Page 34 - Europe

As auto shipments to US, Europe climb, Japan's exports rise, imports drop

Japan's exports climbed 4.3% in September from a year earlier as shipments of vehicles, machinery and electronics rose while imports of oil and gas fell sharply, the government said Thursday. Exports totaled 9.2 trillion yen ($61 billion) in September while imports fell 16.3% from the year before to 10.9 trillion yen ($72 billion), according to provisional customs data released Thursday. That left a positive balance of 62.4 trillion yen ($410 billion), the first monthly trade surplus in three months. September's increase in exports was the biggest gain since March and was stronger than analysts had expected. The figures suggest strong activity in Japan's vital manufacturing sector despite faltering global demand. Economists said the drop in imports was mainly due to base effects from the year before. In the first half of Japan's fiscal year, from April-September, exports edged up just 1.4% from a year earlier, to a record 50.2 trillion yen ($330 billion) while the trade deficit sh

Israel-Hamas conflict may pose hurdles to Economic Corridor timelines: GTRI

The ongoing Israel-Hamas conflict may lead to delays and complications in the India Middle East Europe Economic Corridor project, according to think tank Global Trade Research Initiative (GTRI). It said while the conflict's immediate consequences are confined to Israel and Gaza, its ripple effects throughout the Middle East cannot be underestimated. GTRI said the conflict could derail the prospect of a historic peace deal between Israel and Saudi Arabia, a crucial linchpin in the India Middle East Europe Economic Corridor (IMEEC) framework. Although Saudi Arabia and Israel have historically maintained no formal diplomatic ties, recent years have witnessed signs of a thaw, with negotiations underway for normalisation, GTRI Co-Founder Ajay Srivastava said, adding that the war may derail any progress made. "The ongoing Israel-Hamas conflict may disrupt the project's timelines and outcomes, marking a pivotal juncture in the development of this ambitious economic corridor. While the war

Climate change blamed as Europe's cities see heat waves in Autumn

London, which endured some cold and bleak weather during the summer, is forecast to reach at least 22C on three of the next five days, while Paris climbs to 26C on Tuesday

Russia launches more drone attacks as Zelenksyy travels to a European forum

Russia targeted Ukraine with drones in another massive attack early Thursday as President Volodymyr Zelenskyy traveled to Spain to rally support from Western allies at a summit of some 50 European leaders. Ukraine's air force said that the country's air defences intercepted 24 out of 29 Iranian-made drones that Russia launched at the southern Odesa, Mykolaiv and Kirovohrad regions. Ukrainian officials didn't immediately report any casualties of damage. The attack came as Zelenskyy arrived in Granada in southern Spain to attend a summit of the European Political Community, which was formed in the wake of Russia's February 2022 invasion of Ukraine. The key for us, especially before winter, is to strengthen air defense, and there is already a basis for new agreements with partners, he said in a statement posted on his Telegram channel. During the last winter, Russia targeted Ukraine's energy system and other vital infrastructure in a steady barrage of missile and drone attacks, ...

Facebook, Instagram users in Europe could get ad-free subscription option

Meta plans to give Facebook and Instagram users in Europe the option of paying for ad-free versions of the social media platforms as a way to comply with the continent's strict data privacy rules, the Wall Street Journal reported Tuesday. The company wants to charge users about 10 euros (USD 10.50) a month to use Instagram or Facebook without ads on desktop browsers, the newspaper reported, citing unnamed people familiar with the proposal. Adding more accounts would cost 6 euros each. Prices for mobile would be higher, at roughly 13 euros a month, because Meta needs to account for commissions charged by the Apple and Google app stores on in-app payments, the newspaper said. Meta reportedly is hoping to roll out paid subscriptions in the coming months as a way to comply with European Union data privacy rules that threaten its lucrative business model of showing personalised ads to users. Meta would give users the choice between continuing to use the platforms with ads or paying for

STOXX 600 index declines 1% to six-month low on higher bond yields

The pan-European STOXX 600 index reversed early gains to fall 1.0% on Monday, hitting its lowest intra-day low in since end of March

India-West Asia-Europe corridor to give fillip to Guj's potential: Official

Rahul Gupta, Chairman and Managing Director of Gujarat Industrial Investment Corporation, exuded confidence over the positive impact of the ambitious corridor, given strategic position of the state

Indian companies prep for EU's CBAM as transitional phase kicks in

Starting from October 1, the carbon border adjustment mechanism (CBAM) will be applicable to exports of cement, iron and steel, aluminium, fertilisers, and hydrogen to the EU

Europe's richest royal family builds nearly $300 billion finance empire

"We continue to look," Olivier de Perregaux, 58, chief executive officer of LGT Private Banking, said in a recent interview. "We are, however, primarily focusing on organic growth."

