Page 4 - Europe Economy

Europe steps up rollback of Russia energy ties with ban on diesel import

Europe is taking another big step toward cutting its energy ties with Russia, banning imports of diesel fuel and other products made from crude oil in Russian refineries. The European Union ban takes effect February 5 following its embargo on coal and most oil from Russia. The 27-nation bloc is trying to sever its last uses of Russian energy and stop feeding the Kremlin's war chest as the anniversary of the invasion of Ukraine nears. The newest ban has risks: Diesel prices have already jumped since the war started on February 24, and they could rise again for the fuel that is key to the global economy. We're leaving money on the road to provide our services, said Hans-Dieter Sedelmeier of the family-run German bus and travel company Rast Reisen. Most things people buy or eat are transported at some point by trucks, which mostly run on diesel. It also powers farm equipment, city buses and industrial equipment. The higher cost of diesel is built into the price of almost everything, .

Euro nears nine-month peak as ECB plans hawkish rate hike in coming months

European Central Bank (ECB) governing council member Klaas Knot said interest rates would rise by 50 basis points in both February and March and continue climbing in the months after

Inflation in Europe continues to dip as energy prices rise at slower pace

The European Central Bank aims to keep inflation near 2 per cent, CNN reported

Europe stumbles as firm Fed not cutting interest rates amid China rally

Markets are clearly being tugged in different directions though

Assumptions that didn't survive 2022

In a year marked by conflict and loss, silver linings were few and far between, with many statements much harder to repeat at the end of 2022 than at the beginning

Two-wheeler companies get over 2-year breather on emission sensor

Rule deferred as trial results were 'far from satisfactory'

India-EU Competition Week on digital resolutions starts on Monday

Experts from the European Union would share their experiences in applying antitrust laws to the digital economy and markets and the introduction of the EU's Digital Markets Act

Europe not strong enough now, would be in trouble without US: Finnish PM

Finnish Prime Minister Sanna Marin said that Europe is not "strong enough right now" and that it "would be in trouble without the US".

Elon Musk warned by EU official to keep Putin's propaganda off Twitter

Failing to take on fake or misleading content online could "lead to the very quick abuse" of Twitter, European Commission Vice President Vera Jourova, said

Most European Union countries set to slide into recession in Q4: Gentiloni

The European Commission's autumn forecast predicted falling economic output in the last three months of this year and the first months of 2023

EU officials warn of economic slowdown due to energy crisis, high inflation

'If we look at high-frequency indicators and the economic sentiment, we see that many things point to a contraction in economic activity this winter'

Italy's economic growth streak continues; GDP expands 0.5% in Q3

According to the National Institute of Statistics (ISTAT), it was the seventh three-month period in a row that Italy's economy expanded

Inflation struck European firms seek most emergency funds since pandemic

Firms grappling with high inflation and soaring operating costs are seeking fresh short-term liquidity lines in an echo of the worst days of the 2020 coronavirus pandemic

Buoyant Wall Street boosts world, European stocks; oil prices slide

World and European shares turned higher on Friday as Wall Street extended gains amid hopes of a slowdown in some central banks' rate hikes

ECB raises interest rates by 75 basis points to fight record inflation

With this, it has increased policy rate by 1.5 per cent, the highest in a decade

Dollar shrugs off suspected yen intervention, Europe clings to US Fed hopes

The dollar roared to 149.70 yen in early trade before hastily retreating to 145.28 in a matter of minutes in what traders and analysts said appeared to be at the hands of the Bank of Japan

How big a threat is Credit Suisse to India and the world?

The fall in the stock of Credit Suisse signals that there is something seriously wrong with the bank. Just like Lehman Brothers in 2008, the financial cost of its collapse would be huge. Here's more

UK PM Liz Truss hints at benefits cuts, courts fresh Tory rebellion

When people are on a fixed income, when they are pensioners, it is quite hard to adjust. It's a different situation for people who are in the position to be able to work, said Liz Truss

British PM Liz Truss sticks by economic plan as her party worries

British Prime Minister Liz Truss said Sunday that she could have done a better job laying the ground for her package of unfunded tax cuts, but insisted she would push on with an economic plan that has caused turmoil on financial markets and weakened the country's public finances. Truss acknowledged that the UK faces a very turbulent and stormy time, but said her policies would lead to a high-growth, low-tax economy in the longer term. The comments are unlikely to calm Truss' Conservative Party, which opens its four-day annual conference on Sunday in the central England city of Birmingham amid plunging poll ratings and growing public discontent. Truss took office less than a month ago, promising to radically reshape Britain's economy to end years of sluggish growth. But the government's September 23 announcement of a stimulus package that includes 45 billion pounds (USD 50 billion) in tax cuts, to be paid for by government borrowing, sent the pound tumbling to a record low against th

Bank of England to buy UK bonds worth 65 bn pounds to stem market rout

The Bank of England stepped in on Wednesday by offering to buy some of the country's long-term debt as an emergency measure to prevent "material risk" to the country's financial stability, amid an unprecedented warning by the IMF that the UK's recent mini-budget risked making the cost-of-living crisis worse. The central bank said it would buy as many long-dated government bonds as needed between now and October 14 in a bid to calm some of the mayhem that followed the Liz Truss-led government's massive tax-cutting and government borrowing mini-budget last Friday. It has seen the pound tumble against the dollar as investors demand a greater rate of return for UK bonds because the level of government borrowing required to fund the financial measures have spooked the markets. The Bank is monitoring developments in financial markets very closely in light of the significant repricing of UK and global financial assets, the Bank of England said in a statement. This repricing has become mor