european - Central Banks Near Rate Peak, but Economic Toll Yet to Be Counted



Europe is one of the seven continents situated on the Earth. It is the second smallest continent after Australia and has a population of roughly 750 million people. Europe’s unique history, culture, geography and architecture make it a prominent site for tourism, education and economic activity. It is home to 44 countries, many of which are amongst the oldest in the world.

Geography

Europe is situated in the Northern Hemisphere, west of Asia, east of the Atlantic Ocean and north of the Mediterranean Sea. Its topography is diverse with mountain ranges, plains, rivers, lakes, and coastlines. It is the only continent that borders the Arctic and the Antarctic Circles. The Ural Mountains, which separate Europe and Asia, are considered the traditional border between the two continents. Europe is bounded by the Atlantic Ocean on the west, the Arctic Ocean on the north and the Mediterranean Sea on the south.

Culture

Europe is known for its rich cultural diversity and heritage. Every year, millions of tourists flock to Europe to experience its architecture, history, art, music, cuisine, fashion, literature, and sport. Its cultural landmarks are some of the most recognizable in the world such as the Eiffel Tower, the Colosseum, the Big Ben, and the Sagrada Familia. Europe’s culture has been influenced by the Greeks, the Romans, the Vikings, the Normans, the Celts, the Moors, the Byzantines, and many more.

History

Europe has a storied and illustrious history. The ancient Greeks and Romans introduced democracy, theatre, philosophy, engineering, and art to the world. The Middle Ages saw the rise of Christianity, feudalism, and the first universities. The Renaissance was a period of artistic and intellectual achievement, which led to some of the most well-known works of art and literature in human history. The Industrial Revolution transformed Europe into the economic powerhouse of the world, leading to sweeping changes in its political, social and economic systems. The two world wars had a profound impact on Europe, with millions of people losing their lives, and the continent would eventually emerge unified and peaceful.

Economy

Europe has the largest economy in the world, measured by GDP. It has a high standard of living and is known for its social welfare states. The European Union (EU) is a political and economic union of 27 countries in Europe, established in 1993. It is the largest single market in the world and serves as a role model for regional integration. The EU works to promote common policies and regulations, such as the single currency (Euro), immigration, foreign policy, and energy. Some of the most significant industries in Europe include the automobile, aerospace, technology, fashion, and tourism.

Politics

Europe is home to a range of political systems, including democracies, monarchies, and republics. The European Union is based on a complex system of institutions, with each member country having its own government and legal system. The EU institutions are responsible for areas such as trade, energy, environment, justice, and security. European politics are shaped by a range of issues, such as Brexit, immigration, climate change, and the rise of ultranationalism.

Conclusion

Europe is a diverse continent with a rich history, culture, and political landscape. It has influenced the world in countless ways, from its language to its cuisine. Europe’s timeless cities, picturesque landscapes, and many historical sites continue to attract tourists from all over the world. As the world continues to evolve rapidly, Europe remains at the forefront of innovation, leadership, and diplomacy.


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VW receives Kremlin approval to sell Russian assets

Financial Times

23-05-16 12:19


The Russian authorities have approved the cut-price sale of Volkswagen's local assets to Avilon, one of the country's largest car dealers; the transaction will not exceed €125m. Last year, Russia introduced stringent criteria for western companies leaving the country, including selling at a discount of at least 50% and making a "voluntary donation" to Russia's war chest. These requirements are necessary but not sufficient and each deal is decided on a case-by-case basis by the state foreign investment commission; VW was also hampered by lawsuits filed by its former partner Gaz Group, which temporarily froze much of VW's assets.

https://www.ft.com/content/1e9df0be-0785-4869-95fd-c89bd93e25d2
Council of Europe leaders seek to hold Russia accountable

Deutsche Welle

23-05-16 11:59


European leaders at an unprecedented summit of the Council of Europe (CoE) in Reykjavik this week are reportedly focusing on ways to hold Russia accountable for the war in Ukraine. Heads of state and government will also discuss initiatives to address emerging threats to democracy, including climate change and artificial intelligence. Council members are set to approve a new Register of Damage, a mechanism to document the damage to Ukraine caused by Russian forces so Moscow can be held accountable for compensation. The meeting is the Council’s first of this kind in almost 20 years and only the fourth in its seven-decade history.

