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August 18, 2022

Europe News

China sanctions Pelosi over trip to Taiwan, says visit was an ‘egregious provocation’

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CNBC – For more and to sign up click here China announced sanctions on Nancy Pelosi after her trip to Taiwan. Pool | Getty Images News | Getty Images China on Friday imposed sanctions on U.S. House Speaker Nancy Pelosi and her immediate family in response to what the foreign......

SocGen posts second-quarter loss after taking 3.3 billion euro hit on Russia exit

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CNBC – For more and to sign up click here French bank Societe Generale’s headquarters in Paris. Chesnot | Getty Images News | Getty Images Societe Generale on Wednesday reported better-than-expected earnings despite taking a 3.3 billion euro ($3.36 billion) hit from exiting its Russian operations. The French lender saw......

Draghi’s political downfall: How power imploded in Italy and what happens next

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CNBC – For more and to sign up click here The government of Mario Draghi came to an end earlier than what many analysts expected. Anadolu Agency | Anadolu Agency | Getty Images Mario Draghi is best known for saving the euro. But a coveted rescue of the Italian economy......

3 charts show Europe’s unprecedented natural gas crisis

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CNBC – For more and to sign up click here Europe is facing an unprecedented gas crisis. Picture Alliance | Picture Alliance | Getty Images Europe is facing an unprecedented energy crisis that’s pushing the economy closer into a recession and posing serious questions about the region’s climate change ambitions.......

Euro zone economy grows 0.7% in the second quarter despite gas crisis and inflation surge

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CNBC – For more and to sign up click here Growth in the euro zone economy accelerated in the second quarter of the year, but the region’s prospects could be hit as Russia continues to reduce gas supplies. The 19-member bloc registered a gross domestic product rate of 0.7% in......

European Central Bank surprises markets with larger-than-expected rate hike, its first in 11 years

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CNBC – For more and to sign up click here The European Central Bank is increasing interest rates for the first time in 11 years. But in Italy, political turmoil is back. Bloomberg | Bloomberg | Getty Images The European Central Bank on Thursday increased interest rates for the first......

Italian PM Mario Draghi expected to resign after failing to revive his coalition government

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CNBC – For more and to sign up click here Italy’s Prime Minister Mario Draghi Mondadori Portfolio | Mondadori Portfolio | Getty Images Italy’s Prime Minister Mario Draghi is expected to resign Thursday, paving the way for fresh elections and opening a new chapter of political uncertainty. Speaking to parliament,......

EU to ask countries to reduce energy usage as Putin tightens grip on gas supplies

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CNBC – For more and to sign up click here The European Commission is putting forward new measures so member states are better prepared for the winter, when their energy needs are higher. This comes as Gazprom claims it can’t fulfil gas contracts with Europe. Sean Gallup | Getty Images......

Italy could be headed for a troubling snap election. And bond markets are on high alert

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CNBC – For more and to sign up click here Italian Prime Minister Mario Draghi Antonio Masiello | Getty Images News | Getty Images Italy’s Mario Draghi on Wednesday is due to tell lawmakers whether or not he’ll stay on as prime minister — in what could create further market......

Russia nears gas shutdown in Europe as Germany rejects claims it can’t fulfil contracts

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CNBC – For more and to sign up click here Russia’s energy giant Gazprom has said it cannot fulfil its gas contracts with Europe. Bloomberg | Bloomberg | Getty Images LONDON — Russia’s energy giant is threatening to send less gas to Europe — but Germany, one of its main......

EU to sign new gas deal as fears grow over Russian supplies cutoff

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CNBC – For more and to sign up click here Workers walk past a gas storage tank at the constriction site of the Trans Adriatic Pipeline receiving terminal in Melendugno, Italy, on Tuesday, May 22, 2018. Bloomberg | Bloomberg | Getty Images LONDON — The EU is to sign a......

EU hikes inflation forecast to 8.3% for 2022 as Russia-Ukraine war drives soaring prices

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CNBC – For more and to sign up click here The European economy is not seen entering a recession this year, according to the European Commission, but some economists have a different opinion. Europa Press News | Europa Press | Getty Images Inflation will hit 7.6% in the euro zone......

Russia cheers Boris Johnson’s demise as the world reacts to Britain’s political drama

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CNBC – For more and to sign up click here Russia welcomed Boris Johnson’s departure from office. Justin Tallis | Afp | Getty Images LONDON — Global leaders have reacted to Boris Johnson’s resignation, with the Kremlin in particular expressing pleasure at the U.K. prime minister’s exit. Johnson announced Thursday......

Germany’s much-vaunted trade surplus disappears as import prices surge

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CNBC – For more and to sign up click here Germany trade entered negative territory in May, raising questions about the stability of its economy in the wake of Russia’s invasion of Ukraine. Picture Alliance | Picture Alliance | Getty Images Germany is no longer exporting more than what it......

Americans hoping for European vacations this summer should prepare for one thing: chaos

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CNBC – For more and to sign up click here Some airlines and airports are struggling with the post-covid demand for travel. Anadolu Agency | Anadolu Agency | Getty Images LONDON — Delays, cancellations and strikes. It’s been a messy time for many European tourist hotspots as airlines and airports......

The G-7 is considering a price cap on Russian oil. But energy analysts think it’s impossible

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CNBC – For more and to sign up click here The G7 has floated the idea of an oil price cap, but experts are doubtful about how effective this would be. Picture Alliance | Picture Alliance | Getty Images The world’s seven-largest industrialized economies have floated the idea of a......

Euro zone inflation hits record 8.6% as the European Central Bank prepares for its first rate hike in 11 years

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CNBC – For more and to sign up click here The ECB has announced it will be hiking rates in July and September to counter record inflation. Daniel Roland | Afp | Getty Images Euro zone inflation reached a new record high in June just ahead of the European Central......

Forget rate hikes, these analysts are predicting interest rate cuts next year

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CNBC – For more and to sign up click here Some central bank watchers believe the Fed and the ECB will have to stop their tightening cycles because of an upcoming recession. Olivier Douliery | AFP | Getty Images Central banks around the world might have embarked upon a path......

EU agrees on landmark regulation to clean up crypto ‘Wild West’

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CNBC – For more and to sign up click here Bitcoin is a volatile asset, and has been known to swing more than 10% higher or lower in a single day. Jakub Porzycki | Nurphoto | Getty Images EU officials on Thursday secured an agreement on what is likely to......

European Central Bank member Holzmann says there’s ample room to hike to cool surging inflation

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CNBC – For more and to sign up click here The ECB is heading to a critical meeting in July with a rate rise expected and investors awaiting details of its new fragmentation tool. Daniel Roland | Afp | Getty Images A member of the European Central Bank told CNBC......

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