Author: Euronews

Trade in the Red Sea has significantly reduced ever since the start of the Houthi conflict and could still be several months away from returning to normal levels. ADVERTISEMENTGlobal maritime trade has been facing a major setback from the increasing attacks on the Red Sea, halving the number of containers shipped in the area in December and leaving a serious impact on global trade in recent months. The Red Sea conflict, mainly driven by the Iran-backed Yemeni Houthi rebels protesting at Israel’s actions in Gaza, is continuing to heat up, with several more attacks on commercial ships from various countries.A number…

A cross-party coalition of 120 Members of the European Parliament demand Hungary be stripped of its voting rights over the country’s democratic backsliding and Viktor Orbán’s “unacceptable” use of veto power. ADVERTISEMENT”We believe that this action is necessary to protect the values of the European Union,” the lawmakers say in a letter sent on Friday to the Parliament’s president, Roberta Metsola.The text cites two main reasons to defend the unprecedented step: Hungary’s continued democratic backsliding, a recurring cause of concern in Brussels, and Orbán’s controversial role in the EU summit of December.The Hungarian premier infuriated his fellow leaders when he made…

European markets were brighter on Friday following fairly optimistic comments from ECB President Christine Lagarde on Thursday about potential interest rate cuts. ADVERTISEMENTEuropean shares ended the week on a lively note on Friday morning, following investors banking on renewed hopes that the European Central Bank (ECB) may cut interest rates sooner than anticipated.This came after comments made on Thursday to France 2 TV, in which Christine Lagarde said: “I think that rates, barring any further shocks or unexpected data, will not continue to go up. And if we win our fight against inflation, and if we are certain that inflation…

This week, EU Council President Charles Michel announced that he would resign to run for a seat in the European Parliament. ADVERTISEMENTWhen Ukrainians listen to European leaders talk about their support for the war effort, they have all the reason to be irritated by the lack of action – if “irritated” is the right word when you’re in a bloody war of attrition with Russia.A €50 billion EU aid package to help Ukraine pay its bills over the next few years is being held up by Hungary while a goal to provide the country with one million ammunition rounds by…

The UK household appliances maker has been in a decade-long fight with Brussels over what it describes as unfair energy label testing. ADVERTISEMENTDyson has lost its battle to win £151.5 million (€176 million) in compensation from the European Commission for damages it claimed it faced due to energy label testing which it claimed was unfair to its bagless vacuum cleaners.The British household appliances maker opposed the rules set by the EU in 2014, claiming the labels on vacuum cleaners were unsuitable for its technology. According to Dyson, these labels misled customers about the efficiency of certain vacuum cleaners and gave an…

The European Union “persistently failed” to act on its human rights commitments in 2023, Human Rights Watch said Thursday. ADVERTISEMENTThe watchdog’s latest annual report lists “repressive” migration policies, discrimination against marginalised communities and democratic backsliding by certain member states as some of the EU’s human rights shortcomings in 2023.The bloc is also denounced for its “double standards” on foreign policy, as it endorses accountability for war crimes in Ukraine whilst shying away from similar efforts in Gaza. Such contradictions mar the EU’s “standing as a principled global actor,” the report says.The highly-valued publication provides a barometer of respect for human…

US year-on-year inflation numbers for December 2023 came in higher-than-expected following energy prices falling at a lower rate ADVERTISEMENTUS year-on-year inflation numbers for December 2023 came in at 3.4%, a rise on November’s five-month low of 3.1% and above analyst estimates of 3.2%. The rise in inflation was largely due to energy prices in December 2023 falling at a lower rate than the previous month. Energy costs in December were down 2% versus -5.4% in the previous month, whereas fuel oil inched lower 14.7%, instead of -24.8% in November.Prices also inched up at a slower rate for items such as shelter,…

After derailing December’s summit, Hungary has made fresh demands to Brussels in exchange for a lift on its veto on the European Union’s proposed €50-billion fund for Ukraine. ADVERTISEMENTThe envelope, known as the Ukraine Facility, is meant to provide Kyiv with financial assistance between 2024 and 2027 to plug its ballooning public deficit, sustain essential services and pay for reconstruction efforts.Under the original plan, the Facility was supposed to be already up and running, as Brussels has run out of financial aid for the war-torn nation.But during a dramatic meeting of the European Council last month, Viktor Orbán waged his…

The World Economic Forum’s Global Risks report 2024 believes false information, rising conflicts and economic uncertainty are among the most widespread risks facing this year ADVERTISEMENTThe World Economic Forum (WEF)’s Global Risks 2024 report, published on 10 January, sheds some much-needed light on some of the key risks and issues the global economy is likely to face this year and in the coming years.According to the 2024 Global Risks Perception Survey: “The majority of respondents (54%) anticipate some instability and a moderate risk of global catastrophes, while another 30% expect even more turbulent conditions. The outlook is markedly more gloomy…

Were the names of celebrities such as Jimmy Kimmel, Tom Hanks, and Stephen Hawking featured on the list of individuals linked to Jeffrey Epstein? The unsealing of court records relating to the late sex offender has prompted a wave of conspiracy theories and disinformation. ADVERTISEMENTA US federal judge has begun unsealing court records featuring the names of dozens of people connected to the late sex offender Jeffrey Epstein since last Wednesday. But these documents ended up containing no major new revelations about Epstein and his associates.The fact that names are mentioned doesn’t mean there’s a link to the criminal activities of…