Thursday, May 23

Europe

Reuters: Italy Comes With Billions for Energy Compensation
Business, Europe, Italy, News

Reuters: Italy Comes With Billions for Energy Compensation

Italy is preparing a package of measures worth €5 billion to compensate Italian residents and businesses for high energy prices. Two government sources from the country say this to the Reuters news agency. Rome mainly wants to reassess and extend existing measures. The cabinet is expected to approve the measures next Tuesday. Among other things, the Italian cabinet wants to continue to provide financial support to low-income households until June, and companies will have to pay less tax. The country previously released 21 billion euros for this for 2023. The Italian Ministry of Finance expects to be able to pay for the new package from the existing budget. On Thursday, the statistics bureau Eurostat published purchasing power figures for the European Union. Italy is 4 perc...
The European Union Wants a Faster Roll-Out of 5G and is Looking at Sharing Costs
Business, Europe, News, Tech

The European Union Wants a Faster Roll-Out of 5G and is Looking at Sharing Costs

The existing internet infrastructure in the European Union no longer meets today's requirements. According to the European Commission, there is an urgent need for more bandwidth with higher speeds so that citizens, companies and governments have better access to smarter and more innovative services such as artificial intelligence (AI), data spaces and virtual reality. The day-to-day EU administration will also consult the sector about the costs of the investments required for this. “New technologies require a different internet architecture,” said European Commissioner Thierry Breton (Industry). “And that will not happen in five years, but now.” So the commission is amending a 2014 guideline to accelerate the roll-out of 5G and fibre optic networks by tackling red tape and cumbe...
Economists: Brexit Will Cost the British Economy £100 Billion a Year
Business, Europe, News, UK

Economists: Brexit Will Cost the British Economy £100 Billion a Year

Brexit will cost the British economy about £100 billion annually, economists from data and news agency Bloomberg have calculated. Converted, that is almost 114 billion euros. According to the experts, the departure of the British from the European Union will be felt in several ways. For example, investments are under pressure, and British companies are struggling with a major shortage of workers. As a result, the British economy would now be 4 percent smaller than it would have been without Brexit. Economists Ana Andrade and Dan Hanson ask in a new Bloomberg Economics report whether the UK has harmed itself by turning its back on Brussels. "Evidence so far still suggests it does," they write. "The main takeaway is that the break with the single market may have hit the UK economy...
Research: Less Investment in European Tech Companies
Business, Europe, News, Tech

Research: Less Investment in European Tech Companies

Investments in European tech companies have fallen this year, after the record year 2021. European tech investment company Atomico reports this based on research. According to Atomico, this year, 85 billion dollars (81 billion euros) was invested in European tech companies such as start-ups. That was $104 billion a year ago. According to the researchers, venture capitalists have become more cautious about investing in tech companies due to the weakening economic climate and rising interest rates. However, the figure for 2022 is still the second-highest level ever. Tom Wehmeier, the partner at Atomico, speaks of an excellent result despite all the economic uncertainty. During the corona pandemic, investments in start-ups increased sharply because many more things were arranged...
Two Killed in Knife Attack in Germany
Europe, Germany, News

Two Killed in Knife Attack in Germany

A knife attack in the southwestern German town of Ludwigshafen killed two people and seriously injured another. The suspected perpetrator was shot and seriously injured during the arrest. This is reported by the Rheinpfalz police on Tuesday. The motives for the attack are still unclear, a police spokeswoman said. After the attack, the suspect fled, but a police patrol was able to arrest the man. In doing so, he was shot. It is not yet clear how extremely the man is injured. The police have cordoned off the crime scene.
European Producers Raise Sales Prices Even More
Business, Europe, News

European Producers Raise Sales Prices Even More

European producers are increasing their sales prices more and more to compensate for the sharply increased costs of energy and raw materials. As a result, producer prices rose by 5 percent in August compared to a month earlier, according to the European statistical office Eurostat. This increase is mainly attributable to the energy sector, which suffers from very high purchasing costs and passes these on to customers. In July, producer prices in the euro area rose by 4 percent. On an annual basis, the prices that manufacturers charge to customers rose by no less than 43.3 percent in August, according to Eurostat. As a result, according to Eurostat, the European Union was a plus every month by 4.9 percent and 43 percent compared to a year earlier. In the eurozone energy sector...
European Central Bank Will Raise Interest Rates to Curb Skyrocketing Inflation
Business, Europe, News

European Central Bank Will Raise Interest Rates to Curb Skyrocketing Inflation

The European Central Bank (ECB) will meet again on Thursday for an interest rate decision. Interest rates will certainly be raised further to curb the sky-high inflation in the eurozone. But the key question is how big the interest rate hike will be. A major intervention (+75 basis points) was already assumed, but doubts struck the day before the decision again. However, that expectation is somewhat tempered in the financial markets, according to the financial news agency Bloomberg on Wednesday. Raising interest rates makes borrowing more expensive, and demand should also fall. That should cool the European economy and prices. In August, inflation in the eurozone rose to 9.1 percent, while the ECB aims for inflation of around 2 percent. After years of rate cuts - with even...
Donald Trump Bragged With Classified Information About French President Macron
Europe, France, News, US

Donald Trump Bragged With Classified Information About French President Macron

What was in the box taken by the FBI from former US President Donald Trump's residence, cryptically described on a legal document as "President of France info"? That is what people are asking these days in Paris and Washington, DC. According to American media, the file contains information about the sex life of French President Emmanuel Macron, and Trump liked to brag about it. According to two sources, Trump would have happily told intimates for years how he had juicy details about Macron's sex life, compiled based on information gathered by US intelligence. It is not clear what information is involved or whether it is information that is considered a state secret. Yet these days, there are reportedly feverish questions in both Paris and Washington D.C. about what informatio...
EU Thinks About Large-Scale Training of Ukrainian Soldiers
Europe, News, Ukraine

EU Thinks About Large-Scale Training of Ukrainian Soldiers

The European Union is considering large-scale training of Ukrainian military personnel in neighboring EU countries. The member states' defense ministers will discuss the plans next Monday, says foreign chief Josep Borrell. "Of course, that would be a big mission," Borrell said Monday. He points out that the war in Ukraine appears to be continuing for the time being and that more is needed than the weapons and military intelligence that Western allies of Ukraine have so far supplied. According to him, such a large-scale battle with so many soldiers also requires a large training mission. Ukrainian soldiers are already being trained in the United Kingdom. Dutch trainers will also assist there. However, many Ukrainians mobilized to repel the Russian invasion lacked military trainin...
Gas Prices Fall Slightly After Nord Stream Gas Supply Resumes
Business, Europe, News, Russia

Gas Prices Fall Slightly After Nord Stream Gas Supply Resumes

Gas prices have fallen slightly as Russia returns to sending gas to Europe via the Nord Stream gas pipeline.   Immediately at the opening of the leading gas exchange in Amsterdam, the price fell to 6.5 percent but recovered slightly. Around 8:15 am, gas was just under 4 percent cheaper per megawatt hour. Nord Stream gas pipeline, which rounds under the Baltic Sea from Russia to Germany, has been closed for scheduled maintenance for the past week and a half. It was then eagerly anticipated whether Russia would reopen the gas tap after the maintenance was completed. In the first hour, 30 percent of the normal amount of gas came from Russia, but the gas supply gradually increased. From the orders for the gas supply, it can be concluded that Russia wants to send 40 percent of the usua...