Mon, Jul 08, 2013 - Page 15 News List

World Business Quick Take



EU entry out until 2019: Tusk

Poland may not be able to join the eurozone for years because of a parliamentary impasse that could last through 2019, Prime Minister Donald Tusk said in an interview published on Saturday. “We will not enter the eurozone without changing the constitution. We do not have that kind of majority today and my intuition tells me we will not have it in the next term either,” Tusk told the Gazeta Wyborcza daily. Because opposition conservatives reject the euro, the government lacks the two-thirds parliamentary majority needed to push through necessary constitutional changes. With the next parliamentary election scheduled for 2015 and terms lasting four years, the EU entry process may remain on hold until at least 2019, Tusk said.


US-EU trade talks to start

Ambitious talks to create the world’s largest free-trade zone between the US and Europe open today amid friction over the US spying on its allies. The negotiations will have to bridge deep differences over protected industries on both sides of the Atlantic to achieve the goal of a deal by late next year. Top negotiators from the two sides are to meet today in Washington. On Wednesday, France called for the Transatlantic Trade and Investment Partnership negotiations to be put off while talks on snooping by the US National Security Agency on its allies, which are also to begin today at the US capital, take place.


EU outlook bad: Renault CEO

Renault SA chief executive officer Carlos Ghosn predicted that the European car market will probably shrink further next year and 2015 as rising unemployment continues to sap demand. “I think that 2014, 2015 are going to be at best stable in Europe,” Ghosn, who also runs Japan-based Nissan Motor Co — 43 percent owned by Renault, Europe’s third-biggest carmaker — said in an interview on Saturday in Aix-en-Provence, France. “More realistically, we may see another decrease, maybe not as violent, as deep as the ones we have seen for the last years, but I’m not very optimistic about the situation in Europe because I don’t see what is going to trigger, to really start the growth, particularly for the auto industry.” European car sales fell to a 20-year low in May as rising joblessness caused by a recession in the eurozone reduced demand at PSA Peugeot Citroen, Renault, Fiat SpA and General Motors Co.


Mine spat resolved: minister

Tensions between the Mongolian government and Rio Tinto Group over the US$6.6 billion Oyu Tolgoi mine have eased sufficiently to start shipping copper concentrate this week, Mongolian Minister of Mining Davaajav Gankhuyag wrote in a post on Twitter yesterday. “There is no significant problem with the Oyu Tolgoi mineral export contract,” Gankhuyag said. “The first shipments will start on July 9.” Scheduled shipments to Chinese smelters were postponed twice: First on June 14 at the request of Rio Tinto, which owns 66 percent of the mine though its Turquoise Hill Resources Ltd unit, and then on June 21 at the request of Ulan Bator, which holds 34 percent. Delays in shipments that were scheduled to start by the end of last month are costing Mongolia US$2 million in lost tax revenue every day, independent analyst Dale Choi said.

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