News Tag: EU
March 9, 2010
Unemployed people across Europe will be given the opportunity to set up their own business with money from a new EU micro-loan fund.
Up to 45,000 budding entrepreneurs could be helped by the initiative over the next eight years.
The €100 million fund was announced this week by the European Union's Employment and Social Affairs ministers.
Ministers said the fund is designed ...
EU sets up micro-finance fund to help unemployed
by David Masters
March 8, 2010
As a result of the Greek debt crisis, the euro zone may get its own version of the International Monetary Fund (IMF), the EU said today.
The proposed institution, which could be known as the European Monetary Fund (EMF), is being considered to prevent a repeat crisis but would not be set up to organise a bailout for Greece.
Spokesperson Amadues Altafaj ...
European version of the IMF being considered
by Kay Murchie
February 18, 2010
The 10-year search and advertising deal between Microsoft and Yahoo has been approved today by both the US Department of Justice and the European Commission.
Both companies said they plan to begin the tie-up in the next few days and the deal will be finalised by early 2012.
The deal, which was agreed in July 2009, was set up to challenge ...
Microsoft-Yahoo partnership approved by EU and US regulators
by Kay Murchie
February 11, 2010
After the summit meeting in Brussels today, EU leaders have agreed to work with Greece to tackle its spiralling debts.
Last week, the Greek Government announced tough austerity measures to tackle the country’s spiralling debt.
The country’s runaway budget deficit is currently more than four times the EU limit of 3%. It currently has the highest debt of the 16-member ...
EU agrees to work with Greece over debts
by Kay Murchie
February 3, 2010
In an attempt to reduce its high levels of debt, Greek Prime Minister George Papandreou, has unveiled tough measures which include a public sector pay freeze and a hike in fuel taxes.
Further measures to reduce debt levels include a 10% cut in social security spending, as well as a massive 90% tax on the bonuses of senior bank executives.
The ...
Greece unveils measures to cut soaring debt
by Kay Murchie
January 29, 2010
Figures from Eurostat have today revealed that the number of people unemployed across the euro zone grew to 15.8 million in December.
The latest figures mean that the unemployment rate across the 16 countries that use the euro is 10% - the highest rate since 1999.
Analysts believe that the unemployment rate will continue to rise across the region in ...
Euro zone unemployment rate reaches 10%
by Kay Murchie
November 3, 2009
Official figures have revealed that Spain’s unemployment rate has reached 19.3% (one of the highest of any European region) as the economy has been hit by a severe slump within the construction industry, which has led to a significant amount of job losses.
Spain’s jobless rate is more than double the 9.2% rate for the EU as a whole.
The total number of ...
Spain’s unemployment rate spirals to 19.3%
by Kay Murchie
October 28, 2009
Crisis-torn Northern Rock is to be split into two, after receiving the necessary approval from the European Union (EU).
Northern Rock collapsed at the onset of the credit crunch in autumn 2007 after savers staged a nationwide run on the bank. It was then nationalised in February 2008.
The plan is for bank to be split into two divisions - a “good ...
EU set to approve Northern Rock split
by Kay Murchie
October 7, 2009
The Church of England has spoken out in support of hedge funds and has expressed concern that EU proposals to tighten hedge fund regulation could damage its investments.
The Church Commissioners, who manage the Church's £4.4 billion assets, said the European Union directive would limit their ability to make money for the Church.
In a letter to the House of Lords, signed jointly with ...
Church opposes hedge fund reform
by David Masters
September 24, 2009
Banks are letting customers down and violating customers' rights with opaque borrowing rules and incomprehensible fees, a European commissioner said this week.
Meglena Kuneva, consumer protection commissioner, said: "Retail bankers are letting consumers down.
"There is widespread evidence that basic consumer principles are being violated."
Kuneva made the comments at the launch of an EU report into retail banking.
Banking fees at two-thirds (66%) ...
EU: Bank fees violate consumer rights
by David Masters
September 21, 2009
Banker bonuses are an "ethical problem" on which Europe should place limits even if America does not, Jose-Manuel Barroso, president of the European Commission, claimed this week.
"It would be interesting, important, useful to have if possible the same rules [across] the world [and] to have the Americans at our side," Barroso said in an interview on French television.
"But in ...
Banker bonuses an “ethical scandal” claims EU president
by David Masters
September 2, 2009
A meeting today of European finance leaders unveiled details of plans to clamp down on excessive bank bonuses.
The issue will also be high on the agenda at the G20 finance ministers’ meeting this weekend and will be a priority in the full G20 meeting in Pittsburgh in late September.
Earlier this week, Prime Minister Gordon Brown suggested ...
EU Ministers unveil details of ending excessive bank bonuses
by Kay Murchie
August 10, 2009
The latest KPMG Business Outlook Survey has revealed a slight rise in confidence among manufacturing firms across the European Union (EU).
The survey, conducted among more than 3,700 manufacturing firms across the EU, showed the net balance for activity rose to 28 from a record low of minus 10.2 in January, with EU manufacturers overall expecting production to return to growth ...
KPMG survey reveals rise in manufacturing sentiment
by Kay Murchie
July 17, 2009
A new EU-wide payments card is set to take on the duopoly of MasterCard and Visa.
Currently at concept stage, and expected to launch in October, the card will simplify credit and debit payments within the Single Euro Payments Area (SEPA).
Payments on the card will not be charged cross-border fees.
French and German banks, including Deutsche Bank, Société Générale and BNP Paribas are ...
EU card takes on Visa-MasterCard duopoly
by David Masters
June 30, 2009
A number of low-cost airlines are flouting EU rules on automatically adding travel insurance when flights are booked.
An investigation by consumer rights group Which? found that easyJet, Jet2 and Monarch continue to automatically add travel insurance policies at the time of booking.
The cost of this extra insurance is between £7 and £10.49 per passenger.
Travellers booking a flight with these airlines have to ...
Airlines flout EU insurance rules
by David Masters
June 8, 2009
AXA Travel Insurance is to offer travel insurance to passengers of low-cost airline Ryanair following an agreement between the two companies.
Under the terms of the deal, starting September 2010, AXA will offer Ryanair's 67 million passengers single-trip, multi-trip and annual travel insurance policies on ryanair.com.
Michael Cawley of Ryanair said the partnership with AXA will provide passengers with a “competitively priced, tailor-made travel insurance ...
AXA secures Ryanair partnership
by David Masters
May 5, 2009
Figures from Spain's Labour Ministry have revealed that unemployment continued to rise in April for the 13th consecutive month, albeit the rise is slowing.
A further 39,478 people registered as unemployed in April, against the 123,543 who registered the previous month.
Spain has one of the highest unemployment rates in the euro zone after reaching 17.4% at the end of March. Meanwhile, ...
Spanish unemployment continues to rise in April
by Kay Murchie
February 4, 2009
Figures from the Central Statistics Office (CSO) have revealed that the number claiming unemployment benefit in Ireland reached the highest monthly level on record in January.
The CSO said 326,100 people made unemployment claims in January, up from 293,100 in December.
Meanwhile, the CSO said the unemployment rate increased to 9.2% in January compared with a rate of 8.3% in December.
January’s rate ...
Irish January jobless claims reach record high
by Kay Murchie
