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REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsMILAN, Nov 10 (Reuters) - Travel website Booking.com (BKNG.O) has agreed to pay about 94 million euros ($100.25 million) to settle a tax dispute in Italy, Genoa prosecutors said on Friday. Italy's Guardia di Finanza tax police alleged in June 2021 that Booking.com evaded 153 million euros of value added tax (VAT) in connection with holiday rentals from 2013 to 2019. Last November, Dutch magistrates accepted a European investigation order (OIE) sent by Italy allowing Italian prosecutors to question two former Booking.com chief financial officers as part of the investigation. Private accommodation sites which are not professionally run often have no VAT number, and Italian tax authorities believe the online travel agency should in such cases act as a withholding agent, collecting tax. In another similar case involving a company's responsibility to collect tax on behalf of tax authorities, an Italian judge on Monday seized 780 million euros from short-term rentals platform Airbnb (ABNB.O).
Persons: Dado Ruvic, Booking.com, Italy's, Toby Sterling, Alvise Armellini, Aurora Ellis Organizations: REUTERS, Apple, Facebook, Italian Revenue Agency, Prosecutors, U.S ., Holdings, Union, Thomson Locations: Italy, Genoa, Booking.com, Netherlands, Friday's, Italian, Delaware, Amsterdam
Euro zone inflation could tick up in coming months: Lagarde
  + stars: | 2023-11-10 | by ( ) www.reuters.com   time to read: +2 min
FRANKFURT, Nov 10 (Reuters) - Euro zone inflation could tick up in the coming months but European Central Bank interest rates held at their current level at least for several quarters could still get price growth back to 2%, ECB President Christine Lagarde said on Friday. "There will be a resurgence of probably higher numbers going forwards and we should be expecting that," Lagarde told a Financial Times event. Still, Lagarde hinted that even if inflation picks up, another rate hike may not be needed. When asked what long enough means, Lagarde said no change should be expected in the "next couple of quarters". Reporting by Balazs Koranyi; editing by Christina Fincher, Tomasz Janowski and David EvansOur Standards: The Thomson Reuters Trust Principles.
Persons: Christine Lagarde, Lagarde, Francois Villeroy de Galhau, Philip Lane, Balazs Koranyi, Christina Fincher, Tomasz Janowski, David Evans Organizations: Central Bank, ECB, Financial, European Union, Thomson Locations: FRANKFURT, French
LONDON, Nov 9 (Reuters) - Regulators should keep on open mind when writing rules for the world's $239 trillion "non-bank" financial sector to avoid one-size fits all approaches, the EU's top securities watchdog said. Non-banks, a sector which includes hedge funds, real estate funds, insurers and private investments and now account for about half of the world's financial sector, are firmly in the regulatory limelight. This follows redemption-related stresses among money market funds (MMFs) during a "dash for cash" when economies went into pandemic lockdowns in March 2020, and last year with liability-driven investment (LDI) funds in Britain. European Securities and Markets Authority (ESMA) chair Verena Ross said regulators are closely examining non-banks' leverage, liquidity and their connectivity with banks. Meanwhile, the BoE has called for tougher liquidity rules for MMFs, but sterling-denominated funds are listed in European Union countries such as Ireland and Luxembourg, where the rules are written by the 27-member bloc.
Persons: Verena Ross, Ross, MMFs, BoE, ESMA, Huw Jones, Alexander Smith Organizations: European Securities and Markets Authority, Reuters, U.S . Federal, The Bank of England, U.S, Financial, Union, European Commission, Thomson Locations: Britain, Ireland, Luxembourg
The winner of the lucrative contract will then have an option to build three more nuclear reactors in the country. Last year, the Czech government excluded Russia’s energy giant Rosatom and China’s CNG from the tender process on security grounds. Political Cartoons View All 1227 ImagesPrime Minister Petr Fiala said Russian participation in the project, which is critical for the Czech Republic's energy security, was “unimaginable” following the Kremlin’s invasion of Ukraine. The Czech Republic already relies on six nuclear reactors to generate more than a third of its total electricity. In a separate deal, CEZ had signed a deal with U.S. energy giant Westinghouse Electric Co. to supply nuclear fuel for the Dukovany nuclear plant, eliminating dependence on Russia for such fuel.
