ECB's Kazaks Sees Little Need for Further Rate Cuts
There's little reason for the European Central Bank to lower interest rates further unless the economy suffers a major blow, according to Governing Council member Martins Kazaks. With inflation at 2% and the euro zone largely performing in line with the ECB's latest forecasts, the grounds for a cut in September aren't obvious, the Latvian central-bank chief said in an interview. ' There is value in holding rates at the current levels and the time of no-brainer moves to hike or cut is over,' Kazaks said.
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Yahoo
32 minutes ago
- Yahoo
Eurozone inflation remains stable at 2% in July
Eurozone inflation held steady at 2% in July, according to Eurostat, the European Union's statistics office, the same reading as the month before. A year earlier, the rate stood at 2.6%. The confirmed figure was the final estimate for the month, and fell in line with the European Central Bank's (ECB) 2% target. However, inflation in the EU ticked up to 2.4% from 2.3% in June, and 2.8% the previous year. The lowest annual rates in the EU were registered in Cyprus (0.1%), France (0.9%) and Ireland (1.6%) and the highest annual rates were recorded in Romania (6.6%), Estonia (5.6%) and Slovakia (4.6%). Compared with June, annual inflation fell in eight member states, remained stable in six and rose in thirteen. The highest contribution to the annual euro area inflation rate came from services, followed by food, alcohol & tobacco, and non-energy industrial goods. It comes as the ECB kept interest rates steady last month, after seven consecutive cuts, amid trade uncertainty. The main policy remained at 2%, while its deposit rate was on hold at 2.15%. Read more: Pound climbs as hopes of September rate cut 'extinguished' by inflation reading ECB president Christine Lagarde said during the last press conference: 'We ourselves at the ECB have left our rates unchanged, and you could argue that we are on hold. 'We are in this wait-and-watch situation. And any monetary policy decision will for the future be decided on the basis of data, will be decided meeting by meeting, is not predetermined by any particular path. 'And I think the jury is out as to how quickly the uncertainty will be cleared under present circumstances.' The ECB has already halved its policy rate from a record high of 4% in the space of a year after taming a surge in prices that followed the end of the COVID-19 pandemic and Russia's invasion of Ukraine. Meanwhile on Wednesday, UK inflation jumped to its highest level in 18 months, amid higher food prices and transport costs. Figures from the Office for National Statistics (ONS) showed the annual rate as measured by the consumer price index (CPI) climbed to an unexpected 3.8% in July, up from 3.6% in June. It is forecast to reach 4% by the end of the year. Transport costs, mainly as a result of higher air fares, were the largest upward driver of prices. Petrol prices nudged higher compared with last year, when prices at the pumps were falling. Food and non-alcoholic drinks were up 4.9% year on year in July, an increase from 4.5% in the 12 months to June. Read more: UK inflation rises to 18-month high in July, driven by higher air fares Elon Musk may be banking on his UK energy plan to boost Tesla's fortunes What you need to know about UK's private stock market PiscesInicia sesión para acceder a tu cartera de valores
CNN
44 minutes ago
- CNN
‘They don't want the rabble anymore:' Why Europe is rising up against mass tourism
Source: CNN As protestors have taken to the streets across Spain, disrupted a billionaire's wedding in Venice, and even caused a shutdown of the Louvre in the shape of a staff mutiny about overcrowding, Noel Josephides has been watching with one phrase on his mind: I told you so . 'I could have told you that would happen 10 years ago,' he says. 'And I said so. I said, 'This is going to get out of control.'' Josephides is the longstanding chairman of Sunvil, a UK-based tour operator that has been sending comfortably-off Brits on vacation since 1970. He's also a former chairman of ABTA and AITO, both UK travel industry bodies, which makes him one of the big beasts of European tourism. And he says he saw Europe's current overtourism meltdown coming. 'I said there'll be enormous problems going forward,' he recalls of a speech he delivered to the ABTA annual convention, held in Dubrovnik, in 2013. He delivered that warning as the sharing economy — spearheaded in travel by Airbnb — was mushrooming across Europe. His concern, however, was not just short-term rentals. What he saw coming was a perfect storm: rapidly expanding budget airlines working in tandem with proliferating short-term rentals to create vast new vacation capacity, driving down prices and ushering in a new era of large-scale budget travel. Of course, as a tour operator, Josephides works in direct competition with short-term rentals and the independent travel-planning that budget airlines encourage. Yet today, he seems like a Cassandra figure — he foresaw the chaos, but no one acted. Now his worst fears have come to pass. 