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Showing posts with the label Europe

News | Europe | COVID-19 Vaccines: Europe Divided on Merits Of Patent Waivers Europe divided on merits of patent waivers for COVID-19 vaccines Pierre Briançon 3 minutes The U.S. support for an international proposal to waive patents for COVID-19 vaccines was met with surprise and skepticism on Friday by European governments, who remain divided about the eventual benefits of the idea. After Germany and Switzerland voiced on Thursday their opposition to the measure, invoking the need to protect intellectual-property rights, long-reluctant French President Emmanuel Macron on the contrary rallied to the U.S. position and said he was “absolutely in favor” of patent waivers in the current context. The European Union, where most of the COVID-19 vaccines currently in use in the world are being manufactured, had long resisted the proposal for a temporary waiver pushed within the World Health Organization, and European officials were caught by

Covid | Europe Second Wave: Lockdowns return as Europe confronts second wave

  6-8 minutes - Source: BBC image copyrightReuters image captionFrance's President Macron warned the second wave "no doubt will be harder than the first" Two of Europe's biggest economies are reinstating some form of national lockdown, as the continent confronts a surge in coronavirus cases and deaths. From Friday people in France will only be allowed to leave home for essential work or medical reasons. President Emmanuel Macron said the country risked being "overwhelmed by a second wave that no doubt will be harder than the first". Germany, meanwhile, is imposing a "soft" national lockdown. The measures coming into force on Monday are less severe than in France, but they include the closure of restaurants, bars, gyms and theatres, Chancellor Angela Merkel said. Infections are rising sharply across Europe, including in the UK which on Wednesday announced 310 new deaths and 24,701 new cases. In England, a new study

Europe | Coronavirus Second Wave: 'Out of control': European leaders scramble to control the second wave, with a state of emergency and lockdowns

  Holly Ellyatt 5-7 minutes - Source: CNBC A nurse gets ready to enter a room to take care of a patient infected with Covid-19 at the intensive care unit of the Lariboisiere Hospital of the AP-HP (Assistance Publique - Hopitaux de Paris) in Paris, on October 14, 2020. LUCAS BARIOULET | AFP | Getty Images European leaders are scrambling to put a cap on surging infections in the region, with governments reimposing sweeping restrictions and shutdowns in an effort to curb the spread of the virus.  The situation has got to a point now where, in the last 24 hours, France has declared a public health state of emergency, the U.K. is approaching a second national lockdown and Germany has introduced a raft of new rules in an effort to lower the infection rate. Europe now has over 7.2 million confirmed cases of the virus, according to the World Health Organization (WHO), and hospitalizations are rising at a worrying rate. Pantheon Macroec

News | Business | Europe | Brexit: A no-deal Brexit would be more costly for the UK than coronavirus, Goldman says

Silvia Amaro 4-5 minutes - Source: CNBC British Prime Minister Boris Johnson returns to Downing Street. Leon Neal | Getty Images News | Getty Images LONDON — The blow to the U.K. of failing to reach a trade deal with the European Union would be more costly than dealing with the coronavirus, Goldman Sachs economists have warned. In fact, the investment bank said the fallout of a no-deal outcome was likely to be “two to three times larger” than that of “the worst pandemic witnessed in post-war history.” The U.K. government has over the last week   challenged previous commitments with the European Union, increasing the odds that both sides will not manage to put a trade agreement together before the end of the year. This “no-deal” outcome would result in higher costs for exporters on both sides. Some analysts have suggested that these costs would blend in with the hit to the U.K. economy from the global pandemic, making it difficult

News | Politics | Europe | Belarus: Svetlana Tikhanovskaya ‘prepared to act as national leader’ in Belarus

