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Banking / Investment in Western Europe

  • ECB Rate-setters Raise Concern Over Euro Strength

    EUROPEAN UNION, 2017/08/22 European Central Bank policymakers raised concern over the appreciation of the euro in July, pointing out the risk of the exchange rate overshooting someday, and stressed that the favorable financing conditions are still supported by the massive stimulus. "Concerns were expressed about a possible overshooting in the repricing by financial markets, notably the foreign exchange markets, someday," the bank said in the minutes, which it calls "the account", of the July 20 rate-setting session released on Thursday.

  • Werner Hoyer re-appointed as EU investment bank chief

    LUXEMBOURG, 2017/07/29 Werner Hoyer, a former German liberal MP, was re-appointed on Thursday as president of the European Investment Bank (EIB) for six years, with his new mandate starting on 1 January 2018.

  • Crimea: Circumventing Trade Sanctions Via Novorossiysk

    ARMENIA, 2017/07/08 Despite trade sanctions, Crimea is maintaining connections to international markets. Crimean traders are performing some logistical gymnastics to skirt sanctions, in particular transiting goods through the Russian port of Novorossiysk. On paper, of course, Crimea is experiencing a severe trade crisis. Official statistics indicate that Crimea’s import volume in 2016 shrank by a full third compared to the 2015 level, a drop of $33.6 million. Exports fell by $31.8 million, a 40-% decline from 2015. The city of Sevastopol, which is not formally part of the Republic of Crimea, reported a 12.6 % fall in its imports and 66.8 % fall in its exports in the same period, with volumes shrinking to $33.4 million and $5.9 million, respectively.

  • ECB sticks with stimulus and low interest rates

    EUROPEAN UNION, 2017/06/20 THE European Central Bank made a small step toward phasing out its extraordinary support for the economy yesterday — but left its stimulus programs and record low interest rates unchanged despite a spreading recovery in the 19 nations that use the euro. In its statement announcing its policy decision, the central bank dropped wording that it could lower interest rates further, a sign of better confidence in the economy, which is growing at a two-year high. The ECB did not otherwise change its views in its statement, and all eyes will turn to the news conference by its president, Mario Draghi, for further hints about next policy moves.

  • ECB minutes said that inflation had Eurozone continued to be weaker-than-expected

    EUROPEAN UNION, 2016/02/19 While euro area economic recovery was progressing, downside risks increased again since the start of the year, mainly due to world concerns, the minutes of the European Central Bank's January rate-setting session showed Thursday. "Downside risks had increased again since the beginning of the current year, amid heightened uncertainty about the increase prospects of emerging market economies, volatility in financial markets and geopolitical risks," the statement, which the ECB calls "the account", said. The Governing Council policy session was held on January 20-21.

  • Chinese Premier Li Keqiang (R) meets with European Commission Vice President Jyrki Katainen

    CHINA, 2015/09/28 Premier Li Keqiang met with European Commission Vice President Jyrki Katainen here on Monday, calling for negotiations on a China-EU joint investment fund to be sped up. "This would help promote bilateral investment , financial cooperation and joint exploration of the third-party market, and as well reveals China's firm support for the euro's stability and EU solidarity," Li said. Hailing the evolution of China-EU ties, Li said despite a complicated international situation and tepid economic recovery, improved China-EU cooperation would not only benefit the two sides, but sends positive signs to the world.

  • EU-funded project: round table on ethics and disciplinary issues in Georgian Bar Association

    ARMENIA, 2015/08/30 A round table on ethics and disciplinary issues in the Georgian Bar Association's legal framework was held in Tbilisi last week as part of the joint EU-Council of Europe project for ‘Support to the Georgian Bar Association’. The round table, bringing together members of the Georgian Bar Association Ethics Commission inclunding European experts, aimed to identify gaps in the regulatory framework of the Association, inclunding solutions to meet European standards, according to EU Neighbourhood Info. Participants discussed the current situation and agreed to start work on legislative/regulatory changes. The CoE will follow the process and present concrete proposals, which will from presently on be reflected in the legislative/regulatory framework.

  • EU to allocate 9.3 million euros to Uzbekistan

    EUROPEAN UNION, 2015/08/27 The agriculture of Uzbekistan will any minute at this time be fully equipped with the European know-how and technologies in the field of animal husbandry, horticulture and vegetable growing. This equipment will significantly facilitate the process of organization of production before its further sale. The country will get all necessary equipment under the European Union (EU) grant assistance in the all of 9.3 million euros, according to the EU. As a lot of as six Uzbekistan's regions will get help in the field of agriculture, inclunding the Namangan, Andijan, Ferghana, Jizzakh, Syrdarya and Kashkadarya regions. The 36-month project will be implemented by consortium headed by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH (Germany).

  • Multilateral lender to open four more offices on the continent, says investment opportunities are 'huge'.

    EUROPEAN UNION, 2015/07/19 THE European Investment Bank plans to open offices in four additional African cities as it strengthens its foothold on a continent looking for financing to build infrastructure, said a senior official with the lender. The EIB will open an office in Cameroon’s capital, Yaounde, later this year, followed by Abidjan in Ivory Coast, Zambia’s Lusaka, and Maputo, Mozambique in 2016, EIB Vice President Pim van Ballekom said in an interview.

  • Switzerland to Unfreeze $827 Million in Libyan Assets

    LEBANON, 2015/05/12 The Swiss Secretariat for Economic Affairs said that, “the UN sanctions committee has agreed to unblock the 350 million Suisse Franc worth of frozen Libyan assets in Switzerland”. Antiya Birci, spokeswomen for the Swiss Secretariat for Economic Affairs, said in a press conference said that the unblocked funds would be used to meet the humanitarian needs of the Libyan people. She says a decision about which organizations will receive the money has from presently on to be made.
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