Persons: Korea’s, CEZ, Petr Fiala Organizations: U.S, Westinghouse, France’s EdF, Union, Westinghouse Electric Co Locations: PRAGUE, Czech, Ukraine, Czech Republic, Dukovany, Austria, Germany, Central Europe, Slovakia, Hungary, Poland, Russia
Countries sent national security advisers to the Ukraine Peace Forum, the third round of talks based on the country’s proposed 10-point settlement for the war, called the Peace Formula, which calls for a complete withdrawal of Russian forces, an end of hostilities and reparations. Russia was not invited to the forum, reflecting the lack of appetite from Moscow or Kyiv for peace talks — the idea is anathema to Ukraine while Russian forces occupy part of its territory. Even as Ukraine battles to regain territory on the backfield, it is also pursuing an international consensus around its cause, and the forum provided an opportunity to advance its diplomatic position. It is a “fundamentally important first goal” to rally international support, Pavlo Klimkin, a former Ukrainian foreign minister, said in an interview from the talks, which are being held behind closed doors. Another goal, he said, is “to prevent possible sliding toward Russia.”President Volodymyr Zelensky of Ukraine said in an overnight speech that 66 countries had attended the forum, which Malta’s foreign ministry said it had organized at Ukraine’s request.
Persons: Pavlo Klimkin, Volodymyr Zelensky, Zelesnky, Maria Zakharova Organizations: Ukraine Peace, , European Union, Hamas Locations: Malta, Ukraine, Africa, Latin America, Asia, Russia, Moscow, Kyiv, Ukrainian, United States, Britain, India, Brazil, South Africa, Gaza, Israel
Spain to create emergency accommodation for 3,000 migrants
  + stars: | 2023-10-26 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Borja Suarez/File Photo Acquire Licensing RightsMADRID, Oct 26 (Reuters) - Spain said on Thursday it would create additional emergency accommodation for 3,000 undocumented migrants in military barracks, hotels and hostels amid a 55% jump in arrivals by sea this year, which has triggered political tension. Escriva declined to disclose how many additional beds will be created, but a ministry source told Reuters it would be around 3,000 in total. But this time the central government's approach has been to expand emergency accommodations across the country, hoping to ease pressure on the Canaries. Following police screenings, migrants will be placed in the military barracks, hotels, hostels and other types of accommodations on a voluntary basis, the ministry source said. Escriva argued the situation was well-handled and manageable, and said some conservative politicians were whipping up what he called xenophobic rhetoric.
Persons: Borja Suarez, Jose Luis Escriva, Escriva, Isabel Diaz Ayuso, Belén Carreño, Joan Faus, Emma Pinedo, Jonathan Oatis Organizations: Gran Canaria, REUTERS, Rights, Union, Canaries, Madrid, Thomson Locations: Spanish, Arguineguin, Gran, Spain, Rights MADRID, Madrid, West Africa, Canary, Italy, Lampedusa
Passengers will use e-gates like the one at the Humberto Delgado International Airport in Portugal as part of the EU’s automated border-control initiative. Photo: Horacio Villalobos/Corbis/Getty ImagesAmericans who want to travel to Europe will have to register online to enter the continent starting in 2025. U.S. travelers will need prior authorization for travel to European Union countries beginning in spring 2025, EU officials said Friday. The new requirements for travel will also mean that U.S. travelers arriving in Europe will no longer get passport stamps. Instead, their faces and fingerprints will be scanned and logged in a new digital registration system beginning next fall.