Max Seddon  4-5 minutes - Source: FT Belarusian opposition leader Svetlana Tikhanovskaya has said she is ready to lead the country through a transition period after a wave of protests at the weekend left Alexander Lukashenko, the country’s strongman leader, fighting for his political future. Ms Tikhanovskaya, who fled to Lithuania last week under pressure from the security services, said in a YouTube message on Monday she was “prepared to take responsibility and act as a national leader” after western countries said they would not recognise the results of Belarus’s presidential election. “We all want to get out of this endless circle we found ourselves in 26 years ago,” Ms Tikhanovskaya said. The 37-year-old former English teacher — who became an unlikely focal point for a groundswell of anger against Mr Lukashenko when she ran as a presidential candidate in place of her jailed husband and two other barred opposition

News | Europe | Poland: Polish president Duda squeaks a second term, electoral commission says

Loveday Morris 2-3 minutes - Source:   The Washington Post Poland’s populist president Andrzej Duda has won a second term, the country’s electoral commission said on Monday after counting the vast majority of votes in a tightly fought runoff against the liberal mayor of Warsaw Rafal Trzaskowski. Duda — an ally of President Trump — had won 51.2 percent of the vote in Sunday’s election, the commission said after counting 99.97 percent of the ballots. The commission said the remainder of the votes were unlikely to change the outcome. The turnout was a record high of 68.1 percent. The results will likely help Poland’s ruling right-wing Law and Justice party continue its hard-line policies, including efforts to force out independent judges, which have drawn rebukes from the European Union and human rights groups over the past five years. It is a blow to liberals who had hoped a Trzaskowski victory could bring a stunning change in Polish politics, allowing

News | Europe | Unemployment: Euro zone unemployment rate climbed to 7.4% in May as economies unwound lockdown measures

Silvia Amaro 2minutes - Source: CNBC A protester at the picket line wears a helmet written on no layoffs during a demonstration in Spain. SOPA Images The unemployment rate in the euro zone came in at 7.4% in May, as the region grapples with the economic shock from Covid-19. It comes after a number of European economies took their first steps to reopen in May, which has allowed some workers to return to their jobs. However, the social-distancing measures that remain in place and ongoing travel restrictions are limiting the pace of the recovery. The unemployment rate in the 19-member region rose to 7.4% — the worst reading since November last year. According to the European statistics office, the number means that 12.146 million people in the euro area were unemployed in May. Youth unemployment, those aged between 15 and 24, also increased to 16% in May, from 15.7% in April.  Some economists are expecting much worse unemplo

News | Europe | Economic Recovery: Euro zone downturn slows significantly in June, spurring hopes of an economic recovery

Holly Ellyatt 3-4 minutes - Source: CNBC Amsterdam’s canals empty and deserted during the government imposed quarantine due to the coronavirus pandemic. SOPA Images. The downturn in the euro zone continued to recover in June, according to data Tuesday, giving the latest indication of the region’s economic health as it emerges from the coronavirus pandemic. Flash purchasing manager’s index (PMI) data — measuring activity in both the services and manufacturing sector in the euro zone — came in at 47.5 in June, up from a final reading of 31.9 in May. The 50-point mark separates contraction from expansion. Economists polled by Reuters had expected the flash June PMI to come in at 42.4. The 15.6-point rise was by far the largest in the survey history with the exception of May’s record increase, IHS Markit said in its data release. “The latest gain took the PMI to its highest since February, though still indicated an overall d

News | Europe | Greece: Will Greece negotiate a new fiscal targets with Europe for 2021?

Silvia Amaro 2minutes - Source: CNBC Greek Finance minister Christos Staikouras presents the Bank of Greece numismatic programme for 2020. LOUISA GOULIAMAKI Greece wants to negotiate new fiscal targets with its euro zone creditors as the coronavirus crisis pushes its debt pile to almost 200% of gross domestic product (GDP). Greece, which has been through three bailout programs over the last decade, agreed in 2018 to reach a primary budget surplus — when a government’s revenues are higher than its spending — of 3.5% until 2022. Though this required level of surplus limits the government’s ability to spend, it came in exchange for softer debt repayment conditions. However, as the coronavirus pandemic brought the Greek economy to a halt, the country’s finance minister told CNBC he will be discussing new targets with his euro zone counterparts. “Taking into account what the Eurogroup (of euro zone finance ministers) decided

