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☆ The US has a new friend in the Mediterranean that could help it isolate Russia, but not everybody in NATO is happy about it
▼ + stars: | 2023-05-17 | by ( Constantine Atlamazoglou | ) www.businessinsider.com time to read: +8 min

Cyprus long had close ties with Russia, but it has turned to the West in recent years. John YountzHowever, Nicosia has been moving away from Russia and pursuing a closer relationship with the US. "We keep a strong military-to-military relationship with Cyprus," Cavoli said. Unhappy neighborsA UN peacekeeper looks at a map of the buffer zone between the Republic of Cyprus and the Turkish Republic of Northern Cyprus in Nicosia in April 2021. ROY ISSA/AFP via Getty ImagesBurgeoning US-Cyprus ties would appear to benefit NATO, but not all of the alliance's members are happy about it.

☆ Transatlantic flights are all the rage this summer. These are the 10 biggest airlines connecting the US to Europe.
▼ + stars: | 2023-05-15 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +1 min

Barring any cancellations, there will be 3% more seats on flights from US to Europe this summer than in 2019. United Airlines and Delta Air Lines have the most scheduled seats, with over 9 million each. Barring any cancellations, that would constitute a 3% increase in capacity compared to the summer of 2019, and a 15% increase compared to last year. With over 2.5 million seats, Turkish Airlines has increased its scheduled capacity by 78% compared to pre-pandemic times. See the top 10 airlines connecting Europe and the US by scheduled seat capacity for summer 2023:

Istanbul, Turkey CNN —Turkey will have a runoff election on May 28 after longtime leader President Recep Tayyip Erdogan was forced into a second round with only a narrow lead over his rival, Kemal Kilicdaroglu. Neither candidate achieved the required 50% to take the presidency outright, but Kilicdaroglu now faces a tough battle to win the second round after Erdogan performed better than some opinion polls had suggested. With the final count, the electorate will turn to a second round of voting that could extend Erdogan’s 20-year grip on power, or set the stage for a change in political direction. “If our nation says second round, we gladly accept it. We will absolutely win this election in the second round.

☆ EU and US to pledge joint action over China
▼ + stars: | 2023-05-13 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +2 min

BRUSSELS, May 13 (Reuters) - Washington and the EU will pledge joint action to tackle concerns focused on China about non-market practices and coordinate their export controls on semiconductors and other goods at a meeting this month, a draft statement showed. Brussels says it considers China a partner in some fields, an economic competitor and a strategic rival. The European Union plans to recalibrate its China policy, recognising coordination with a more hawkish United States is essential. Highlighting the medical devices sector in China, the document said the transatlantic partners are "exploring possible actions" over the threat posed by non-market policies and practices. The two sides also said they were committed to working with the G7 to coordinate action to counteract acts of economic coercion, such as the trade restrictions the EU says China has imposed on EU member Lithuania.

☆ Bank of England set for 12th straight interest rate hike, but the outlook remains murky
▼ + stars: | 2023-05-10 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

People walk outside the Bank of England in the City of London financial district, in London, Britain, January 26, 2023. "All this, and updated projections, should be consistent with our call for a final 25bp hike at the June meeting to a terminal rate of 4.75%." Updated forecasts Alongside the rate decision, the MPC will update its forecasts on Thursday. "Thus, while our base case remains for a final hike in June, we see risks that they skip this meeting and deliver the final hike in August," Ardagno's team said. Deutsche Bank Senior Economist Sanjay Raja echoed the projections for a 7-2 split in favor of a 25 basis point hike on Thursday, followed by another quarter-point in June.

☆ Opinion: What King Charles should do now
▼ + stars: | 2023-05-07 | by ( Opinion Keith Magee | ) edition.cnn.com time to read: +7 min

Editor’s note: Keith Magee is senior fellow and visiting professor in cultural justice at University College London Institute for Innovation and Public Purpose. Keith Magee Arron DunworthFor King Charles III, his coronation Saturday at London’s Westminster Abbey was the culmination of a lifetime spent preparing to ascend to the throne. The British monarch is, in theory at least, a neutral figurehead with no political affiliations, no manifesto and no discernible allegiance to any side in the so-called culture wars. If the sovereign joins them, other such families, organizations and eventually the UK government (despite its current stance) will surely follow suit. If that happens, Charles might yet, like his mother at the time of her coronation, become the living embodiment of a nation’s hope for a better, fairer future at home and abroad.

