European Stocks Snap Four-Day Winning Streak; Alstom Slides
European stocks fell for the first time in five sessions as traders paused for breath after a rally spurred by trade optimism. Alstom SA slumped 17% as softer guidance overshadowed solid earnings.
The Stoxx Europe 600 Index dropped 0.2% by the close. Consumer products and health care stocks lagged while banks and construction shares outperformed. Burberry Group Plc jumped 17% after reporting better-than-expected retail sales in the fourth quarter and announcing job cuts.
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Business Insider
2 hours ago
- Business Insider
Denmark allocates millions of dollars to attract African students in strategic immigration program
According to LocalDenmark, the Nordic country aims to host 230 African students annually for the next eight years, primarily to foster deeper cultural and diplomatic integrations. As stated by its Foreign Minister, Lars Løkke Rasmussen, " It's clearly in our interest that African countries look towards Europe when considering their future paths. With this new program, we're not just investing in education, but in relationships that build a vital bridge between Denmark and Africa." The program is also expected to strengthen ties between Danish and African universities, promoting knowledge exchange and collaborative research initiatives. Meanwhile, some 430 million Danish kroner ($61 million) has been allocated since 2024 to support this initiative, underscoring Denmark's commitment to its pro-Africa immigration policy and strategy. This move by Denmark is part of a broader European effort to maintain relevance and influence in Africa, amid growing competition from China and Russia, particularly as the US continues to enforce strict immigration policies targeting African migrants. According to Minister for Higher Education and Science Christina Egelund, " Africa has enormous potential, which we can help unlock through education. By 2050, a third of the world's youth will live in Africa, and the continent's geopolitical importance is growing rapidly." In return, Denmark also hopes to see more of its own students pursuing studies and exchange programmes in African institutions. ' There's immense potential in Africa. Education is a two-way bridge, ' Løkke said The scholarship provides comprehensive support, covering tuition fees, living expenses, and potentially including travel assistance. Successful applicants may also be eligible to participate in the EU's Erasmus+ program, offering additional exchange opportunities. Denmark's Africa strategy Denmark is known for having some of the strictest immigration policies in Europe, with conditions growing increasingly rigid since the 1990s. While this tough approach has achieved its intended effects, it has also introduced new challenges. During a visit to Ghana last year, Denmark's Foreign Minister and former Prime Minister, Lars Løkke Rasmussen hinted at a shift in immigration policy. He framed the change as a way to safeguard Denmark's core interests, noting that Europe is shrinking—not just in population, but also in its share of the global economy. This perspective is central to the Danish government's new Africa strategy, unveiled on 26 August 2024. The strategy focuses on deepening ties with African nations through expanded trade, investment, and educational exchanges. One of its key goals is to attract top talent from Africa to pursue education in Denmark, thereby fostering a network with long-term political and economic benefits for the country. For many African students, this initiative offers a gateway to high-quality education in Europe, while also fostering stronger partnerships in areas such as science, technology, innovation, governance, and sustainable development between Africa and Denmark.
CNBC
a day ago
- CNBC
Boeing trims projection for 20-year jet demand
Boeing expects global demand for air travel to increase by more than 40% by 2030, driving the need for thousands of new jetliners in the next few years, according to its 20-year demand forecast for commercial airliners released Sunday ahead of the Paris Airshow. The company expects demand for 43,600 new airliners through 2044. That is essentially the same as last year's edition, which projected demand for 43,975 new deliveries through 2043. European rival Airbus last week revised up its own 20-year commercial demand forecast by 2% to 43,420 jets, saying the air transport industry was expected to ride out current trade tensions. Boeing's delivery projection includes nearly 33,300 single-aisle airliners, just over 7,800 widebody jets, 955 factory-built freighters and 1,545 regional jets. Single-aisle jets include the 737 MAX and competitor Airbus's A320neo family and make up roughly four of every five deliveries now. While Boeing's deliveries projection is roughly the same, it pared down its 20-year forecast for passenger traffic growth from 4.7% in last year's outlook to 4.2% this year. Likewise, it lowered its global economic growth forecast from 2.6% to 2.3%, cargo traffic growth from 4.1% to 3.7% and fleet growth from 3.2% to 3.1%. Despite the lower projection for cargo traffic, Boeing Vice President of Commercial Marketing Darren Hulst told reporters in a briefing that trade volatility is not expected to significantly shift long-term demand. "I think we need to point