'The local populations are quite right,' he says about the spiraling protests. 'It's out of control. I'm on the side of the protestors, even though it affects my business.' The situation in Europe this summer is a far cry from the empty streets and clear waters of the summer of 2020. During the pandemic, many destinations vowed to reinvent tourism for the better. But once travel restrictions were lifted, things quickly reverted to the old ways — and in many cases got worse, thanks to what came to be known as 'revenge travel.' For some locals, the memory of lockdown has taken on a halcyon glow. 'I remember walking in the streets very close to Las Ramblas and hearing birds singing and church bells,' says Maite Domingo Alegre, who lives in Barcelona. 'I'd never realized the bells tolled. But I never get to hear them anymore. Tourism has brought so much noise it's unbelievable.' An English teacher and associate professor at the Universitat Pompeu Fabra, Domingo Alegre lives in the city's historic center near the cathedral and works near Las Ramblas. She says her city has changed beyond recognition. 'We've always had tourism, and mass tourism, but over the last 10 to 15 years this has changed dramatically,' she says. 'It's not seasonal anymore, it's 365 days a year. And the visitors are much more than the number of inhabitants.' Crowded streets are one thing; the knock-on effects, she says, are worse. 'Most of the shops — even food shops, clothes shops, restaurants, everything in the center — is basically addressed to tourists,' she says. 'Prices have gone up. Airbnb basically evicted many locals. Most of my friends have fled the neighborhood because they can't afford to live there anymore.' The pandemic, she adds, intensified the problem, attracting remote workers from across Europe. 'They don't really mingle with the locals. They're not interested in Catalan or even Spanish culture. They think it's cheaper, and they have nice food and cheap drinks, so most bars and restaurants are also thought of for them.' In Venice, it's the same story. The local pop musician Ornello's latest video shows him dressed as an astronaut, wading through the summer crowds. In his real-life identity, Alessio Centenaro, he feels equally out of place in his hometown. 'I'm a cyclist and on Sundays I take my bike from Piazzale Roma (Venice's road terminus). I'm going out and I'm going against all the tourists arriving on the island and I feel like I'm a salmon going against the flow. Sometimes when you're surrounded by tourists, with hundreds all around you, you feel like you're the foreigner.' Venice has always been a city of tourists, he adds, but it also once had a sizable resident population. 'There are 48,000 people officially, but nobody says what's the percentage of old people. I'd say it's perhaps 70% over 70. If they will live another 15 years, what will happen then?' For the past five decades, Josephides has watched destinations go from charming to overcrowded. The trajectory, he says, is nearly always the same. First a boutique tour operator like Sunvil identifies a little-visited destination that seems perfect for its clients — people in search of a vacation where they won't be surrounded by other vacationers. It'll add that destination to its books, usually chartering a weekly flight to get clients there initially. And so the first few seasons will be a halcyon period of relatively few visitors. They enjoy the peace and quiet; the residents enjoy the money they inject into the local economy. But then word will spread. A budget airline — because it's low-cost carriers, not legacy ones, who invest in lesser-known places — will start operating to the destination. The following year, its rivals follow suit, eager not to miss out. What if Jet2 knows something we don't? Suddenly, there's a surfeit of planes going to the destination, and to fill them airlines slash fares, meaning that the budget market becomes the 'volume market,' as Josephides puts it. Accommodation strains to keep pace with the growing number of visitors, prompting locals to invest in short-term rentals. Soon, that 'secret' destination is swamped — not just by the early, more affluent pioneers, but by that volume market, who fly in on the budget airlines, stay in an Airbnb and generally spend less locally. So the first wave moves on to a new place, and the cycle begins again. Josephides earmarks the Greek island of Samos as one of the next destinations to go through this cycle. This year there is one direct weekly flight from the UK, he says. 'Next year TUI (a German travel company) have Thursday and Sunday. Jet2 have put on four flights: two Manchester, one Birmingham and one Stansted. So wait to see Ryanair and easyJet pile in.' The mass market players, he says, 'move in like a vacuum cleaner. The nature of the island will change but local governments do not understand what will happen until it is too late.' Even established hot spots can be victims of their own popularity. Airports on the Greek islands of Corfu and Crete, Josephides notes, are inundated with flights. 