Page 3 - Europe Economy

IMF warns Europe against prematurely declaring victory over inflation

The European Central Bank and other policymakers across Europe need to keep interest rates at current elevated levels until they're sure inflation is under control despite sluggish growth, the International Monetary Fund said on Wednesday, warning against premature celebration as inflation declines from its peak. The Washington-based IMF said that the cost of underestimating inflation's persistence could be painfully high and result in another painful round of rate hikes that could rob the economy of a large chunk of growth. The European Central Bank, the Bank of England and the other central banks that aren't part of the 20-country eurozone are reaching the peak of their interest rate cycles, while some have started to reduce policy rates, the IMF said in its twice-yearly regional economic outlook for Europe. Nonetheless, a prolonged restrictive stance is still necessary to ensure that inflation moves back to target. Historically, it takes an average of three years to return ...

Ultraviolette Automotive forays into Europe with focus on five nations

Electric bike maker Ultraviolette Automotive on Wednesday announced its foray into the European market as it looks to tap growth opportunities in the international markets. The Bengaluru-based company launched its flagship electric bike F77 in Europe with deliveries expected to commence in the second quarter of 2024. The bike is set to be priced between 9,000 to 11,000 euro in Europe, subject to federal/state government incentives and taxes. In an interaction with PTI on the sidelines of EICMA two-wheeler motor show here, Ultraviolette Founder and CEO Narayan Subramaniam said the company will focus on five countries in the continent in the first phase. "In Europe our immediate focus is Italy, Spain, France, Germany and the UK. These five countries would be our immediate target. And then of course, we can look at scaling to other countries as well," he noted. Subramaniam said the company is in active conversation with multiple distributors and dealers in the five geographies. "It

Amazon rolls out independent cloud for Europe to address privacy standards

Amazon is rolling out an independent cloud for Europe as it looks to address strict regulations that companies and those in the public sector face in the European Union. Amazon Web Services said on Wednesday that its AWS European Sovereign Cloud, which will be located in and operate out of Europe, will have the same security, availability, and performance as existing AWS regions but will be separate from them. The cloud will let customers keep all metadata they create in the European Union and will have its own billing and usage metering systems. The AWS European Sovereign Cloud reinforces our commitment to offering AWS customers the most advanced set of sovereignty controls, privacy safeguards, and security features available in the cloud, Max Peterson, vice president of Sovereign Cloud at AWS, said in a written statement. Transatlantic data protection has been a growing concern since the European Union's top court struck down a data sharing agreement in 2020 known as Privacy ...

Thousands rally in Europe opposing antisemitism and support to Israel

Thousands of people were rallying in Berlin and London on Sunday to oppose antisemitism and support Israel, while demonstrations in support of Palestinians in besieged Gaza continued around the world. Some of those who gathered in front of Berlin's Brandenburg Gate carried Israeli flags or posters with photos of some of the more than 200 people seized by Hamas as hostages during the militants' deadly October 7 incursion into Israel. It is unbearable that Jews are living in fear again today in our country of all places, President Frank-Walter Steinmeier told the crowd. Every single attack on Jews, on Jewish institutions is a disgrace for Germany. Every single attack fills me with shame and anger. Earlier, German Chancellor Olaf Scholz inaugurated a new synagogue in the eastern city of Dessau and said he was outraged by the upsurge in antisemitism since the conflict began. Several buildings in Berlin where Jews live had the star of David painted on doors and walls, and assailants th

Sept diesel flows to Europe reach all time peak, Oct volumes slowing

Russia banned diesel exports on Sept. 21 to stabilise domestic market fundamentals, though this was partially lifted from Oct. 6

Opium, history and economics

Britain's opium policy severely damaged the economy of eastern India while perhaps helping that of western India

