Page 34 - Europe

Google's advertising tech in peril as EU joins US's breakup bandwagon

The US agency alleges that Google's dominance over advertising technology allows it to keep at least $0.30 out of every dollar advertisers spend through its online advertising tools

CBAM framework to impact India's 15-40% of steel export to Europe: Icra

The Carbon Border Adjustment Mechanism (CBAM) framework will impact India's 15-40 per cent of steel exports to Europe, Icra said on Thursday. The impact will be seen from the calendar year 2026 to 2034, the rating agency said in a report. The European Union (EU) is introducing the CBAM from October 1 this year. Icra said the EU is the second largest steel-consuming block globally. It recently signed the mechanism laying the framework for the imposition of taxes on embedded carbon imports from six sectors, which includes steel, aluminium, cement, hydrogen, electricity, and fertiliser. "...CBAM compliance requirements could pull down the profits of Indian steel exports to the EU by USD 60-165/MT between CY 2026 and CY2034. CBAM to impact between 15-40 per cent of India's annual steel exports which are made to Europe. Failure to reduce the carbon footprint may result in lower profits in EU markets," it said. According to Icra, India exports up to 3-5 million tonnes of finished steel

Amazon, Marriott and other cos vow to hire thousands of refugees in Europe

Multinational companies including Amazon, Marriott and Hilton pledged on Monday to hire more than 13,000 refugees, including Ukrainian women who have fled the war with Russia, over the next three years in Europe. Just ahead of World Refugee Day on Tuesday, more than 40 corporations say they will hire, connect to work or train a total of 250,000 refugees, with 13,680 of them getting jobs directly in those companies. Every number is a story of an individual family who left everything, seeking safety, seeking protection and wanting to be able to rebuild as quickly as possible," said Kelly Clements, UN deputy high commissioner for refugees. "So the commitments that businesses are going to make on Monday are absolutely essential. She says 110 million people have been displaced worldwide, with an estimated 12 million from Ukraine, nearly half of whom are living in Europe after the continent's largest movement of refugees since World War II. The hiring push in Europe was organized by the

Export growth still depends on demand in Europe, North America

The government is pinning its hopes on increased investment that its Production Linked Incentives (PLI) scheme may attract

May textile exports dip over 12% as demand from Europe, US declines

Industry experts, however, foresee a reversal in the declining trend by July owing to moderating cotton prices and inflation in the West

Drought and rising heat bring unusual wildfire warnings in northern Europe

Summer is wildfire season in southern Europe, but this year the continent's north is also at risk, with forest fire warnings in effect across the Nordic and Baltic countries. A lack of rain and rising temperatures have led to dangerously dry conditions in the region, leading to worries of a repeat of the summer of 2018 when major wildfires swept across Sweden in particular. Small wildfires are already burning in Norway, Sweden, Denmark and Finland and experts worry it could get much worse unless there's significant rainfall in coming weeks. Unlike the sun-soaked Mediterranean countries, which have to deal with wildfires every summer, the phenomenon is rare in the countries of northern Europe, where summers are normally cool and wet by comparison. These countries are relatively new to drought problems, said Niclas Hjerdt, head of hydrological forecasting at Sweden's weather agency SMHI. We usually have an excess of water up here in northern Europe and Scandinavia. So there isn't th

LIVE: Manipur eases restrictions on movement in selected areas for June 16

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79 migrants dead, dozens feared missing after vessel sinks off Greece

A fishing boat carrying migrants trying to reach Europe capsized and sank off Greece on Wednesday, authorities said, leaving at least 79 dead and many more missing in one of the worst disasters of its kind this year. Coast guard, navy and merchant vessels and aircraft fanned out for a vast search-and-rescue operation set to continue overnight. It was unclear how many passengers might still be in the water or trapped in the vessel, but some initial reports suggested hundreds of people may have been on board. Authorities said 104 people have been rescued so far after the boat sank overnight in international waters some 75 kilometers (45 miles) southwest of Greece's southern Peloponnese peninsula. The spot is close to the deepest area of the Mediterranean Sea and such depths could hamper any effort to locate a sunken metal vessel. Twenty-five survivors were hospitalised with symptoms of hypothermia. At the southern port of Kalamata, around 70 exhausted survivors bedded down in sleep

