05062016Fri
Last update: Fri, 06 May 2016 06am

Europe

World - Europe

French PM vows to supervise Australian sub deal himself CANBERRA: A mega deal to build Australian submarines was so important, French Prime Minister Manuel Valls said Monday, that he pledged to personally supervise the project as Paris and Canberra bolster defence ties.French contractor DCNS last week beat off competition from Japan and Germany to seal the 12-submarine Aus$50 billion ($39 billion) contract, prompting Valls to make a surprise visit to Canberra."I will supervise, myself, the implementation of our commitments with the minister of defence who will be coming shortly to Australia," Valls told a press conference with Australian counterpart Malcolm Turnbull."It is an industrial and economic partnership. It is also a partnership that binds us for a very long time on other issues, including security and defence," he added.Valls said it was a "win-win" deal, adding that Paris would fulfill all its commitments including job creation in Australia and the transfer of technology.DCNS plans to build a 4,500-tonne conventionally-powered ...

World - Europe

Germany's Schaeuble in favour of lower income tax: newspaper BERLIN: German Finance Minister Wolfgang Schaeuble is in favour of lowering income tax for workers and raising a relatively modest tax on investment income after next year's federal election, he said in an interview published on Saturday.Germany has a flat rate withholding tax of 25 percent on private income from capital and capital gains. It was introduced by former SPD Finance Minister Peer Steinbrueck with the aim of preventing tax evasion.Critics say the so-called settlement ...

World - Europe

Russia will not ask Syrian regime to halt Aleppo raids: Moscow MOSCOW: Russia will not ask the Syrian regime to halt air raids on the war-ravaged city of Aleppo, because it believes they are helping to combat jihadist groups, Moscow's foreign ministry said Saturday."No, we are not going to put pressure on (Damascus) because one must understand that the situation in Aleppo is part of this fight against the terrorist threat," Foreign deputy foreign minister Gennady Gatilov told the Interfax news agency.Copyright AFP (Agence France-Presse), 2016 ...

World - Europe

German banks see no quick pick up in Iran business BERLIN: Restoring German banks' financial ties with Iran will take time given debt owed to Berlin and transparency concerns, the head of the German banking association said on Friday, dampening expectations days before a business summit in Tehran. Iran owes Germany about 500 million euros ($569 million) under so-called Hermes covers, a German government arrangement that protects German companies if foreign debtors fail to pay. "Rebuilding ties with Iran requires patience," Michael Kemmer, head of ...

World - Europe

German metalworking sector hit by warning strikes BERLIN: The powerful German union IG Metall organised a series of warning strikes overnight, hitting the automobile sector in particular, to turn up heat in wage negotiations for around 3.4 million metal sector workers across the country. A truce period during which unions are not allowed to stage any industrial action ended at midnight and IG Metall immediately organised temporary walkouts and stoppages all around Germany. Among the sites hit were a factory of automaker ...

World - Europe

New violence as Paris police break up youth protest PARIS: Several dozen youth protesters clashed with police in the early hours of Friday in a central Paris square after refusing orders to disperse, police said.Police detained 24 people overnight after scenes of violence that saw protesters hurling chunks of concrete at riot police and torching vehicles.Around 100 "especially violent demonstrators" forced their way through a police barricade at the Place de la Republique, police said.The square has been the venue for the past month ...

World - Europe

EU court overturns carbon market free quotas BRUSSELS: The EU's top court on Thursday overturned free quotas for the bloc's carbon market up to 2030, a key part of strategies to curb global warming emissions.The European Commission in Brussels was given ten months to draw up new figures by the Luxembourg-based Euyropean Court of Justice.The ruling came in a case brought by a number of companies including Esso and Dow against national authorities in Italy, the Netherlands and Austria."The court declares invalid ...