logo
Eurostar to launch routes to Germany and Switzerland

Eurostar to launch routes to Germany and Switzerland

The Sun2 days ago

LONDON: Eurostar said Tuesday it would launch new direct train routes from London to Frankfurt and Geneva, as potential competitors threaten to break its three-decade monopoly on cross-channel rail travel.
The new direct routes would open from the early 2030s, in addition to new services from Amsterdam and Brussels to Geneva, the international rail company said.
Announced at the back of positive year-end results, Eurostar said in a statement that it would invest two billion euros (£1.6 billion) in the new services to major European cities and 50 new trains, bringing its total fleet to 67 trains.
The announcement comes amid 'continued demand for international rail travel across Europe', according to Eurostar, which currently operates in the UK, France, the Netherlands, Belgium and Germany.
While it currently has connecting services to Cologne, the new routes will directly serve the German financial capital and global diplomatic hub Geneva.
'Our new fleet will make new destinations for customers a reality -- notably direct trains between London and Germany, and between London and Switzerland for the first time. A new golden age of international sustainable travel is here,' said Eurostar CEO Gwendoline Cazenave.
According to the rail company, passenger numbers rose to over 19.5 million in 2024, marking a five percent increase from the previous year. It has a target of ferrying 30 million passengers annually.
The Eurostar Group merges operations of Eurostar which operates in the Channel Tunnel between the UK and France, and Thalys, which runs high-speed rail services from Paris to Amsterdam and German cities.
Eurostar also said it would increase daily services between London, Rotterdam and Amsterdam starting later this year.
'I am pleased to welcome this exciting investment into Eurostar services, which is a huge step in promoting green travel across Europe and boosting our international rail connections,' UK Transport Secretary Heidi Alexander said.
The announcements come as Eurostar's three-decade monopoly in the Channel Tunnel looks likely to end.
Earlier this year, Britain's Office of Rail and Road opened access to a maintenance depot along the Paris-London route to other firms, removing a hurdle to competitors offering services.
Italian railway operator Trenitalia and British billionaire Richard Branson's Virgin Group have since signalled plans to open their own services on the cross-Channel line.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Most G7 members ready to lower Russian oil price cap without US
Most G7 members ready to lower Russian oil price cap without US

The Star

time2 hours ago

  • The Star

Most G7 members ready to lower Russian oil price cap without US

FILE PHOTO: Russian flag with stock graph and an oil pump jack miniature model are seen in this illustration taken October 9, 2023. REUTERS/Dado Ruvic/Illustration/File photo BRUSSELS/PARIS (Reuters) -Most countries in the Group of Seven nations are prepared to go it alone and lower the G7 price cap on Russian oil even if U.S. President Donald Trump decides to opt out, four sources familiar with the matter said. G7 country leaders are due to meet on June 15-17 in Canada where they will discuss the price cap first agreed in late 2022. The cap was designed to allow Russian oil to be sold to third countries using Western insurance services provided the price was no more than $60 a barrel. The European Union and Britain have been pushing to lower the price for weeks after a fall in global oil prices made the current $60 cap nearly irrelevant. The sources, who declined to be named, said the EU and Britain are ready to lead the charge and go it alone, backed by the other European G7 countries and Canada. They said it is still unclear what the U.S. will decide, though the Europeans are pushing for a united decision at the meeting. Japan's position also remains uncertain, they said. "There is a push among European countries to reduce the oil price cap to $45 from $60. There are positive signals from Canada, Britain and possibly the Japanese. We will use the G7 to try to get the U.S. on board," one of the sources said. The White House had no immediate comment. During the G7 finance ministers meeting in the Canadian Rockies last month, U.S. Treasury Secretary Scott Bessent remained unconvinced there was a need to lower the cap, according to sources. However some U.S. Senators may endorse the idea, including Lindsay Graham, who in recent weeks told reporters he supports lowering the cap. Graham is pushing a hard-hitting new set of Russia sanctions that could impose steep tariffs on buyers of Russian oil. The EU has proposed lowering the price to $45 a barrel in its latest 18th package of sanctions. The package must have unanimity from member states in order for it to be adopted, which could take several weeks. Russia's largest export grade, Urals, trades at around a $10 a barrel discount to the Dated Brent benchmark out of Baltic ports. Brent futures have been trading below $70 a barrel since early April. Sources said Washington's buy-in was not essential to lower the cap owing to Britain's dominance in global shipping insurance, and the EU's influence on the Western rules-abiding tanker fleet. The U.S., however, does matter when it comes to dollar-denominated payments for oil and its banking system. The EU and its Western allies have been progressively cracking down on Russia's shadow fleet of tankers and related actors, which work to circumvent the cap. The pressure has started to hurt Moscow's revenues and Western allies hope this will push more of the oil trade back under the cap. Russia's state-owned oil producer Rosneft reported a 14.4% slump in profits last year. (Reporting by Julia Payne and John Irish; Additional reporting by Jarrett Renshaw in Washington; Editing by Jan Harvey)

European foreign ministers ready to toughen action against Russia
European foreign ministers ready to toughen action against Russia