Persons: Humberto Delgado, Horacio Villalobos, Corbis Organizations: Humberto Delgado International Airport, Getty, European Union Locations: Portugal, Europe
The EU is typically one of the most ambitious negotiators at the annual United Nations climate talks, where nearly 200 countries negotiate efforts to fight global warming. A central decision will be whether countries at the COP agree for the first time to phase out fossil fuels. EU countries must agree their negotiating position unanimously, meaning one government can block it. EU countries opposing a full phase-out include poorer nations who fear the impact of weaning their economies off fossil fuels. The brackets around "unabated" indicate EU countries have not yet agreed on the word.
Persons: Rula, EU's, Kate Abnett, Jan Strupczewski, Emelia Organizations: Abu Dhabi Sustainability, REUTERS, Union, EU, United Nations, Reuters, Thomson Locations: UAE, Abu Dhabi, BRUSSELS, United, Dubai, Denmark, France, Germany, Ireland, Netherlands, Slovenia, Czech Republic, Hungary, Italy, Malta, Poland, Slovakia, Saudi Arabia
This will amount to 22.5% of global wheat exports, a market-leading share. In the same period, Ukraine’s share of global wheat exports has shrunk from 9% to an expected level of a little over 6% for this season. “Ukraine’s [grain] exports are vital to its economy and to feed the world,” Bridget A. S&P Global expects its wheat exports to fall by 3.7 million tons to 13.4 million in 2023-24, the lowest in nine years. And a significant reduction in the global wheat supply could yet lift prices, suggests Welsh.
Persons: Dmitry Medvedev, Vladimir Putin, ” Caitlin Welsh, Bridget A, Putin, Andrey Sizov, Stringer, ” Welsh, Sizov, Vladimir Nikolayev, Paul Hughes, , Olesya, Svitlana Vlasova Organizations: London CNN —, Russia’s Security, Global, CNN, Initiative, Center for Strategic, International Studies, Moscow, Twitter, Getty, Union, European Commission, EU, US Department of Agriculture, Reuters, Romania, P Global, Locations: Russia, Ukraine, Moscow, Nedvigovka, AFP, Ukraine’s, Poland, mudslinging, Egypt, Siberian Novosibirsk, “ Ukraine
Nearly $100 billion in military aid to UkraineIndividual countries around the world have committed nearly $100 billion in direct military assistance to Ukraine. The US Congress has approved around $46.6 billion in direct military aid to Ukraine since NATO countries began organizing support for Ukraine a month before the full-scale invasion, data shows. This is part of a total $113 billion aid budget for both defense and civilian needs – though not all of it is meant to go directly to Ukraine. The United Kingdom has pledged more than $7 billion in direct military aid. Around 78% of Poland’s direct support for Ukraine goes to refugee costs – $17 billion out of nearly $22 billion.
Persons: CNN —, that’s, , Kevin McCarthy, Joshua Berlinger Organizations: CNN, Ukraine, Republicans, Kiel Institute, NATO, Union, European Union, Russia —, Latvia —, United Nations, UN, US Locations: Ukraine, United States, Russia, Germany, Denmark, Poland, United Kingdom, Kiel, Norway, Baltic, Russia — Lithuania, Estonia, Latvia
PARIS, Oct 4 (Reuters) - French President Emmanuel Macron said last week his government would "take back control" of electricity prices by the end of the year, without spelling out what steps he would take. "There is a point that is key for our competitiveness, and we will announce it in October, and that is to take back control of electricity prices," Macron said. "We'll be able to announce in October electricity prices that are in line with our competitiveness," he said, adding this would apply to households and businesses. However, French officials say Germany is undermining a traditional French strength due to fears cheap nuclear electricity could provide French businesses with a competitive advantage over German companies. Under the current system, called marginal pricing, European electricity prices are linked to the most expensive power producing asset.
