Europe

IMF More Gloomy About Economic Growth in the Eurozone

16Apr

By Alan LorenzNo Comments

IMF More Gloomy About Economic Growth in the Eurozone

The International Monetary Fund (IMF) has become more gloomy about the growth of the eurozone economy. This is partly due to Germany. Consumer sentiment in the eurozone's largest economy has been under pressure for some time now. The prospects for France also look less rosy than in the previous significant economic forecast in January. The IMF already lowered its growth forecast for the Netherlands twice earlier this year, but that prognosis has not changed now. The UN Financial Stability Organization predicts 0.8 percent growth for the euro area economy this year. Next year, the size of the economy should increase by 1.5 percent. This amounts to downward adjustments of 0.1 and 0.2 percentage points, respectively. IMF chief economist Pierre-Olivier Gourinchas emphasizes that ...

Spanish Authorities Do Not Want Fire Tourists: Call to Stay Away From Forest Fires

27Mar

By Alan LorenzNo Comments

Europe, News, Spain

Spanish Authorities Do Not Want Fire Tourists: Call to Stay Away From Forest Fires

Spanish authorities have called for people to avoid forest fires in Castellón and Teruel, near Valencia. So-called "fire tourists" can put themselves at risk and disrupt efforts to control wildfires. "We ask again, especially tourists, not to approach the perimeter." In Castellón and Teruel, near Valencia, Spain, wildfires have burned large parts of the region to ashes. Since Saturday, 700 firefighters have been trying to contain the fire. In addition, firefighting planes and helicopters were deployed. It is the first major forest fire in Spain this year. The forest fire destroyed more than 4,000 hectares of forest. As a result, about 1,700 Spaniards had to leave their homes. Since the wildfires started, several disaster tourists have explored the neighbourhood. The police have ...

Swiss Coalition Party: UBS/Credit Suisse Merger Bank Too Big

20Mar

By Alan LorenzNo Comments

Business, Europe, News, Switzerland

Swiss Coalition Party: UBS/Credit Suisse Merger Bank Too Big

The merger bank created after UBS's takeover of Credit Suisse is too big for Switzerland. Leader Roger Nordmann of the social-democratic SP said this on Monday. That party is the second largest in the Swiss parliament and is part of the governing coalition. “The new UBS is a huge risk,” said Nordmann. “That bank will soon have over 1500 billion francs in assets and is simply too big for Switzerland.” Moreover, if UBS got into trouble, the Swiss central bank SNB and the Swiss government would not have enough resources to prevent a collapse. The acquisition of Credit Suisse by UBS was finalized this weekend. Credit Suisse had been hit by a series of scandals and reported that more and more customers were withdrawing their money from the bank. The financial markets were alrea...

ECB can Raise Interest Rates Less Strongly Due to Unrest SVB

13Mar

By Alan LorenzNo Comments

Business, Europe, News

ECB can Raise Interest Rates Less Strongly Due to Unrest SVB

The collapse of US bank Silicon Valley Bank (SVB) reduces the likelihood of a European Central Bank (ECB) pledge of a major rate hike later this week, economists say. The ECB's policymakers will meet on Thursday and decide how much to raise interest rates. At the last two meetings, interest rates rose by 0.5 percentage points. Economists initially expected that interest rates would be raised again with such a giant step, but that may now be less strong. Economists also think the US central bank will not raise interest rates by 50 basis points next week. Some market experts even speculate that the Federal Reserve (Fed) will refrain from raising interest rates altogether. "Smaller interest rate steps by the Fed are now more likely," said Van Lanschot Kempen on Monday. Last week...

The European Commission Raids Fragrance Industry for Cartel Investigation

7Mar

By Alan LorenzNo Comments

Business, Europe, News

The European Commission Raids Fragrance Industry for Cartel Investigation

On Tuesday, the European Commission raided companies and an organization in the fragrance industry for possible violations of cartel rules. Brussels said the "unannounced inspections" took place in several European Union member states. The committee has also sent formal requests for information to various companies active in fragrances. According to a statement, there may be cooperation in the supply of fragrances and ingredients for fragrances used in consumer products such as personal care and household goods. However, the committee says it is concerned that competition rules have been violated. The committee mentioned no names. Nor was it stated in which Member States the inspections took place. However, Brussels is cooperating in the investigation with the American, Briti...

