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“I had been to various countries in the European Union on several occasions but never Italy, though it was on my list. Millet says that he began planning to travel to Italy to buy a house back in 2019, but was thwarted by Covid-19. “The prices of the houses were super-attractive, especially coming from the Los Angeles area, and the Latronico properties were for the most part in good shape. “At the end of the day, I bought my place and began thinking about renovations and the future,” he adds. Sunset cocktailsThe house Millet bought has only one bedroom but came with two large basements.
Persons: you’re Paul Millet, you’ve, Millet, , , Covid, he’d, Paul Millet, he'll, Vincenzo Castellano, Latronico, ” Millet, Vincenzo Castellano Millet, Latronico’s peacefulness, “ It’s, I’ve, “ Franca, he’s, “ That’s, Latronico’s, Castellano Organizations: CNN, European Union, Locations: Italy, Italy’s Basilicata, Los Angeles, Basilicata, Ireland, Latronico, LA, Maui
"If you have that money in southern Italy, you can live like a king, including renting or purchasing a property." If you're hoping to retire in style while keeping costs low, a European retirement may be right for you. That's true for luxury vacation hotspots such as Lake Como and Saint-Tropez, though you may not find what you're looking for in those places anyway. So they have beaches, a walkable town, restaurants, bars, trains — they live on the main line," Sikes says. "There are zero restrictions on Americans buying property in Italy or France," Sikes tells CNBC Make It.
Persons: Tommy Sikes, Sikes Organizations: CNBC, European Union Locations: France, Italy, United States, U.S, York, Los Angeles, Europe, Paris, Rome, Milan, Como, Saint, Ireland, Cyprus
Lessons in Democracy From F.C. Porto
  + stars: | 2024-04-26 | by ( Rory Smith | ) www.nytimes.com   time to read: +1 min
Few, though, will prove quite so virulent — or offer quite such an instructive case study of the state of democracy in 2024 — as the one to decide who gets to be president of F.C. Like dozens of clubs around Europe, Porto — one of the three great houses of Portuguese soccer — is owned by its members. Only a small percentage of members vote. The choice is usually between two essentially indistinguishable old men, when there is a choice at all. Until the last round of elections, in 2020, Porto had been a democracy in only the most nominal sense.
Persons: Organizations: European Union, F.C, Porto Locations: Porto, Europe, Porto —
The CEO of Norges Bank told the FT that he thinks Americans work much harder than Europeans. AdvertisementEuropeans are less ambitious and don't work as hard as Americans, said Nicolai Tangen, the CEO of Norway's $1.6 trillion oil fund. In Europe, you're dead," Tangen told The Financial Times in an interview published on Wednesday. "I should be careful about talking about work-life balance, but the Americans just work harder." It's true that Americans, on average, work longer hours than their European counterparts, according to data collected from 2019 to 2022 by the Organisation for Economic Co-operation and Development.
Persons: Nicolai Tangen, , Tangen, That's, they've Organizations: Norges Bank, Service, Financial Times, Norges, Apple . Norges Bank, Organisation for Economic Co, Development, European Union, OECD Locations: America, Europe, European
Washington CNN —TikTok said Wednesday it would suspend a controversial program in the European Union that has prompted growing alarm among EU regulators. The program at issue appears within TikTok Lite, a less data-intensive version of TikTok’s main app, and which contains a feature that rewards users with cash for engaging with TikTok content and app features. “TikTok always seeks to engage constructively with the EU Commission and other regulators,” TikTok said in a post on X. “We are therefore voluntarily suspending the rewards functions in TikTok Lite while we address the concerns that they have raised.”The EU warnings to TikTok reflected an exercise of new oversight powers granted by the Digital Services Act, the trading bloc’s recently enacted law governing online platforms. TikTok also faces further, additional fines of up to 6% of its global annual revenue if the TikTok Lite feature is determined to be in violation of the DSA.
Persons: Washington CNN — TikTok, TikTok, , “ TikTok, ” TikTok, Joe Biden Organizations: Washington CNN, European Union, European Commission, EU Commission, Digital Services, TikTok, Commission, DSA, Wednesday Locations: European, Europe, United States, Israel, Ukraine
The nearly two-hour speech reflected Mr. Macron’s conviction that only a reinforced and “sovereign” European Union — a “Europe power,” as he puts it — can save the continent from strategic irrelevancy in an unstable world that is dominated by the United States and China and confronting wars in Europe and the Middle East. “We must be lucid about the fact that our Europe is mortal,” Mr. Macron declared before an audience of government ministers, European ambassadors and other dignitaries. “It can die. It can die and whether it does depends entirely on our choices.”The speech, at the Sorbonne University in Paris, was a follow-up to one that Mr. Macron gave in the same location in September 2017. Then, Mr. Macron discussed the future of Europe and the European Union as a young, recently elected and disruptive president still enjoying a political honeymoon.
