Portugal’s PM Pedro Passos Coelho has said a court ruling striking down parts of his government’s budget means it will have to make other deep spending cuts. Pedro Passos Coelho said social security, health, education and public enterprises would have to be cut. This would allow the country to avoid a second eurozone bailout, he… Continue reading Portugal: PM Pedro Passos Coelho announces alternative cuts to avoid second bailout
Category: Europe News
Europe news
Kate Middleton is six months pregnant and her due date is mid July
Kate Middleton is already six months pregnant but she appears to be almost as slim as ever, with the merest hint of a baby bump. The Duchess of Cambridge looked slim as she played basketball and table tennis as she visited a homeless shelter in Glasgow this week with Prince William. Dressed in a chic… Continue reading Kate Middleton is six months pregnant and her due date is mid July
Luxembourg would consider greater transparency in its banking sector
Known for its highly secretive banking sector, Luxembourg would now consider a greater transparency in banks activity to help curb tax evasion, Finance Minister Luc Frieden has told a German newspaper. In an interview published on Sunday, Luc Frieden said he wanted to “strengthen co-operation with foreign tax authorities”. Germany is among the countries who say… Continue reading Luxembourg would consider greater transparency in its banking sector
Ikea pulls elk lasagne from sale after tests confirm to contain pork
Ikea has decided to withdraw nearly 18,000 of its elk meat lasagnes from sale in Europe after they were found to contain pork. The Swedish company said sales were stopped in late March, and tests confirmed the contamination on Friday. Ikea said the pork had no health risks, but that it did not “tolerate any… Continue reading Ikea pulls elk lasagne from sale after tests confirm to contain pork
Bank of Cyprus key data about bond purchases missing
Investigators have found that some key data about bond purchases by Bank of Cyprus is missing. According to Cypriot media, the gaps were found in computer records studied by a financial consultancy, Alvarez and Marsal. Bank of Cyprus – the country’s biggest bank – bought Greek bonds which turned into some 1.9 billion euros ($2.4… Continue reading Bank of Cyprus key data about bond purchases missing
Pope Francis to close Vatican Bank
Pope Francis prepares to tackle some of the Catholic Church’s major problems and he starts with the Vatican Bank, which has been accused of laundering money. The pontiff is starting with the bank as he plans to reform the Church into a model of austerity and honesty. Pope Francis has spent the first weeks of… Continue reading Pope Francis to close Vatican Bank
Francois Hollande faces financial scandal as his campaign treasurer invested in offshore companies
France’s President Francois Hollande is facing a financial scandal after it emerged that his former Socialist Party treasurer Jean-Jacques Augier invested in two Cayman Islands offshore companies. Jean-Jacques Augier, who managed Francois Hollande’s campaign funds, told the daily Le Monde that there was “nothing illegal” in his tax haven affairs. Meanwhile, ex-budget minister Jerome Cahuzac… Continue reading Francois Hollande faces financial scandal as his campaign treasurer invested in offshore companies
Cyprus initial bailout plan was not smart, says ECB President Mario Draghi
ECB President Mario Draghi has said the initial plan to make small savers pay for the Cyprus bailout was “not smart”. Mario Draghi said a proposal to make “insured depositors” pay did not come from the European Central Bank, the European Commission or the IMF. He said the proposal only arose in talks with the… Continue reading Cyprus initial bailout plan was not smart, says ECB President Mario Draghi
German economy slows to “near stagnation” in March 2013
The German economy slowed to “near stagnation” in March 2013, while France’s recorded its biggest contraction for four years, according to a Markit survey. The Markit composite purchasing managers’ index (PMI), which measures both the manufacturing and services sectors, declined to 50.6 in Germany last month, from 53.3 in February. Any figure above 50 indicates… Continue reading German economy slows to “near stagnation” in March 2013
Princess Cristina of Spain to appear in court in Inaki Urdangarin’s corruption inquiry
Princess Cristina of Spain has been summoned to appear in court over allegations that her husband Inaki Urdangarin misused millions of euros of public money. This is the first court summons for a direct descendant of the Spanish king. Princess Cristina is King Juan Carlos’s youngest daughter. Inaki Urdangarin, who is suspected of having massively… Continue reading Princess Cristina of Spain to appear in court in Inaki Urdangarin’s corruption inquiry
Cyprus agrees on challenging rescue plan to release bailout
Cyprus has officially agreed to a set of measures that will release a 10 billion-euro ($12.8 billion) IMF-EU bailout. The IMF, which is contributing 1 billion euros, says they are “challenging” and will require “great efforts” from its population. The measures will consist of doubling taxes on interest income to 30% and raising corporation tax… Continue reading Cyprus agrees on challenging rescue plan to release bailout
Cyprus Finance Minister Michalis Sarris resigns
Cyprus Finance Minister Michalis Sarris has decided to resign after completing talks on the controversial IMF-EU bailout deal. Michalis Sarris will be replaced by Labour Minister Haris Georgiades, reports in the local media suggest. The 10 billion-euro ($13 billion) deal – agreed by the EU and IMF – originally envisaged a levy on all Cypriot… Continue reading Cyprus Finance Minister Michalis Sarris resigns
Eurozone unemployment rate hit 12% in February 2013