Both hiked interest rates a quarter point - but only the ECB said more was to come. Without committing to it, the Fed signalled a pause in its 13-month, five percentage point tightening campaign. Money markets do partly agree with Lagarde - seeing one more quarter point rate rise in the pipeline. They now see the so-called terminal ECB rate at 3.5% in September - still a chunky 175 bps below peak Fed rates if you assume that at 5.25%, those have now reached the end of the line. "The extent of policy tightening delivered by the ECB to date is already sufficient to cause a recession," said Fidelity International's Anna Stupnytska.

☆ Analysis: Whether Trump or Biden, some in Europe see the US as an unreliable ally
▼ + stars: | 2023-04-30 | by ( Luke Mcgee | ) edition.cnn.com time to read: +7 min

But they also knew that Biden would not be able to undo all the damage done in Donald Trump’s four years. First, if Trump could happen once, there is no reason he or someone in his mold won’t happen again. Second, Biden, Europeans believe, has continued much of Trump’s foreign policy of protectionism on trade and maximum pressure on China. I am worried we are underestimating the risk of China,” says an Eastern Europe diplomat. “Europe has lots of ties to China, but it also learned recently how fast a partner can become an adversary.

☆ After a year of heavy losses, Ukraine's military is juggling a 'very uneven' force as it prepares for major fighting, expert says
▼ + stars: | 2023-04-28 | by ( Constantine Atlamazoglou | ) www.businessinsider.com time to read: +8 min

Ukraine's military is gearing up for offensives against Russian forces in spring and summer. Mustafa Ciftci/Anadolu Agency via Getty ImagesWhen Russia invaded in February 2022, Ukraine's military had about 196,000 active personnel and 900,000 in reserve, according to the International Institute of Strategic Studies' 2022 Military Balance report. The Western approachAn instructor briefs Ukrainian soldiers at a training center near Yavoriv in April 2017. The training they provided accompanied other efforts by Kyiv to reverse two decades of post-Cold War decay that weakened the Ukrainian military. "This is a continuous struggle in the Ukrainian military," Kofman said.

LONDON, April 27 (Reuters) - Barclays reported better than expected first-quarter profit on Thursday after a strong performance from its credit card business offset pressure on other business lines. The British bank's pretax profit of 2.6 billion pounds ($3.25 billion) beat analyst forecasts for a repeat of the previous year's 2.2 billion pounds. Income at the lender's consumer, cards and payments division rose 47% to 1.3 billion pounds thanks to rising credit card balances driven partly by its acquisition of a portfolio from retailer Gap last year. While higher credit card spending boosted Barclays' finances, there were signs this could have a sting in the tail. Fixed income, currencies and commodities (FICC) was a bright spot, with income rising 9% to 1.8 billion pounds.

☆ German $13 bln heat pump sale dents EU green hopes
▼ + stars: | 2023-04-26 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +4 min

For 106-year-old German heat pump maker Viessmann it looks like an odd move, given its technology is in demand and at the forefront of the energy transition race. Heat pumps may not be the most obvious sector to lead a revival in transatlantic cross-border M&A, down 31% so far this year. The European heat pump market rose by over a third last year, with a record 3 million units sold in 2022 after government support and soaring fossil fuel prices boosted uptake of the technology, according to the European Heat Pump Association. European Union policymakers are betting on heat pumps to reduce CO2 emissions and cut dependence on imported fossil fuels. Germany’s heat pump market grew 53% in 2022, Germany’s heat pump association BWP reported in January.

From the 15th to the 19th century, 6 million Africans were kidnapped and forcibly transported across the Atlantic by Portuguese vessels and sold into slavery, primarily to Brazil. But so far Portugal has rarely commented on its past and little is taught about its role in slavery in schools. Reparations and public policies to fight inequalities caused by Portugal's past were essential, Cardoso said. "We continue to suffer in Brazil the effects of a legacy of slavery," Almeida said in a statement. Europe's top human rights group previously said Portugal had do more to confront its colonial past and role in the transatlantic slave trade in order to help fight racism and discrimination today.

LISBON, April 23 (Reuters) - Government officials from Brazil are using their president's first visit to Europe since being elected to raise awareness and fight against the racial discrimination faced by the Brazilian community in Portugal and elsewhere. Brazil's minister of racial equality, Anielle Franco, was one of the officials who travelled with President Luiz Inacio Lula da Silva. When elected, Lula said he aimed to attack racism and Brazil's legacy of slavery. Europe's top human rights group previously said Portugal had to confront its colonial past and role in the transatlantic slave trade to help fight racism and discrimination in the country today. Franco met Portuguese parliament affairs minister Ana Catarina Mendes on Saturday to discuss policies to tackle racial injustice.