'The volume market won't go to destinations that aren't known, so you get this bottleneck of cheap flights fueling the likes of Airbnb. The local population are quite right — it's out of control.' An Airbnb spokesperson said in a statement: 'Airbnb offers a different way to travel that better spreads guests and benefits to more communities. The fact is that overtourism is getting worse in cities where Airbnb is heavily restricted: in Amsterdam or Barcelona, the introduction of stringent restrictions on short term rentals have coincided with a steep increase in guest nights driven by hotels, and a surge in accommodation prices for travelers. Cities that want to have a significant impact on overtourism should embrace tourism that supports families and communities.' They added that 59% of 'guest nights' sold in the EU on Airbnb in 2024 are in destinations outside cities, while their research published in June shows that the majority of tourists still choose hotels. VRBO, another major short-term rental provider, did not respond to a request for comment. Pedro Homar knows this pressure well. As tourism director for Visit Palma, he's caught between visitors behaving badly in the Spanish city, and residents demanding action. 'We need to ensure that tourism is a sustainable industry, not just from an environmental point of view but also from a social and economic point of view,' he says. 'Our economy depends on tourism, so we either make sure we're physically sustainable or we will not have a future.' Since the pandemic, Palma has stopped promoting itself outright. Instead, it runs 'image campaigns' to shape perceptions — even running ads to call out antisocial behavior in certain resorts. In 2022, the city capped cruise ship arrivals at three a day, even though the port can handle six (Barcelona has followed suit, announcing in July that it will close two of its seven cruise terminals from 2026). It banned short-term rental apartments and Airbnbs in city-center residential buildings and has set a cap of 12,000 hotel beds: for a new hotel to open, another must close. Palma has also built up a 50-million-euro ($58 million) fund to buy and remove outdated hotels from circulation — typically cheaper properties that tend to attract budget tourists. 'It's a way of taking out of the market all these obsolete and old hotels that are no longer competitive and not the kind of product that we want for the destination,' Homar says. Palma's approach raises a question: Who has the 'right' to travel? Some destinations have long used high costs to deter mass tourism. Bhutan charges a $100-a-day 'sustainable development fund' fee. A gorilla-trekking permit in Rwanda costs $1,500 per person. Even Venice's 10-euro day-tripper fee has drawn criticism from locals for selling the city to the wealthy. Homar argues that destinations should have the right to choose their visitors, likening it to deciding whom to invite to dinner. 'I really do believe that as mature destinations, we have the right to choose the tourists that we want, and don't want,' he says. 'We want tourists that respect our personality, our way of living, our traditions. 'If you are thinking of coming over without a respectful point of view, we say, respectfully, we don't need you.' Josephides is blunter. 'They don't want the rabble anymore,' he says. 'It sounds awful to say so, and everyone's entitled to a holiday, but the numbers just keep growing. The whole thing is out of control. I can understand the democratization but it's up to the destination if they want clients without any money,' he adds. 'I'd like to drive a Ferrari, but I can't afford it.' For now, he says, most European destinations seem focused on capping numbers rather than pricing out budget travelers entirely. Restoring the goodwill of residents is just as important as tackling the crowds. 'A city where residents are not satisfied is a city that doesn't work,' says Ruben Santopietro, CEO of Visit Italy, a marketing company for various destinations across the country. 'It loses its identity completely. Residents feel excluded and neighborhoods become touristic.' Born in Naples, which saw protests over lack of housing and growing short-term rental numbers in March, Santopietro has watched his hometown surge in popularity — and housing prices — over the past decade. He warns that if growth continues unchecked, 'in five years, 50% of the città d'arte (Italian cities of culture) will become inaccessible.' Rome, Florence and Naples, he says, are already 'suffocated by tourism' almost to the point of no return. Visitors, he adds, actually want locals around. 