Europe sees slide in foreign direct investment, EY survey shows

Business news now on the programme we’re looking at the fall in foreign direct investment in Europe. It’s shown by a survey released today. And Kerris Garland is here with us on set to take us through it. Kerris. So this is According to the professional services group EY. Their annual survey showed a 4% drop in direct foreign investment into Europe last year. That’s the first annual fall in FDI projects since the COVID pandemic. After gains seen in both 2021 and 2022. Germany was hit particularly hard. It saw a 12% drop in projects. That’s amid concern over its economic slowdown and energy security. For the fifth year in a row, France topped the number of investment projects for the region, even though its tally fell by 5% compared to 20/22. And the UK bucked the regional trend, seeing a increase in FDI projects up to 985 in 2023, placing its second in the league behind France. That comes amid a rise in software and investment in London. Conservative government will be portraying these results as a vote of confidence for Prime Minister Rishi Sunak, whose party is bracing for losses in local elections this Thursday says these results should serve as a wake up call to European in general, as it is in it says urgent need of foreign investments. To it. Yeah, what about the jobs then created by these investment projects? Well, overall the region saw a 7% drop in the number of jobs compared to the previous year, though the situation was quite different across the 44 countries surveyed. Germany saw the number of jobs linked to FTI projects slump 57% compared to 20/22. And in France, despite its fall in the number of projects still managed to add value with the number of jobs created rising by 4%. Said the improvement reflected business friendly reforms by Emmanuel Macron’s government and in the top spot was the UK with more than 52,000 jobs created, a 12% rise and Poland joined the top four where jobs were concerned, seeing a 20% annual jump. And despite the overall lackluster results concerning FDI in Europe, the continent could become more attractive in the near future with economic pressures like high interest rates set to ease. And certainly in the UK, executives are reporting a cautious optimism as inflation subsides and living conditions improves. Stewart OK, take us through what’s the latest then on the stock market. Cerys, the European indices opened, mixed the FTSE in London, leading up just about 1/4 of a percent there. That says shares of British oil giant Shell added 1 1/2% at the opening bell after the company reported better than expected first quarter profit and announced $3.5 billion share buyback programme. Pun time on the programme might as well announce it right at the beginning. That’s because Rio de Janeiro is getting into the groove for what promises to be a massive international cultural event. That’s right, up to 1.5 million people are expected to attend as Madonna holds a free concert on Copacabana beach this Saturday. City officials don’t need to justify their love for the singer. This event is expected to bring nearly $60 million to the local economy. Brian Quinn has the story outside the Palace Hotel, preparations well underway for the Queen of Pop, Rio de Janeiro’s Copacabana Beach will be the setting for Madonna’s final show of her celebration tour and its only stop in South America. Up to one and a half million people are expected on the beach for Saturday’s concert array of light to local retailers, as true blue fans make sure they’re in vogue for what organizers say will be the world’s biggest dance floor. This one is the best selling item. It’s on fire. It’s handmade, we have it specially sewn. We came up with the idea and it’s been a big success. It’s not just seaside retail. The Material Girl is bringing material benefits. Across Rio, some 150,000 tourists are taking a holiday here, filling up hotels and restaurants. The mayor’s office says it expects the show to bring $57 million to the local economy. It’s good for the city. Tourism, hotels, restaurants, it’s good. Let’s hope that the security can match it. There has to be a really good security structure. 4500 security agents will be on hand to make sure attendees can cherish their favorite pop star in safety. The show Madonna’s biggest ever free of charge as a thank you to her fans after 40 year career at the top of the charts. All right. We’ll expect to see conical bras and fishnet gloves galore on that beach on Saturdays. Think we’re probably with Think Brian Quim is probably the perfect person to do that package as well. He’s kind of Mr. Pun in The Newsroom. Kerry, thanks with the business for.