Swiss jobless rate stays at 8-month high of 3.3%

Swiss unadjusted unemployment rate came in at 3.3 percent in January of 2018, the same as in the prior month but slightly below market consensus of 3.4 percent. It remained the highest jobless rate since April 2017. In January, there were 149,161 unemployed persons enrolled at the regional employment centers, about 2,507 more persons than […]

Tourism, exports drive Portuguese economy, minister says

Manuel Caldeira Cabral, Portugal economy minister 

Portugal’s economy is growing in sectors from agriculture to software, not just tourism, and attracting investor interest from France and Germany to China and India, Manuel Caldeira Cabral, the economy minister said in an interview on the sidelines of the World Economic Forum in Davos on Tuesday. Growth in tourism is “the story that’s already known,” […]

Norway’s $1trn oil fund taken to task over rising cost

Erna Solberg, Norwegian Prime Minister of the Conservative Party (C), Siv Jensen, Finance Minister of the Progress Party (L) and Trine Skei Grande, Liberal Party leader announce an expansion of the government in Moss, Norway, January 14, 2018. REUTERS/Joachim Dagenborg

Norway’s finance ministry rejected a proposed cost ceiling from the nation’s wealth fund, questioning the investor over the rising expense of managing the $1.1 trillion piggy bank. The cost limit will be set at 7 basis points of assets this year, lower than the 7.5 basis points proposed by the fund, according to a letter […]

Economy in eurozone expected to grow strongly- Think tanks

The economy in the euro area is expected to grow strongly in the first two quarters of 2018, three think tanks said on Wednesday in a joint forecast report. Economic output in the euro area is expected to grow respectively by 0.6 percent, 0.6 percent and 0.5 percent in the fourth quarter of 2017, in […]

Blow to Uber as E.U court rules it a cab firm

Uber, the ride-hailing firm, suffered a major blow Wednesday as Europe’s top court, the European Court of Justice (ECJ) finally gave verdict on a multi-year legal challenge brought by EU taxi associations to Uber’s claim that it’s just a technology platform. Specifically, the ECJ ruled that it is a transport service firm. The judgment means […]

German industrial output shrinks for second month

German industrial production unexpectedly declined for a second month in October as workers took extra days off, interrupting a run that put Europe’s largest economy on track toward its best performance in six years. Output declined 1.4 percent from September, when it fell a revised 0.9 percent, the Economy Ministry in Berlin said on Thursday. […]

EU agrees roadmap on 5G services

The negotiations for Brexit may be taking time to complete but Europe’s telecommunications ministers have been quick to agree a roadmap for 5G. This constitutes a common understanding on the harmonization of 5G spectrum bands and their allocation to telecommunications operators. In a meeting held in Estonia, the member states representatives on the Telecom Council, […]

EU members approve post-2020 CO2 market reform deal

Representatives from EU member states Wednesday approved proposed changes to the EU Emissions Trading System, following an informal agreement reached November 8 between the EU Parliament and Council. “The ETS reform will help the EU to deliver on its target of cutting greenhouse gas emissions by at least 40% by 2030, as agreed under the […]

Germany’s economy powers into year-end amid political uncertainty

Angela Merkel, Germany's Chancellor

Germany’s economy is probably strong enough to shrug off the country’s dive into political uncertainty for now. The collapse of coalition talks has cast a shadow over Chancellor Angela Merkel’s ability to provide stable leadership for Europe’s most powerful nation, just as the region seeks stronger integration. Yet the turmoil in the capital of Berlin […]