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Greek Workers Spend Longest Time Earning the Cost of an Ice Cream Scoop, European Comparison Finds

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A comparison of ice cream prices across 10 European countries has found that workers in Greece need to spend the longest time earning enough to buy a single scoop, highlighting differences in purchasing power across the continent despite recent signs that ice cream inflation is easing.

The study, based on prices gathered by Euronews journalists and market surveys, showed that the cost of a scoop ranged from about €1.15 to €4.10, depending on the country. While the United Kingdom recorded the highest indicative price in the comparison, Türkiye had the lowest.

Prices varied widely depending on factors including location, shop type, portion size and flavour. Exchange rate movements also influenced comparisons where local currencies were converted into euros.

Tourist destinations often recorded significantly higher prices than ordinary neighbourhood shops. In Greece, where a scoop typically costs around €2.60, prices on popular holiday islands can reach between €4 and €6.

Türkiye also showed notable differences between everyday prices and those in tourist areas. While a scoop in Istanbul averaged around TL62.50, prices in major holiday resorts climbed to between TL100 and TL120, equivalent to roughly €1.85 to €2.20.

In the United Kingdom, researchers noted that direct comparisons were less straightforward because many consumers purchase soft-serve cones or packaged ice creams from mobile vendors rather than individual scoops from traditional parlours. A recent survey commissioned by Aldi found parents paid an average of £2.65, or approximately €3.10, for an ice cream bought from a van.

To assess affordability rather than price alone, researchers compared the cost of a scoop with average take-home earnings and working hours. Annual net income data for European Union countries came from Eurostat, while figures for the UK and Türkiye were drawn from the OECD. Working-hour data was used to estimate how many minutes an average worker would need to earn enough for one scoop.

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Germany recorded the shortest working time at approximately 7.4 minutes. Workers in the United Kingdom needed around 9.3 minutes, while Belgium followed at 11.4 minutes. Italy required an estimated 13.2 minutes and France 14.5 minutes.

Türkiye, Poland and Spain were grouped at around 15 minutes, while Portugal reached 16.6 minutes. Greece ranked last, with workers needing an estimated 20.9 minutes of net earnings to afford a scoop, almost three times longer than workers in Germany.

Industry representatives in Greece said ice cream prices have risen by around 20% since 2020, largely because of higher energy costs. They noted that production expenses have remained relatively stable during 2026 after significant increases last year. Premium ingredients such as pistachios continue to add to costs, while rents and shop locations also influence retail prices.

Recent Eurostat data suggests price pressures have eased across much of Europe. The harmonised price index for ice cream and related products fell by 0.4% across the European Union in the year to June 2026, with notable declines in Portugal, Sweden, Denmark, Luxembourg, Greece and Belgium. However, prices continued to rise in several countries, including Lithuania, Romania, Slovakia and Austria, showing that inflation trends remain uneven across the region.

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Samsung Profit Soars as AI Boom Drives Memory Chip Demand

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Samsung Electronics reported record quarterly operating profit of 89.5 trillion won (€54 billion) for the April to June period, marking a 56 percent increase from the previous quarter and more than 19 times the level recorded a year earlier.

The company’s semiconductor division accounted for almost all of the profit, recording operating earnings of 89.2 trillion won (€53.8 billion), compared with 400 billion won (€241 million) in the same quarter last year.

Samsung said stronger demand for artificial intelligence servers pushed memory chip prices higher and increased shipments of advanced high-bandwidth memory products used in AI systems. The gains offset losses in its mobile, television and home appliance businesses, where higher component costs weighed on earnings.

Quarterly revenue reached a record 171.5 trillion won (€103.5 billion), up 28 percent from the previous quarter and 130 percent compared with a year earlier.

Samsung expects demand for memory products to remain strong during the second half of 2026 as investment in AI infrastructure continues and the use of so-called agentic AI expands. The company said demand for server memory is expected to accelerate, leaving the market short of supply.

The warning came a day after rival SK Hynix also reported record quarterly revenue and operating profit, highlighting the strong financial performance of South Korea’s two largest memory chip producers as global AI investment accelerates.

Despite the results, shares of Samsung and SK Hynix have fallen sharply this week amid concerns about increasing investment in semiconductor manufacturing and the possibility of stronger competition from Chinese producers.

Kim Jaejune, an executive vice-president in Samsung’s memory division, said the imbalance between supply and demand could become wider in 2027 and continue into 2028.

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“Despite our efforts to increase production, demand growth is outpacing our efforts,” Kim said during a conference call.

Samsung said its first semiconductor manufacturing plant in Taylor, Texas, remains on track to begin operations this year. The company also plans to start construction of a second facility that could enter mass production in 2030.

Kim said Samsung has signed long-term supply agreements with five of the world’s largest data centre operators and is close to securing deals with five more major companies.

Samsung and SK Hynix together produce about two-thirds of the world’s memory chips. Both companies are investing heavily in factories and AI infrastructure as South Korea seeks to strengthen its position in the global technology industry.

Samsung executives and other South Korean business leaders recently joined President Lee Jae Myung on a US visit, announcing planned cooperation with major technology companies on chips, data centres and AI infrastructure.

Analysts said the strong earnings show continued demand for memory products, but investors are increasingly assessing whether the enormous spending on AI and semiconductor capacity will generate sustainable returns over the long term.