Europe's inflation held steady in Aug as CenBank keeps open mind on rates

Annual inflation held steady in Europe in August as food prices raced ahead of falling fuel costs, but there was no clarity about whether the European Central Bank can pause its record series of interest rate hikes. The consumer price index for the 20 countries that use the euro currency was unchanged at 5.3 per cent from the July reading, supported by food, alcohol and tobacco prices that increased a painful 9.8 per cent, according to official figures Thursday from EU statistics agency Eurostat. Another key inflation number so-called core inflation that leaves out volatile fuel and food also eased in August, falling to 5.3 per cent from 5.5 per cent. That figure will be a key consideration for the ECB in deciding whether interest rates need to go higher, or can remain unchanged to judge their impact on the economy. Fuel prices fell 3.3 per cent amid flat global oil prices and diminished summer demand for heating fuel. European Central Bank President Christine Lagarde has said t

Europe economy shows modest growth after months of stagnation as rate hikes

The European economy grew modestly in the most recent quarter, breaking out of a months of stagnation or contraction as higher interest rates designed to fight inflation make it more expensive for households and businesses to borrow, invest and spend. The 20 countries that use the euro currency and their 346 million people saw 0.3% growth in the April-to-June period, the EU statistics agency Eurostat reported Monday. That's an improvement over zero growth in the first quarter of this year and a slight decline in fourth quarter of last year, but not by much. A revision raised figures for the first quarter from a decline of 0.1%, wiping out two straight quarters of declining output. Inflation in the eurozone, meanwhile, continued its gradual decline, falling to 5.3% in July from 5.5% in June. Europe's economic growth got a boost by 0.5% growth in France and 0.4% in Spain, where lower inflation has helped lift consumer spending power. The French figure, however, was increased by a ...

How Russian oil is still powering Europe's cars with help from India

Europe's refined fuel imports from India are set to surge above 360,000 barrels a day, edging just ahead of those of Saudi Arabia, Kpler's data show

BRICS surpass G7 GDP, India, China major economies with fast growth

The inflationary pressures, coupled with relentless rate hikes by central banks around the world, have hit Europe hard

Euro, dollar steady as bank fears subside, investors focus on inflation

The dollar had been under pressure from the possibility that the Federal Reserve may have to relent in its fight against inflation and pause rate hikes

Indian exporters boost euro hedges after rally to near two-year high

There is an urgency among exporters to hedge following the euro's rally to above 88, a treasury sales official at a private bank said

Italy registers 10.1% inflation in Jan: National Institute of Statistics

Prices in Italy rose by 10.1 per cent in January compared to a year earlier, despite a decline in prices for regulated energy products, the National Institute of Statistics (ISTAT) said on Wednesday.

Europe steps up rollback of Russia energy ties with ban on diesel import

Europe is taking another big step toward cutting its energy ties with Russia, banning imports of diesel fuel and other products made from crude oil in Russian refineries. The European Union ban takes effect February 5 following its embargo on coal and most oil from Russia. The 27-nation bloc is trying to sever its last uses of Russian energy and stop feeding the Kremlin's war chest as the anniversary of the invasion of Ukraine nears. The newest ban has risks: Diesel prices have already jumped since the war started on February 24, and they could rise again for the fuel that is key to the global economy. We're leaving money on the road to provide our services, said Hans-Dieter Sedelmeier of the family-run German bus and travel company Rast Reisen. Most things people buy or eat are transported at some point by trucks, which mostly run on diesel. It also powers farm equipment, city buses and industrial equipment. The higher cost of diesel is built into the price of almost everything, .

Euro nears nine-month peak as ECB plans hawkish rate hike in coming months

European Central Bank (ECB) governing council member Klaas Knot said interest rates would rise by 50 basis points in both February and March and continue climbing in the months after

Inflation in Europe continues to dip as energy prices rise at slower pace

The European Central Bank aims to keep inflation near 2 per cent, CNN reported

Europe stumbles as firm Fed not cutting interest rates amid China rally

Markets are clearly being tugged in different directions though

Assumptions that didn't survive 2022

In a year marked by conflict and loss, silver linings were few and far between, with many statements much harder to repeat at the end of 2022 than at the beginning

Two-wheeler companies get over 2-year breather on emission sensor

Rule deferred as trial results were 'far from satisfactory'

India-EU Competition Week on digital resolutions starts on Monday

Experts from the European Union would share their experiences in applying antitrust laws to the digital economy and markets and the introduction of the EU's Digital Markets Act