back to the perspective that the last 20, 40, 60 years have given us in terms of the value of air cargo, and the fact that it's roughly a 4% growth market through all this time," he said. Since Covid-19, air travel demand has bounced back, but airplane production is only half or even less than what it was before the pandemic, resulting in a shortage of 1,500 to 2,000 airliners, he said. Both Airbus and Boeing have struggled to return aircraft production to pre-pandemic levels. Boeing has been dealing with production safety concerns following a 2024 mid-air blowout of a panel on a nearly new Alaska Airlines 737 Max. As a result, the U.S. Federal Aviation Administration capped 737 production at 38 airplanes a month. Boeing has significantly improved production quality in recent months, but the crash of an Air India Boeing 787-8 Dreamliner on Thursday put it back in crisis mode. CEO Kelly Ortberg cancelled his plans to attend the Paris Airshow in order to assist with the crash investigation. Global air travel is projected to increase by more than 40% by 2030, compared to the pre-pandemic high, according to the forecast. During the next 20 years, Boeing expects about 51% of demand for new aircraft to come from growth rather than replacing older airplanes. China and South/Southeast Asia, which includes India, are expected to account for half of that additional capacity, according to the outlook. North America and Eurasia account for more than half of projected deliveries for replacing older aircraft. China makes up an estimated 10% of Boeing's existing order backlog. The country paused taking delivery of new Boeing aircraft as China and the U.S. clashed over tariffs. However, deliveries are expected to resume this month, Ortberg said in May during an investors conference.
Business Insider
a day ago
- Business Insider
Airbnb CEO Brian Chesky says his company is a 'convenient scapegoat' as European cities protest overtourism
Airbnb CEO Brian Chesky said his company isn't to blame for overtourism in certain European cities. Rather, Chesky said overtourism is due to poor policy and long-standing housing issues. Anti-overtourism activists plan to protest in cities like Barcelona and Venice on Sunday. Overtourism is rattling cities across Europe, where some activists blame short-term rental companies like Airbnb for swelling the cost of living and limiting housing options for locals. Airbnb CEO Brian Chesky disagrees. Chesky addressed the criticisms during an interview with Dagmar Von Taube of WELT, a German newspaper that is part of the Axel Springer Global Reporters Network, saying, "I've heard the criticisms — and I have responses." The tech billionaire mentioned Barcelona, where activists protested overtourism in 2024 and are planning further protests on Sunday. "In Barcelona, housing prices rose 60% over the past decade, but Airbnb listings actually decreased. So we can't be the culprits. Sure, people see a lot of tourists, but many of them are cruise ship passengers or hotel guests — in Barcelona, that's around 70%," Chesky said. Airbnb has become a "convenient scapegoat for a failed policy and deep, long-standing housing issues," he said. "Cities haven't built enough new homes to match urban growth. That's the real crisis," Chesky said. "But we're committed to working with cities. We support modern, targeted regulations that protect housing without blocking hosts from occasionally sharing their homes." Chesky's remarks came after Airbnb blamed hotels for the problem this week. In a new report, Airbnb said hotels make up "almost 80% of guest nights in the EU." Theo Yedinsky, Airbnb's vice president for public policy, echoed Chesky's "scapegoat" remark in an interview with The Financial Times published this week. That garnered a response from Tui, Europe's biggest travel operator, which pushed back against Airbnb's suggestion that it's not getting a fair shake on Friday. "The reason protesters hit the streets is because of issues with the cost of living and especially housing. Both are driven by the secondary home market and short-term leases," Alexander Panczuk, group director of policy and reputation at Tui," told The Guardian. "All the destinations where we have seen the conflict of tourists and living spaces in the last few years are not where [operators like] Tui are active." Representatives for Airbnb did not respond to a request for comment from Business Insider. Although tourism can boost economies, those grappling with overtourism say the influx of travelers in their cities has caused the cost of living to spike, contributed to housing crises, and encouraged overcrowding. Last July, protesters took to the streets of Barcelona holding signs that read "Barcelona is not for sale" and "Tourists go home." Some even sprayed people visiting popular tourist spots with water guns. That June, the city announced its intention to ban all short-term rentals. Activists have also staged demonstrations in Italy, Mallorca, and other popular destinations. Widespread protests are scheduled for Sunday in cities across Spain, Portugal, and Italy. "When they (officials) say that we have to specialise in tourism, they are basically telling us that you have to get poorer so that other people can get richer," Daniel Pardo Rivacoba, a spokesperson for Barcelona's Neighbourhoods Assembly for Tourism Degrowth, told the outlet.
