european union

The European Union’s economy would likely contract during the remainder of this year if supplies of natural gas from Russia were to be halted soon, with the deepest recessions felt by countries that rely on that source for much of their energy generation, the bloc said Monday.European nations have been scrambling to sever their energy relationship with Russia since the start of the war in Ukraine. While some have made significant progress, Monday’s warning underlines the extent of the work that remains to be done to end…

The United States and European Union will announce a joint effort to avert a "subsidy race" as they scramble to boost production of scarce semiconductor chips, a senior Biden administration official said.The move will be unveiled at the second meeting of the US-EU Trade and Technology Council (TTC), taking place on Sunday and Monday in Paris.The TTC pledged at an inauguration conference last year in Pittsburgh to deepen transatlantic cooperation to strengthen chip supply chains, curb China's non-market trade practices,…

A new forum for the U.S. and European Union to settle differences on trade and technology policy has taken on added significance following Russia’s invasion of Ukraine, with supporters positioning it as a model for broader cooperation among free-market democracies.The U.S.-EU Trade and Technology Council had its first meeting in Pittsburgh last fall, which participants said helped forge ties that proved critical when the two economies joined forces to impose sanctions on Russia following its Feb. 24 assault on Ukraine.…

The European Union is struggling to finalize the terms of an oil embargo on Russia amid resistance by Hungary, whose leader claimed Friday that the proposed embargo would hit his economy like an atomic bomb.Prime Minister Viktor Orban has long cultivated close ties with Moscow and hasn’t joined other EU and North Atlantic Treaty Organization countries in trying to arm Ukraine. He is insisting on more time and EU money if Hungary is to join the rest of the bloc in transitioning away from…

As the United States grapples with the 5G rollout affecting airlines, a European Union watchdog warned on Monday the EU faces much bigger economic and security threats unless member countries step up cooperation.The alarm bells are included in a special report on the 27-nation bloc's preparations for 5G, the fifth and next generation of wireless communications. 5G is projected to propel the world into a new digital age - one with greater technological innovations but also vulnerabilities.The study by the European Court of…

The European Union on Monday extended for another 10 years its ban on mobile phone roaming surcharges for people using their European handsets while travelling in the 27-nation bloc.The "roam like at home" scheme is one of the more popular pieces of legislation for EU citizens and residents, allowing them to make calls and texts and use data in other EU countries at the same price as that charged in their domestic plans.The European Council representing the EU's member states said it gave final approval to extend the…

Intel has picked Germany as the site for a huge new chipmaking complex, giving the first details of a $88 billion (roughly Rs. 6,70,187 crore) investment drive across Europe, which is striving to cut its reliance on imports and ease a supply crunch for manufacturers.The plan is the latest big investment announcement by a major semiconductor maker as the industry tries to catch up with a boom in demand for chips used in everything from smartphones to cars, though there will be no quick fix as the new German plants won't…