https://www.dw.com/en/council-of-europe-leaders-seek-to-hold-russia-accountable/a-65637335
Italy and EU allies "have the numbers" to block Euro 7 emission rules, Salvini says

Reuters

23-05-16 11:58


Italy's transport minister, Matteo Salvini, has stated that Italy and its allies in the European Union have the power to block the Euro 7 regulation, which tightens vehicle emission limits for pollutants such as nitrogen oxides and carbon monoxide from 2025. Salvini mentioned France, the Czech Republic, Romania, Portugal, Slovakia, Bulgaria, Poland, and Hungary as countries with the numbers to block the regulation.

https://www.reuters.com/business/autos-transportation/italy-eu-allies-have-numbers-block-euro-7-emission-rules-salvini-says-2023-05-16/
What do Turkey’s election results mean and who will win the runoff?

The Independent

23-05-16 11:41


Turkey's President Recep Tayyip Erdogan is to compete against main opposition leader Kemal Kilicdaroglu in a second-round presidential election due on 28 May, following preliminary results from Sunday's election which failed to produce an outright winner. Erdogan received 49.5% of the vote with Kilicdaroglu on 45%; a third candidate received 5.2%. The election is being watched internationally given the country's strategic location and Erdogan's growing links with Russia and adoption of a less secular, more authoritarian stance. The successful candidate is expected to direct Turkey either towards the West or Russia.

https://www.independent.co.uk/news/world/europe/turkey-election-results-erdogan-kilicdaroglu-runoff-b2339722.html
Pro-nuclear countries pitch atomic role in Europe's green transition

Reuters

23-05-16 11:34


A group of 16 pro-nuclear countries, including France, Poland, and the Czech Republic, has called on the EU to provide more support for nuclear energy in its policies to meet climate commitments. The EU is divided over nuclear energy, with this year's debate deepening on whether low carbon nuclear power should count towards renewable energy goals. The disagreements intensified after Germany, Europe's largest energy consumer, shut down its last nuclear reactors last month. Proponents of nuclear energy, which generates baseload CO2-free electricity, argue that it is a way for countries to phase out fossil fuels.

https://www.reuters.com/business/energy/pro-nuclear-countries-pitch-atomic-role-europes-green-transition-2023-05-16/
Allied Burden Sharing in Ukraine

CSIS

23-05-17 14:00


A conversation on Allied Burden Sharing in Ukraine, between the CSIS Project on Prosperity and Development and the CSIS Europe, Russia, and Eurasia Program, has discussed the role of European partners in supporting Ukraine. While the US is the world's largest financier of foreign aid and military assistance for Ukraine, the country's European partners are contributing similar amounts on a per capita basis, with the US ranking tenth overall. European burden-sharing has also been substantial on energy and trade, with the continent suffering from vulnerability to global market dynamics and reductions in energy consumption, and potential trade disruption in areas such as food. To ensure Ukraine emerges victorious, the US and Europe will need to collectively carry these burdens.

https://www.csis.org/events/allied-burden-sharing-ukraine
Call to manage hopes as China’s special envoy Li Hui visits Ukraine

South China Morning Post

23-05-16 16:00


Chinese special envoy Li Hui has arrived in Ukraine for a two-day visit, as he seeks to help broker a political settlement to the crisis sparked by Russia’s invasion of Ukraine, which the EU has welcomed. Observers have cautioned against setting expectations too high. The Ukrainian capital is the first stop on a five-nation European trip that will also take him to Poland, France, Germany and Russia. The EU has urged China to persuade Russian president Vladimir Putin to end the war. In April, Chinese President Xi Jinping promised Ukraine’s Volodymyr Zelensky a special envoy to Kyiv, when they spoke for the first-time since the invasion.

https://www.scmp.com/news/china/diplomacy/article/3220781/chinas-special-envoy-li-hui-arrives-ukraine-peace-mission-observers-call-cautious-optimism
Euronext to launch 'dark' share trading by fourth quarter

