Europe

Eurozone reports recovery; Britain lags behind

The 16-nation eurozone officially declared emergence from deepest recession since Second World War, leaving Britain far behind.

Figures revealed by Eurostat on Friday showed that sixteen nations that use euro currency showed expansion of 0.4 per cent during three months to September.

But, Britain and Spain are still struggling to get out of slump, but Spain is performing slightly better than Britain.

Britain's economy shrank by 0.4 per cent during third quarter, while Spain's economy contracted by 0.3 per cent during the same period.

China imposes anti-dumping tariffs a chemical from US, Europe, South Korea

China Monday imposed upto 35 per cent anti-dumping duty on a chemical from the United States, in a move that could add to trade tensions between the two countries.

China's Ministry of Commerce announced Sunday that China would China would impose five-year anti-dumping tariffs, ranging from 5 per cent to 35.4 per cent, on imports of adipic acid from the United States, Europe and South Korea.

The tariff will take effect on Monday this week.

EU competition commissioner examines Magna deal

The EU Competition Commissioner, Neelie Kroes, has written a letter to the Business Secretary Lord Mandelson, stating that she was scrutinizing the Magna’s takeover of Opel and Vauxhall.

Neelie Kroes said she was investigating if financial support from Germany played any role in the selection of a particular bidder.

Neelie Kroes wrote, “I wish to inform you that my services are also examining the question whether there could be grounds to consider the aid to be disproportionate.”

EC has antitrust concerns in AA-BA-Iberia alliance

The European Commission said Friday that it had some antitrust objections to the proposed co-operation among the American Airlines, British Airways and Iberia on transatlantic routes as it could cut competition.

The European Union's antitrust watchdog informed that it had sent a statement of objections the concerned three airlines.

BAE pushes Serious Fraud Office to re-open settlement talks

BAE Systems, Europe's largest defence company, has been pushing the Serious Fraud Office to re-open settlement talks over corruption charges.

Shares in BAE Systems have plunged due to the defamed bribery case, which alleged that the arms manufacturer greased the palms of countries such as South Africa, Tanzania and Romania in order to get defence contracts.

People familiar with the issue said that BAE Systems still hoped for a settlement deal, though it had been repeatedly saying that it had not done anything wrong.

EU to regulate excessive volume of MP3 players

The European Commission has come up with new volume standards that will govern how loud portable music players can be, a move that will prevent hearing damage.

Hearing at around 85 decibels is safe but some MP3 players can play music up to about 120 decibels.

Meglena Kuneva, the consumer affairs commissioner for European Union, said, "It's easy to push up the sound levels on your MP3 player to damagingly loud levels, especially on busy streets or public transport."

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