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nuclear-power stations faster than any other country. It has also invested heavily in renewable energy (see chart 2), such that it now has around 750 gigawatts of wind and solar generating capacity, about a third of the world’s total. By the end of the decade the government aims to have 1,200GW of such capacity, more than the total power capacity of the European Union at the moment.

The European Union has imposed sanctions on the world’s biggest diamond mining company and its chief executive officer as part of what it says is its “unwavering commitment” to Ukraine in the war against Russia

By Maria Martinez

The European Banking Authority (EBA) is set to implement additional measures to evaluate the potential impact of strains in non-bank financial institutions (NBFIs), including those in the cryptocurrency sector, on traditional banks. This initiative is driven by concerns over contagion and aims to enhance the understanding of interconnections between banks and other financial entities.

Quicker and cheaper than its larger rival Bitcoin, Tron has overtaken its rival as a platform for crypto transfers associated with groups designated as terror organisations by the EU, Israel, the US and other countries, according to a Reuters analysis.

BRUSSELS (Reuters) — The European Union has added Russia's Alrosa, the world's biggest diamond producer, as well as its CEO Pavel Alekseevich Marinychev to its sanctions list, it said on Wednesday.

Finland will have to show more funds in thei bank accouts to be eligible for a Schengen visa. Effective from the new year, the Ministry for Foreign Affairs in Finland has implemented new regulations impacting short-stay travelers requiring Schengen visas. Travelers will now have to show a minimum of 50 euros for each day spent in Finland, marking an increase of 20 euros from the previous requirement. This 66% hike comes in response to escalating living costs, the ministry said. A Schengen visa serves as an entry permit for short-term or temporary visits, granting individuals access to travel within the Schengen area, encompassing multiple European countries. Along with the increased financial requirement, Finland has introduced a new proof of sponsorship or accommodation scheme. This initiative allows visa applicants to use the financial resources of their hosts in Finland to meet the stipulated funds requirement. Under this arrangement, hosts are required to complete the sponsorship form, which the visa applicant must include along with the rest of the application. This provision aims to enhance the transparency and accountability of financial arrangements for those seeking short-term stays in Finland.

The word “crisis" is overused, but it accurately describes what Ukraine faces as 2024 begins. According to a recent report in the Washington Post, troops on the front line are running out of ammunition. Artillery shells are being rationed, forcing the Ukrainians to cancel planned assaults and making it hard to hold defensive positions against Russian attacks.

For the first time in a decade, the number of installed Bitcoin ATMs worldwide fell in 2023.

A strong pick-up in private investment is yet to materialise, and the desirable overall investment rate of 35% is still “some distance away”, says TT Ram Mohan, member, Prime Minister’s Economic Advisory Council. In an interview with Priyansh Verma, Mohan says that India’s economy in FY25 will grow at a slower rate than the projected 7% in the current fiscal. “It may be appealing to talk of taking our growth rate to 8% but such talk will not take us anywhere,” he notes. On RBI’s monetary policy, Mohan says that India is not in a position to sacrifice growth in order to reach the 4% inflation target in the short-term.

Every month, Mint’s Plain Facts section brings out an update on key global economic data to thread together the biggest developments in the world that are worth paying attention to. The accompanying analysis and charts attempt to explain how each story is creating ripples on the global stage, where it is headed in the coming weeks, and whether it can impact India. This time, we explain the impact of the attacks on vessels in the Red Sea on world trade and the policy pivot by the US Federal Reserve signalling rate cuts this year.

yellow metal has been impressive, showing a gain of more than 12% this year, and on India’s Multi Commodity Exchange (MCX), gold’s trading value recently stood at a staggering ₹61,221 per 10 grams (as of December 11, 2023). A recent report by the World Gold Council (WGC) highlights that gold’s performance has been bolstered by various global events including the collapse of the Silicon Valley Bank, an approaching election year for major economies such as the US, the EU, India, and Taiwan, and the continued demand from central banks.

This column appears on the second working day of the new year, and, as is customary, it tries to discern the path ahead. Amid the known-unknowns, some developments look almost certain. It is fair to say that the world will continue to be influenced by geopolitical shifts and conflicts in the first quarter of 2024.

trade policies, the intersection with environmental and other considerations has become a pressing concern, particularly for the developing and emerging world. As the global community grapples with climate change, plastic waste, biodiversity loss, and pollution, the need for a balanced approach that fosters sustainable development, meaning the triumvirate of economy, equity, and ecology, is more crucial than ever.

“As soon as a coin in the coffer rings, the soul from purgatory springs," ran an early advertising jingle attributed to Johann Tetzel, a 16th-century indulgence salesman. Funding the church offered believers an alternative to paying for sins in the afterlife. The carbon-credit market promises something similar.

In the coming year, we will see not greater multipolarity, but greater bipolarity. China has replaced Russia as America’s main competitor in a new cold war that is less about ideology and more about markets and technology. The $18 trillion Chinese economy has already overtaken that of all 27 European Union countries combined, and China is the largest trading partner to more than 120 countries.

Financial Intelligence Unit (FIU) to nine offshore virtual digital asset service providers, including Binance, Bitfinex, MEXC Global, and Kraken, for non-compliance under the Prevention of Money Laundering Act (PMLA) likely holds more significance than it might initially seem. It could have implications for anyone holding crypto assets. It is akin to a ‘demonetisation moment’ for the local crypto exchanges who had committed to abide by the country’s laws which the authorities have been pressing for quite some time. The crypto assets held by these non-FIU compliant exchanges are likely to witness a shift towards exchanges that adhere to FIU compliance.

trade deal with Australia only after the conclusion of the general elections next year as Canberra has sought access to India's agriculture market, a senior government official said Friday. «The government is reluctant to commit anything involving the agriculture sector.

Hafiz Saeed, Pakistan's Ministry of Foreign Affairs spokesperson Mumtaz Zahra Baloch said on Friday. But she said that no bilateral extradition treaty exists between India and Pakistan.

A charter plane with 276 Indian passengers, grounded in France for four days due to suspected human smuggling, returned to Mumbai on Tuesday. The incident underlines the risks of illegal migration, also highlighted in the film Dunki. Mint explains the nuances: The Punjabi word dunki, meaning to move, or hop from one place to another, has inspired the term “donkey route".

minister for AI. This would be in keeping with a governmental interface for all technologies with transformative potential such as telecommunications and aerospace.