Persons: Emmanuel Macron, Mr, Macron Organizations: , Sorbonne University, European Union Locations: France, Europe, Ukraine, United States, China, Paris
So the question is, are we going to have issues if rates remain higher for longer?" But financial markets, despite a recent 5.5% selloff for the S&P 500, have largely held up amid the higher-rate landscape. Higher rates can be a good signHistory tells differing stories about the consequences of a hawkish Fed, both for markets and the economy. Higher rates are generally a good thing so long as they're associated with growth. Futures market pricing implies a fed funds rate of 4.32% by December 2025, indicating a higher rate trajectory.
Persons: Jerome Powell, Mandel Ngan, Quincy Krosby, Krosby, Paul Volcker, David Kelly, Kelly, , Goldman Sachs, Loretta Mester Organizations: Federal Reserve, Financial, Afp, Getty, LPL, Fed, Asset Management, Market, Cleveland Fed, European Union Locations: Washington , DC
London CNN —European Union officials have raided the offices of a Chinese company as part of a probe into subsidies, exposing rising tensions between the bloc and one of its biggest trading partners. The European Commission said Tuesday that it carried out “unannounced inspections” at the premises of a company making and selling security equipment in Europe, which it suspects may have benefited unduly from state subsidies. “The commission has indications that the inspected company may have received foreign subsidies that could distort the (EU’s) internal market,” the EU’s executive body said in a statement on its website. The China Chamber of Commerce to the EU said Wednesday that it had been informed that a Chinese company was the target of the investigation. The Foreign Subsidies Regulation, which came into force last July, is aimed at addressing market distortions caused by subsidies from foreign governments and ensuring that EU companies are competing on a level playing field.
Persons: , , ” Ursula von der Leyen, Janet Yellen Organizations: London CNN — European Union, European Commission, China Chamber of Commerce, EU, CNN Locations: Europe, Poland, Netherlands, Romania, China, Puglia, Italy, United States, Beijing
CNN —Russian Deputy Defense Minister Timur Ivanov appeared in a Moscow court Wednesday after he was detained for allegedly taking a bribe, Russia’s Investigative Committee said. Ivanov is suspected of accepting a bribe of 1 million rubles (at least $10,800), Russian state media TASS reported, and faces up to 15 years in prison if convicted. Video released by Russian state news agency RIA Novosti showed Ivanov standing in a glass box in the Moscow courtroom. The deputy defense minister has been seen as a senior architect of Russia’s invasion of Ukraine, becoming the subject of European Union and US sanctions. Ivanov, pictured at a Moscow court on April 24, could face up to 15 years for allegations of bribery.
Persons: Timur Ivanov, Ivanov, Alexey Navalny’s, Maria Pevchikh Organizations: CNN, Russian, TASS, RIA Novosti, European Union, Anadolu, Getty, Corruption Foundation, Ministry of Defense, , ACF, Russian Ministry of Defense Locations: Moscow, Ukraine, Basmanny
The electric car revolution is on track, says IEA
  + stars: | 2024-04-23 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +4 min
“The continued momentum behind electric cars is clear in our data, although it is stronger in some markets than others,” IEA executive director Fatih Birol said in a statement. Last year, global EV sales grew 35% to almost 14 million. “Intensifying market competition and improving battery technologies are expected to reduce (EV) prices in the coming years,” the IEA said. “Growing electric car exports from Chinese automakers, which accounted for more than half of all electric car sales in 2023, could add to downward pressure on purchase prices,” it added. By 2030, almost one in three cars on the roads in China is set to be electric, according to the IEA.
Persons: , Tesla, , Fatih Birol, China’s BYD, Brandon Bell, EVs, ” Birol Organizations: London CNN — Global, International Energy Agency, IEA, Li, Getty, European Union, EV, Volkswagen, Audi, BMW Locations: China, Chinese, Germany, United States, Austin , Texas, EVs, Europe
The FTC announced a lawsuit that blocks a merger between luxury brands Tapestry and Capri. Tapestry and Capri argue the luxury handbag market is too saturated for that to happen. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe FTC is trying to stop a merger between brands Tapestry and Capri that would put labels Coach, Kate Spade, Michael Kors, Jimmy Choo, and Versace under one luxury house. Tapestry, Inc., which owns Kate Spade and Coach, announced in August its intent to acquire Capri Holdings, which owns Michael Kors, for $8.5 billion.
