Page 4 - Europe Economy

Europe not strong enough now, would be in trouble without US: Finnish PM

Finnish Prime Minister Sanna Marin said that Europe is not "strong enough right now" and that it "would be in trouble without the US".

Elon Musk warned by EU official to keep Putin's propaganda off Twitter

Failing to take on fake or misleading content online could "lead to the very quick abuse" of Twitter, European Commission Vice President Vera Jourova, said

Most European Union countries set to slide into recession in Q4: Gentiloni

The European Commission's autumn forecast predicted falling economic output in the last three months of this year and the first months of 2023

EU officials warn of economic slowdown due to energy crisis, high inflation

'If we look at high-frequency indicators and the economic sentiment, we see that many things point to a contraction in economic activity this winter'

Italy's economic growth streak continues; GDP expands 0.5% in Q3

According to the National Institute of Statistics (ISTAT), it was the seventh three-month period in a row that Italy's economy expanded

Inflation struck European firms seek most emergency funds since pandemic

Firms grappling with high inflation and soaring operating costs are seeking fresh short-term liquidity lines in an echo of the worst days of the 2020 coronavirus pandemic

Buoyant Wall Street boosts world, European stocks; oil prices slide

World and European shares turned higher on Friday as Wall Street extended gains amid hopes of a slowdown in some central banks' rate hikes

ECB raises interest rates by 75 basis points to fight record inflation

With this, it has increased policy rate by 1.5 per cent, the highest in a decade

Dollar shrugs off suspected yen intervention, Europe clings to US Fed hopes

The dollar roared to 149.70 yen in early trade before hastily retreating to 145.28 in a matter of minutes in what traders and analysts said appeared to be at the hands of the Bank of Japan

How big a threat is Credit Suisse to India and the world?

The fall in the stock of Credit Suisse signals that there is something seriously wrong with the bank. Just like Lehman Brothers in 2008, the financial cost of its collapse would be huge. Here's more

UK PM Liz Truss hints at benefits cuts, courts fresh Tory rebellion

When people are on a fixed income, when they are pensioners, it is quite hard to adjust. It's a different situation for people who are in the position to be able to work, said Liz Truss

British PM Liz Truss sticks by economic plan as her party worries

British Prime Minister Liz Truss said Sunday that she could have done a better job laying the ground for her package of unfunded tax cuts, but insisted she would push on with an economic plan that has caused turmoil on financial markets and weakened the country's public finances. Truss acknowledged that the UK faces a very turbulent and stormy time, but said her policies would lead to a high-growth, low-tax economy in the longer term. The comments are unlikely to calm Truss' Conservative Party, which opens its four-day annual conference on Sunday in the central England city of Birmingham amid plunging poll ratings and growing public discontent. Truss took office less than a month ago, promising to radically reshape Britain's economy to end years of sluggish growth. But the government's September 23 announcement of a stimulus package that includes 45 billion pounds (USD 50 billion) in tax cuts, to be paid for by government borrowing, sent the pound tumbling to a record low against th

Bank of England to buy UK bonds worth 65 bn pounds to stem market rout

The Bank of England stepped in on Wednesday by offering to buy some of the country's long-term debt as an emergency measure to prevent "material risk" to the country's financial stability, amid an unprecedented warning by the IMF that the UK's recent mini-budget risked making the cost-of-living crisis worse. The central bank said it would buy as many long-dated government bonds as needed between now and October 14 in a bid to calm some of the mayhem that followed the Liz Truss-led government's massive tax-cutting and government borrowing mini-budget last Friday. It has seen the pound tumble against the dollar as investors demand a greater rate of return for UK bonds because the level of government borrowing required to fund the financial measures have spooked the markets. The Bank is monitoring developments in financial markets very closely in light of the significant repricing of UK and global financial assets, the Bank of England said in a statement. This repricing has become mor

Energy crisis: Recession clouds gather in Germany, Europe's largest economy

Europe's largest economy is sending recession signals. Germany's key future indicator, the IFO survey of business confidence, pointed down for the fourth month in a row as high inflation fed by astronomical natural gas prices undermines consumer pricing power and imposes heavy costs on businesses. The index compiled by the Munich-based IFO institute dropped to 84.3 in September from 88.5 in August, to its lowest level since the global financial crisis more than a decade ago. High energy and commodity prices are weighing on demand and putting pressure on profit margins, said Carsten Brzeski, chief eurozone economist at ING bank. Companies can no longer pass through higher costs to consumers as easily as in the first months of the year. Company order books are shrinking, while businesses that use a lot of energy, such as bakeries, are facing costs that make them question whether they can stay in business. The news comes as more economists predict a recession for Europe as a ...

World shares mixed; British pound falls to all-time low on tax cut concerns

Global shares were mixed Monday while the British pound declined to an all-time low against the US dollar on concerns over planned tax cuts. France's CAC 40 rose 0.2% in early trading to 5,795.88, while Germany's DAX added 0.2% to 12,311.57. Britain's FTSE 100 edged 0.1% higher to 7,025.51. The futures for the Dow industrials and the S&P 500 were 0.1% lower. In Asian trading, Japan's benchmark Nikkei 225 shed 2.7% to finish at 26,431.55. Australia's S&P/ASX 200 dipped 1.6% to 6,469.40. South Korea's Kospi dropped 3.0% to 2,220.94. Hong Kong's Hang Seng gave up 0.4% to 17,855.14, while the Shanghai Composite lost 1.2% to 3,051.23. The British pound's slide against the dollar picked up pace last week after the UK's new government outlined plans to cut taxes and boost spending. The weakening currency piles pressure on the UK's new Conservative government, which has gambled that slashing taxes and increasing borrowing to compensate will spur economic growth. Many economists say .

British PM Liz Truss may lift immigration cap to fight labour shortage

Plans to introduce more tax cuts next year as part of first full Budget

Euro zone likely entering recession as price rises hit demand: Survey

Overall demand in the euro zone fell to its lowest since November 2020, when the continent was suffering a second wave of Covid-19 infections

Britain sends investors fleeing with historic tax cuts and borrowing

Pound slides below $1.11 for first time in 37 years

Putin says Russia to stop supplying energy if Western price caps imposed

Speaking at an economic forum in Vladivostok, Putin said European calls for a price cap on Russian gas were 'stupid', and would lead to higher global prices and economic problems in Europe

Pound falls to weakest level since 1985 against dollar amid dire UK economy

The last time the sterling-dollar exchange rate was this low the world's richest nations signed the Plaza Accord, an agreement to weaken the US currency