Over 2,500 dead, missing as 186K cross Mediterranean to Europe in 2023: UN

The majority of migrants and refugees who made it to southern Europe arrived in Italy over 1,30,000, an increase of 83% compared to the same period in 2022

Glenmark, Cosmo partner to bring acne treatment Winlevi to Europe, S Africa

This agreement grants Glenmark the exclusive right to commercialise Winlevi in 15 EU countries, South Africa, and the UK

Glenmark announces license agreements for Winlevi in Europe and S Africa

Cassiopea, a subsidiary of Cosmo, will receive an upfront payment of $5 million and agreed double-digit royalties on net sales

India mulling its own carbon tax on exports along the lines of CBAM

A tax on imports and goods coming into India from the EU is also being planned

Cracks in Western wall of support for Ukraine emerge as they head to polls

Once rock-solid, the support that Ukraine has gotten from its biggest backers for its fight against Russia is showing cracks. Political posturing in places like Poland and Slovakia, where a trade dispute with Ukraine has stirred tensions, and Republican reticence in the United States about Washington's big spending to prop up Ukraine's military have raised new uncertainties about the West's commitment to its efforts to expel Russian invaders more than 18 months into the war. And Russian President Vladimir Putin, who hopes to outlast allied backing for Kyiv, will be ready to capitalise if he sees Ukraine is running low on air defence or other weapons. The West has long been shoulder-to-shoulder with Ukraine against Russia. But between Ukraine's impassioned, unending pleas for help, and huge handouts from its backers, signs of discord have emerged. In July, Britain's defence minister at the time said Ukraine should show gratitude to the West, after Kyiv renewed its vocal but ...

Poland shaken by reports consular officials took bribes to help migrants

Poland's conservative governing party was hoping to make migration a key campaign theme ahead of the country's national election. But not like this. The Law and Justice party is being rocked by reports that Polish consulates issued visas in Africa and Asia in exchange for bribes, opening the door for migrants to enter the European Union which some used as a launching pad to enter the United States. Details about the corruption scandal are coming to light a month ahead of the country's parliamentary elections Oct. 15, leaving Law and Justice struggling to control the damage. On Friday, a former deputy foreign minister who was dismissed amid reports of his involvement was hospitalized after an apparent suicide attempt. Law and Justice has been the election frontrunner in a field of several parties, and it's not clear if the affair will dent its support. But opposition politicians have seized on the issue, accusing the government of corruption and hypocrisy, given its strong ...

The storytellers' bazaar

The enduring legacy of trade routes lies in shared stories and religious diversity. Can the India-Middle East-Europe Economic corridor harness this legacy to empower nations?

TikTok is hit with $368 mn fine under Europe's data privacy rules

European regulators slapped TikTok with a USD 368 million fine on Friday for failing to protect children's privacy, the first time that the popular short video-sharing app has been punished for breaching Europe's strict data privacy rules. Ireland's Data Protection Commission, the lead privacy regulator for Big Tech companies whose European headquarters are largely in Dublin, said it was fining TikTok 345 million euros and reprimanding the platform for the violations dating to the second half of 2020. The investigation found that the sign-up process for teen users resulted in settings that made their accounts public by default, allowing anyone to view and comment on their videos. Those default settings also posed a risk to children under 13 who gained access to the platform even though they're not allowed. Also, a family pairing" feature designed for parents to manage settings wasn't strict enough, allowing adults to turn on direct messaging for users aged 16 and 17 without their ..

EU lawmakers approve deal to raise renewable energy target to 42.5% by 2030

European Union lawmakers endorsed a deal on Tuesday to raise the share of renewables in the bloc's energy mix, another step to accelerate its green transition away from fossil fuels. The bill, adopted by a large majority 470 lawmakers voted in favour, 120 against and 40 abstained foresees an updated renewable energy target of 42.5 per cent of total consumption by 2030, with the aim of reaching 45 per cent. The current goal is 32 per cent. Today's vote in the European Parliament clears the way for a massive boost towards the energy transition, in a way that is affordable for citizens and reinforces the EU as an industrial bastion, said Green MEP Ville Niinist. The EU is saying goodbye to fossil fuels in our energy mix. The energy crisis has shown that we must be fully independent of oil and gas, especially from Russia. A review by global energy think tank Ember showed that wind and solar generated a record 22 per cent of the EU's electricity last year and for the first time overto

US praises India for G20, hails 'India-Middle East Europe Corridor'

The US lauded India for hosting the G20 summit, calling it a big "success" and hailing the landmark 'India-Middle East-Europe Economic Corridor' which will usher in a new era of connectivity from Europe to Asia and will stimulate economic growth across the two continents. The G20 Leaders' two-day summit, held under India's presidency, wrapped up on Sunday. On Saturday, the ambitious India-Middle East-Europe Economic Corridor (IMEC) was jointly announced by the leaders of the US, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy and the European Union on the sidelines of the summit in New Delhi. The new economic corridor is seen as an alternative to China's controversial Belt and Road Initiative (BRI). During a regular press briefing on Monday, the US State Department spokesperson Matthew Miller told reporters," It was a landmark India-Middle East-Europe Economic Corridor (IMEC) that we believe will usher in a new era of connectivity from Europe to Asia that will

India-Middle East-Europe corridor to make supply chain more resilient: EEPC

The proposed 'India-Middle East-Europe Economic Corridor' announced during the just-concluded G20 Leaders' Summit in Delhi will prove to be a game-changer project and provide huge impetus to global trade, Engineering Exports Promotion Council India (EEPC India) said on Monday. The corridor will also make the "global supply chain more resilient", EEPC India chairman Arun Kumar Garodia said. The project seeks to connect India with Europe via the Middle East by sea and port. This will redefine the movement of goods and services across the continents as it will bring down logistics costs and ensure quicker delivery of shipments, Garodia said in a statement. For India's engineering exports sector, both the Middle East and Europe are key markets, and having transport infrastructure of this scale will greatly enhance its competitiveness globally, he said. Garodia also said the investment in the transformative project will greatly boost economic activities, create jobs, and most important