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Europe Sees Wider Price Gap for Apple’s iPhone 17 Pro as Taxes and Currency Drive Costs

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The price of Apple’s latest iPhone 17 Pro varies sharply across global markets, with European consumers in many countries paying significantly more than buyers in the United States, according to a new report by Deutsche Bank Research.

The bank’s Mapping the World’s Prices 2026 report compared the cost of the 256GB iPhone 17 Pro in 41 markets and found that Turkey is the world’s most expensive country to purchase the device. At €2,222, the smartphone costs more than twice the U.S. price of €1,012, making Turkey the only market where consumers pay over 100 percent more than American buyers.

The report attributes the large price differences to taxes, tariffs and currency movements rather than changes in the product itself. Apple sells the same model globally, but local fiscal policies and exchange rates have created substantial differences in retail prices.

Among European countries, Switzerland offers the lowest price at €1,187, helped by its relatively low value-added tax of 8.1 percent. Hungary ranks second as the most expensive European market, with the device priced at €1,565, reflecting the country’s 27 percent VAT, one of the highest in Europe.

Outside Europe, Japan is the only market where the iPhone 17 Pro is cheaper than in the United States, with a retail price of €961. South Korea matches the U.S. price at €1,012. The report noted that Japan’s weaker yen and strong domestic competition in South Korea contributed to the lower pricing in those markets.

Brazil ranked as the second most expensive country worldwide, with the iPhone selling for €1,937. Egypt placed third at €1,605, while Mexico ranked sixth at €1,420.

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Among Europe’s five largest economies, the United Kingdom offered the lowest price at €1,265, followed by Germany at €1,293, Spain at €1,312, France at €1,323 and Italy at €1,332. Although the differences among these countries are relatively modest, all remain more expensive than the U.S. market.

The report also examined how pricing has changed over the past decade by comparing the iPhone 17 Pro with the iPhone 7 released in 2017. It found that the price gap between Europe and the United States has widened in several countries.

Turkey recorded the largest increase, with the premium over U.S. prices rising from 47 percent in 2017 to 119 percent in 2026. Brazil experienced a similar trend, with its premium increasing from 37 percent to 91 percent. Norway, Sweden, Finland and the United Kingdom also posted notable increases in the price gap over the same period.

Researchers pointed to Turkey’s special consumption tax and the country’s IMEI registration fee as major contributors to the exceptionally high cost. Even consumers who purchase an iPhone abroad must pay an IMEI registration fee of 54,258 Turkish lira, equivalent to about €1,006, to use the device on Turkish mobile networks.

The report also warned that the affordability gap is even greater when income levels are considered. While the figures compare retail prices, average annual wages differ significantly between countries. According to OECD data, average annual earnings ranged from €18,590 in Turkey to €107,487 in Switzerland in 2025, meaning the financial burden of buying the device varies far more than the listed price alone.

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CXMT Shares Soar 472% in China’s Biggest IPO in Years

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Shares of China’s largest memory chipmaker, CXMT, surged 472 per cent in their Shanghai debut on Monday, marking one of the biggest initial public offerings on mainland China in recent years and highlighting the growing importance of the semiconductor industry.

The stock was trading 462 per cent higher by early afternoon in Asia, giving CXMT a market capitalisation of about 3.3 trillion yuan, or approximately €415 billion. The company briefly became the most valuable company listed on a mainland Chinese exchange, although its valuation remained below those of South Korean and US memory chip giants Samsung Electronics, SK Hynix and Micron Technology.

CXMT raised at least $8.6 billion, approximately €7.3 billion, through the offering. Its shares were priced at 8.66 yuan, or about €1.10, before the listing on the Shanghai Stock Exchange’s STAR Market, which is designed for technology companies.

The offering was mainland China’s second-largest IPO after Agricultural Bank of China’s dual listing in Shanghai and Hong Kong in 2010, which raised $22.1 billion, approximately €18.8 billion.

Founded in 2016 in Hefei, CXMT is one of the world’s largest producers of DRAM memory chips. These semiconductors are used in a wide range of products, including artificial intelligence servers, cars, smartphones and personal computers.

The company has benefited from the rapid expansion of AI while also gaining importance as Beijing seeks to reduce China’s dependence on foreign technology. US-led export restrictions have limited China’s access to advanced chipmaking equipment and high-bandwidth memory, or HBM, which is widely used in AI systems.

CXMT’s revenue reached 50.8 billion yuan, approximately €6.4 billion, in the first three months of 2026, rising more than 700 per cent from a year earlier as demand for memory chips surged.

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The global expansion of AI has contributed to a shortage of memory chips and pushed up prices for some computers and smartphones. Analysts are watching whether CXMT can help ease supply pressures while expanding its international market share.

Counterpoint Research ranked CXMT as the world’s fourth-largest DRAM producer by shipments in 2025, with about 8 per cent of the global market. Samsung held 36 per cent, SK Hynix 29 per cent and Micron about 24 per cent. CXMT’s share rose to around 9 per cent in the first quarter of 2026 and is forecast to reach about 11 per cent by 2028.

The company faces major challenges in expanding production because restrictions limit access to some of the world’s most advanced chipmaking tools. CXMT has increasingly relied on domestic equipment suppliers.

US lawmakers have also called for restrictions on American companies purchasing CXMT chips. The company has been designated by the Pentagon as having links to the Chinese military, a classification Beijing has rejected in many cases.

The IPO came shortly after SK Hynix raised $26.5 billion through a Nasdaq listing, underlining the intense competition among global memory chipmakers as AI demand continues to reshape the semiconductor industry.

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