The Star

time3 hours ago

  • The Star

European foreign ministers ready to toughen action against Russia

Germany's Minister of Foreign Affairs Johann Wadephul, Poland's Minister of Foreign Affairs Radoslaw Sikorski, European Union High Representative for Foreign Affairs and Security Policy Kaja Kallas, Ukraine's Foreign Minister Andrii Sybiha, Italian Foreign Minister Antonio Tajani and NATO Secretary General Mark Rutte attend a joint press conference, on the day of a meeting to discuss the latest developments in Ukraine and security in Europe, at Villa Madama in Rome, Italy, June 12, 2025. REUTERS/Guglielmo Mangiapane ROME (Reuters) -Foreign ministers from large European countries said on Thursday they were ready to step up pressure on Russia, "including through further sanctions" involving the energy and banking sector, to weaken Moscow in its war with Ukraine. The meeting in Rome involved representatives from France, Germany, Italy, Poland, Spain, Britain and the European Union. NATO Secretary General Mark Rutte and a Ukrainian representative also joined the talks. "We are determined to keep Russian sovereign assets in our jurisdictions immobilised until Russia ceases its aggression and pays for the damage it has caused," the countries said in a statement. (Reporting by Angelo Amante, editing by Gavin Jones)

Dollar hits 2025 low, Middle East tensions fuel risk-off mood
Dollar hits 2025 low, Middle East tensions fuel risk-off mood

New Straits Times

time3 hours ago

  • New Straits Times

Dollar hits 2025 low, Middle East tensions fuel risk-off mood

LONDON: The US dollar hit a new 2025 low on Thursday, while stocks eased from record highs, as a cocktail of rising Middle East tensions and concern over the fragility of a trade truce between Washington and Beijing drew investors into safe-haven assets. Separately, a report on US consumer inflation on Wednesday showed overall price pressures remained contained in May, largely due to declines in the cost of gasoline, cars and housing. But most economists expect inflation to pick up as the impact of US tariffs begins to bite. The dollar, which has lost around 10 per cent in value against a basket of currencies this year, fell to its lowest since April 2022 in European trading. Global stocks took a breather from the almost-unbroken rally that has run since early April, leaving the MSCI All-Country World Index flat, just below Wednesday's all-time high. In Europe, the STOXX 600 fell 0.8 per cent, led mostly by airlines, given brewing tensions in the Middle East and a deadly crash of an Air India flight bound for London that killed at least 30 people near the Indian city of Ahmedabad. Futures on the S&P 500 and Nasdaq fell 0.5–0.6 per cent. The US administration on Wednesday said US personnel were being moved out of the Middle East due to heightened security risks in the region, which briefly drove oil prices up by four per cent before they receded. "(A flare-up in tensions) is a significant tail risk, but I don't think it is anybody's baseline forecasts. So it's something to watch — if there is a real escalation there, then markets will take fright and that would have ramifications for the oil price," Daiwa Capital economist Chris Scicluna said. Iran, for its part, said it will not abandon its right to uranium enrichment, a senior Iranian official told Reuters on Thursday, adding that a "friendly" regional country had alerted Tehran over a potential military strike by Israel. Classic safe-haven assets got a lift. The Swiss franc and the Japanese yen strengthened, pushing the dollar down by one per cent against the franc and down 0.7 per cent against the yen, while gold rose nearly one per cent to US$3,385 an ounce. The sense of relief stemming from a positive conclusion to US-China trade talks earlier this week, which President Donald Trump said was a "great deal with China", evaporated by Thursday. RED, WHITE AND BLUE LETTERS Adding yet another dose of uncertainty in the markets, Trump said the US would send out letters in one to two weeks outlining the terms of trade deals to dozens of other countries, which they could embrace or reject. "Markets may have no choice but to respond to Trump's tariff threat — even if it's just posturing to bring others to the table. The gap between 'risk-on' positioning and real-world risks has stretched too far," said Charu Chanana, chief investment strategist at Saxobank. Trump's erratic tariff policies have roiled global markets this year, prompting hordes of investors to exit US assets, especially the dollar, as they worried about rising prices and slowing economic growth. The euro rose by as much as 1.07 per cent to US$1.16, its highest since October 2021. US Treasuries also rallied in price, pushing yields down 3.5 basis points to below 4.38 per cent, while two-year yields, which are more sensitive to inflation and interest-rate expectations, eased 2.7 bps to 3.92 per cent. Later in the day, the focus will be on a producer inflation report as some of the components feed into the Fed's preferred inflation gauge — the Personal Consumption Expenditure Index. Wednesday's consumer inflation index kept alive the prospect of the Federal Reserve cutting rates by a quarter point, but only in September, as policymakers assess how tariffs work their way through the real economy. "I suspect it's probably going to be a combination of the two. Therefore it makes sense for the Fed to wait and see what happens rather than rushing into a rate cut," AMP Capital's head of investment strategy and chief economist Shane Oliver said. Oil, which has fallen by 20 per cent in the last year, eased by 1.6 per cent to US$68.63 a barrel, but was still pinned near two-month highs, adding another moving part to the outlook for interest rates.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store