Persons: Emmanuel Macron, Macron, We'll, Bruno Le Maire, Michel Rose, Elizabeth Pineau, Benjamin Mallet, Leigh Thomas, Forrest Crellin, Kate Abnett, Julia Payne, Mark Potter Organizations: Union, EDF, EU, European Commission, French Finance, Reuters, Thomson Locations: Ukraine, Paris, France, Brussels, Germany, Russia, Europe, Bulgaria, Croatia, Czechia, Hungary, Poland, Romania, Slovakia, Slovenia, Luxembourg, Austria, Spain
[1/2] SMER-SSD party leader Robert Fico arrives to the party's headquarters after the country's early parliamentary elections, in Bratislava, Slovakia, October 1, 2023. Caputova, a liberal who has a tense relationship with Fico, a three-time former prime minister, will first make a 2 p.m. statement on the election outcome. Fico and his SMER-SSD party won nearly 23% of the vote on Saturday, ahead of liberal challenger Progresivne Slovensko (Progressive Slovakia, PS) with 18%. HLAS, led by Fico's former colleague and prime minister Peter Pellegrini, could also support a potential PS-led coalition if negotiations with SMER fail. Fico's pledge, however, may have limited practical impact as analysts say Slovakia has already provided much of what it could spare.
Persons: Robert Fico, Radovan Stoklasa, Fico, Zuzana Caputova, Progresivne Slovensko, Fico's, Peter Pellegrini, Reuters Graphics Fico, Viktor Orban, Pellegrini, Jason Hovet, Jan Lopatka, Andrew Heavens, Mark Heinrich Our Organizations: REUTERS, Ukraine Won, Russian Slovak National Party, SNS, SMER, Reuters Graphics, European Union, Russia's, Hungarian, Law and Justice, Brussels, NATO, Reuters Graphics Reuters, Reuters, Thomson Locations: Bratislava, Slovakia, Ukraine, Progressive Slovakia, SMER, Russian, Hungary, European, Russia, Europe, Slovak
REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsBERLIN, Sept 28 (Reuters) - German inflation fell in September to its lowest level since Russia launched its full-scale invasion of Ukraine, signalling what could be the beginning of the end for the high inflation that has weighed heavily on Europe's largest economy. Germany's core inflation rate, which excludes volatile items such as food and energy, fell to 4.6% year-on-year from 5.5% in August. Meanwhile, five economic institutes predict Germany's economy will shrink by 0.6% this year, as rising interest rates take their toll on investment and still high inflation depresses consumption. The ECB is keeping a close eye on euro zone inflation data, with September's reading due to be published on Friday. Spain earlier reported a 3.2% harmonised inflation rate for September.
Persons: Fabian Bimmer, Ralph Solveen, ING's Carsten Brzeski, Brzeski, Maria Martinez, Miranda Murray, Friederike Heine, Kirsten Donovan, Alison Williams Organizations: REUTERS, Rights, Union, Reuters, ECB, Central, Thomson Locations: Hamburg, Russia, Ukraine, Spain
EU countries bordering Russia have started banning Russian vehicles from entering their territories. The European Commission recently said that vehicles registered in Russia are not allowed into the 27-member bloc. AdvertisementAdvertisementEuropean Union countries are stepping up their enforcement of sanctions against Russia as the Ukraine war stretches into its 19th month. Earlier this month, the European Commission stated in an updated sanctions FAQ that vehicles registered in Russia are not allowed into the 27-member bloc. In the last two weeks, the EU countries that border Russia — Finland, Latvia, Estonia, Lithuania, and Poland — have implemented entry bans on Russian-registered vehicles.
Persons: Organizations: European Commission, Service, Union, Russia, EU, NRK, Reuters Locations: Russia, Latvia, Ukraine, Finland, Estonia, Lithuania, Poland, Norway
CNN —The European Court of Human Rights will hear an “unprecedented” lawsuit on Wednesday, brought by six young people against 32 European countries accusing them of failing to tackle the human-caused climate crisis. It is the first climate case to be filed with the European Court of Human Rights and is the largest of a total of three climate lawsuits the court is hearing. If it passes procedural hurdles, the court could rule that states do not have human rights obligations when it comes to climate change. “That could be very damaging to other similar cases,” said Michael B. Gerrard, director of the Sabin Center for Climate Change Law at Columbia Law School. Climate litigation is an important tool, said Catherine Higham, coordinator of the Climate Change Laws of the World project at the London School of Economics.