Reuters

23-05-16 15:53


Euronext has revealed plans to introduce a new dark trading platform, as exchanges seek to challenge banks in off-exchange trading. The exchange's initiative will provide investors with an opportunity to trade large orders without rival counterparties distorting prices.

https://www.reuters.com/technology/euronext-launch-dark-share-trading-by-fourth-quarter-2023-05-16/
Can Pep get the better of Carlo? – 5 talking points ahead of City’s semi-final

The Independent

23-05-16 15:24


Manchester City and Real Madrid will meet again on Wednesday in their Champions League semi-final second leg in a match seen to be in the balance. The first leg last week was a 1-1 draw at the Bernabeu, with both teams needing to be aware of each other's offensive weapons. While Kevin De Bruyne and Bernardo Silva boosted options for City, Real can boast a formidable attack themselves with Karim Benzema being one of the key players.

https://www.independent.co.uk/sport/football/pep-guardiola-real-madrid-manchester-city-carlo-ancelotti-city-b2339953.html
Russia’s economic war with the west moves to a new frontline

Financial Times

23-05-16 15:19


Russia has entered a “dangerous new stage” of its economic conflict with the West following its legal framework for the temporary nationalisation of foreign assets in Russia, according to Mark Galeotti, a non-resident scholar at Carnegie Russia Eurasia Center. Galeotti suggests that the Kremlin is likely to offer a personalised approach to each affected foreign stakeholder, benefitting certain interest groups within Russia while stoking divisions in the West. Projects worth billions of dollars and requiring years of work to complete are consequently at risk, with a range of western companies likely to lose their investments in Russia as a result.

https://www.ft.com/content/4634014a-815f-432f-87ae-41576ebdd055
Allied Burden Sharing in Ukraine

CSIS

23-05-17 14:00


A conversation on Allied Burden Sharing in Ukraine, between the CSIS Project on Prosperity and Development and the CSIS Europe, Russia, and Eurasia Program, has discussed the role of European partners in supporting Ukraine. While the US is the world's largest financier of foreign aid and military assistance for Ukraine, the country's European partners are contributing similar amounts on a per capita basis, with the US ranking tenth overall. European burden-sharing has also been substantial on energy and trade, with the continent suffering from vulnerability to global market dynamics and reductions in energy consumption, and potential trade disruption in areas such as food. To ensure Ukraine emerges victorious, the US and Europe will need to collectively carry these burdens.

https://www.csis.org/events/allied-burden-sharing-ukraine
PM insists European Court of Human Rights is ‘fair’ to UK migrant plans

Telegraph

23-05-16 19:57


UK Prime Minister Rishi Sunak has called for reform of the European Court of Human Rights (ECHR) to prevent future illegal migrant deportations being blocked “arbitrarily” in last-minute injunctions. Sunak met Siofra O’Leary, the court’s president, in Reykjavik to appeal for alterations to the court’s rules to prevent a repeat of the “opaque” rule 39 procedures, which in June 2020 saw a judge block the first deportation flight to Rwanda by the UK government at the eleventh hour. Sunak said that the UK had a record of “leading and being at the heart of these conversations” on ECHR change.

https://www.telegraph.co.uk/politics/2023/05/16/european-court-of-human-rights-rishi-sunak-migration/
MATCHDAY: Man City hosts Real Madrid in Champions League semifinals

Associated Press

23-05-16 19:55


Manchester City will host Real Madrid in the second leg of the Champions League semifinals, with the tie currently tied at 1-1 after the first leg in Madrid. City manager Pep Guardiola is looking to win the Champions League for the first time, while Madrid are hoping to win it for the 15th time, extending their record. In the English Championship playoffs, Middlesbrough will host Coventry at Riverside Stadium in the second leg of their semifinal tie, with the first leg ending in a 0-0 draw.

https://apnews.com/article/champions-league-man-city-real-madrid-eeac0b47f7463e385d033b6b82769b21
Germany: Reading skills below European average, and dropping

Deutsche Welle

23-05-16 19:31


German schoolchildren's reading skills have reportedly fallen over the past 20 years, with one in four kids failing to reach required standards, according to the 2021 PIRLS international results in reading study. German education minister Bettina Stark-Watzinger said that one-quarter of fourth-grade children considered to be weak readers was an "alarming" statistic that should act as a "wake-up call." Schoene from the opposition CDU said that specific measures needed to be taken, while Nina Stahr from the Greens said the study was "yet another warning signal for educational politics at all levels."

