Page 27 - Europe

Russia declares ‘federal emergency’ after Europe’s third longest river bursts

Europe's third-longest river burst through a dam on Friday, April 5th, flooding at least 10,000 homes. Torrential rain caused the Ural River, originating in the Ural Mountains and flowing into the Cas

'Exports to Europe, Latin America register healthy growth in 2023'

Indian exporters made further inroads in European and Latin American nations in 2023, registering healthy growth in countries such as Romania, Montenegro, Austria, and Guatemala, an official said on Friday. India's merchandise export rose 2.1 per cent to the European Union (EU) in 2023 despite headwinds being faced by large developed markets like the EU and the UK due to high cost of living, weak external demand, and monetary tightening, the commerce ministry official said. "India's export trade expansion has been impressive inspite of global challenges in 2023," the official said. India's merchandise exports have recorded healthy growth in European nations like Romania, Czech Republic, Montenegro, Finland, the Netherlands, Portugal, Luxemburg, Iceland, Ireland, and Austria. "The growth points towards India's trade resilience and growth despite prevailing uncertainties and deceleration of the economies in Europe," the official added. Similarly, in Latin American countries, India's

Euro zone bonds track Treasuries sell-off, Italy spread hits one-month high

On Tuesday, data showed inflation fell in six economically important German states, while national figures showed domestic price pressures eased to their lowest in nearly three years

EU to discuss buying fewer weapons from foreign firms to boost own industry

Some member states, including Germany and France, are pushing for progress on a genuine capital markets union

Doing biz in China growing tougher, more uncertain: European business group

Uncertainty and draconian regulations have drastically raised risks for foreign businesses in China, a report by a European business group said on Wednesday. The lengthy paper by the European Union Chamber of Commerce in China urges China's leaders to do more to address concerns that it says have grown exponentially in recent years. This report comes at a time when the global business environment is becoming increasingly politicised, and companies are having to make some very tough decisions about how, or in some cases if, they can continue to engage with the Chinese market, it says. The study, compiled by the chamber and the China Macro Group consultancy, echoes concerns that have been raised by European and American companies operating in China. Foreign investment fell 8 per cent last year from a year earlier as companies recalibrated their commitments in the world's second largest economy. EU Chamber officials said China's changing business environment partly reflects moves by .

European Union's AI Act sets clear regulatory framework, say experts

Indian startups and companies conducting business in the EU or catering to EU clientele will need to adhere to the standards set forth in the Act

Vodafone exits Italy, sells operations to Swisscom for $8.7 billion

Swiss government-controlled Swisscom said the Vodafone Italia deal will be debt-financed and paid in cash

Volkswagen sees slowdown in vehicle sales growth amid growing competition

The company said on Wednesday it expected a boost to vehicle orders in Western Europe in the coming months from new models including fully electric cars

Are Indians eligible for 5-year Schengen visa? All you need to know

A Schengen visa is your gateway to 27 European countries that have abolished internal border controls. Here's what you need to know about the 5-year multiple-entry Schengen visa

Reliance's fuel supply to Europe avoids Red Sea to keep clear from Houthis

Globally fuel producers are avoiding the Red Sea and go around Africa to avoid Iran-aligned Houthi attacks despite the Suez canal being the shortest route between Asia and Europe

Crouching tiger, rising mammoth

Historian Sugata Bose, in his new book, makes a compelling case for Asia to embrace its political, cultural, and economic diversity as it reclaims its centrality in the world

Influx of AI startups pumps up battle for technical talent in Europe

Founded in 2010 and acquired by Google in 2014, London-based DeepMind made its name applying AI to everything from board games to structural biology

India, four-nation EFTA set to sign free trade agreement on Sunday

India and the four-nation European bloc EFTA will sign a free trade agreement on Sunday with an aim to boost two-way trade in goods, services and investments, an official said. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. The pact received approval from the Union Cabinet on March 7, the official said. India and EFTA have been negotiating the pact, officially dubbed as Trade and Economic Partnership Agreement (TEPA), since January 2008 to boost economic ties. The agreement has 14 chapters, including trade in goods, rules of origin, intellectual property rights (IPRs), trade in services, investment promotion and cooperation, government procurement, technical barriers to trade, and trade facilitation. EFTA has 29 free trade agreements (FTAs) with 40 partner countries, including Canada, Chile, China, Mexico, and Korea. Under free trade pacts, two trading partners significantly reduce or eliminate customs duties on the maximum

