Page 39 - Europe

Europe's gas crunch could return as Goldman Sachs sees winter spike

Europe was saved this winter by mild weather and weak demand for LNG by China, but it's uncertain whether those conditions will last

Europe's inflation inches up ahead of central bank's interest rate decision

Europe's painful inflation inched higher last month, extending the squeeze on households and keeping pressure on the European Central Bank to unleash another large interest rate increase. Consumer prices in the 20 countries using the euro currency jumped 7 per cent in April from a year earlier, just down from the annual rate of 6.9 per cent in March, the European Union statistics agency Eurostat said on Tuesday. Food prices eased a little, falling to an annual 13.6 per cent from March's 15.5 per cent, while energy prices rose a more modest 2.5 per cent. Core inflation, which excludes volatile food and fuel, slowed slightly but was still high at 5.6 per cent, underlining the expectation that the ECB will press ahead with its campaign to beat inflation into submission with rate hikes. The question is: How quickly will the bank go? Analysts say the ECB's meeting on Thursday in Frankfurt could end in an increase of a quarter- or a half-percentage point. A quarter-point hike would be a

Biocon Biologics facility gets EU GMP certification for Bevacizumab

Biotechnology major Biocon on Friday said the Bengaluru-based plant of Biocon Biologics has received EU GMP approval for a biosimilar product. Biocon Biologics' facility has received a certificate of GMP compliance for Bevacizumab from the representative European inspection authority -- Health Products Regulatory Authority (HPRA), Ireland. Bevacizumab is indicated for the treatment of various types of cancers and a specific eye disease. "This approval reflects Biocon Biologics compliance with the highest international regulatory standards and enables the company to continue addressing the needs of patients in the EU," a company spokesperson said in a statement. This (B3) facility, which is one of India's largest monoclonal antibodies (mAbs) manufacturing facilities, had received the EU GMP Certification for manufacturing biosimilar Trastuzumab last year, the spokesperson said. Biocon Biologics is a subsidiary of Biocon Ltd.

Europe's economy barely gains momentum as inflation pinches consumers

The European economy scraped out meager growth in the first three months of the year, barely gaining momentum as stubborn inflation raises the price of groceries and erodes people's willingness to spend paychecks that are failing to keep pace. Friday's less-than-stellar increase of 0.1 per cent from the previous quarter follows disappointing growth estimates from the US, which kept alive fears of a looming recession in the world's largest economy. The 20 countries that use the euro currency picked up a little speed from January through March after zero growth in the last three months of 2022. The eurozone avoided a winter recession thanks to mild weather that alleviated pressure on natural gas supplies. European governments and utilities also scrambled to line up additional sources to heat homes, generate electricity and power factories after Russia cut off most of its supply to the continent over its war against Ukraine. Germany, Europe's largest economy, turned in disappointing z

Expect India to be Citroen's biggest growth driver outside Europe: CEO

French automaker Citroen expects India to be its biggest growth driver outside Europe as it looks to have 30 per cent of its total sales coming from international markets outside the continent by 2025, its global CEO Thierry Koskas said on Thursday. The company, which unveiled its all-new mid-sized SUV C3 Aircross, will introduce another new product next year as it seeks to have a presence in the core segments of the Indian market. "India is a key pillar of the Citroen strategy. It is a market that could very soon reach 5 million units (annually). We want to grow 30 per cent of our sales outside Europe (by 2025). India is a key pillar for that amongst other regions, like for example Latin America," Koskas told PTI here in an interview. At the moment, he said, "It (India) is a very significant operation and probably that will become more and more significant in the years to come". When asked about the sales targets in India, he said, "We do not communicate on numbers, but I can tell

Xis effort to counter US narrative falters after China envoy angers Europe

In a statement Monday night, the Chinese embassy in Paris said that Lu gave "an expression of personal points of view" that shouldn't be "over-interpreted"

China affirms ex-Soviet nations' sovereignty after European backlash

The Chinese government said Monday it respected the sovereignty of former Soviet Union republics after Beijing's ambassador to France caused an uproar in Europe by saying they weren't sovereign nations. The governments of former Soviet republics Estonia, Latvia and Lithuania were among those who rejected Ambassador Lu Shaye's comment to a French broadcaster. While answering a question about the status of Crimea, which Russia seized from Ukraine in 2014, Lu said that there was no agreement to solidify their status as a sovereign country." A Chinese Foreign Ministry spokesperson said that China respects the sovereign status of the former Soviet countries after the dissolution of the Soviet Union. Mao NingMao said Beijing's position is consistent and clear but gave no indication whether Lu's comment was considered incorrect. The ambassador drew a parallel between Ukraine and the other former Soviet republics that declared independence from Moscow when the Soviet Union broke up in ...

