Page 15 - Europe

LNG traders divert cargoes from Europe to Asia as eastern demand rises

Quick change in course reflects agility of trading firms in sending LNG supplies to Europe or Asia, whichever pays, as colder weather increases competition between the two regions for the fuel

Rising sick days are costing European businesses billions every year

As companies struggle with chronic shortages, critics blame an overly generous welfare system, where spending on health-related benefits outranks other developed nations

Iceland heads for Parliamentary polls; immigration, inflation key issues

Icelanders will elect a new parliament Saturday after disagreements over immigration, energy policy and the economy forced Prime Minister Bjarni Benediktsson to pull the plug on his coalition government and call early elections. This is Iceland's sixth general election since the 2008 financial crisis devastated the economy of the North Atlantic island nation and ushered in a new era of political instability. Opinion polls suggest the country may be in for another upheaval, with support for the three governing parties plunging. Benediktsson, who was named prime minister in April following the resignation of his predecessor, struggled to hold together the unlikely coalition of his conservative Independence Party with the centrist Progressive Party and the Left-Green Movement. Iceland, a nation of about 400,000 people, is proud of its democratic traditions, describing itself as arguably the world's oldest parliamentary democracy. The island's parliament, the Althingi, was founded in 93

European aviation watchdog lifts ban on PIA for Europe flights: Pakistan

The European aviation watchdog has lifted the ban on Pakistan International Airlines (PIA), the country's national flag carrier, for flights to Europe, a minister said on Friday. The ban was imposed on the PIA in 2020 due to safety concerns in the wake of an air crash in Karachi which left nearly 100 people dead. Aviation Minister Khawaja Asif said the European Commission and European Aviation Safety Agency lifted the ban, terming the development as a huge success for Pakistan. It is a momentous day to announce that the European Commission and EASA have lifted the suspension on PIA flights to Europe, he said in a post on X. Asif said the development was made possible due to the aviation ministry's complete focus on strengthening the Pakistan Civil Aviation Authority (PCAA) and ensuring safety oversight in line with the standards of the International Civil Aviation Organisation. Our government has taken significant measures to strengthen PCAA, including enactment of PCAA Act, smoot

Inflation in Europe rises to 2.3%, growth concerns dominate ECB discussions

Inflation in the 20 countries that use the euro currency rose in November but that likely won't stop the European Central Bank from cutting interest rates as the prospect of new US tariffs from the incoming Trump administration adds to the gloom over weak growth. The European Union's harmonised index of consumer prices stood up 2.3 per cent in the year to November, up from 2.0 per cent in October, the EU statistics agency Eurostat reported Friday. Energy prices fell 1.9 per cent from a year ago, but that was offset by price increases of 3.9 per cent in the services sector, a broad category including haircuts, medical treatment, hotels and restaurants, and sports and entertainment. Inflation has come down a long way from the peak of 10.6 per cent in October 2022 as the ECB quickly raised rates to cool off price rises. It then started cutting them in June as worries about growth came into sharper focus. High central bank benchmark rates combat inflation by influencing borrowing cost

Georgia suspends talks on joining EU for 4 yrs; accuses it of 'blackmail'

Georgia is suspending talks on its bid to join the European Union for four years, its prime minister said Thursday, in view of what he described as blackmail and manipulation from some of the bloc's politicians. The statement by Irakli Kobakhize came hours after he was reappointed to the job by members of the governing Georgian Dream party after its disputed victory in last month's parliamentary election that has sparked protests and led to an opposition boycott of parliament. The October 26 election was widely seen as a referendum on the country's aspirations to join the European Union. The opposition said the vote was rigged under the influence of Russia seeking to keep Georgia in its orbit, and declared a boycott of parliament. European election observers said the balloting took place in a divisive atmosphere marked by instances of bribery, double voting and physical violence. The EU has previously announced that the talks on Georgia's accession to the bloc had been de-facto hal

