Algeria wants to “renegotiate” EU trade deal

Algeria wants to “renegotiate” EU trade deal

Algeria’s president has requested the country’s trade minister reassess a deal with the EU, ahead of a free trade agreement due to come into effect on 1 September. President Abdelmadjid Tebboune asked Kamel Rezig to “carry out an assessment… of the dossier of the association agreement with the EU, which must be the subject of special attention, asserting our interests for balanced relations,” according to an official statement released late Sunday (9 August) Algeria and the EU created a free trade zone on 1 September 2005, as part of an…

Read More

Chief economist said that the ECB is committed to stimulating the forecast “extremely uncertain”

Chief economist said that the ECB is committed to stimulating the forecast “extremely uncertain”

The European Central Bank is committed to supporting the eurozone’s economy amid the coronavirus pandemic, using its massive bond purchases as its main tool, chief economist Philip Lane said on Tuesday (4 August). Lane’s comments were likely to fuel market expectations the ECB would increase its €1.35 trillion Pandemic Emergency Purchase Programme (PEPP) as soon as September when the central bank updates its economic forecasts. He downplayed a recent rebound in economic data, warning a full recovery would take a long time and require stimulus from the ECB as well…

Read More

Dutch airline KLM has announced a “crisis of unprecedented proportions” caused by the coronavirus pandemic.

Dutch airline KLM has announced a “crisis of unprecedented proportions” caused by the coronavirus pandemic.

Dutch airline KLM said Friday (31 July) it would shed up to 5,000 jobs due to a “crisis of unprecedented magnitude” caused by the coronavirus pandemic. The carrier, part of the Air France KLM group, said the cuts through the end of 2021 were necessary as it had made huge losses despite a €3.4 billion Dutch government bailout. The cuts would involve around 1,500 compulsory layoffs from KLM’s current workforce of 33,000, the airline said. There would also be 2,000 voluntary redundancies announced earlier this year, while further cuts would…

Read More

WTO is going to miss the appointment of the acting head of government after the US push has caused a deadlock

WTO is going to miss the appointment of the acting head of government after the US push has caused a deadlock

World Trade Organization members are likely to refrain from appointing an interim director-general to succeed Roberto Azevedo when he steps down at the end of August, two sources following the process said on Wednesday (29 July), after Washington’s insistence on a US candidate caused a deadlock. Under the new proposal, instead of appointing one of four deputies to serve as interim chief until Azevedo’s replacement is chosen later this year, those officials, from the United States, China, Germany and Nigeria, would keep their current responsibilities. “The US is insisting on…

Read More

A new study finds trial “glimmers of hope” in the German business climate, but refers to these changes should carefully

A new study finds trial “glimmers of hope” in the German business climate, but refers to these changes should carefully

The German business climate is improving, according to a new survey. However, this phenomenon should be treated with caution, because many companies still lack future prospects, the Association of German Chambers of Industry and Commerce (DIHK) warns. The German economy is becoming more confident again, at least according to the business climate index for July, which the Institute for Economic Research (IFO) presented on Monday (27 July). Since June, the index has risen from 86.3 to 90.5 points, suggesting that companies are not only taking a more positive view of…

Read More

French authorities announced a ban on the extension of Huawei 5G license to operators that were going to buy it

French authorities announced a ban on the extension of Huawei 5G license to operators that were going to buy it

French authorities have told telecoms operators planning to buy Huawei 5G equipment that they won’t be able to renew licences for the gear once they expire, effectively phasing the Chinese firm out of mobile networks, three sources close to the matter said. Like other countries in Europe, France is laying the ground for its next-generation 5G mobile market in the middle of a growing geopolitical storm between two global superpowers. The United States say the company’s equipment could be used by the Chinese government for espionage – a charge denied…

Read More

Investors are calling for green opportunities, as the EU seeks to open the door

Investors are calling for green opportunities, as the EU seeks to open the door

In order to make the post-pandemic recovery as sustainable as possible, long-term green investments will be in hot demand. Participants at a virtual conference called “Investing post-COVID: is a green recovery assured?” called for more opportunities and a viable framework. An increase in low probability, high impact events like forest fires, is showing that global warming is a big risk for the insurance industry. At a virtual event on 14 July, MEP Nicolae Ștefănuță (Renew) said that the acceleration of climate change means that it is important to stick “to the…

Read More

An agreement on a financial transactions tax, which is worth fighting for

An agreement on a financial transactions tax, which is worth fighting for

The German EU presidency programme mentions the financial transactions tax as one of the measures to fund the EU’s response to the coronavirus pandemic. Now is the time to make good on this promise, writes a group of MEPs. This op-ed is co-signed by MEPs from across the political spectrum. The full list of signatories is available at the bottom. On the surface, having the financial sector make a far greater contribution at this time is welcome. The problem is the amount of money actually on offer. Recent enquiries to…

Read More

Air France promises to stop domestic flights: Weak contribution to climate action

Air France promises to stop domestic flights: Weak contribution to climate action

Air France’s pledge to end some of its domestic flights in return for billions of euros in government aid is a weak contribution to climate action, as weak railway infrastructure stands in the way of a plane-to-train shift. Announced as a quid pro quo for the €7 billion granted by the French state, Air France’s commitment involves “reducing flights on routes for which there is a rail alternative in less than two and a half hours”, France’s now former Ecological Transition Minister Elisabeth Borne told France Inter on 24 April….

Read More

VW is going to abandon the production of gasoline and diesel cars at a key plant, in favor of electric vehicles

VW is going to abandon the production of gasoline and diesel cars at a key plant, in favor of electric vehicles

Volkswagen is set to remove production lines for all internal combustion engine vehicles from one of its key factories this year, replacing them with electric vehicle production capacity. The carmaker this week unveiled plans to convert its production plant in Emden, Germany, to an e-mobility-only location, at a cost of €1bn. Work on a new 50,000-square-metre assembly hall has already begun, with the first fully electric vehicles due to roll off the production line in the first half of 2022. A 23,000-square-metre expansion to the body shop is in the…

Read More