Europe

Google, owned by Alphabet, is likely to face a fine from EU antitrust regulators in the coming year because it has not done enough to adhere to EU rules that prohibit favouring its own products and services when displaying search results. The United States will be furious at a penalty against Google. They have criticized a number of landmark EU laws for being aimed at U.S. technology companies, despite EU denials. In March, the European Commission charged Google with favoring its own products such as "Google Shopping", "Google Hotels" and "Google Flights" over those of competitors. Google is pitted against...

A?U.S. A?U.S. travel association, a leading Democrat and potential travelers from Europe, Australia and elsewhere are displeased with President?Donald Trump’s new plan that requires Europeans and others using the visa waiver to?provide their social media handles over the last five years. This change was announced by the U.S. Government this week, and will take effect on February 8. Travelers from countries participating in the Visa Waiver Program would be required to submit their social media data. Since 2019, applicants for non-immigrant and immigrant visas are required to provide this information. The Trump administration took a number of steps to improve...

Olympic ski champion Michelle Gisin is to undergo neck surgery following a 'heavy fall in downhill training at St Moritz, Switzerland on Thursday. This will be another major setback ahead of the Milano Cortina Games for the Swiss Alpine team. After immediate medical treatment on the slope, the 32-year old, who won both the combined event at the Winter Olympics in 2018 and 2022, was flown from Zurich to Zurich. Swiss Ski said Gisin had injuries to her cervical spine, left knee, and right wrist after she crashed into a safety net. She was able to move her arms and...

The blue-chip FTSE 100 index in Britain edged higher on Wednesday as a result of gains made by?banking? stocks, while investors waited for the U.S. Federal Reserve to announce its interest rate decision. The FTSE 100 index closed at 0.1% while the domestically focused FTSE 250 index fell 0.4%, to a new two-week low. Lenders HSBC & Standard Chartered rose by 3.2% & 2.2% respectively following the bullish'recommendations' of BofA Global Research. The FTSE 350 Banks index rose by 1.8%, leading all sectors. There is a general consensus that the Fed will cut interest rates next year by 25 basis...

Air India's?investigation of why one of their Airbus planes flew eight commercial flights with no airworthiness certificate found "systemic failings", and the airline admitted that it needed to improve on compliance. According to the document, an Airbus A320 carried passengers from New Delhi to Bengaluru, Mumbai, and Hyderabad between November 24 and 25 without the mandatory Airworthiness Review Certificate (ARC), a permit that is issued by the regulator annually after a plane has passed safety and compliance tests. Air India said that engineers and pilots failed to check aircraft documents. It also stated that it was necessary to improve compliance...

Investors resisted placing large bets in advance of the U.S. Federal Reserve interest rate decision. The benchmark FTSE 100 index rose by 0.1% at 1103 GMT. Meanwhile, the midcap FTSE '250 index fell by 0.1%. This reflects a general caution in European markets as they prepare for the widely anticipated 25-basis point rate cut from the Fed. London-listed lenders HSBC (London) and Standard Chartered (London) both rose by about 2% apiece after BofA Global Research upgraded the shares of each to "buy" or "neutral". After J.P. Morgan named them as its top picks for the media sector and said that...

Air India's investigation into the reasons why one of its Airbus aircraft flew eight commercial flights with no airworthiness certificate revealed "systemic failings", according to a document from the company. This put?the lives and safety of hundreds of passengers in danger. On November 24 and 25, an Airbus A320 carried passengers from New Delhi to Bengaluru, Mumbai, and Hyderabad without the mandatory Airworthiness Review Certificate (ARC), a permit issued by the regulator annually after a plane has passed safety and compliance tests. Air India discovered that engineers and pilots failed to check documents for the aircraft and that compliance protocols...

Guillaume Faury, the CEO of Airbus, conceded that Boeing was likely to win the annual order competition against Airbus?on? Wednesday, saying that it is possible Boeing could win for the very first time in 6 years, thanks to settlements in U.S. Tariff disputes. Faury, speaking to France Inter, said that Airbus is ahead of its U.S. competitor in terms of deliveries and outstanding orders. Boeing, buoyed by the strong demand for its long-haul 787 jet, posted 908 net orders on Wednesday after cancellations from January to November. Airbus, on the other hand, only had 700. Faury, a French radio host,...

