Economics
The European Union and the Philippines reached a free-trade agreement that would eliminate about 94% of tariffs, opening markets for EU machinery, medicines and food exports, officials said.
EU governments and business groups pressed for tighter safeguards and conditions on Chinese trade and investment across Europe, while Beijing urged less protectionism and cooperation.
ECB chief economist Philip Lane warned energy price jumps would likely prolong inflation in the euro area and said another rate increase could come in October.
The German federal cabinet approved a 14-cent-per-liter cut to the energy tax on petrol and diesel, effective Oct. 1, though its end date was disputed across sources.
SAS said it expected higher jet fuel prices to cost the Nordic carrier 3.3 billion kroner for the current fiscal year, citing fuel prices of about $1,600 per ton.
Leading German economic institutes doubled their growth forecast for Germany, citing a sudden upswing, while the Bundesbank warned the expansion could lose momentum in the third quarter.