A 35,000% stock market return since 2012 in European Union? Here's how

Europe's haul isn't far behind the US, where 71 companies have achieved the same feat in the past 10 years, belying the notion the corporate landscape here is sclerotic

Air Pollution Killing 1200 young people every year in Europe: EEA Report

Air Pollution causes 1200 premature deaths every year in Europe. The air pollution level in Europe is below the recommended level of the WHO

Low diesel demand in China, US, Europe triggers global recession fears

Diesel demand can act as a leading indicator for broader growth as an early sign that spending by households is waning," said Ben Ayers, a senior economist in the US with Nationwide Economics

Europe's most powerful nuclear reactor 'Olkiluoto 3' kicks off in Finland

Finland's much-delayed and costly new nuclear reactor, Europe's most powerful by production capacity, has completed a test phase lasting over a year and started regular output, boosting the Nordic country's electricity self-sufficiency significantly. The Olkiluoto 3 reactor, which has 1,600-megawatt capacity, was connected into the Finnish national power grid in March 2022 and kicked off regular production on Sunday. Operator Teollisuuden Voima, or TVO, tweeted that Olkiluoto 3 is now ready after a delay of 14 years from the original plan. It will help Finland to achieve its carbon neutrality targets and increase energy security at a time when European countries have cut oil, gas and other power supplies from Russia, Finland's neighbour. The production of Olkiluoto 3 stabilises the price of electricity and plays an important role in the Finnish green transition, said TVO President and CEO Jarmo Tanhua in a statement. The company added that the electricity production volume of Euro

LVMH breaks into world's top 10 as market value nears $500 billion

A first-quarter sales beat sparked a 5% increase in the share price Thursday, giving the luxury powerhouse a 29% rally for the year

Ukraine aims to set up major European gas storage hub: Energy Minister

Ukraine has one of the largest underground gas storage facilities in Europe, capable of storing more than 30 billion cubic meters of gas, the minister said

Google, Amazon struggle to cut jobs in Europe due to labour protections

In Europe, mass layoffs among tech companies have stalled because of labour protections that make it virtually impossible to dismiss people in some countries without prior consultations

KKR & Co Inc closes its largest ever European buyout fund at $8 billion

The fund would focus on investments in Western European developed economies, the company said

European countries' battle with inflation is far from over amid tax cuts

Even pricier food risks further aggravating social discontent and frustration with authorities. On top of that, an surprise oil output cut by OPEC+ at the weekend is pushing oil prices higher

Europe's inflation eases to 6.9% as energy prices fall, food still up

Inflation in the 20 countries that use the euro currency slowed to 6.9 per cent in March, the lowest level in a year, with food costs still on the rise while energy prices fell, making a sharp turnaround after months of punishing increases. Consumer prices in the eurozone dropped from the 8.5 per cent recorded in February, according to data released Friday by the European Union's statistics agency, Eurostat. The inflation has dropped to its lowest level in a year since since peaking at 10.6 per cent in October. But prices for food, alcohol and tobacco rose by a painful 15.4 per cent, faster than the previous month's 15 per cent, in a sign that European consumers are still getting squeezed. Energy prices, however, fell 0.9 per cent an abrupt change of direction after rising at double-digit rates over the past year. Russia's war in Ukraine pushed up prices for natural gas used to heat homes and generate electricity, fueling overall inflation, but the latest reading indicates that a

Unlike Europe, residents of Greenland switch to daylight saving time

Residents of Greenland have switched to daylight saving time and moved their clocks one hour forward this weekend for the very last time. Unlike most of Europe, Greenlanders will leave their clocks untouched come autumn when daylight saving time ends. While Europe and the U.S. debates whether to stick to the twice-yearly practice, Greenland -- a vast Danish semi-independent territory in the Arctic -- has resolved to perennially remain only three hours behind Copenhagen and most other European countries instead of four. Greenland's parliament, Inatsisartut, voted to stick to daylight saving time year-round on Nov. 24 last year. Officials say it will give Greenlanders another hour of daylight in the afternoons and more time to do business with Europe and farther afield. The shift of time zone marks an exciting new beginning, an equal connection to North America and Europe, and an opportunity to slow down in a fast-paced world, Visit Greenland, the local government's tourism office s

Esma to penalise but let European Union banks deal with India CCPs

Though April 30 deadline stands, EU regulator gives a breather to European banks

ECB hikes rate by 50bps to 3.5% despite bank chaos; highest since Oct 2008

The European Central Bank has carried through with a large interest rate increase Thursday, brushing aside predictions it might dial back as U.S. bank collapses and troubles at Credit Suisse fed fears about the impact of higher rates on the global banking system. The ECB hiked rates by half a percentage point Thursday, underlining its determination to fight high inflation. In a post-meeting statement, the bank called the banking sector in the 20 countries using the euro currency resilient, with strong finances. It says it's monitoring current market tensions closely and stands ready to respond as necessary to preserve price stability and financial stability in the euro area. ECB head Christine Lagarde said last week that it was very likely the bank would raise its benchmarks by a half-percentage point, part of a series of rapid rate hikes aimed at getting inflation down from 8.5% far above the bank's target of 2%. That was before Silicon Valley Bank in the U.S. went under last we