'Venice belongs to the Venetians. If locals aren't there, they won't go. Putting residents at the center of tourism models is the only way to preserve our cities from becoming open-air museums.' Homar agrees, echoing the same phrase — 'putting residents at the center of the tourist strategy' — when talking about Palma's new five-year plan, adopted in 2023. Some hotels the city buys will be replaced with green spaces or converted to housing. In November, Palma will launch free cultural activities for locals — organ recitals, children's days in the old atelier of artist Joan Miró, theater concerts organized by Spanish national radio stations, guided architectural walks around the city — to 'uplift the sense of belonging and the pride of being a citizen.' 'All these initiatives will be in spaces that residents for some reason believe are just for tourists,' he says. 'We're seeing that the sense of belonging that residents used to have about being in Palma, they were slowly losing that and we need to change that dynamic.' Redistributing visitors can also help. The problem in Italy, Santopietro says, isn't that the country can't handle the numbers — it's that everyone goes to the same places. This summer, his agency launched a campaign, 'The 99% of Italy,' encouraging travelers to visit lesser-known destinations from Genoa to Tropea (some of which were their clients, but not all). 'We used social media platforms as they have created these imbalances,' he says, adding that they expect tangible results in the long term, as regional marketing campaigns take longer to take effect. Santopietro says that even in the busiest destinations, steps can be taken to disperse visitors. He suggests incentives — for example, discounted tickets to Rome's Colosseum for those who've already visited the ancient coastal town of Ostia Antica. In the short term, protests are likely to spread, says Estrella Diaz Sanchez, associate professor of marketing at Spain's University of Castilla-La Mancha. 'Some locals are frustrated about the number of tourists they receive, but I think the main factor is skyrocketing rents, driven by short-term holiday lets, pushing locals out of the housing markets,' she says. 'The solution isn't to reject tourism; it's to make it more inclusive and respectful.' Even Josephides, the tourism industry doomsayer, thinks recovery is possible. He points to Estoril, on the Lisbon coast, which in the 1970s was a mass-market destination. Authorities decided to push it upmarket, and succeeded. 'You can recover, but it takes time,' he says. 'It's much easier for a destination to control its growth rather than repair it afterwards.' See Full Web Article
Time Business News
an hour ago
- Time Business News
Exploring Regulations Related to GBL Kaufen Across Europe
When it comes to chemical substances used across industries, one compound that often makes headlines is gamma-butyrolactone, more commonly known as GBL. Its versatility as a solvent and cleaner is widely recognized, yet the compound also carries strict legal scrutiny because of its potential misuse. For anyone curious about the rules surrounding gbl Kaufen (buying GBL) in Europe, understanding the patchwork of regulations can feel overwhelming. Different countries take different stances, and navigating these legal frameworks requires awareness and care. This blog takes a closer look at how GBL is regulated across Europe, what buyers should know, and why staying informed matters. GBL is a chemical solvent found in industrial cleaners, paint removers, and certain degreasers. In legitimate contexts, it plays an important role in manufacturing and cleaning industries. However, because GBL can convert into gamma-hydroxybutyrate (GHB) in the body, authorities view it as a substance with high potential for misuse. That dual-use nature both industrially valuable and potentially harmful—makes regulation complicated. Many European countries have implemented specific restrictions to control how gbl Kaufen takes place, ensuring buyers are legitimate businesses or individuals with valid purposes. The European Union doesn't have a single law that applies uniformly to all member states for GBL. Instead, it issues guidelines that countries can interpret and enforce individually. At the EU level, GBL is listed as a 'drug precursor,' meaning it can be controlled and monitored due to its potential use in producing banned substances. This classification does not automatically make gbl Kaufen illegal, but it does require that sales and purchases be tracked, with authorities paying close attention to unusual or suspicious activities. In Germany, GBL is tightly controlled. The government considers its potential misuse serious enough to impose stringent restrictions on how it can be sold and purchased. To legally buy GBL in Germany, companies usually need licenses and must demonstrate a clear industrial purpose for the chemical. Private buyers face significant barriers, and unauthorized purchases could lead to legal consequences. For Germans, gbl Kaufen is not as straightforward as clicking 'add to cart.' Instead, it requires proof of legitimacy, registration with authorities, and often, compliance checks. France also classifies GBL as a regulated substance. French authorities treat it as a chemical under strict monitoring, and buyers must prove industrial or laboratory usage. Over