Persons: David, , Gearóid Ó Cuinn, , Catarina Mota, Mota, Cláudia Duarte Agostinho, Pablo Blazquez Dominguez, André dos Santos, , Martim Duarte, Cláudia Duarte, Mariana Duarte, Marcelo Engenheiro, Michael B, Gerrard, ” Ó Cuinn, ” Gerrard, Gerry Liston, Liston, Catherine Higham Organizations: CNN, European, of Human, Global, Getty, Union, Sabin, Climate, Columbia Law School, London School of Economics, United Nations Locations: Portugal, GLAN, Pedrogao Grande, Leiria district, Norway, Russia, Switzerland, Turkey, United Kingdom, Greece –, Europe, Dubai
Germany's Scholz Asks Poland to Clarify Cash-For-Visas Affair
  + stars: | 2023-09-23 | by ( Sept. | At A.M. | ) www.usnews.com   time to read: +2 min
BERLIN (Reuters) - German Chancellor Olaf Scholz on Saturday called on the Polish government to clarify allegations about a cash-for-visas deal for migrants that has roiled Polish politics, as a debate about immigration heats up in Germany. Arrivals to Poland could easily cross into other European Union countries given that borders are open. "The visa scandal that is taking place in Poland needs to be clarified," Scholz said on Saturday at an event. Scholz hinted that Germany could take steps to control the border with Poland. In recent years, Germany has already coped with floods of migrants and asylum seekers from Syria and Ukraine.
Persons: Olaf Scholz, Scholz, Nancy Faeser, Zbigniew Rau, Home Affairs Ylva Johansson, Andreas Rinke, Tom Sims, Clelia Oziel Organizations: BERLIN, Union, Polish, Home Affairs, EU Locations: Polish, Germany, Poland, Syria, Ukraine
Germany's Scholz asks Poland to clarify cash-for-visas affair
  + stars: | 2023-09-23 | by ( ) www.reuters.com   time to read: +2 min
Germany's Chancellor Olaf Scholz addresses a ministerial level meeting of the United Nations Security Council on the crisis in Ukraine at U.N. headquarters in New York, September 20, 2023. Arrivals to Poland could easily cross into other European Union countries given that borders are open. "The visa scandal that is taking place in Poland needs to be clarified," Scholz said on Saturday at an event. Scholz hinted that Germany could take steps to control the border with Poland. In recent years, Germany has already coped with floods of migrants and asylum seekers from Syria and Ukraine.
Persons: Germany's, Olaf Scholz, Brendan McDermid, Scholz, Nancy Faeser, Zbigniew Rau, Home Affairs Ylva Johansson, Andreas Rinke, Tom Sims, Clelia Organizations: United Nations Security Council, REUTERS, Rights, Union, Polish, Home Affairs, EU, Thomson Locations: Ukraine, U.N, New York, Polish, Germany, Poland, Syria
Poland’s decision was both sudden and predictable, coming after months of tensions over a temporary ban on Ukrainian grain imports to a number of European Union countries. “We no longer transfer weapons to Ukraine because we are now arming Poland,” Polish Prime Minister Mateusz Morawiecki said in a blunt social media statement on Wednesday. But three nations – Poland, Hungary and Slovakia – said they intended to defy the change and keep the restrictions in place. They are particularly suffering in their stronghold rural regions in eastern Poland, where agriculture is an important economic pillar. The urgency of the war to Poland has also slipped over the course of year.
