The Swiss National Bank is currently planning to raise interest rates by 50 or 75 basis points in its next scheduled monetary policy announcement in September, a Swiss newspaper reported on Saturday, citing one or more people involved in the matter. The central bank last month raised its policy rate for the first time in 15 years and Chairman Thomas Jordan said soon afterwards that ongoing inflationary pressure meant further tightening would likely be needed. Data published last week showed Swiss inflation hit a 29-year high of 3.4% in June,…
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European parliament backs ‘historic’ reboot to EU’s digital rulebook
The European Parliament has given a final stamp of approval to two major pieces of regulation which will update the EU’s rules for digital businesses. The Digital Markets Act (DMA) will introduce new ‘ex ante’ competition rules for gatekeeping tech giants to ensure markets are fair and open; while the Digital Services Act (DSA), which applies more broadly — to services and platforms both large and small — will set governance rules around the handling of illegal content and products, as well as dialling up broader accountability on larger platforms…
Read MoreTraveling in Europe during the summer? Consider this
As travelers set off on vacations to avenge being grounded for so long due to the pandemic, they are getting a reality check. Logjams at airports are ensuring a rather rocky start to their long-awaited trips European airports are once again inundated with travelers. This is even before summer holidays have begun in many countries.With most of the pandemic-related restrictions lifted, people are setting off for their dream destinations, eager to make up for lost travel opportunities over the past two years — a phenomenon that is being described as…
Read MoreShinzo Abe, former prime minister of Japan, killed in shooting attack
Japan’s former Prime Minister Shinzo Abe was shot as he gave a campaign speech Friday in western Japan and airlifted to a hospital, but the country’s national public broadcaster NHK said later that he had succumbed to his injuries. Multiple Japanese and international news outlets cited officials from Abe’s political party and the regional hospital where he was treated as confirming his death. Local fire department official Makoto Morimoto said Abe was in cardiopulmonary arrest, or CPA, meaning he was not breathing and his heart had stopped, even as he…
Read MoreUkraine war: G7 leaders show united front against Russia
Western leaders appeared relaxed as they started their three-day G7 summit in Germany, with Boris Johnson joking about the group being “tougher” than Vladimir Putin, while also showing a united front in their response to his Ukraine invasion. They were meeting to discuss how to secure energy supplies and tackle inflation, and trying to ensure the global coalition working to punish Moscow is not splintered. Amid speculation about the appetite of some leaders to continue to support Ukraine during a prolonged conflict, Mr Johnson said President Putin must not be…
Read MoreFrench President Emmanuel Macron Wins Re-Election, Surviving a Far-Right Challenge From Marine Le Pen
Macron re-elected French president with 58.2% of the vote One could almost hear the sighs of relief, from Paris to Brussels, and all the way to Washington, as French leader Emmanuel Macron clinched another five-year term in the Elysée Palace. Though polls narrowed during some points leading up to Sunday’s runoff, Macron beat out far-right nationalist Marine Le Pen in the presidential elections—a contest that risked shattering the Western alliance against Russia, and jeopardizing the very survival of the European Union. Macron’s victory over Le Pen—with 58.2% of the vote…
Read MoreLiberal Newcomer Defeats 3-Time Prime Minister In Slovenia Polls
Populist prime minister Janez Jansa, a supporter of Donald Trump who was accused of taking Slovenia on a similar right-wing path to Hungary, was ousted after a surprise election result in April. A new liberal party, the Freedom Movement, shocked observers by winning a 34.5% vote share, compared with 23.6% for Janša’s Slovenian Democratic Party. Party founder and leader Robert Golob became Slovenia’s new prime minister. Throughout the election campaign, Golob framed the vote — which saw the highest voter turnout since 2000 — as “a referendum on democracy”, accusing…
Read MoreU.S. to boost troops presence in Europe if Russia attacks Ukraine
The United States will impose “severe economic harm” on Russia and boost its military presence in Eastern Europe should Moscow invade Ukraine, the White House warned on Monday, laying out the high stakes on the eve of talks between Presidents Joe Biden and Vladimir Putin. The U.S. President will also quickly inform his Ukrainian counterpart Volodymyr Zelensky of the details of his discussion with Mr. Putin, taking place by videoconference on Tuesday, as tens of thousands of Russian troops were positioned near the Ukraine border, a senior U.S. official told…
Read MorePope condemns Europe’s mistreatment of migrants and efforts to ‘cancel Christmas’
Speaking on the Greek island of Lesbos, Pope Francis called the neglect of migrants the “shipwreck of civilisation”. The Pope first visited Lesbos in 2016, when it was a major entry point for people trying to reach Europe. Since then, new flashpoints have emerged and the Pope expressed regret that little had changed. Last month 27 people died when their inflatable dinghy sank in the Channel between France and the UK. The number of people attempting the crossing has been growing, with more than 26,000 people arriving in the UK…
Read MoreIMF’s Kristalina Georgieva: Omicron variant likely to usher growth downgrades
Global economic growth projections from the International Monetary Fund will likely be downgraded due to the emergence of the Omicron variant of the coronavirus, IMF Managing Director Kristalina Georgieva said on Friday. “A new variant that may spread very rapidly can dent confidence, and in that sense, we are likely to see some downgrades of our October projections for global growth,” Georgieva said during the Reuters Next conference. The IMF said in October it expected the global economy to grow 5.9% this year and 4.9% next year, pointing then to…
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