Visitors attending Europe’s biggest travel fair were stranded in Berlin as striking ground workers forced almost all flights in and out of the German capital to be canceled. About 670 arrivals and departures were scrapped at Berlin’s Tegel and Schoenefeld airports on Friday, after the Ver.di union called on more than 2,000 airfield and terminal employees to walk out in a pay dispute.
Category: Europe
Belgian-German Chipmaker X-Fab Plans $530 Million IPO
German-based chipmaker X-Fab Silicon Foundries SE is raising about 500 million euros via an initial public offering in order to fund its global production expansion. The company with headquarters in Erfurt, central Germany, said Tuesday it intends to list shares on the Euronext Paris exchange.
German Chancellor Angela Merkel to Testify on Volkswagen Emissions Scandal
German Chancellor Angela Merkel, a staunch defender of the country’s car industry, testifies this week before a parliamentary investigation into Volkswagen AG’s diesel cheating that is looking into any relationship between her lobbying and the scandal. Lawmakers will focus on Ms.
Croatia to Continue Production Incentives Despite Film Center Crisis
The government of the south-eastern European country confirms its commitment to “maintaining and strengthening” its tax breaks for foreign productions. The Croatian government will continue its production incentives for filmmakers despite a crisis at the national film center that administers the 20 percent tax rebate scheme.
German Yields Hit Record Low, French Bond Spreads Widen as Political Concerns Intensify
Germany’s two-year government bond yields hit a record low Monday amid rising political uncertainty in the region as officials meet in Brussels to debate the ongoing bailout in Greece. Germany’s two-year government bond yields hit a record low Monday amid rising political uncertainty in the region as officials meet in Brussels to debate the ongoing bailout in Greece and polls indicate rising support for far-right Presidential candidate Marine Le Pen.
Merkel Says Weak Euro Isn’t Her `Problem’ in Stand on Trump
German Chancellor Angela Merkel said the euro has a “valuation problem” that’s beyond her control and questioned President Donald Trump’s suggestion that the German luxury cars in his New York neighborhood reflect an unfair trade advantage. Merkel said the euro’s exchange rate does contribute to Germany’s trade surplus, though that’s because European Central Bank’s needs to set monetary policy that responds to disparate economic performances across 19 nations.
In The Trump Age, Developers Are Building Apps To Help Refugees
The refugee ban has led to the creation of several new apps designed to help refugees, who often carry smartphones. For refugees escaping conflict in the Middle East and elsewhere, simply communicating with people in new countries can be a big challenge.
Germany Picks Ex-Foreign Minister Steinmeier as President
A special assembly elected former German foreign minister Frank-Walter Steinmeier by an overwhelming majority Sunday to be the country’s new president. Steinmeier was elected in Berlin by the assembly made up of the 630 members of parliament’s lower house and an equal number of representatives from Germany’s 16 states.
Germany Picks Anti-Trump President as Trans-Atlantic Bonds Fray
The Social Democrat who served two stints as foreign minister under Chancellor Angela Merkel emerged as her governing coalition’s candidate last November as the parties sought to avoid a political spat over the appointment in an election year. With the support of Merkel’s Christian Democratic-led bloc and the Social Democrats in a special assembly on Sunday, Steinmeier is all but assured victory to the mostly ceremonial post. While Merkel steered clear of sharing her views on Trump before his election as president, her top diplomat vociferously derided what he saw as a campaign that broke taboos and threatened trans-Atlantic bonds.
Queen’s 65-year reign a milestone in a record-breaking life
Britain’s Queen Elizabeth II stops to receive flowers from 3-year old Jessica Atfield, after the queen and her husband Duke of Edinburgh, attended a church service at St Peter and St Paul church in West Newton, England, Sunday Feb. 5, 2017. The Queen is to make history on Monday Feb. 6, when she becomes the first British monarch to reach the Sapphire Jubilee, marking the 65th.