Persons: Mateusz Morawiecki, Morawiecki, Piotr Muller, CNN Muller, Slovakia –, Alexander Ermochenko, Volodymyr Zelensky, Zelensky, , Mateusz, Beata Zawrzel, PiS, Vladimir Putin Organizations: London CNN, European Union, NATO, Ukrainian, CNN, EU, European Commission, Reuters, UN, Assembly, Ukraine, Law, Justice, Confederation, Kyiv Locations: Kyiv, Russia, Poland’s, Poland, Ukraine, Polish, United States, Soviet, Warsaw, Slovakia, Hungary, Europe, Zaporizhzhia, Russian, New York, Moscow, Ukrainian, Germany, Ukraine’s
In a development that few predicted just two days ago, the central bank kept its main interest rate unchanged at a 15-year high of 5.25%. The U.S. Federal Reserve also left rates unchanged Wednesday. While the decision to leave rates unchanged is a welcome development, it doesn't mean that Britain's cost-of-living crisis has ended. The Swiss National Bank also kept rates unchanged Thursday, but in a busy day for central bank action in Europe, Sweden's and Norway's central banks pushed ahead with quarter-point hikes. The European Central Bank, which sets interest rates for the 20 European Union countries that use the euro currency, last week hinted that its 10th straight hike could be its last.
Organizations: , Bank of England, The U.S . Federal Reserve, Monetary, Swiss National Bank, European Central Bank, Union Locations: Ukraine, The, Russia, U.S, Britain, Europe
Polish leaders have compared Ukraine to a drowning person hurting his helper and threatened to expand a ban on food products from the war-torn country. Meanwhile, Ukrainian President Volodymyr Zelenskyy suggested that EU allies that are prohibiting imports of his nation’s grain are helping Russia. All the EU countries will keep allowing Ukrainian products to move through their borders to world markets. Russia dealt a huge blow by withdrawing in July from a wartime agreement that ensured safe passage for Ukrainian grain through the Black Sea. Ukraine also threatened this week to ban some Polish food items, but appeared to back off that.
Persons: Volodymyr Zelenskyy, “ Alarmingly, they’re, ” Zelenskyy, Pawel, , Vasyl Zvarych, Jablonski “, Andrzej Duda, Mateusz Morawiecki, ” Morawiecki, Nikolai Denkov, Veselin Toshkov Organizations: Union, EU, World Trade Organization, General, Polish Foreign Ministry, Law, Justice, Croatia, Kyiv, General Assembly, Russia, Confederation, Polsat, Russia Socialist Locations: WARSAW, Poland, Kyiv, Warsaw, Russia, Ukraine, Europe, Moscow, Hungary, Slovakia, Croatia, New York, EU, Ukrainian, Bulgaria, Sofia
Seven Charged in Polish Visa Irregularity Probe - Prosecutor
  + stars: | 2023-09-14 | by ( Sept. | At P.M. | ) www.usnews.com   time to read: +3 min
WARSAW (Reuters) - Seven people have been charged over alleged irregularities in the granting of Polish work visas, a prosecutor said on Wednesday, amid a deepening scandal on the hot-button subject of migration ahead of Oct. 15 elections. On Wednesday opposition lawmakers said knowledge about the irregularities was widespread in government, stretching as far as Foreign Minister Zbigniew Rau. The opposition has said the irregularities could concern hundreds of thousands of visa applications, but prosecutors have said that their investigation concerns several hundred. Deputy coordinator of special services Stanislaw Zaryn said that none of the visa applicants concerned by the investigation posed a security threat to Poland. According to Eurostat data cited by Rzeczpospolita daily on Wednesday, Poland issued almost 2 million work visas over the past three years, including 600,000 in 2020, more than a quarter of the EU total that year.
