Page 41 - Europe

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

European ESG funds sell more of their Adani Group shares, shows data

Shares bearing the Adani name now appear in about 480 so-called Article 8 funds - entities promising to promote environmental, social and governance goals under European Union rules

India, Denmark have strong, historic silver traditions: Danish Crown Prince

India and Denmark have "strong and historic silver traditions", Danish Crown Prince Frederik Andr Henrik Christian said on Monday and expressed hope that both the nations will serve as a true example of artistic cultural exchange to the rest of the world. Denmark's Crown Prince and Crown Princess Mary Elizabeth, are currently visiting India, and the royal couple inaugurated an exhibition -- "Silver Treasure from India and Denmark" -- showcasing more than 250 prizes silverware from both the countries, during their visit to the National Museum in Delhi. As part of the exhibition, about 150 objects, including one from the Mohenjo-daro era, have been sourced from the National Museum's reserved collection, and a range of rare silverware, some of them more than 300 years old, from Museum Kolding in Denmark, officials said. After a ceremonial event held at the National Museum, the Denmark's Crown Prince and Crown Princess, later opened the exhibition and were given a tour of the ...

BASF to cut 2,600 jobs as firm adjusts to future without cheap Russian gas

Europe's competitiveness is increasingly suffering from overregulation, slow and bureaucratic permitting processes, and in particular, high costs for most production input factors

G20: India stresses diplomacy as world marks a year of war in Europe

The FMCBG meeting will look to find lasting solutions to the issue of unsustainable debt in some low- and middle-income nations

Fans barred from European soccer game in Moldova amid Russian plot fear

A European soccer game in Moldova will be played in an empty stadium on Thursday amid concerns about alleged Russian-backed attempts to overthrow the national government. UEFA said Tuesday no fans will be allowed in the stadium when Sheriff hosts Serbian club Partizan in the first leg of a Europa Conference League knockout playoff. The behind-closed-doors order was due to the decision of the authorities in Moldova, UEFA said in a statement. It came one day after the president of Moldova, Maia Sandu, described an alleged Russian plot against her country's government using external saboteurs. Moldova, a former Soviet republic of about 2.6 million people, has sought to build stronger ties with the European Union since its neighbour Ukraine was invaded by Russia one year ago. Serbia is a traditional ally of Russia and fans of Partizan from Belgrade were expected at the game in the Moldovan capital Chisinau. Sheriff is from Tiraspol in the separatist region of Transnistria and its gam

Ford to cut 3,800 engineering, administration jobs in Europe in next 3 yrs

Around 2,300 jobs will go at the carmaker's Cologne and Aachen sites in Germany, 1,300 in the UK and 200 in the rest of Europe, the company said