Leaders in Europe's electric car industry called on the European Commission Wednesday to adhere to its 2035 target of zero emissions for new cars. They warned that retreating from this goal would hurt investment and widen Europe's gap with China. The EU executive is set to announce an automotive package for the 16th of December that could give more flexibility in CO2 targets, and ease a ban on new sales from 2035. This initiative has been pushed by German automakers and European Automobile Manufacturers' Association. In an open letter to Commission President Ursula von der Leyen signed by more than...

FirstGroup, a British transport company, announced?on Wednesday that it was named the?preferred operator of London's Overground Suburban Rail Network in a contract valued at around 3 billion pound ($3.99 billion). The initial term is eight years. First Rail London will take over the operations of Aviva Rail London in May 2026. Aviva Rail London has managed the network since 2016. The London Underground was launched in 2007. The network stretches 100 miles with 113 stations and serves more than 4 million passengers each week. FirstGroup has expanded its rail operations in London, which it currently operates for Transport for London,...

The company announced on Tuesday that it delivered only 44 new planes in November compared to 53 in the previous month. This is behind European rival Airbus, which delivered 72 aircraft. Boeing delivered 32 737 MAX single-aisle jets to Southwest Airlines in November. TAAG Angola Airlines received six 787s including two 787-10s. This was a major part of their expansion plans. U.S. aircraft manufacturer also delivered two 777 freighters, one to Turkish Airlines (and one to Moldova's Aerotranscargo) and four 767s. In November, the company received 164 "new orders" with 38 cancellations. This amounted to 126 net orders. Boeing has...

Ryanair announced on Tuesday that it would reduce?1million?seats from its winter schedule in Brussels for 2026/27 due to Belgium's decision of increasing tax on air passenger tickets by 10 euros ($11.64). The tax hike in Belgium comes at a time when Germany has reversed its own levy on aviation after airlines, including Ryanair and EasyJet reduced their capacity. "Ryanair again calls on Prime Minister (Bart De Wever) and his govt to abolish the aviation tax, or Belgian traffic and fares would soar," said the airline in a press release. The Irish low cost airline announced that it would also'remove five...

Data from the London Metal Exchange showed that, in November, the share of copper made in China among all available stocks increased. A favorable price arbitrage encouraged Chinese exports. The percentage of copper stock that is available or on a warrant The data revealed that the percentage of - of Chinese Origin in LME Warehouses had increased to 85% by the end of the last month from 82% at the beginning of October. A LME warrant is an ownership document. The absolute amount of Chinese copper stocks on the LME rose to 130,225 tonnes at the end last month from...

On Wednesday, dozens of Greek farmers disrupted the operations of the regional port in Volos as part of a national?demonstration protesting delays in farm assistance payments and high production costs. The farmers have been blocking traffic along major highways and at border crossings for days with thousands of trucks and tractors. They are facing a deficit of over 600 million euros in EU aid and other payments. Investigations into a corruption case in which some farmers, with the help of state employees, fabricated land ownership to be eligible for payments, led to delays. The audits have slowed down subsequent payments....

A nationwide protest on Monday, triggered by delays in funding, saw Greek farmers shut down an airport on Crete's island. They also blocked roads and crossed the border and threw rocks at police. Local media reported that protesters had deployed thousands of trucks, tractors and other vehicles in at least twenty blockades throughout the country. Police used tear gas to disperse a group protesting farmers at Heraklion Airport in Crete who were throwing stones and forcing their way onto runway. This halted air traffic. A second group, near the Chania Airport in Crete, smashed windows of police cars with shepherd's...

Argentina, a global food supplier, is planning to boost its grain and mineral exports through privatization, and a modernization program of its railway network. Industry leaders claim that this will reduce freight costs in regions located far from ports by half. The first tender will be for the Belgrano Cargas, which runs the three biggest freight train lines in the country. The initiative, which will be launched in early 2019, could increase production of global commodities like soybeans and corn. It also includes copper and lithium. The project could also help transport sand from Vaca Muerta in Argentina's Southwest. The...