News | Europe | ECB: ECB's coronavirus stimulus must remain flexible, Banque de France governor says

Silvia Amaro 2-3 minutes - Source: CNBC Governor of the Central Bank of France, François Villeroy de Galhau, looks on as he attends the World Economic Forum (WEF) annual meeting on January 26, 2018 in Davos. FABRICE COFFRINI The European Central Bank (ECB) should not need to take into account the size of a country’s economy when buying government bonds as part of its stimulus program, a member of the central bank has told CNBC. The comments by Banque de France Governor François Villeroy de Galhau come after the German constitutional court said earlier this month that the ECB should keep that link to avoid the risk of distorting markets. The ECB has been buying large amounts of government bonds as part of its wider effort to mitigate the economic fallout from the coronavirus crisis. Its Pandemic Emergency Purchase Program (PEPP), announced in March, will see it buy 750 billion euros ($818 billion) by the end of the year.

News | Europe | Tech Firms | Taxes: Europe could target Silicon Valley with taxes to help it rebound from the coronavirus-fueled recession

Silvia Amaro 5-6 minutes - Source: CNBC The EU flags are seen in front of the Berlaymont, the EU Commission headquarter on May 19, 2020, in Brussels, Belgium. Thierry Monasse Tech giants could be forced to pay higher taxes in Europe as governments search for new revenue to deal with the ongoing coronavirus crisis , three experts told CNBC. Taxing tech firms such as Google , Facebook or Amazon has been a thorny subject in Europe.   Countries failed to come up with a joint digital tax in 2019 and deferred the negotiations to the OECD (the Organization for Economic Cooperation and Development). In addition, some nations, such as France, decided to implement their own digital taxes regardless, but their actions sparked a trade spat with the United States. Different governments are now dealing with the greatest economic crisis since the Great Depression and they will need fresh cash to support their economies . They might look at

EU News: Why fractious EU still believes together is better

Katya Adler 10-12 minutes - Source: BBC Image copyright Getty Images Image caption EU leaders will meet by video for their summit on Thursday "EU in disarray!" scream headlines since the start of the Covid-19 pandemic. Brussels is depicted as "weak"; EU member states as "feuding". You find endless analyses online focusing on the "lack of solidarity" shown by the rich EU North: Germany, the Netherlands, Austria, Finland - the "frugals" as they've been dubbed - towards the suffering South - i.e. Italy and Spain. In the UK, the EU's handling of coronavirus feeds into what's left of the Br

Europe Politics: Pound slumps 1% as Boris Johnson raises fresh risk of a no-deal Brexit

Holly Ellyatt 6-8 minutos - Source: CNBC UK Prime Minister Boris Johnson gestures as he speaks to supporters on a visit to meet newly elected Conservative party MP for Sedgefield, Paul Howell at Sedgefield Cricket Club on December 14, 2019 in County Durham, England. F WPA Pool The pound fell more than 1% in early trade Tuesday after media reports said that the British government will make it illegal for the post-Brexit transition period to be extended, leaving little time for a trade deal to be agreed with the EU. Local media reported early Tuesday that Johnson will add a revision to the Brexit bill (formally known as the Withdrawal Agreement Bill) that would explicitly rule out any extension to the transition period beyond December 2020. The U.K. is due to leave the EU by January 31, 2020. The reports have raised concerns that the U.K.’s new, more empowered government under Prime Minister Boris Johnson could be steering the cou

Europe I Europe Markets Closing Report: European stocks fall close lower as weak German data rattles markets; Thomas Cook collapses

