National Newswatch

Growth slows at end of 2021 in 19 countries that use euro

Jan 31 2022 — David McHugh — FRANKFURT, Germany (AP) — The European economy slowed noticeably at the end of last year as surging COVID-19 cases driven by the omicron variant piled on top of supply shortages and rising energy prices that dented consumer purchasing power. The result: An economic winter of discontent that may not lift until later this year. Much […]

Growth slows at end of 2021 in 19 countries that use euro

Jan 31 2022 — David McHugh — FRANKFURT, Germany (AP) — The European economy slowed noticeably at the end of last year as surging COVID-19 cases driven by the omicron variant piled on top of supply shortages and rising energy prices that dented consumer purchasing power. The result: An economic winter of discontent that may not lift until later this year. Much […]

Germany: Party picks conservative leader for post-Merkel era

Jan 22 2022 — David McHugh — FRANKFURT, Germany (AP) — Delegates from the party of former German Chancellor Angela Merkel endorsed prominent conservative Friedrich Merz as the Christian Democratic Union's new leader Saturday as the center-right party seeks to redefine itself. Merz received 94.6% of the vote from 983 delegates who cast ballots during an online party convention. The vote was […]

Germany: Party picks conservative leader for post-Merkel era

Jan 22 2022 — David McHugh — FRANKFURT, Germany (AP) — Delegates from the party of former German Chancellor Angela Merkel endorsed prominent conservative Friedrich Merz as the Christian Democratic Union's new leader Saturday as the center-right party seeks to redefine itself. Merz received 94.6% of the vote from 983 delegates who cast ballots during an online party convention. The vote was […]

Europe gas crisis hinges on cold, high prices luring supply

Jan 13 2022 — David McHugh — FRANKFURT, Germany (AP) — Europe’s natural gas crisis isn't letting up. Reserves are low. Prices are high. Utility customers are getting hit with higher bills. Major Russian supplier Gazprom isn't selling gas like it used to. It all raises the question: How exactly is Europe, which imports most of its energy, going to make it […]

Energy monitor blames Russia for worsening Europe gas crisis

Jan 12 2022 — David McHugh — FRANKFURT, Germany (AP) — The head of the International Energy Agency blamed Russia for worsening Europe's natural gas crisis, saying Wednesday that high prices and low storage levels largely stem from the behavior of state-owned gas supplier Gazprom. Russia could send up to a third more gas through existing pipelines, said Fatih Birol, executive director […]

OPEC, allies keep gradually pumping more oil amid omicron

Jan 4 2022 — David McHugh — FRANKFURT, Germany (AP) — OPEC and allied oil-producing countries decided Tuesday to pump more oil to the world economy amid hope that travel and demand for fuel will hold up despite the rapid spread of the omicron variant of COVID-19. The 23-member OPEC+ alliance led by oil cartel member Saudi Arabia and non-member Russia said […]

European Central Bank to taper pandemic stimulus, but gently

Dec 16 2021 — David McHugh — FRANKFURT, Germany (AP) — The European Central Bank decided Thursday to avoid an abrupt end to its pandemic crisis support for the economy as the new omicron variant of COVID-19 stirs uncertainty about the recovery, despite inflation hitting record highs and the U.S. speeding up its stimulus exit. The cautious approach comes as the 19 […]

Energy agency urges bigger global push to cut emissions

Oct 13 2021 — David McHugh — FRANKFURT, Germany (AP) — The International Energy Agency is urging governments to make stronger commitments to cut greenhouse gas emissions at an upcoming U.N. climate summit, warning the world is not on track to meet environmental goals and that new investment in clean energy was needed to “jolt the energy system onto a new set […]

EXPLAINER: How global deal stems corporate use of tax havens

Oct 11 2021 — David McHugh — FRANKFURT, Germany (AP) — More than 130 countries have forged a deal on sweeping changes in how big global companies are taxed. The goal: deterring multinational companies from stashing profits in countries where they pay little or no taxes — better known as tax havens. The sweeping agreement was struck Friday among 136 countries after […]

European Central Bank climate report: Early action is better

Sep 22 2021 — David McHugh — FRANKFURT, Germany (AP) — The European Central Bank's first climate stress test shows higher risks of loan defaults for banks in fire-plagued southern Europe and argues that an earlier and orderly shift to greener energy may have costs — but pay off for the economy over the long run. The bank warned that its two […]

European economy grows 2%, ending double-dip recession

Jul 30 2021 — David McHugh — FRANKFURT, Germany (AP) — Europe emerged from a double-dip recession in the second quarter with stronger than expected growth of 2.0% over the quarter before, according to official figures released Friday, as restrictions eased, consumers started spending built-up savings and major companies showed stronger results. But the economy in the 19 countries that use the […]

Mercedes sketches out all-electric scenario by decade’s end

Jul 22 2021 — David McHugh — FRANKFURT, Germany (AP) — Daimler AG's luxury car brand Mercedes-Benz says it is stepping up its transition to electric cars, doubling the share of sales planned by 2025 and sketching out a market scenario in which new car sales would “in essence” be fully electric by the end of the decade. The shift to electric […]