Silvia Amaro
Silvia Amaro
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EU cuts economic forecasts for the region, now projecting a 8.3% slump this year

EU cuts economic forecasts for the region, now projecting a 8.3% slump this year

Keep Me Logged InKey PointsThe European Commission, the EU's executive arm, slashed its 2020 and 2021 projections on Tuesday as the takes its toll on the 27 member states.The Brussels-based institution expects the 27-member region to contract by 8.3% this year, followed by a rebound of 5.8% in 2021. In May, the Commission estimated a 7.4% contraction for total GDP across the region this year, with a rebound of 6.1% in 2021."The economic impact of the lockdown is more severe than we initially expected. We continue to navigate in stormy waters and face many risks, including another major wave...

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Silvia Amaro
6d ago
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Americans will remain barred from European travel as the EU gradually reopens its borders

Americans will remain barred from European travel as the EU gradually reopens its borders

Keep Me Logged InKey PointsEU bars American travelers in attempt to mitigate Covid-19 spreadTravelers from a list of 15 nations will be allowed entry to the European Union starting Wednesday, but the United States is not on the list.Thirty countries in Europe (26 of which are members of the EU) closed their external borders in March to mitigate the spread of Covid-19. As most of them reopen their economies, they are also starting to welcome external visitors — though at a much slower rate than before the pandemic.European Union governments decided Tuesday to open their external borders to...

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Silvia Amaro
Jun 30
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The U.S. is considering $3.1 billion in new tariffs on products from France, Germany, Spain and the UK

The U.S. is considering $3.1 billion in new tariffs on products from France, Germany, Spain and the UK

Keep Me Logged InKey PointsThe United States is studying the possibility of slapping $3.1 billion in additional tariffs on goods from the United Kingdom, France, Germany and Spain — in another step that's likely to exacerbate tensions between both sides of the Atlantic.In a document issued Tuesday evening, the Office of the United States Trade Representative said it is considering an "additional list" of products from France, Germany, Spain and the U.K. to be placed with duties of up to 100%, according to Bloomberg.The goods include olives, coffee, chocolate, beer, gin, some trucks and...

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Silvia Amaro
Jun 24
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Spain is deploying a basic income to citizens to ease the coronavirus impact

Spain is deploying a basic income to citizens to ease the coronavirus impact

Keep Me Logged InKey PointsSome Spaniards are about to receive additional financial help as the government pushes through the first nationwide basic income, but there are doubts the initiative will reduce high levels of unemployment and inequality.The Socialist-led coalition government will be spending about 3 billion euros ($3.29 billion) every year to support poorer citizens. The basic income is meant to reach 850,000 households and 2.5 million citizens. Spain has a population of about 46 million people. The plan to install a basic income was a pre-electoral promise, but it was...

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Silvia Amaro
May 27
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IMF says the world will 'very likely' experience worst recession since the 1930s

IMF says the world will 'very likely' experience worst recession since the 1930s

Keep Me Logged InKey PointsThe global economy will this year likely suffer the worst financial crisis since the Great Depression, the said Tuesday, as governments worldwide grapple with the .The Washington-based organization now expects the global economy to contract by 3% in 2020. By contrast, in January it a global GDP (gross domestic product) expansion of 3.3% for this year."It is very likely that this year the global economy will experience its worst recession since the Great Depression, surpassing that seen during the global financial crisis a decade ago," Gita Gopinath, the IMF's...

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Silvia Amaro
Apr 14
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Apple fined a record $1.2 billion by French antitrust authorities

Apple fined a record $1.2 billion by French antitrust authorities

Keep Me Logged InKey PointsFrench antitrust authorities ordered  on Monday to pay a 1.1 billion euro ($1.23 billion) fine for anti-competitive behavior.The French competition authority said the iPhone-maker was guilty of creating cartels within its distribution network and abusing the economic dependence of its outside resellers. Two of Apple's wholesalers were also fined for agreeing on prices: Tech Data and Ingram Micro received fines of 76.1 million euros and 62.9 million euros respectively. Both companies were not immediately available for comment when contacted by CNBC.The French...

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Silvia Amaro
Mar 16
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Barclays reveals its CEO is being probed over links to Jeffrey Epstein

Barclays reveals its CEO is being probed over links to Jeffrey Epstein

Keep Me Logged InKey Points Chief Executive Jes Staley is being investigated over his links to Jeffrey Epstein, the American financier and convicted sex offender who committed suicide in jail last year.Media reports over the last six months had indicated historical ties between Staley and Epstein. According to Barclays on Thursday, Staley developed a "professional relationship" with Epstein earlier in his career, but they had no contact since Staley joined the British bank in 2015.In a statement issued Thursday, Barclays said the relationship between Staley and Epstein is the subject of an...

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Silvia Amaro
Feb 13
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EU blocks Alstom-Siemens rail merger due to 'serious competition concerns'

EU blocks Alstom-Siemens rail merger due to 'serious competition concerns'

Keep Me Logged In|The European Union blocked the rail deal between and on Wednesday, citing competition concerns.The between the French and the German companies planned to create a European rail champion with revenues of about 15 billion euros ($17 billion). However, both firms have a large presence in Europe and there were concerns that the deal could challenge EU competition rules.EU Commissioner Margrethe Vestager, in charge of competition policy, said in a statement: "Without sufficient remedies, this merger would have resulted in higher prices for the signaling systems that keep...

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Silvia Amaro
Feb 8
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