☆ Front-line NATO allies worry they could be next after Russia's invasion of Ukraine and are getting ready for a fight
▼ + stars: | 2023-04-23 | by ( Sinéad Baker | Jake Epstein | ) www.businessinsider.com time to read: +13 min

These countries along the military alliance's front line are now scrambling to make sure they're protected should the Russian military ever come knocking. "There is an imminent need of a stronger NATO presence in our region," Estonia's Foreign Minister Urmas Reinsalu said. For nearly 14 months, the Russian military has been bogged down by its grinding war in Ukraine. More boots on the groundSome leaders in the Baltic countries have said that they ultimately want to host more NATO troops, including permanent brigades, in the years to come. So as the threat landscape continues to shift, the Baltic defense has adapted along with it, Townsend said.

☆ Nasdaq profit beats as market volatility bolsters trading
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

April 19 (Reuters) - Nasdaq Inc's (NDAQ.O) first-quarter profit beat Wall Street estimates on Wednesday as increased market volatility boosted trading and helped mitigate a hit to the indexing business of the Transatlantic-exchange operator. Trading volumes rose as investors rejigged their portfolios in response to slowdown worries due to a sharp rise in interest rates, persistently high inflation and the banking crisis. Nasdaq's net trading services revenue rose 1% to $267 million, helped by strong growth in North America that offset the decline in European trading. The New York-based company had in the last quarter reorganized its corporate structure into three divisions — market platforms, capital access platforms and anti-financial crime. Reuters GraphicsThe company's net revenue, excluding transaction-based expenses, rose 2% to $914 million.

MSCI's Europe index, for example, still trades more than a point below its average historic valuation - with the index priced at less than 13 times its 12-month forward earnings. The top sectoral weighting in the STOXX Europe 50, for example, is healthcare - at almost 23%. With British-based stocks the biggest country weighting in the STOXX Europe index at 26%, the other top four sectors in the index include the food, beverages and tobacco grouping, consumer products, industrial goods and energy. The dollar peaked late last year against most European currencies as the Federal Reserve raced to ratchet up interest rates. Some think the slide in the dollar index of some 12% since last September is barely half of the whole move.

CHICAGO, April 13 (Reuters) - Delta Air Lines (DAL.N) on Thursday posted weaker-than-expected earnings in the first quarter, hit by a severe winter storm that drove up operational expenses for the carrier. CEO Bastian said on a post earnings call that Delta expects to bring down non-fuel costs in the second half of the year. For the June quarter, Delta expects its revenue to rise 15% to 17% from a year earlier on capacity growth of 17%. "We're growing supply at that level and not seeing a deterioration in the overall revenue," Bastian said. Delta expects an adjusted profit of $2.00 to $2.25 per share in the second quarter, with an operating margin of 14% to 16%.

☆ She met her long lost cousin on a cruise ship
▼ + stars: | 2023-04-13 | by ( Francesca Street | ) edition.cnn.com time to read: +8 min

The following year, 2015, Eileen celebrated her 70th birthday with a voyage on board Cunard’s Queen Elizabeth cruise ship. She was in shock when she met Paddy at the cruise bar. “We compared stories of travels around the world.”Transatlantic friendshipHere's Paddy, Hazel, Gerard and Eileen photographed on board the Queen Elizabeth cruise ship in 2015, not long after they met. Monaghan familyFor the remaining two weeks of the cruise, the two long lost cousins and their spouses were inseparable. Eileen has also met a whole host of other Irish family members through Paddy.

☆ Irish regulator has month to make order on EU-US Facebook data transfers
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

DUBLIN, April 13 (Reuters) - Ireland's data regulator has one month to make an order on blocking Facebook's transatlantic data flows, European Union regulators said on Thursday. EU regulators led by Ireland's Data Protection Commissioner (DPC) Helen Dixon have been finalising a ban on the legal tool used by Facebook to transfer European user data because of concerns U.S. intelligence agencies could access the information. Dixon, who is lead regulator for Facebook parent Meta (META.O) because its European headquarters are in Ireland, last month said the ban could be in place by mid-May. While the statement did not say what the decision was, Dixon has said other regulators had not disputed her order to ban the data transfer mechanism. Officials have said a new EU-U.S. data protection framework, which aims to offer EU citizens the same level of data protection as under European law, may be ready by July.