Ramkrishna Forgings bags contract in Europe worth 4.5 million euros

Ramkrishna Forgings has bagged an order from a prominent passenger rail coach manufacturer in Europe. The contract is valued at 4.5 million euros and is set to be fulfilled within a span of two years, the company said in a regulatory statement. "Ramkrishna Forgings...has successfully received an order to supply undercarriage parts to a renowned European railway passenger coach manufacturer," it said. Lalit Kumar Khetan, Whole-time Director & CFO, said, "The order not only strengthens our position in the market but also expands our export potential in this vertical. We are confident that our advanced manufacturing capabilities, coupled with our focus on quality and customer satisfaction, will enable us to surpass expectations and forge long-lasting partnership." Kolkata-based Ramkrishna Forgings is a manufacturer and supplier of closed-die forgings of carbon and alloy steel, micro-alloy steel and stainless steel forgings. The company also has presence in the US, Mexico, Turkey and

Group of European countries announce $116 mn donation to Ukraine amid war

Making the donation through the IFU allows donor nations to join forces on major acquisition projects from the defence industry, avoiding "our own military stocks being pressed unnecessarily"

Heat scorches Europe as southern Spain temp to reach 45 deg C this month

The mercury in Seville, in southern Spain, is forecast to peak near 45C (113F) later this month, data compiled by Bloomberg show

European stocks rise ahead of US inflation data, ECB and US Fed meeting

LONDON (Reuters) -European stocks rose in early trading on Monday and world stocks were just below 13-month highs ahead of key inflation data and U.S. Federal Reserve and European Central Bank meetings later in the week.

India recognised as responsible partner, voice of Global South: Murmu

President Droupadi Murmu on Wednesday said that India is recognised as a responsible development partner and a voice of the Global South on the global stage, reflecting the country's quest towards becoming a leading power. Addressing the Indian community in the Serbian capital, President Murmu also said that new infrastructure is coming up across India at a breathtaking pace and the country hopes to be a developed nation by 2047, the centenary of its independence. "India is the fastest growing major economy in the world. With a GDP approaching USD 3.5 trillion, we are on the way to becoming the world's third biggest economy before the end of this decade. India is confidently pursuing its ambition to be a developed country by 2047," she said soon after her arrival here on a state visit. On the global stage, India is recognised as a responsible development partner, a First Responder, and a voice of the Global South, she said. "Each of these aspects reflects our quest towards becoming

Bulgaria forms new govt as former political rivals enter uneasy alliance

Bulgaria's parliament on Tuesday formally approved the country's new government proposed by the two main political rivals in a bid to end a 30-month-long political crisis, restore stability and spur economic development in the poorest EU member country. The GERB party of ex-Premier Boyko Borissov, which won the April general election, and the runner-up, the pro-European liberal coalition "We Continue the Change Democratic Bulgaria" have agreed to form the first-ever Bulgarian government where the post of prime minister will change hands halfway through. Lawmakers voted 132-69 to elect Nikolay Denkov, a 60-year-old chemistry professor and former education minister, as prime minister. Denkov is a founding member of the reformist "We Continue the Change" party. In a separate vote, legislators also approved the Cabinet, in which GERB's Maria Gabriel, a former European Commissioner, will serve as deputy head of government and foreign minister. After nine months, Denkov and Gabriel will

