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EU
Scandinavian Airlines has cancelled around 1,000 flights, while Lufthansa has eliminated 20,000 routes amid soaring jet fuel prices, attributed to the closure of the Strait of Hormuz. The European Commission contends these cancellations stem from airline profitability issues, not fuel shortages.
EU DEVELOPMENTS
This morning, Europe addresses economic strategies amid rising geopolitical tensions
German Defence Minister Boris Pistorius has unveiled a new military strategy for the Bundeswehr aimed at enhancing operational readiness in response to evolving threats, particularly following Russia’s invasion of Ukraine. Key elements include a focus on capabilities over numbers and increased emphasis on “deep strike” capabilities, such as long-range precision weapons.
Former Italian PM Mario Draghi warns that the current world order is “dead,” urging Europe…
Former Italian Prime Minister and President of the European Central Bank Mario Draghi stated that Europe must transform into a “genuine federation” to avoid becoming subordinated and deindustrialised, as he warned against rising US tariffs and China’s market control.
The European Union’s proposal for the EU-INC aims to create a single company structure to enhance cross-border growth for startups, addressing fragmentation in company laws. The initiative has gained support from over 23,000 in the tech startup community.
The European Union has committed to sending hundreds of emergency power generators to Ukraine, as declared amid ongoing Russian attacks on the nation’s energy infrastructure, leaving civilians vulnerable to severe winter conditions.
The European Court of Auditors (ECA) report warns the EU risks failing to diversify its supply of critical raw materials crucial for energy transition by 2030, with ECA’s Keit Pentus-Rosimannus citing dangerous dependence on China for key minerals.
The German government, represented by a spokesperson from the Federal Foreign Office, has reiterated its opposition to reopening diplomatic channels with Russian President Vladimir Putin amid ongoing discussions among European leaders on negotiating an end to the war in Ukraine.
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