US Gulf Coast fuel oil imports hit five-year low as domestic supplies soar

U.S. refineries have been running more heavy Canadian crude because of its ample supply, with Gulf Coast refiners ramping up their intake by around 10% on the year, according to data

European inflation eases to 2.6% on falling energy prices, food inflation

The inflation that has ravaged the European economy eased again in February, falling to 2.6 per cent as high interest rates, moderating oil and gas prices, and sluggish growth held back price increases in stores. February's figure for the 20 countries that use the euro currency compares to 2.8 per cent from January, the European Union's statistical agency Eurostat said Friday. Inflation is now far below its peak of 10.6 per cent in October 2022, which it hit after Russia cut off most supplies of natural gas and sent energy prices through the roof. But the return of inflation to 2 per cent, the goal set by the European Central Bank, is taking time. Food inflation eased to 4 per cent from 5.6 per cent, offering some relief to people on modest incomes who spend more of their pay on necessities than the well-off. Another factor was energy prices, which fell by 3.7 per cent. One key sign that inflation is losing steam was so-called core inflation, which excludes swings in food and fuel

Meta hit with European complaints over data for FB, Instagram targeted ads

The groups claim this violates the European Union's General Data Protection Regulation, or GDPR, which allows fines as high as 4 per cent of annual revenue for the most serious infractions

Global economy weighed down by war, uncertainty & instability: WTO chief

The head of the World Trade Organisation warned on Monday that war, uncertainty and instability are weighing down the global economy and urged the bloc to embrace reform as elections across nearly half the world's population could bring new challenges. WTO Director-General Ngozi Okonjo-Iweala sought to offer some praise for her organisation as it held its binneial meeting in the United Arab Emirates, even as it faces pressure from the United States and other nations. But she was blunt about the risks ahead, as higher prices for food, energy and other essentials sting people's pockets, fuelling political frustration. People everywhere are feeling anxious about the future and this will be felt at the ballot box this year, she said. None are perhaps more critical for the WTO than the US presidential election on November 5. Running again is former President Donald Trump, who threatened to withdraw the US from the WTO and repeatedly levied tariffs taxes on imported goods on perceived

European leaders in Kyiv as Ukraine marks 2 yrs since Russia's invasion

Western leaders descended on Kyiv on Saturday to mark the second anniversary of Russia's full-scale invasion of Ukraine. European Commission President Ursula von der Leyen travelled overnight to Kyiv by train along with Italian Premier Giorgia Meloni, Belgian Prime Minister Alexander De Croo and Canadian Prime Minister Justin Trudeau. They arrived shortly after a Russian drone attack struck a residential building in the southern city of Odesa, killing at least one person. Three women also sustained severe burns in the attack Friday evening on a residential building, regional Governor Oleh Kiper said on his social media account. Rescue services are still combing rubble looking for survivors. The foreign leaders are in Ukraine to express solidarity as Ukrainian forces run low on ammunition and weaponry and Western aid hangs in the balance. More than ever we stand firmly by Ukraine. Financially, economically, militarily, morally. Until the country is finally free, von der Leyen said i

Farmers' protest in Europe: What has led to unrest across the continent?

Farmers from at least nine European countries have united in protest, including Greece, Poland, Spain, Germany, France, Romania, Italy, Belgium, Portugal, and Lithuania

German economy in 'troubled waters', govt cuts its growth forecast

The German government said Europe's largest economy was in troubled waters and slashed its growth forecast for this year as it struggles with a lack of skilled labour, excessive bureaucracy, high interest rates and lagging investment in new projects while a relatively modest set of tax breaks for business remains blocked in the legislature. The growth forecast was lowered to 0.2% from the previous forecast from last fall of 1.3%. That would follow a shrinking of the economy by 0.3% for all of last year. Germany is recovering more slowly than we hoped from the shock of Russia cutting off most supplies of natural gas after its invasion of Ukraine, Vice Chancellor Robert Habeck said as he presented the government's annual economic report. The economy is in troubled waters. The loss of Russian gas in Germany led to a spike in energy costs that hammered energy intensive industries and contributed to high consumer inflation that eroded purchasing power and made consumers more reluctant t