the years, France has taken strong action against unauthorized sales, including online vendors who attempt to bypass controls. This makes gbl Kaufen within France a heavily monitored process. While the UK is no longer part of the European Union, its stance on GBL is worth noting, especially for businesses trading across borders. In the UK, GBL is classified as a Class C controlled substance under the Misuse of Drugs Act when intended for human consumption. This means industrial and commercial uses are still permitted, but sellers and buyers must keep detailed records. Anyone attempting gbl Kaufen for personal use faces serious legal risks. The Netherlands has built its reputation on pragmatic drug policies, but when it comes to GBL, the rules are clear. Dutch authorities regulate sales to prevent misuse while still allowing industrial businesses to access the chemical. Vendors are required to verify the legitimacy of buyers. If someone attempts gbl Kaufen without proper documentation, the transaction will not proceed. This balanced approach aims to safeguard public health without unnecessarily harming legitimate industry operations. Across Europe, policies vary significantly: Spain : Authorities keep a close eye on GBL but generally allow industrial purchases with proper documentation. : Authorities keep a close eye on GBL but generally allow industrial purchases with proper documentation. Italy : Regulations exist but enforcement focuses on preventing diversion into unauthorized uses. : Regulations exist but enforcement focuses on preventing diversion into unauthorized uses. Nordic countries: Typically adopt very strict approaches, aligning closely with Germany's rules. In every case, gbl Kaufen requires navigating country-specific laws. Even if the EU provides general guidelines, enforcement rests on national governments. One of the biggest challenges regulators face is online sales. With e-commerce, buyers and sellers can connect across borders easily. However, customs authorities in Europe actively monitor shipments suspected of containing controlled chemicals. For instance, if someone tries to order GBL from a less-regulated country into Germany or France, the package could be seized, and legal consequences could follow. This means that online gbl Kaufen is not only risky but often legally problematic, especially without the proper licenses. At first glance, it may seem confusing why one country allows easier access to GBL while another imposes near-total restrictions. The reason lies in how each government assesses risk. Countries with a history of substance misuse tend to implement stricter laws. Nations with strong industrial reliance on GBL may focus on monitoring rather than outright bans. Legal traditions also shape enforcement some prefer heavy penalties, while others emphasize oversight and reporting. This patchwork creates a complex landscape for anyone interested in gbl Kaufen across Europe. Attempting to bypass regulations carries significant risks. Beyond the possibility of confiscated shipments, individuals or businesses could face: Heavy fines Criminal charges Blacklisting from suppliers Reputational damage Because of these risks, both companies and individuals should carefully research the legal status of gbl Kaufen in their specific country before making any purchase. If your industry requires GBL, here are some practical tips to stay compliant: Verify your supplier : Always check whether they are authorized to sell GBL. : Always check whether they are authorized to sell GBL. Keep documentation : Maintain purchase records, licenses, and proof of legitimate use. : Maintain purchase records, licenses, and proof of legitimate use. Stay updated : Laws can change, so follow national and EU-level updates. : Laws can change, so follow national and EU-level updates. Consult legal experts: Especially if your business operates across borders. Following these steps ensures that gbl Kaufen remains a safe and lawful process. Looking ahead, it's possible that the European Union will push for more harmonized regulations on substances like GBL. This could mean stricter monitoring across all member states or the development of a unified licensing system. For now, the fragmented system continues, and buyers must remain vigilant. Anyone involved in gbl Kaufen should prepare for potential regulatory tightening in the future. The story of GBL in Europe is one of balance: balancing legitimate industrial needs against the risks of misuse. Regulations vary from country to country, making it essential to understand local laws before making any purchase. Whether you're a business needing solvents for cleaning or manufacturing, or an individual researching chemical regulations, the key takeaway is clear: gbl Kaufen is not a one-size-fits-all process across Europe. Laws differ, enforcement varies, and compliance is critical. By staying informed and cautious, buyers can ensure they remain on the right side of the law while still accessing the chemical for legitimate purposes. TIME BUSINESS NEWS
