EU
European Central Bank member says to expect first rate hikes this summer
Joachim Nagel, Germany’s central bank governor and ECB member, shares his latest thoughts on inflation and the possibility of rate hikes in the euro zone. Bloomberg | Bloomberg | Getty Images The ECB will soon hike rates for the first time in more than a decade, a member of the central bank’s governing council told […]
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Europe admits it’ll have to burn more coal as it tries to wean itself off Russian energy
A wind turbine and coal in Lower Saxony, Germany. The EU’s desire to wean itself off Russian hydrocarbons means it will need to find fossil fuels from other parts of the world to plug supply gaps. Mia Bucher | Picture Alliance | Getty Images The European Commission has fleshed out details of a plan to […]
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After Toyota’s Mirai, the Japanese auto giant zeroes in on buses and heavy-duty trucks
One of Toyota’s Sora busess photographed in Japan on Nov. 5, 2021. Toyota started working on the development of fuel-cell vehicles back in 1992. Korekore | Istock Editorial | Getty Images Toyota Motor Europe, CaetanoBus and Air Liquide have signed an agreement related to the development of hydrogen-based transport options, as the race to develop […]
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The UK is threatening to scrap Northern Ireland’s post-Brexit rules — stoking fears of a trade war
Johnson will visit Northern Ireland on Monday to hold emergency talks. Daniel Leal | Afp | Getty Images LONDON — The U.K. government is again threatening to unilaterally override large parts of the Brexit deal agreed with the European Union, raising the prospect of a trade war amid a power-sharing crisis in Northern Ireland. U.K. […]
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U.S., Europe race to improve food supply chains after India bans wheat exports
PARIS — The United States and the European Union are looking at how to improve food supply chains with export restrictions from India and other nations accentuating global problems, the EU’s trade chief told CNBC. G-7 foreign ministers warned over the weekend that the war in Ukraine is increasing the risk of a global hunger […]
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Hungary’s Orban — a longtime Putin ally — stalls Europe’s Russian oil embargo
Hungary Prime Minister Viktor Orban — a longtime ally of Russian President Vladimir Putin — has said that ending Russian oil purchases would be an “atomic bomb” on Hungary’s economy. Attila Kisbenedek | Afp | Getty Images The European Union is struggling to approve a sixth round of sanctions against Russia with a few nations […]
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Finland, Sweden need to move now on NATO while Putin is preoccupied with Ukraine, former secretary general says
SALZBURG, Austria — Finland and Sweden need to join the North Atlantic Treaty Organization (NATO) now while Russia’s Putin is focused on Ukraine, the alliance’s former chief told CNBC. The two Nordic countries have been considering joining NATO in the wake of Russia’s unprovoked invasion of Ukraine. Becoming NATO members would represent a sharp U-turn […]
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Volkswagen is prolonging its use of coal due to Russian energy ‘threat’
Covering an area of 6.5 million square meters, VW’s huge manufacturing facility in Wolfsburg uses two cogeneration plants that provide it with heat and power. Krisztian Bocsi | Bloomberg | Getty Images The CEO of Volkswagen told CNBC Wednesday that the German automotive giant was keeping its options open in terms of how it powers […]
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Euro zone inflation hits record high for the sixth month in a row
Inflation in the euro zone remains well-above the ECB’s target, as energy and food prices soar. Bloomberg | Bloomberg | Getty Images Inflation in the euro zone has hit a record high for the sixth consecutive month, sparking further questions over how the European Central Bank will react. Headline inflation in the 19-member region reached […]
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Europe scrambles for natural gas solution as Putin squeezes supply
EU Commission President Ursula von der Leyen said this latest aggressive move by Russia is another reminder that we need to work with reliable partners, and build our energy independence. Thierry Monasse | Getty Images News | Getty Images The European Union is racing to find alternative suppliers of natural gas after Russia’s Gazprom halted […]
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