Elon Musk really isn’t as aligned with Trump on manufacturing…
Musk, the CEO of Tesla and SpaceX, is now part of two advisory committees under President Donald Trump: the economic advisory board and the Manufacturing Jobs Initiative . He has met with Trump on two separate occasions, once with tech leaders in New York, and once earlier this week at the White House for a discussion on US manufacturing.
EU’s – Dead’ Bank-Tax Plan Lives on in German, French Elections
A European proposal for a tax on financial transactions is trapped in limbo: financial realities won’t let it come to life while political opportunism won’t allow it to die a quick death. The tax initiative is being kept alive largely for domestic political reasons as German Chancellor Angela Merkel bids for a fourth term and France prepares for presidential elections this year.
UK government loses Brexit case, must consult Parliament
Britain’s Supreme Court ruled Tuesday that Prime Minister Theresa May must get legislative approval to start the process of leaving the European Union, raising the possibility that lawmakers will delay her plans to trigger negotiations by the end of March. The 8-3 decision forces the government to put a bill before Parliament, giving members of the House of Commons and the unelected House of Lords the chance to debate and potentially offer amendments that could soften the terms of Britain’s exit from the EU, known as Brexit.
Protesters who blocked Polish premier’s car being questioned
In this Dec. 16, 2016 file photo people gather to demonstrate outside the Parliament building in Warsaw, Poland. Prosecutors began questioning 21 anti-government protesters of the Dec. 16 demonstration, Monday Jan. 23, 2017, whose images have been posted by police on allegations they violated “legal order.”
EU Populists See Trump Victory as Beginning of End for Old Order
Europe’s populist right predicted Donald Trump’s entry into the White House will herald the end of the old way of doing business in the west, as the continent’s leaders wrestled with how to deal with the new president. Anti-establishment politicians including Marine Le Pen, head of the National Front in France, and Geert Wilders of the Dutch Freedom Party echoed the combative language of the new U.S. president’s inaugural address at a celebratory rally in Koblenz, western Germany, on Saturday while Chancellor Angela Merkel was trying to reassure her supporters at a meeting in the country’s industrial heartland.
Facebook Pushes Back as Germany Weighs Fines for Malicious Posts
Facebook Inc. defended itself against criticism in Germany that it’s not doing enough to combat hate speech and fake news, telling Chancellor Angela Merkel’s party lawmakers that ridding its platform of such content is highly complex. The social media giant takes its responsibility to fight hate speech and fake news “very seriously,” but countermeasures shouldn’t be applied with a broad brush, because that might have an undesirable impact on free speech, said Eva-Maria Kirschsieper, Facebook’s chief lobbyist in Germany, at a conference Wednesday organized by Merkel’s Christian Democrat-led caucus in Berlin.
U.K. Parliament Approves David Clementi as BBC Chair
A committee questioned him about such topics as whether the U.K. public broadcaster should launch a new version of ‘The Great British Bake Off’ after losing the baking competition to Channel 4. David Clementi is one step closer to becoming chair of a newly organized BBC board after winning approval for his appointment in the U.K. parliament. The British government last week unveiled Clementi, a former Bank of England deputy governor, as its preferred candidate for the BBC chair role.
Britain PM Theresa May Sets ‘Hard Brexit’ Course
Britain’s Prime Minister, Theresa May, speaks to the media outside number 10 Downing Street, in central London, Britain July 13, 2016. REUTERS/Peter Nicholls/File Photo Britain will quit the EU single market when it leaves the European Union, Prime Minister Theresa May said on Tuesday in a decisive speech that set a course for a clean break with the world’s largest trading bloc.
Polish Banks Gain as New Buffer Said Not to Raise Requirements
Poland’s new capital requirements, recommended by the country’s financial watchdog, won’t create an additional burden on lenders, a person with knowledge of the plans said. Bank stocks rebounded.
Trump’s Emerging Europe Policy Prompts Calls for Closer EU Unity
European governments called for cool heads and tighter unity as they reacted with shock to President-elect Donald Trump’s remarks slamming NATO and predicting European Union nations would follow the U.K. out of the bloc. Trump’s comments, which call into question the depth of continued U.S. support for free trade and European defense, sent shock-waves around the EU at a time when governments are already battling to deal with the rise of nationalism, Brexit and a belligerent Russia.