☆ Macron: France's 'tone deaf' president faces backlash over Taiwan comments
▼ + stars: | 2023-04-13 | by ( Luke Mcgee | ) edition.cnn.com time to read: +6 min

In it, he said that Europe must not become “just America’s followers” when asked about the prospect of China invading Taiwan. One said that Macron is “simply tone deaf to everything happening in the world. They were surprised to see Macron’s comments so soon after that meeting. For all that Macron’s comments could be put down to a president under pressure at home doing things on the world stage to create a distraction, his comments on Taiwan have done real damage to the fragile transatlantic relationship. It might not have been his intention, but Macron’s comments have come at a yet unknown cost.

☆ EU urges firm results, green alliance from US trade talks
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, April 12 (Reuters) - The United States and the European Union need to produce clear results next month from their forum on trade and technology and forge closer ties on green products and technology, European Trade Commissioner Valdis Dombrovskis said on Wednesday. "We should also be aiming to move forward on digital and sustainable trade," Dombrovskis said. The transatlantic partners should, he said, help set common standards for green goods and technologies, ensure fair competition and build resilient supply chains. Dombrovskis said the two should work to align the domestic supports of the IRA and the EU Green Deal, so "turbo-charging" the green transition. In my view, we should be aiming for nothing less than a green transatlantic marketplace," Dombrovskis said.

☆ Macron: France favours 'status quo' on Taiwan, position unchanged
▼ + stars: | 2023-04-12 | by ( Michel Rose | ) www.reuters.com time to read: +3 min

[1/3] French President Emmanuel Macron and Dutch Prime Minister Mark Rutte speak at a news conference during Macron's state visit to the Netherlands, in Amsterdam, Netherlands April 12, 2023. We're in favour of the status quo. This policy is constant and hasn't changed," Macron told a news conference during a state visit in the Netherlands. "So no, France does not support provocations, does not engage in fantasy politics and considers the status quo, respect and clarity are the best allies of European strategic autonomy," Macron said. The meeting between Taiwan President Tsai Ing-wen and U.S. House Speaker Kevin McCarthy in California last week - prior to China's drills - was a "provocation", the diplomat said.

As a result, the stakes of the inaugural trip by German Foreign Minister Annalena Baerbock have risen, with many EU members hoping Berlin will use this opportunity to set out a clear and united EU line on China, analysts said. Baerbock must now make Germany's position on Taiwan clear during her visit, German foreign policy parliamentarian Nils Schmid told Reuters, adding Macron's remarks had destroyed a hoped-for impetus for a common European China policy. The foreign minister is due to meet her counterpart Qin Gang and China's top diplomat Wang Yi on the two-day trip. Europe's view of China as partner, competitor and systemic rival is the compass of its policy, she added. "More von der Leyen than Macron should be her guideline," conservative foreign policy lawmaker Johann Wadephul, who will join Baerbock on her trip, told Reuters.

[1/4] Chinese President Xi Jinping and France's President Emmanuel Macron meet at the Guandong province governor's residence, in Guangzhou, China, Friday, April 7, 2023. Macron's comments came in an interview on a trip to China that was meant to showcase European unity on China policy, with European Commission President Ursula von der Leyen also taking part, but highlighted differences within the European Union. A senior diplomat from Central and Eastern Europe, speaking on condition of anonymity, said: "President Macron is not speaking for Europe or the European Union. The French foreign ministry cancelled a planned debrief on the trip for foreign diplomats in Paris on Tuesday as officials scrambled to make sure they had a consistent message and to limit any fallout with Washington. But even some of those broadly supportive of Macron's agenda lamented the handling of the China trip, in which von der Leyen received a much more muted welcome than the French president.

☆ NATO's newest member means Russia's 'unsinkable aircraft carrier' will be even more isolated
▼ + stars: | 2023-04-11 | by ( Constantine Atlamazoglou | ) www.businessinsider.com time to read: +6 min

Finland also extends NATO's border along the Baltic Sea, which has been called a "NATO lake." That further isolates Russia's Kaliningrad region, which is surrounded by NATO member countries. Kaliningrad is a major military outpost, hosting Russia's Baltic Fleet and other forces, and has been called an "unsinkable aircraft carrier" that allows Moscow to project power deep into NATO and EU territory. However, some Baltic Fleet units were redeployed to Ukraine where they have reportedly suffered very high casualties. Russia's Baltic Fleet is based in Baltiysk and is composed of warships — mostly corvettes and a number of support ships — infantry and armored units, and aviation and air-defense forces.

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