Page 37 - Europe

Europe inflation falls to 5.5%, but that won't stop ECB rate hikes

Inflation in Europe slid again in June but fell too slowly to offer much relief to shoppers grumbling over price tags or to stop more interest rate hikes that will raise the cost of borrowing across the economy. The annual rate of 5.5% was down from 6.1% in May in the 20 countries that use the euro currency, the European Union statistics agency Eurostat said Friday. While that is a big drop from the peak of 10.6% in October, persistently high prices in the U.S., Europe and the United Kingdom pushed some of the world's top central bankers to make clear they are going to keep raising rates and leave them there until inflation drops to their 2% goal considered best for the economy. Consumers saw relief on energy prices, which dropped 5.6% after last year's crisis, while food price inflation was up 11.7%, easing from 12.5% in May. Core inflation, which excludes volatile food and fuel and offers a clearer picture of longer-term price pressures, rose slightly to 5.4% from 5.3% the month

Protests grip France for 3rd night over deadly police shooting of teenager

French protesters erected barricades, lit fires and shot fireworks at police in the streets of some French cities overnight as tensions mounted over the deadly police shooting of a 17-year-old that has shocked the nation. Armored police vehicles rammed through the charred remains of cars that had been flipped and set ablaze in the northwestern Paris suburb of Nanterre, where a police officer shot the teen, who is only being identified by his first name, Nahel. On the other side of Paris, protesters lit a fire at the city hall of the suburb of Clichy-sous-Bois. The French capital also saw garbage bins set ablaze and some store windows smashed. In the Mediterranean port city of Marseille, police sought to disperse violent groups in the city center, regional authorities said. Tens of thousands of police officers were deployed to quell the protests, which have gripped the country three nights in a row. More than 400 people were arrested overnight around the country and around 200 police

China dispatches senior diplomat to Italy to persuade nation to stay in BRI

Beijing is trying to persuade Europe to take a less hawkish stance than the US, which has imposed a sweeping raft of export controls on China to curb its access to advanced technology

NATO tentatively agrees to ask Stoltenberg to remain head for another year

NATO members have reached a tentative agreement to ask Secretary-General Jens Stoltenberg to remain head of the 31-member transatlantic alliance for another year, according to a US official familiar with the decision. The official, who was not authorized to comment publicly and spoke on condition of anonymity, said the decision still needs to be finalized by alliance members. The much-anticipated decision to formally ask Stoltenberg to extend his tenure for another year is expected to happen relatively soon, the official said. NATO members are scheduled to hold their annual summit in Vilnius, Lithuania, on July 11-12. President Joe Biden conveyed to Stoltenberg during their recent meeting at the White House that it was evident there wasn't going to be consensus in the near term among NATO allies on picking a new permanent leader, the official said. Stoltenberg, a former Norwegian prime minister, has been NATO's top civilian official since 2014. His term was due to expire last year b

Migrant tragedy at sea as EU leaders forge ahead with tougher borders plans

As rescue efforts in the Mediterranean Sea flagged last week, and bodies were found more frequently than survivors from among the more than 500 people missing after an overcrowded fishing trawler sank, the European Commission's president was asked for her thoughts. It is horrible, what happened, and the more urgent is that we act, Ursula von der Leyen told reporters at the headquarters of the European Union's executive branch in Brussels. The priorities, she said, should be to help the authorities in Tunisia where people bound for Europe sometimes leave from to stabilise its economy and better manage migration, and to finalise the long-awaited reform of the EU's asylum rules, which is unlikely to happen before next year. Never mind that the trawler left from Libya, or the admittedly slim chance that survivors might be found, or that the disaster might be the worst ever in the Mediterranean. Von der Leyen's reply stood in stark contrast to the actions of a predecessor a decade ...

Two official teams from India, EU to discuss carbon tax issues: Official

India and the European Union have constituted two teams to discuss issues pertaining to the EU's carbon tax, which will kick in from October this year, a government official said. The European Union (EU) is introducing the Carbon Border Adjustment Mechanism (CBAM) from October 1 this year. It would have an impact on seven carbon-intensive sectors, including steel, cement, fertiliser, aluminium and hydrocarbon products. India raised these issues in the Trade and Technology Council (TTC) meeting between the two regions in Brussels in May. In that meeting, the official said, India presented the problems which would be faced by domestic MSMEs due to this tax and also matters related to modalities to comply with that. "So now they have agreed that there will be a channel opened for discussions. So there will be a team from their side and our side discussing this. The two teams would discuss about the implications of the notification of the EU," the official, who did not wish to be named

EU faces cliffhanger climate vote after parliament deadlocked on key bill

The European Union is facing a cliffhanger vote next month that will test its global climate and environmental credentials, after its parliament was again deadlocked on pushing a nature restoration bill onwards on Tuesday. The legislature's environment committee emerged deadlocked at 44-44 on the plan to beef up the restoration of nature in the 27-nation bloc that was damaged during decades of industrial expansion. It means the full parliament will be asked to reject it. "The fight is not over. We will do our utmost to rally forces throughout the hemicycle behind an ambitious law to the benefit of people and the planet, said socialist S&D legislator Mohammed Chahim. The parliament's biggest group, the Christian Democrat EPP, has turned against the plan, arguing it is bad for embattled farmers and puts food security at risk at a time when the war in Ukraine has shown that strategic autonomy on foodstuffs can be essential. The bill is a key part of the EU's vaunted European Green ...

European natural gas prices rise as Russian mutiny adds to supply fear

The uncertainty of what could happen in the coming weeks within Russia itself, rather than within Ukraine, is pushing gas higher

Nvidia CEO Huang says chipmaker 'extremely likely' to invest in Europe

Nvidia's value has jumped as its graphics processors have become the most popular for data centers needed to power generative artificial intelligence

India bridging gap between Global South, developed countries: Expert

PM Modi in various global conferences led by India, has steadily focussed on India's yearning to engage in dialogue with major powers such as the United States and 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

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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"