Data released on Monday showed that the cargo volumes handled by Russia's largest commercial employer, state-owned Russian Railways, continued to decline in November. Russian Railways released a statement saying that November cargo volumes fell by 1.5% on an annual basis to 94.2 millions tonnes. Volumes from January to November also dropped by 5.6%, to 1.021 billion tonnes. The Russian government is examining different options to support Russian Railways. It has accumulated a debt of 4 trillion roubles ($50,8 billion). The railway cargo volume, a key economic indicator of the strength of Russia's export economy, fell to its lowest level in...

VTB CEO Andrei Kostin said in an interview that Russian banks were willing to restructure Russian Railways' debt, as long as their central bank did not increase the reserve requirements on these loans. The Russian government is examining different options to support Russian Railways. This company, which is the largest employer in the country, has accumulated a debt of 4 trillion roubles ($50.8 billion), according to a report on Nov. 25, VTB is the second largest Russian bank and Russian Railways' largest creditor. The bank's top managers participate in weekly government discussions on how to handle the debt. These meetings...

A notice published by the London Metal Exchange on Friday revealed that Henry Bath & Son, a warehouse operator in Hong Kong has been the latest company to register a facility at the London Metal Exchange. According to the LME's notice, the warehouse is located in Hong Kong’s New Territories in the Kwai-Chung district. It can store nickel, lead and zinc, as well as copper, aluminum and aluminium alloy. The LME approved the first Hong Kong warehouses in January of this year. Its aim is to provide a gateway into mainland China, which is the largest metals consumer in the...

Indian businessman Prateek gupta was accused of orchestrating a $600m metals fraud by commodity group Trafigura. He told a court in India on Friday that he didn't know who within his companies had allegedly made fake documents for selling the same cargo to multiple customers. The long-running trial concluded on Friday with the testimony. It will resume again on December 10, for closing arguments. Trafigura, a Geneva-based company, sued Gupta in more than two years. It claimed that he had orchestrated a ruse where he and his firms agreed to deliver pure nickel instead of steel or scrap. Trafigura's lawyers...

Lawyers at Trafigura said that Prateek Gupta’s claims that the group devised a secret plan to exchange expensive nickel for low value metals are full of contradictions. The Indian businessman was giving evidence in an ongoing fraud case. Trafigura, a Swiss commodity trader, sued Gupta two years ago. It claimed that he was behind a scam where he and his firms agreed to deliver pure nickel but instead delivered scrap steel or other metals. Gupta countered by claiming that Trafigura staff themselves designed the scheme at the heart of the case. Trafigura, however, has denied this claim repeatedly. Gupta, who...

Lawyers for Trafigura accused Prateek gupta, an Indian businessman who gave his first testimony on Wednesday, of a long history of fraud. Gupta admitted that he was under investigation for fraud in India but denied these allegations when he appeared in the High Court of London. Trafigura, a Swiss company, sued Gupta two years ago. It claimed that he was behind a scam where he and his firms agreed to deliver pure nickel but instead delivered scrap steel or other metals. Nathan Pillow, a Trafigura lawyer, cited two more fraud cases in which low-value metals were substituted with nickel. Gupta...

Two people with knowledge of the matter say that hedge fund manager Bill Ackman plans to raise $5 billion to launch a closed-end U.S. fund at the same time as he plans on listing his hedge fund company, Pershing Square Capital Management. The billionaire investor who has cemented his reputation of an activist investor through his advocacy for companies such as Chipotle Mexican Restaurant and the railroad Canadian Pacific, now known as Canadian Pacific Kansas City is starting his new fund after years. He plans to give investors a share in his hedge fund. The closed-end funds, which were first...

Two people familiar with the situation said that the Russian government is looking at different options to support Russian Railways. The company, the largest employer in the country, has accumulated a debt of 4 trillion roubles ($50.8 billion). The state-owned Russian Railways employs 700,000 workers and has seen its revenues fall amid the sharp slowdown of Russia's wartime economy. Meanwhile, debt costs are on the rise, driven by interest rates that have reached their highest levels in 20 years. Two people, who requested anonymity because the subject was sensitive, said that Moscow had been discussing ways to help the railways...