Eurozone unemployment rate reached new record high of 12% in February 2013, according to the official figures. The number of people unemployed in eurozone, which includes 17 states, rose by 33,000 during February 2013, to hit 19.07 million, the statistics agency Eurostat said. The highest rate was 26.4% in Greece, although the most recent figure for… Continue reading Eurozone unemployment rate hit 12% in February 2013
Cyprus crisis: Russia will not compensate its citizens who lost money in banking crisis
The Russian government has announced it will not compensate its citizens who have lost money in the Cyprus banking crisis. Russian citizens are believed to have billions of euros in Cypriot accounts and deposits above 100,000 euros ($128,200) in the two biggest banks (Bank of Cyprus and Laiki) could be reduced by as much as… Continue reading Cyprus crisis: Russia will not compensate its citizens who lost money in banking crisis
Pope Francis delivers plea for world peace in his first Easter Sunday speech
Pope Francis has delivered his first Easter Sunday message since being elected with a passionate plea for peace. The newly-elected Pope used his “Urbi et Orbi” address to call for peace in Africa, Asia, the Middle East and across the globe. Pope Francis singled out “dear Syria”, saying: “How much blood has been shed! And… Continue reading Pope Francis delivers plea for world peace in his first Easter Sunday speech
Pope Francis celebrates his first Easter Sunday since election
Pope Francis celebrates his first Easter Sunday since his election, with an open-air Mass in St Peter’s Square at the Vatican. The Pope will then deliver an “Urbi et Orbi” address from a balcony of St Peter’s. Easter is the most important festival in the Christian calendar. At an Easter vigil Mass in St Peter’s,… Continue reading Pope Francis celebrates his first Easter Sunday since election
Giorgio Napolitano names 10 “wise men” to form new government in Italy
President Giorgio Napolitano has asked a select group of people to offer a policy platform to end the impasse in forming a new government in Italy. Giorgio Napolitano named 10 “wise men” to work in two separate groups. The president’s announcement ended speculation that he might resign – a day after political parties failed to… Continue reading Giorgio Napolitano names 10 “wise men” to form new government in Italy
Turin Shroud on live TV for the first time
Italy’s Rai TV broadcast for the first time images of the Turin Shroud, which is revered by many Christians as the burial cloth of Jesus Christ. The linen cloth bears a faint brownish image of what appears to be a man’s body. A smartphone app was also created to show digital images of the Turin… Continue reading Turin Shroud on live TV for the first time
Eiffel Tower evacuated following attack threat
Famous Eiffel Tower in Paris has been evacuated on Saturday evening following an anonymous phone-call threatening an attack. An estimated 1,400 people were visiting the site when France’s anti-terrorism police made the decision to clear it. A security perimeter was set up around the world-famous monument and police said a search could take several hours, French… Continue reading Eiffel Tower evacuated following attack threat
2013: Clocks go forward by one hour on March 31
Don’t forget to set your clocks forward by one hour on Sunday 31st March 2013, officially the start of British Summer Time (BTS). The change officially takes place at 01.00 Greenwich Mean Time (GMT), so set your clocks forward before going out on Saturday night to avoid getting up late in the morning. We may… Continue reading 2013: Clocks go forward by one hour on March 31
Bank of Cyprus haircuts big depositors up to 60%
Bank of Cyprus depositors with more than 100,000 euros ($128,200) could lose up to 60% of their savings as part of the EU-IMF bailout restructuring move, officials say. The central bank of Cyprus said 37.5% of holdings over 100,000 euros would become shares. Up to 22.5% will go into a fund attracting no interest and may… Continue reading Bank of Cyprus haircuts big depositors up to 60%
Chili Easter Egg at India Dining in Warlingham is hotter than vindaloo
Indian restaurant India Dining in Warlingham, UK, has created a “not for bunnies” Easter egg using three of the hottest varieties of chili pepper. The restaurant used a ghost chili, a scotch bonnet and a habanera in the egg, and said it was up to 10 times hotter than a vindaloo. India Dining said the… Continue reading Chili Easter Egg at India Dining in Warlingham is hotter than vindaloo
Giorgio Napolitano invites select group of people to form new Italian government
Italy’s President Giorgio Napolitano has said he will ask a select group of people to offer a policy platform to try to end the impasse in forming a new government. Giorgio Napolitano said the names would be released later on Saturday. The president’s announcement ended speculation that he might resign – a day after political… Continue reading Giorgio Napolitano invites select group of people to form new Italian government
Good Friday: Pope Francis refers to “Muslim brothers” during procession
Pope Francis has referred to “so many Muslim brothers and sisters” during a Good Friday procession dedicated to the suffering of Christians from terrorism, war and religious fanaticism in the Middle East. The newly-elected Pope, who has rankled traditionalists by rejecting many trappings of his office, mostly stuck to the traditional script during the nighttime Via… Continue reading Good Friday: Pope Francis refers to “Muslim brothers” during procession
Via Crucis 2013: Pope Francis leads Way of the Cross ceremony at Colosseum on Good Friday
Every year, on Good Friday, thousands of pilgrims go to the Colosseum to take part in the “Via Crucis” (the Way of the Cross) to honor and remember the Passion of Jesus. As Pope Francis overlooked the crowds of faithful, the 14 stations of the Cross were carried out by priests, friars, sisters and laypeople… Continue reading Via Crucis 2013: Pope Francis leads Way of the Cross ceremony at Colosseum on Good Friday