of us, we are all part of the same team,” and emphasized the company’s commitment to restoring its reputation for excellence.

The strike drew significant attention from the U.S. government, with acting U.S. Labor Secretary Julie Su visiting Seattle last month to assist in the negotiation process. The strike has cost Boeing nearly $10 billion, according to the Anderson Economic Group, contributing to Boeing’s financial challenges.

For the three months ending September, Boeing reported $4 billion in operating losses for its commercial aircraft business. In response, the company launched a $20 billion share sale and warned that prolonged disruptions could lead to credit rating downgrades, which would raise borrowing costs.

The company has also announced plans to lay off about 17,000 workers, with the first redundancy notices expected in mid-November. This marks the latest chapter in a difficult year for Boeing, which has already faced setbacks, including a mid-air failure involving one of its passenger planes and reputational damage to its space division following the aborted Starliner mission.

Starbucks’ new CEO, Brian Nicсol, has laid out an ambitious strategy to reverse declining sales over the past three quarters and revitalize the company’s growth. While a full recovery plan is underway, Nicсol is starting with key adjustments aimed at improving customer experience and operational efficiency in the U.S. market. 

One core goal in these changes is to serve a personalized drink to each customer in under four minutes—a standard that currently covers only half of Starbucks’ transactions. In addition, the company plans to reduce new store openings and renovations in fiscal 2025, redirecting those resources toward other growth initiatives, according to CFO Rachel Ruggeri.

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Here are the seven primary ways Nicсol is setting up Starbucks for success:

1. Streamlining Mobile Ordering and Payments
2. To tackle issues with mobile orders cluttering counters and causing delays, Niсcol aims to improve app accuracy, so customers know exactly when their orders are ready. He’s also looking to limit customization options, making mobile orders less complex and easier for baristas to fulfil.
3. Simplifying the Menu
4. To speed up service and improve quality, Nicсol plans to reduce menu complexity by focusing on fewer but better options. This will allow baristas to make drinks more consistently and limit the items that don’t meet the four-minute preparation goal.
5. Enhancing Coffee Shops’ Personal Touch
6. As part of a “Back to Starbucks” initiative, Nicсol wants to return to the brand’s roots as a “third place” where customers can relax, work, or socialize. This includes updating shop interiors with more comfortable seating, personal touches like serving drinks in ceramic mugs for in-cafe customers and adding warmth and layers to the design.
7. Reinstating Self-Serve Add-On Bars
8. Add-on bars with milk and sugar, which were moved behind the counter during the pandemic, will return to their original setup, freeing up barista time and improving customer convenience.
9. Ensuring Better Staffing
10. Starbucks is increasing average barista hours to reduce turnover and improve consistency. Niсcol also aims to better align staffing with demand by scheduling appropriately for peak and off-peak hours.
11. Redefining Marketing
12. Nicсol is broadening Starbucks’ marketing focus beyond Starbucks Rewards members to appeal to a wider customer base and showcase the brand’s high coffee quality. Promotions will be less discount-driven to ease the workload on baristas.
13. Removing Surcharge on Milk Alternatives
14. Starting November 7th, Starbucks will eliminate the surcharge on milk substitutes, allowing customers to save over 10% on some drinks—a change that has been long-requested by customers.
15. Through these targeted adjustments, Nicсol is working to bring Starbucks back on track, aiming for improved service times, better staff retention, and an enriched in-store experience. This recovery strategy promises to refine the brand’s offerings and build stronger connections with customers.

French and Dutch authorities recently conducted searches at Netflix’s offices in Paris and Amsterdam as part of a preliminary investigation into potential tax fraud and laundering allegations. The probe, led by France’s Parquet National Financier (PNF)—a specialized agency handling financial crimes involving large corporations—began in November 2022.

In a statement to Reuters, Netflix affirmed its cooperation with French authorities, emphasizing that the company strictly adheres to tax regulations in all countries where it operates. The PNF’s financial crime unit searched in Paris, while Dutch officials simultaneously inspected Netflix’s European headquarters in Amsterdam, according to a French judicial source. These operations are part of a coordinated, months-long effort between French and Dutch authorities, although neither country has disclosed specific details of the investigation’s scope.

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The PNF’s preliminary inquiry does not necessarily suggest criminal charges or guarantee a court case, and the exact triggers behind the investigation remain unknown. Cross-border tech firms such as Netflix frequently encounter challenges with European tax authorities as they provide digital services to users across multiple jurisdictions.

Netflix’s French operations first attracted attention in 2021 when the investigative news outlet La Lettre reported unusually low turnover in France, sparking tax authority scrutiny. According to La Lettre, Netflix routed revenues through a Dutch subsidiary, a strategy allegedly allowing the company to reduce its French tax obligations between 2019 and 2020. Corporate records indicate Netflix’s French revenue climbed to approximately 1.2 billion euros in 2021, up from 47 million euros the prior year, coinciding with the cessation of the revenue-routing practice.

Netflix has previously resolved tax disputes in Europe, including a 2022 settlement with Italy, where the company agreed to pay 55.8 million euros. Netflix’s Paris office, situated near the Opera Garnier, employs around 40 staff members and largely focuses on producing content in partnership with third-party contractors, including popular series like *Emily in Paris*.

Moniepoint, a Nigerian fintech company, has announced a successful $110 million funding round to scale its digital payment and banking services across Africa. Among the investors in this round are notable new supporters like Google’s Africa Investment Fund, as well as existing investors Development Partners International and Lightrock, a private equity firm. This investment reportedly places Moniepoint’s valuation above the $1 billion mark, officially granting it “unicorn” status, a prestigious milestone in the tech sector.

Founded in 2015, Moniepoint initially focused on building payment infrastructure for banks and financial institutions. However, it has since expanded its offerings to include personal banking services, which it introduced last year. Today, the company processes over 800 million transactions each month, with a transaction value exceeding $17 billion.

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The latest funding will enable Moniepoint to further its footprint across Africa, where digital banking and payment services remain essential for economic growth and financial inclusion. With plans to develop a comprehensive platform for businesses, Moniepoint aims to offer solutions spanning digital payments, banking, foreign exchange, credit, and business management tools. 

Nigeria, Africa’s largest fintech market with over 200 million people, represents a promising landscape for financial innovation. By expanding its services, Moniepoint hopes to bridge the gap for millions who still lack access to traditional banking, positioning itself as a major player in Africa’s digital finance ecosystem.