Trump Offers Britain Quick Trade Accord as He Shuns Europe
U.S. President-elect Donald Trump said he would offer the U.K. a quick and “fair” trade deal when he meets Prime Minister Theresa May shortly after taking office, as he signaled a major shift in trans-Atlantic relations. “We’re gonna work very hard to get it done quickly and done properly.
Italy to Meet Alitalia Executives as 1,600 Job Cuts Said to Loom
As the new Italian government of Paolo Gentiloni hammers away at a rescue plan for beleaguered lender Banca Monte dei Paschi di Siena SpA, it’s suddenly contending with another corporate crisis: the future of Alitalia SpA. Executives from key investor Ethiad Airways and Alitalia — which went bankrupt in 2008 after rescue attempts involving the state and private investors failed, and which teetered on the brink of collapse in 2014 — are set to meet Italian ministers on Monday, the carrier based in Abu Dhabi said in a statement Sunday.
EasyJet Slips Off Pace Set by Ryanair on Terror, Brexit Squeeze
EasyJet Plc’s passenger count increased at less than half the pace of its low-cost rivals last year as Europe’s second-biggest discount carrier struggled with its exposure to the British and French travel markets. Customer numbers increased 6.6 percent to 74.4 million in 2016, Luton, England-based EasyJet said Friday.
Summers and Eurasia Start the New Year With Dire Global Warnings
Former U.S. Treasury Secretary Lawrence Summers said investors are far too sanguine about the risks of Donald Trump’s policies, which analysts at Eurasia Group say could contribute to a level of global instability not seen since World War II. The Harvard professor, a Democrat who was Treasury chief under Bill Clinton, on Tuesday cited the possibility of protectionist measures by the U.S. as well as changes to foreign policy and domestic social programs as issues that are creating “extraordinary uncertainty.”
Paschi Said Failing to Lure Investors as State Readies Aid
Banca Monte dei Paschi di Siena SpA will probably fail in its effort to raise 5 billion euros of funds from money managers and individuals as potential anchor investors balk and few bondholders agree to swap their notes into stock, said people with knowledge of the matter. Qatar’s sovereign-wealth fund, which had considered an investment, hasn’t yet committed to buying shares, while a second debt-for-equity swap has raised about 500 million euros through Tuesday, a day before it expires, said the people, who asked not to be identified because the matter is private.
Spanish Clunkers Are Relics of Bust as Madrid Stems Fumes
Fumes belching from aging cars are part of the legacy of Spain’s economic slump, as Madrid steps up its efforts to contain traffic pollution. Madrid city council last week stopped cars with even-numbered license plates from entering the central city zone for a day and also imposed speed and parking restrictions as it acted to tackle to traffic pollution made worse by high-pressure weather conditions.
Spanish Clunkers Are Relics of Bust as Madrid Acts to Stem Fumes
Fumes belching from aging cars are part of the legacy of Spain’s economic slump, as Madrid steps up its efforts to contain traffic pollution. Madrid city council last week stopped cars with even-numbered license plates from entering the central city zone for a day and also imposed speed and parking restrictions as it acted to tackle to traffic pollution made worse by high-pressure weather conditions.
Why Bank of America’s Stock Climbed 34% in 2016
Shares of the bank dove deep at the beginning of 2016 only to then rise abruptly to end the year. All told, Bank of America’s stock gained more than 30% this year.
Britons Hoard Cash as Economic Uncertainties Prompt Caution
Britons are holding onto their cash in a sign that they may be hunkering down in the face of economic uncertainties, according to the British Bankers Association. Personal deposits grew an annual 4.8 percent in November, data compiled by the BBA show.
Paschi Seeks State Aid as Italy Sets $21 Billion for Banks
Italy’s government is set to rescue Banca Monte dei Paschi di Siena SpA after the world’s oldest lender failed to raise 5 billion euros from the market, in what will be the country’s biggest bank nationalization since the 1930s. Italy will plow as much as 20 billion euros into the country’s banks providing both emergency liquidity guarantees and capital injections, as more lenders may seek lifelines soon.