Sam Meredith, Ryan Browne 3-4 minutes - Source: CNBC European shares were sharply lower Monday afternoon, as investors reacted to weaker-than-expected economic data and the collapse of one of the world’s most well-known tour operators. European Markets: FTSE, GDAXI, FCHI, IBEX TICKER COMPANY NAME PRICE CHANGE %CHANGE VOLUME FTSE FTSE 100 FTSE 7326.08 -18.84 -0.26 484053582 DAX DAX DAX 12342.33 -125.68 -1.01 80383570 CAC CAC CAC 5630.76 -60.02 -1.06 81625014 The pan-European Stoxx 600 was down around 0.8% during afternoon deals, with most sectors and major bourses in negative territory. Europe’s autos sector, mining sector, and banking index all traded sharply lower. France’s Peugeot Citroen , Germany’s Commerzbank and the Netherlands’ ArcelorMittal were the worst performers from their respective sectors. Fragile market sentiment deteriorated on Monday after business activity data from the bloc’s biggest economy added to i

Europe | Europe Markets Closing Report: European markets close higher amid Fed easing; Bank of England holds rates

Sam Meredith 3 minutes - Source: CNBC European stocks closed higher Thursday, after the U.S. Federal Reserve cut interest rates as expected but signaled a higher threshold to further policy easings. The pan-European Stoxx 600 closed provisionally up 0.6%, with most sectors and major bourses in positive territory. European Markets: FTSE, GDAXI, FCHI, IBEX Looking at individual stocks, Britain’s IG Group surged to the top of the European benchmark after the company said it expects to return revenue growth in 2020. Shares of the online trading platform rose over 10% on the news. Sticking with British stocks, Next tumbled toward the bottom of the index after reporting first-half results. The clothing chain posted a 2.7% rise in profit during the first six months of the year, but said the first few weeks of its fall season had been disappointing. Shares of the London-listed stock dipped 5%. The Bank of England (BOE) held interest r

Europe | Europe Markets Closing Report: European markets close slightly higher ahead of Fed rate decision

Sam Meredith, Ryan Browne 3 minutes - Source: CNBC European stocks closed slightly higher Wednesday, amid investor caution ahead of an expected U.S. interest rate cut. TICKER COMPANY NAME PRICE CHANGE %CHANGE VOLUME FTSE FTSE 100 FTSE 7320.17 -0.23 0.00 365309668 DAX DAX DAX 12398.64 26.03 0.21 41525875 CAC CAC CAC 5627.53 12.02 0.21 36185207 The pan-European Stoxx 600 closed provisionally up around 0.1%. Europe’s oil and gas stocks were among the biggest gainers, up almost 0.5%. It comes after Saudi Arabia announced late Tuesday that oil production would be fully restored by month-end. The OPEC kingpin’s largest oil processing facility Abqaiq and the nearby oil field was attacked on Saturday , knocking out more than half of the kingdom’s output. The drone attack has heightened tensions between the U.S. and Iran, with Washington blaming Tehran for the attacks. On Wednesday, President Donald Trump said he ordered Treasury Se

Europe | Europe Markets Closing Report: European stocks close slightly lower as oil plummets; Fed meeting in focus

Elliot Smith 3-4 minutes - Source: CNBC European stocks closed slightly lower Tuesday as investors monitored the fallout from the weekend attacks on Saudi Arabia’s oil supply. TICKER COMPANY NAME PRICE CHANGE %CHANGE VOLUME FTSE FTSE 100 FTSE 7302.77 -18.64 -0.25 391807451 DAX DAX DAX 12360.49 -19.82 -0.16 52392543 CAC CAC CAC 5609.49 7.26 0.13 50425762 The pan-European Stoxx 600 closed provisionally almost 0.1% lower, paring losses after dropping as much as 0.5% earlier in the day. Bank shares were the worst performers, down 1.9%, while food and beverages stocks led gains with a 1% rise. Oil prices reversed course after Monday’s massive gains after a Reuters report said Saudi Arabia’s oil output would be restored to normal levels faster than initially expected. Drone attacks on two key oil facilities in the country have been the source of heightened geopolitical tension between the U.S. and Iran. Brent crude, the intern