Persons: , Kate Spade, Michael Kors, Jimmy Choo, Versace Organizations: FTC, Service, Inc, Capri Holdings, Regulators, European Union, Business Locations: Capri, Japan
"If there's a clear and present market reality, we need to twitch faster, like the athletes twitch faster," he said. The spokesperson highlighted the addition of generative AI to search and improvements in search quality, adding, "There's lots more to come." In March, Google named company veteran Elizabeth Reid to the role of vice president, leading search and reporting to Raghavan. "We're in a new cost reality," Raghavan said. Demis Hassabis, Google's AI leader, said in February after the tool was taken down that it would be re-released in weeks.
Persons: Prabhakar Raghavan, Julia Nikhinson, Raghavan, Sundar Pichai, TikTok, dory, Elizabeth Reid, Ruth Porat, We've, Jonathan Raa, we've, they've, Demis, Bard, Pichai, That's Organizations: Google, US, Bloomberg, Getty, CNBC, Mazda, Microsoft, Google Gemini, Nurphoto, Union's, European Commission, Gemini Locations: Washington , DC, Mountain View , California, Silicon Valley, India, Brazil, Brussels, Belgium
German national Jian G, who worked for AfD MEP Maximilian Krah, was arrested by Saxony State criminal police in Dresden and had his residences searched, the prosecutor’s office said early Tuesday. The aide was later suspended by the European Parliament, a spokesman for the body told CNN. Prosecutors said he passed on information about “negotiations and decisions in the European Parliament” to China in January. The far-right AfD party has nine seats in the European Parliament, and is competing alongside Germany’s traditional parties in the European elections in June. The Federal Prosecutor’s Office said the homes and workplace of the trio were searched in Düsseldorf and Bad Homburg.
Persons: Jian G, Maximilian Krah, , Jens Schlueter, Jian, , Krah, Nancy Faeser, Thomas R, – Herwig, Ina F, , Wang Wenbin Organizations: CNN, Prosecutors, International Trade, Security, Defence, Foreign Trade, Federal Prosecutor’s Office, Ministry of State Security, ” Ministry of Foreign Affairs, Crown Prosecution Service Locations: China, Europe, Saxony, Dresden, Germany, United States, Bad Homburg
The United Nations had commissioned an independent review of the agency in January, before Israel circulated its claims, but those charges gave added significance to the inquiry, whose findings were released on Monday. The report issued a series of recommendations for the agency to protect its neutrality, but said that “Israel has yet to provide supporting evidence” for its accusation that a significant number of agency employees are members of terrorist organizations. The United Nations has fired 10 of the 12 employees accused by Israel. Ireland, which has strongly condemned Israel’s campaign in Gaza, increased aid to UNRWA as other countries were cutting it, he noted. UNRWA has argued that Israel has targeted it with a “deliberate and concerted campaign” to undermine its operations when its services are most needed.
Persons: Israel, Stéphane, António Guterres, Guterres, , Caroline Gennez, , Micheál Martin, Israel’s, Japan —, Matthew Miller, Biden, ” Mr, Miller, Benjamin Netanyahu Organizations: The United Nations, United Nations, UNRWA, United, State Department, , European Union Locations: United States, Gaza, Israel, United, Palestine, Belgium, Ireland, Australia, Canada, Japan
About 46,000 flights reported navigation problems flying over the Baltics during an eight-month period, The Sun reported. AdvertisementThousands of planes may have run into issues with jammed GPS signals, according to a report by British tabloid The Sun which suggests that Russia may be to blame. AdvertisementBoth The Sun and The Guardian reported that Russia is suspected of being involved in GPS jamming attacks. The frequency of instances of navigation problems rocketed from fewer than 50 a week last year to more than 350 a week last month, The Sun reported. But the CAA told The Independent that jamming and spoofing near conflict zones were often by-products of military activity, not deliberate actions.
Persons: , Grant Shapps, Rishi Sunak, There's, Luc Tytgat, Glenn Bradley Organizations: Sun, Service, British, The Sun, European Union Aviation Safety Agency, Guardian, Wizz Air, Royal Air Force, CAA, Independent, UK Civil Aviation Authority, Ryanair Locations: Estonia, Latvia, Lithuania, Poland, Türkiye, Cyprus, Russia, GPSJAM.org, Sun, Baltic, Kaliningrad, Russian, Baltics, Eastern Europe, Ukraine
Read previewDigital regulators in Europe are clamping down on a new feature by TikTok that rewards users for consuming videos and interacting with creators, citing addiction concerns among children. The European Commission said on Monday that it had opened formal proceedings against TikTok Lite, a spinoff version of the TikTok app that uses less mobile data and launched in Spain and France in March. Users can earn such points on the Lite app by watching videos for up to 85 minutes daily. "We suspect TikTok 'Lite' could be as toxic and addictive as cigarettes 'light,'" said Thierry Breton, commissioner for the internal market in the EU. "The TikTok Lite rewards hub is not available to under 18s, and there is a daily limit on video watch tasks," the spokesperson said.