Berlin truck attack suspect killed in Milan police shootout
Mustapha Amri and Walid Amri, the father and brother of the suspect in the truck attack, display a photo of Anis Amri in Oueslatia, Tunisia. Mustapha Amri and Walid Amri, the father and brother of the suspect in the truck attack, display a photo of Anis Amri in Oueslatia, Tunisia.
Monte Paschi’s Fatal Sin Brings Nationalization for Oldest Bank
On the afternoon of Dec. 9, Marco Morelli, chief executive officer of Banca Monte dei Paschi di Siena SpA, was preparing for a board meeting in the lender’s Belle Epoque-era offices in Milan when the news hit: the European Central Bank had rejected his bid for more time to raise the 5 billion euros needed to stay afloat. The gathered executives and their advisers from JPMorgan Chase & Co.
Italy Readies $21 Billion Bank Bailout as Paschi Plan Fails
Italy will plow as much as 20 billion euros into the country’s banks after Banca Monte dei Paschi di Siena SpA failed to secure its future by raising funds from investors. More lenders may seek lifelines soon.
Paschi Drops Private Fundraising, Paving Way for State Aid
Banca Monte dei Paschi di Siena SpA, the world’s oldest lender, abandoned plans to raise 5 billion euros from the market, making a state rescue likely. Monte Paschi failed to lure sufficient demand from investors in a share sale that ended Thursday, the Siena-based bank said in a statement after the market closed.
Paschi Falls as Buyers Said to Balk, Making State Aid Likely
Banca Monte dei Paschi di Siena SpA will probably fail to lure sufficient demand for a 5 billion-euro capital raise, said people with knowledge of the matter, making a state rescue likely. No anchor investor has shown interest in the recapitalization so far, the Siena-based company said in a statement late Wednesday after a board meeting.
Spanish Banks Slide After ECJ Ruling Leaves Them Facing Hefty Payout
Bank stocks in Spain dropped Wednesday, as lenders faced the prospect of repaying billions of euros to borrowers after losing a European court case. The European Court of Justice decided that borrowers should be eligible for full reimbursements of excess interest payments on variable-rate mortgages.
Paschi Falls as Buyers Said to Balk, Making State Aid Probable
Banca Monte dei Paschi di Siena SpA will probably fail to lure sufficient demand for a 5 billion-euro capital raise, said people with knowledge of the matter, making a state rescue likely. Liquidity has been drying up, the bank said in a filing Wednesday amid mounting concern about the lender’s viability.
Merkel Said to Close Off Banks-for-Cars Brexit Deal Before Talks
Chancellor Angela Merkel is seeking to stiffen German resolve on Brexit, singling out the car industry as vulnerable to any British attempt to strike market-access deals ahead of the U.K.’s exit from the European Union. In a closed-door meeting with German lawmakers, Merkel said some industries might press for such accords with the U.K. government and that political leaders should oppose them, according to two people who attended.
Italy Paves Way for a $21 Billion Aid Plan for Ailing Banks
The Italian government moved closer to a potential rescue of lenders including Banca Monte dei Paschi di Siena SpA by seeking permission from parliament to increase the nation’s public debt by as much as 20 billion euros . The plan is aimed at providing a backstop to the banking system “through public guarantees in order to restore their short- and medium-term lending ability,” Finance Minister Pier Carlo Padoan said following a cabinet meeting Monday night.
Italy Paves Way for a $21 Billion Rescue Plan for Ailing Banks
The Italian government cleared the way for the potential rescue of lenders, including Banca Monte dei Paschi di Siena SpA, by seeking permission from parliament to increase the nation’s public debt by as much as 20 billion euros . Monte dei Paschi Chief Executive Officer Marco Morelli is scampering to find investors to back a private 5 billion-euro capital increase, which also includes a share sale and a debt-for-equity swap.