Dam collapse in Ukraine triggers emergency; Russia, Kyiv blame each other

The wall of a major dam in southern Ukraine collapsed on Tuesday, triggering floods, endangering Europe's largest nuclear power plant and threatening drinking water supplies as both sides in the war rushed to evacuate residents and blamed each other for the destruction. Ukraine accused Russian forces of blowing up the Kakhovka dam and hydroelectric power station on the Dnieper River in an area that Moscow controls, while Russian officials blamed Ukrainian bombardment in the contested area. It was not possible to verify the claims. The potentially far-reaching environmental and social consequences of the disaster quickly became clear as homes, streets and businesses flooded downstream and emergency crews began evacuations; officials raced to check cooling systems at the Zaporizhzhia Nuclear Power Plant; and authorities expressed concern about supplies of drinking water to the south in Crimea, which Russia illegally annexed in 2014. Both Russian and Ukrainian authorities brought in ..

As the US races ahead, Europe frets about battery factory subsidies

The European Union is trying to assemble the building blocks to produce electric cars, but subsidies are luring companies to the United States

Europe's fintech unicorn Taxfix lays off 120 employees to cut costs

"The macroeconomic funding environment has changed over the past months, and it is, therefore, more important than ever to position ourselves as an independent company for the long term"

OpenAI boss downplays fears ChatGPT maker could leave Europe over AI rules

OpenAI CEO Sam Altman on Friday downplayed worries that the ChatGPT maker could exit the European Union if it can't comply with the bloc's strict new artificial intelligence rules, coming after a top official rebuked him for comments raising such a possibility. Altman is travelling through Europe as part of a world tour to meet with officials and promote his AI company, which has unleashed a frenzy around the globe. At a stop this week in London, he said OpenAI might leave if the artificial intelligence rules that the EU is drawing up are too tough. That triggered a pointed reply on social media from European Commissioner Thierry Breton, accusing the company of blackmail. Breton, who's charge of digital policy, linked to a Financial Times article quoting Altman saying that OpenAI will try to comply, but if we can't comply we will cease operating. Altman sought to calm the waters a day later, tweeting: very productive week of conversations in europe about how to best regulate AI! we

Allies to train Ukrainians on F-16s; Jets no magic weapons, warns Pentagon

Defense Secretary Lloyd Austin said Thursday that European allies are developing a coordinated program to train Ukrainian forces on the F-16 fighter jet, but Pentagon leaders warned that it will be a costly and complex task and won't be a magic solution to the war. Austin said the allies recognize that in addition to training, Ukraine will also need to be able to sustain and maintain the aircraft and have enough munitions. And he said air defense systems are still the weapons that Ukraine needs most in the broader effort to control the airspace. There are no magic weapons, said Army Gen. Mark Milley, chairman of the Joint Chiefs of Staff, who spoke alongside Austin at a Pentagon press conference. He said providing 10 F-16s could cost USD 2 billion, including maintenance. "The Russians have a thousand fourth and fifth-generation fighters, so if you're going to contest Russia in the air, you're going to need a substantial amount of fourth and fifth-generation fighters." As a result,

Nayara Energy exports dip, 0.07 mn tonnes diesel flows to Europe in FY23

Nayara Energy, India's second-biggest private oil refinery, reported a sharp decline in fuel exports as domestic sales surge on retail network expansion and demand rise, a company official said. During calendar year 2022, Nayara reported 61 per cent of sales from the domestic market and the remaining 39 per cent from exports of all products including jet fuel (ATF), diesel and petrol. Out of the total 6.91 million tonne of fuel exported by Nayara during 2022, diesel exports stood at about 4.39 million tonne or roughly 64 per cent of all exports. More than 84 per cent of all fuel exports were to Asia, the Middle East and Africa with only minuscule volumes going to the EU, a company spokesperson said. Nayara sold the bulk of the fuel it produced from its 20 million tonne a year oil refinery at Vadinar in Gujarat through its 6,500+ petrol pumps - the largest fuel retail network by any private company. During January-March 2023, subsequent to meeting domestic demand, Nayara Energy's .