https://www.dw.com/en/germany-reading-skills-below-european-average-and-dropping/a-65649180
Britain’s immigration is out of control, and could spell the end of the Tories

Telegraph

23-05-16 19:16


An op-ed has criticized the Eurovision Song Contest for its lack of racial diversity. Suzanne Moore, writing for the Spectator, called out the lack of representation among acts at the contest, with just a few of the 26 performers featuring a visible ethnic minority. Despite this, Moore questioned why left-wing activists did not voice criticism of Eurovision, compared to how they respond to events in the UK. She speculated that such activists remain silent due to not wanting to acknowledge that the UK is not as racist as it is often accused of being. Moore went on to accuse the Conservative government of “selling out to hyper-liberal globalists”, and for failing to take steps toward cutting immigration rates. Moore also criticized universities that she claims “discriminate against our own young people”.

https://www.telegraph.co.uk/columnists/2023/05/16/britains-immigration-out-of-control-end-of-tories/
Allied Burden Sharing in Ukraine

CSIS

23-05-17 14:00


A conversation on Allied Burden Sharing in Ukraine, between the CSIS Project on Prosperity and Development and the CSIS Europe, Russia, and Eurasia Program, has discussed the role of European partners in supporting Ukraine. While the US is the world's largest financier of foreign aid and military assistance for Ukraine, the country's European partners are contributing similar amounts on a per capita basis, with the US ranking tenth overall. European burden-sharing has also been substantial on energy and trade, with the continent suffering from vulnerability to global market dynamics and reductions in energy consumption, and potential trade disruption in areas such as food. To ensure Ukraine emerges victorious, the US and Europe will need to collectively carry these burdens.

https://www.csis.org/events/allied-burden-sharing-ukraine
UK self-storage industry set to pass £1bn in revenue

Financial Times

23-05-17 00:19


The UK's self-storage sector is set to top £1bn ($1.3bn) in 2018, a year-on-year rise of 6.5%, according to analysis by Cushman & Wakefield, despite higher inflation and declining household spending power. The data found each square foot of storage space costs on average £27.19 per year, driven by demand among a population experiencing high-density living. Despite concern higher mortgage and borrowing costs might leave the sector with surplus capacity, the lower performance of office space has led private equity investors, such as Nuveen, Legal & General, and Heitman, to add self-storage to their offerings.

https://www.ft.com/content/b0c50eaa-136b-40d4-8fd1-62fbb715318e
ChatGPT chief says artificial intelligence should be regulated by a U.S. or global agency

The Toronto Star

23-05-17 00:00


Sam Altman, CEO of OpenAI, the company behind the human-like chatbot ChatGPT, told a US Senate hearing that the creation of a U.S. or global agency that could provide licences for the most powerful AI systems would be vital to mitigating the risks of advancing AI. The agency would also be tasked with ensuring compliance with safety standards, and be able to withdraw licences. Altman's comments expanded on earlier concerns over cyber-cheating mechanisms, to reflect a wider range of concerns ranging from misinformation to breaching copyright protections and job dislocation. Altman's proposals echo initiatives under way in Europe.

https://www.thestar.com/business/2023/05/16/chatgpts-chief-to-testify-before-congress-as-concerns-grow-about-artificial-intelligence-risks.html
ChatGPT chief says AI should be regulated by a US or global agency

South China Morning Post

23-05-16 23:44


The CEO of AI firm OpenAI, Sam Altman, has called for the creation of a licensing body for the world's most powerful AI algorithms. Speaking at a hearing of the US Senate this week, Altman said that, as AI became more advanced, people were understandably anxious about its power and how it could change human lives. He recommended that a new agency should ensure compliance with safety standards for use of AI, including its ability to generate misleading and false statements. The proposed agency could license the most powerful AI systems and withdraw that licence where any risks were identified.

https://www.scmp.com/news/world/united-states-canada/article/3220800/chatgpt-chief-sam-altman-says-ai-should-be-regulated-us-or-global-agency