Persons: Daniel Lerman, Piotr Wawrzyk, Wawrzyk, Lerman, Zbigniew Rau, PiS, Rafal Bochenek, Stanislaw Zaryn, Alan Charlish, William Maclean Organizations: Law and Justice, Department for, National Prosecutor's, Corruption Bureau, Union, Rzeczpospolita, EU Locations: WARSAW, Poland
German exports fall less-than-expected 0.9% in July
  + stars: | 2023-09-04 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Phil Noble/File Photo Acquire Licensing RightsBERLIN, Sept 4 (Reuters) - German exports fell a less-than-expected 0.9% in July from a month earlier as global demand continued to falter, data from the federal statistics office showed on Monday. "Trade is no longer the strong resilient growth driver of the German economy that it used to be, but rather a drag," said Carsten Brzeski, global head of macroeconomics at ING. Imports rose 1.4% on the month, the data showed. German export expectations have deteriorated slightly due to weak foreign demand, an Ifo survey showed in August. "As long as the global economic environment remains weak, German exports will also remain depressed," said Thomas Gitzel, chief economist at VP Bank.
Persons: Phil Noble, Carsten Brzeski, Brzeski, Bastian Hepperle, Hauck Aufhaeuser Lampe, Thomas Gitzel, Maria Martinez, Friederike Heine, Alex Richardson, Christopher Cushing Organizations: REUTERS, Rights, ING . Supply, European Union, VP Bank, Thomson Locations: Hamburg, Germany, China, Hauck
BERLIN, Aug 30 (Reuters) - German inflation fell slightly in August but was still higher than forecast, data showed on Wednesday, as the downward trend since the start of the year slowed. German consumer prices, harmonised to compare with other European Union countries, increased by 6.4% on the year in August, according to preliminary data from the federal statistics office. Analysts polled by Reuters had forecast harmonised annual inflation of 6.3% after a reading of 6.5% in July. Non-harmonised inflation in Germany fell to 6.1% in August from 6.2% the previous month. Germany's core inflation rate, which excludes volatile items such as food and energy, stood at 5.5% in August, unchanged from July.
Persons: Rachel More, Friederike Heine Our Organizations: Union, Reuters, European Central Bank, Thomson Locations: Germany
European car sales rise 15% in July, EVs up nearly 61%
  + stars: | 2023-08-30 | by ( ) www.reuters.com   time to read: +1 min
Electric vehicle sales jumped 60.6%, continuing a rise buoyed by subsidies in a number of European Union countries. Full EVs accounted for 13.6% of all new car sales, up from under 10% in July 2022. Diesel vehicles, which alone comprised more than 50% of new car sales as recently as 2015, accounted for just over 14% of sales in July. Europe's top car seller Volkswagen (VOWG_p.DE) posted a 17.9% increase in sales in July, the ACEA said, while BMW (BMWG.DE) and Renault (RENA.PA) saw sales rise 22.5% and 16.9% respectively. But Stellantis (STLAM.MI), which has struggled with logistics problems and car deliveries in Europe, posted a 6.1% drop in sales in July.
Persons: Stephane Mahe, Nick Carey, Mark Heinrich Our Organizations: Renault, REUTERS, European Automobile Manufacturers Association, Wednesday ., European Union, Diesel, Volkswagen, BMW, Thomson Locations: Les Sorinieres, Nantes, France, EU, Europe's, Europe
The EU law in question is one of more than a dozen policies designed to reduce the bloc's net emissions by 55% by 2030 from 1990 levels. That is one of the most ambitious climate targets of any major economy, but the campaigners want it lifted to 65%. The European Commission is examining the request, a spokesperson said. "The Commission does not consider this implementing decision to be in breach of fundamental rights," the spokesperson added, referring to the EU law. All EU countries have approved the collective 55% emissions target, which is fixed into law.
Persons: Andreas Linsbauer, Andrea Millhaeusler, Arnd, Romain Didi, Didi, Kate Abnett, William Maclean, Devika Organizations: REUTERS, Rights, Environmental, European Commission, Union, EU, Reuters, European, Thomson Locations: Pontresina, Switzerland, Europe, Brussels, EU, Paris
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