EUROPE

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EU member states are set to vote Friday on imposing hefty tariffs on Chinese electric car imports, a move that could significantly impact the European market and potentially favor European car manufacturers.

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The Czech Republic and Poland are facing massive financial challenges after severe floods swept through Central Europe, causing extensive damage. Just a week before the disaster, the Czech Republic was poised to bring its budget deficit under the 3% of GDP cap set by European Union (EU) rules. However, the floods, which are the worst in two decades, have upended those plans.

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An Irish regulator responsible for overseeing data privacy within the European Union has announced a fine of 91 million euros ($102 million) against Meta, the owner of Facebook. This penalty was imposed due to password-security breaches that were identified.

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The new French Prime Minister Michel Barnier warned on Wednesday that France's budgetary situation is "very serious". France was placed on a formal procedure for violating European Union budgetary rules before Barnier was picked as head of government this month by President Emmanuel Macron. And the Bank of France warned this week that a projected return to EU deficit rules by 2027 was "not realistic".

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Switzerland's central bank announced on Thursday that it has reduced its key interest rate by a quarter percentage point, marking the third cut this year. The decision comes in response to the robust Swiss franc and a decline in inflationary pressures.

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A newly unveiled statue of Queen Elizabeth II in Northern Ireland has sparked mixed reactions. The bronze sculpture, which depicts the late monarch alongside her husband Prince Philip and two of her iconic corgis, was recently installed at Antrim Castle Gardens, near Belfast. While the local council reported that the statue had been "warmly received" by many, social media reactions have been less kind.

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Parts of England and Wales have been hit by heavy rainfall and flash floods, leading to widespread travel chaos and property damage. In central and southern England, several areas experienced a month's worth of rain within just a few hours. The Met Office issued an amber weather warning for central and southern regions, while other parts of the country remained under yellow warnings.

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Beleaguered Swedish electric car battery maker Northvolt said Monday it would cut its workforce as it scales back operations to focus on its main gigafactory in Sweden.