Hundreds of Angry Farmers are Driving Through Paris in Tractors

8Feb

By Alan LorenzNo Comments

Europe, France, News

Hundreds of Angry Farmers are Driving Through Paris in Tractors

On Wednesday, hundreds of farmers travelled through the French capital Paris with their tractors. They argue against “restrictions” imposed on them, for example, in the use of pesticides. Following a ruling by the European Court of Justice, a government decision last month to ban the use of certain pesticides in beet cultivation led to the action. French farmers have also been complaining for months that they are faced with higher costs or that they want to be able to store water to irrigate their crops. The peasant protest went right through Paris, accompanied by the police. Agriculture Minister Marc Fesneau has received a delegation of protesting farmers. He wants to discuss support with the beet sector on Thursday. It had been November 2019 since another demonstration o...

German Police Arrest 25 Right-Wing Extremists Who Wanted to Storm Parliament and Commit a Coup

7Dec

By Alan LorenzNo Comments

Europe, Germany, News

German Police Arrest 25 Right-Wing Extremists Who Wanted to Storm Parliament and Commit a Coup

Twenty-five right-wing extremists were arrested in Germany on Wednesday morning who allegedly wanted to commit an armed coup. This was announced by a spokesman for the federal prosecutor's office. As part of a significant operation, some three thousand German police officers carried out raids on more than 130 locations on Wednesday morning: in eleven of the sixteen German states and also in Italy and Austria. The group reportedly wanted to storm the Reichstag and stage a coup. "The accused are part of a terrorist organization founded in November 2021, which set itself the goal of overthrowing the existing government in Germany and replacing it with its form of government, which they had already devised," said the Generalbundesanwalt. . For example,,, those responsible for new mi...

The European Commission Wants to Intervene in the Event of High Gas Prices

17Nov

By Alan LorenzNo Comments

Business, Europe, News

The European Commission Wants to Intervene in the Event of High Gas Prices

The European Commission is proposing to EU countries to introduce a “correction mechanism” for gas prices to temporarily apply a maximum price during periods of “exceptionally high prices” on the European gas market. The ceiling for the European wholesale price should be predefined concerning the cost of liquefied gas (LNG) on the world market and adjusted monthly. The correction mechanism is activated if the gas price on the leading Amsterdam gas market exceeds the maximum and is automatically deactivated as soon as possible, the committee writes in a plan submitted to the EU ambassadors. She argues that the temporary mechanism should prevent suppliers from selling their gas elsewhere, which would jeopardize supplies in the EU. EU leaders have asked the executive board of th...

Eurozone Economy is Still Growing, But at a Slower Pace

31Oct

By Alan LorenzNo Comments

Business, Europe, News

Eurozone Economy is Still Growing, But at a Slower Pace

The economy in the eurozone continued to grow in the third quarter, reports the European statistical office Eurostat. However, growth is less strong than in the second quarter, when the economy was still progressing strongly due to the reopening of the economy after the corona restrictions. Meanwhile, high inflation and interest rate hikes to limit this depreciation also affect economic growth. The eurozone economy was 2.1 percent larger in the third quarter than a year earlier. Across the European Union, the economy had grown 2.4 percent. However, in both areas, growth compared to the second quarter was 0.2 percent. Portugal had the strongest annual growth at 4.9 percent of the countries that already provided data. The economy in Latvia has already contracted. Major economie...

EU Lifts Sanctions Against Prime Minister Burundi

25Oct

By Alan LorenzNo Comments

Europe, News

EU Lifts Sanctions Against Prime Minister Burundi

The European Union has lifted sanctions against Burundian Prime Minister Gervais Ndirakobuca for his role in the violent political crisis of 2015. This was announced by the High Representative of European Foreign Policy, Josep Borrell, on Tuesday. Ndirakobuca had been on the European sanctions list since October 2015 because he was accused of co-responsibility for violent repression during the crisis of 2015. He was appointed prime minister on September 7. The lifting of the European sanctions means, among other things, that the travel restrictions will be removed. Sanctions against former police chief Godefroid Bizimana and former general Léonard Ngendakumana will also be lifted. The rest of the sanctions regime has been extended by one year. In a press release, Borrell hailed ...