Europe

Oil refiners in India — eager to keep importing cheap crude from Russia — are working with merchants, shippers and other middlemen to rebuild supply chains as tougher US sanctions come into effect, Bloomberg News reported. Speaking on the sidelines of India’s flagship energy gathering in Delhi, executives said the existing networks were being reconfigured with selling entities, tankers and insurance providers that are not on Washington’s blacklist.

Spain’s unemployment rate fell again in the fourth quarter of 2024, likely reflecting a buoyant economy last year that was boosted by tourism, investment and immigration, the Wall Street Journal reported. Joblessness fell to 10.6% in the October-December period, down from 11.2% in the three months to September, and 11.8% in the fourth quarter of 2023, Spain’s statistics body INE said Tuesday. The number of unemployed people declined by 158,600 to 2.60 million in the quarter, the agency said.

Chancellor of the Exchequer Rachel Reeves said she believes the U.K. can strike an agreement with the U.S. to avoid tariffs on steel and aluminum introduced by US President Donald Trump, and suggested also that Britain doesn’t plan to retaliate, Bloomberg News reported. “I strongly believe that a deal can be done,” Reeves said, speaking before Trump signed executive orders imposing 25% tariffs on all imports to the US of the two metals. Asked about potential retaliatory measures, she said: “I don’t believe in tariffs.

The chairman of Britain’s consumer watchdog has announced plans to step down as Rachel Reeves urges regulators to slash red tape and turbocharge growth, The Telegraph reported. Baroness Manzoor, who oversees the Financial Ombudsman Service (FOS), revealed her resignation during an appearance before MPs on Tuesday. It comes just days after the departure of chief executive Abby Thomas, and follows the Government’s move last month to replace Marcus Bokkerink as chairman of the Competition and Markets Authority.

Germany's trade surplus with the United States reached a record level, data from the statistics office showed, as countries wait to learn how U.S. President Donald Trump will impose tariffs on imported goods, Reuters reported. Germany's trade surplus with the U.S. expanded to 70 billion euros ($72 billion) in 2024, well above the previous record of 63.3 billion euros reported for the full year 2023. "It would be hard to imagine worse timing," said Holger Goerg, from the Kiel Institute for the World Economy (IfW).

Portugal’s government is considering selling a stake of at least 49% of TAP SA in its latest attempt to privatize the state-owned airline, Bloomberg News reported. The privatization process is due to start in March and may be concluded at the end of this year or in 2026, said the person, who asked not to be identified discussing information that isn’t public. There are about 12 firms interested in TAP. Europe’s largest full-service airlines — Air France-KLM, Deutsche Lufthansa AG and British Airways owner IAG SA — have all gone public with their interest in TAP.

An artificial intelligence race is heating up between the United States and China — but don’t count Europe out. That was the pitch that President Emmanuel Macron of France made on Monday as Paris hosted an A.I. summit, where government leaders, top tech executives and academic experts have gathered to discuss the hopes surrounding A.I., as well as the fears of economic and societal disruption that the rapidly evolving technology has fueled, the New York Times reported. “We are back in the race,” Mr.