Persons: , TikTok, Thierry Breton, Tiktok, TikTok didn't, Breton, it's Organizations: Service, European, Business, AFP, Digital Services Locations: Europe, Spain, France, EU
The US Federal Trade Commission said on Monday it was suing to block Coach parent Tapestry’s $8.5 billion deal to buy Michael Kors owner Capri, saying it would eliminate competition. This comes at a time when several US lawmakers have sought increased scrutiny from the FTC of several multi-billion dollar deals that might risk higher prices and affect consumers. US antitrust enforcers had also come out with new merger guidelines in December, in a bid to encourage fair, open and competitive markets. But the FTC requested more information from the firms on their deal in November. “Capri Holdings strongly disagrees with the FTC’s decision,” the company said in a statement.
Persons: Michael Kors, Capri, Tapestry, Louis Vuitton, , Kate Spade, Jimmy Choo Organizations: US Federal Trade Commission, Capri, “ Capri Holdings, FTC, European Union, Japan
Yet for all the apocalyptic anger, this wasn’t a call to quit the European Union. In this project, they have a model: Prime Minister Giorgia Meloni of Italy. Ms. Meloni is already an inspiration to the European far right. For the European far right, poised for an advance, Ms. Meloni is leading the way. Since coming to power in October 2022, Ms. Meloni has impressed many with her pragmatic approach and abandonment of her previous criticism of the European Union.
Persons: “ There’s, Marion Maréchal, sulfurously, Giorgia Meloni, Meloni, “ Orban, Viktor Orban’s Organizations: L.G.B.T.Q, European Union, NATO, Ukrainian, European Commission Locations: Europe, European Europe, , Italy, Brussels, Hungary, Ukraine
CNN —European officials are threatening TikTok with massive fines and a possible forced suspension this week of parts of a new spinoff app, launched this month, that regulators allege contains addictive features. The warnings target TikTok Lite, a less data-intensive version of TikTok’s main app which contains a feature that rewards users with cash for engaging with TikTok content and app features. EU officials fear the feature could be used to turn TikTok Lite users into addicts who can’t stop using the app and described it as an “experiment” on unwitting EU citizens in Spain and France where TikTok Lite has been made available. A decision to order the suspension could come as early as Thursday, commission officials told reporters on a conference call. TikTok could face further, additional fines of up to 6% of its global annual revenue if the TikTok Lite features the Commission is investigating are determined to be violations of the DSA.
Persons: , TikTok didn’t, TikTok, we’ve Organizations: CNN, European Union, EU, Digital Services, DSA, European Commission, Lite, Commission, TikTok Locations: Spain, France, European, United States, Israel, Ukraine, TikTok
European Union regulators on Monday threatened to fine TikTok over potentially addictive features on a version of its app called TikTok Lite, which was released to work more smoothly on slower wireless networks. investigation adds to TikTok’s regulatory challenges as the U.S. Senate prepares to vote on a bill that would order the app’s owner, the Chinese internet company ByteDance, to sell TikTok or be banned. The company is under growing pressure for its links to China, data collection practices and potentially harmful effects on children. They said the features created a financial incentive to spend more time on the app, creating risks for addiction and mental health issues, particularly for children. investigation against TikTok, along with another inquiry focused on a lack of effective age-verification protections and addictive design features.
Persons: TikTok Organizations: U.S, Senate, TikTok Locations: China, Europe
Ukraine’s Race to Hold the Line
  + stars: | 2024-04-22 | by ( Josh Holder | Eric Schmitt | Thomas Gibbons-Neff | ) www.nytimes.com   time to read: +10 min
Ukraine’s Race to Hold the Line The days of lightning battlefield breakthroughs may be over. N Anti-tank ditch 1 2 Dragon’s teeth 1 mile 3 Trenches This defensive line in southern Ukraine runs a staggering 27 miles. 25 miles KHERSON N Anti-tank ditch 1 Dragon’s teeth 2 1 mile 3 Trenches This defensive line in southern Ukraine runs a staggering 27 miles. 10 miles Anti-tank ditch 1 Dragon’s teeth 2 3 Trenches 15 miles Ditches. 25 miles N 1 Anti-tank ditch 2 Dragon’s teeth 1 mile 3 Trenches This defensive line in southern Ukraine runs a staggering 27 miles.