Wipro brings in new Europe head Omkar Nisal to revive market amid slowdown

Europe, despite being Wipro's second-largest market after the United States, has been underperforming in recent years

Thyssenkrupp to cut 11K jobs at steel division in major corporate shakeup

Germany's largest steelmaker, a division of Thyssenkrupp AG , is under pressure from cheaper Asian competitors, high power prices and a weakening global economy,

EU, China discussing alternatives to European tariffs on Chinese EVs

To address the subsidies, the European Union last month raised tariffs on Chinese-built EVs to as much as 45.3% in its highest-profile trade investigation

India views Italy as key partner, crucial ally in Europe: S Jaishankar

India views Italy as a key partner, a crucial ally in Europe, and a very influential player in the Mediterranean, External Affairs Minister S Jaishankar said here on Sunday as he inaugurated the new Chancery of the Embassy of India in Rome. Jaishankar, who arrived here earlier in the day on a three-day visit, also said that the frequent interactions at various levels between the two countries are a sign of the depth and breadth of their bilateral ties. "Pleased to inaugurate the new Chancery of the Embassy of India in Rome today. It befits the continued expansion of India-Italy partnership in recent years. Will also help us serve better the Indian community in Italy," he said in a post on X. Speaking on the occasion, Jaishankar said India regards Italy as a key partner, a very crucial one in Europe, and a very influential one in the Mediterranean. "The frequent interactions today we see at various levels is a sign of the depth and the breadth of our relationship with Italy. It is a

Iran to hold nuclear talks with three European powers in Geneva on Friday

Iranian foreign ministry spokesperson Esmaeil Baghaei later said the deputy foreign ministers of Iran, France, Germany and Britain would take part in the talks

European companies cut jobs amidst difficult economy, weak demand

Companies across Europe are being forced to freeze hiring or cut jobs on difficult economy and persistent weak demand for many products

Bitcoin marches towards $100,000 on optimism over Trump crypto plans

Bitcoin prices topped $98,000 for the first time during European trading, and were last up around 4 per cent on the day

VW workers' union propose $1.6 billion of cuts, but no plant closures

The IG Metall union, arguing the company was trying to push through more than 17 billion euros in cuts, said its offer was also contingent on stakeholders

COP29: India, developing world face EU resistance to climate finance

A new NDC, which forms the basis of climate finance, must be submitted by next February, according to the UN Framework Convention on Climate Change (UNFCCC)

BofA strategists say buy China, Europe ahead of Trump's inauguration

The S&P 500 is now up 25% this year, while the Stoxx Europe 600 has only gained about 5%, its biggest underperformance to the US in nearly 30 years

Unilever eyes sale of Dutch brands Unox, Conimex in turnaround strategy

Unilever has lined up ABN Amro to conduct a sale of some of the Dutch food brands, including Unox soups and Conimex seasonings

Cross-border challenges widen wealth gap between Europe, US: IMF study

If trade barriers between EU countries were lowered to the level that existed between US states, it would boost European productivity by seven percentage points

India's Apr-Oct finished steel imports at seven-year high: Govt data

India's steel ministry favours a safeguard duty or a temporary tax to curb rising steel imports, a senior government official

Facebook, Instagram users in Europe can opt for less personalised ads

Facebook and Instagram users in Europe will get the option to see less personalised ads if they don't want to pay for an ad-free subscription, social media company Meta said Tuesday, bowing to pressure from Brussels over digital competition concerns. Meta Platforms has been offering users in the European Union an ad-free subscription option for about a year to comply with the continent's strict data privacy rules, but regulators had accused the company of giving people a false choice. The company said in a blog post that while people will still be able to choose between the subscription and free versions, it would also start giving users a third option over the coming weeks to see digital ads that are less personalized. This means ads will be targeted at users based only on what they see during their current session on Facebook or Instagram going back no more than two hours, plus minimal personal information such as age, location, gender as well as how they engage with ads. Data fr