Persons: Copernicus, Vyacheslav Madiyevskyy, Christopher G, Cavoli, Chasiv Yar, James Rands, Janes, Rands, Organizations: U.S . House, Analysts, Infantry, Reuters, LUHANSK UKRAINE New, Institute for, American, Pentagon, Kurakhove, Defenses, Locations: Russia, Ukraine, Ukrainian, KHERSON, Wiesbaden, Germany, Kherson, Zaporizhia, LUHANSK UKRAINE, DONETSK ZAPORIZHIA, Russia KHERSON CRIMEA, ZAPORIZHIA, Russia KHERSON, CRIMEA, Avdiivka, Europe, Marinka, UKRAINE, London, “ Ukraine
Read previewSailors aboard a German warship that was recently deployed to the Red Sea were on watch for 12 hours a day, and in the "worst" situations, they might've only had seconds to respond to the deadly Houthi threats endangering ships in these waters. The Hessen, a Sachsen-class frigate, left the Red Sea and entered the Suez Canal on Saturday after spending nearly 60 days operating in Middle Eastern waters, Germany's military said Monday. Around 240 crew members aboard the Hessen were on "a permanent war march" during the mission, the German military said in a statement, according to a translation. German military photoThe short timeframe underscores how fast some of the Houthi threats are. In late-February, the Hessen accidentally targeted a US MQ-9 Reaper drone that was operating around the Red Sea and fired several missiles at the aircraft.
Persons: , Bab, Volker Kübsch, Kübsch Organizations: Service, Business, US Navy, German Navy, Navy, Aspides, Sachsen Locations: Hessen, Sachsen, Suez, Yemen, Gulf, Aden, Mandeb, Germany, Wilhelmshaven, Hamburg
This photograph taken on April 11, 2024, in Paris, shows the logo of the Chinese social network application TikTok Lite displayed in Apple's App Store. Users aged 18 or older can "collect points by discovering new content or completing certain actions," the social network said. The European Union on Monday opened proceedings against ByteDance's TikTok and threatened to suspend its newly launched TikTok Lite rewards program, where users can earn points for liking content or inviting friends to the app. The European Commission, the EU's executive arm, said TikTok had 24 hours to provide a risk assessment report for TikTok Lite or face fines. Children are thought to be at risk given the suspected absence of effective age verification mechanisms on TikTok, the EU said.
Persons: ByteDance's TikTok, TikTok, Margrethe Vestager Organizations: European Union, European Commission, TikTok, CNBC, EU, Digital Services Locations: Paris, France, Spain, EU
Liz Truss was the prime minister of Britain for 49 days in 2022, an interregnum between Boris Johnson and Rishi Sunak that was so short it was outlasted by a lettuce. If this were the 19th century, Ms. Truss would have perhaps exiled herself to a country estate where peacocks roamed the grounds or fought her enemies with pistols. (In 1809 the foreign secretary, George Canning, was wounded in a duel with the war minister.) A. Disgrace” — but was never really considered a likely leader of the Conservative Party until her predecessor Mr. Johnson almost burned the party down. (Even Mr. Canning, who survived his wounds and eventually became prime minister, lasted longer.
Persons: Liz Truss, Boris Johnson, Rishi Sunak, Queen Elizabeth II, George Canning, Truss, Truss’s, Margaret Thatcher, , Johnson, Canning Organizations: Liberal, Liberal Democrats, European Union, Conservative Party, Bank of England Locations: Britain
CNN —Three people in Germany have been arrested under suspicion of spying for China, while two people have been charged in the United Kingdom for espionage offenses. “Allegations suggest the suspects have had ties to a Chinese secret service since before June 2022,” the German prosecutor’s office said in a statement. The couple are accused of buying and exporting a specialized laser to China without authorization, violating European Union regulations. Germany’s justice minister Marco Buschmann congratulated the prosecutor’s office in a post on social media platform X, writing that the arrests highlighted the need to stay vigilant. Separately in the UK, Britain’s Crown Prosecution Service (CPS) announced charges against two men who allegedly breached the UK’s Official Secrets Act on behalf of China.
Persons: Thomas R, Thomas, Herwig, Ina F, Marco Buschmann, Nick Price Organizations: CNN, Federal Prosecutor’s Office, Foreign Trade, Ministry of State Security, Britain’s, Prosecution Service, CPS, Terrorism, Crown Prosecution Service, Metropolitan Police, Locations: Germany, China, United Kingdom, Westminster, London
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