EU backs move to boost numbers of female non-executive directors

Legislators back rules demanding firms choose women when men are equally qualified – but stop short of quotas

The European parliament has backed rules that would give women preference for non-executive posts at companies, after plans for a mandatory quota to get women into top jobs were scrapped.

The rules demand that companies give non-executive directorships to women where there is no male candidate who is better qualified, until they reach a target of four in 10 being women.

"The parliament has made the first cracks in the glass ceiling that continues to bar female talent from the top jobs," said EU justice commissioner Viviane Reding, who launched the proposal.

Although the draft law envisages possible fines for firms that ignore selection rules, it has been softened from imposing a quota with a penalty. Nor do the rules help women aiming for top management roles, such as chief executive. They also exempt smaller companies and those that are not listed.

Only about 17% of non-executive board members in the EU's largest companies are women. In Britain, women hold 17.4% percent of directorships, up from 12.5% in 2010; only four CEOs at FTSE 100 companies are women.

If endorsed, the rules will take seven years to come into full force. Countries are now required to sign off on the law but are divided on whether pan-European rules on positive discrimination are necessary.

Britain and Germany have argued against mandatory quotas.

Men dominate boardrooms in the region, and many women who have risen through company ranks resent quotas because they can be seen as suggesting that women have not been promoted on merit.

Only Norway, which is not a member of the bloc, has enforced a 40% quota since 2009, although critics say this has been achieved in part thanks to a small number of women holding non-executive positions in multiple companies.

"It is essential for listed companies to evolve so as to include highly skilled women in their decision-making processes," said Rodi Kratsa-Tsagaropoulou, a member of the parliament who is playing a central role in shaping the law.

Article Source : http://www.guardian.co.uk
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Eurozone unemployment stuck until 2015, warns European commission

Commission warns jobless total will remain at record 12.2% in 2014, as growth forecast drops to 1.1%

The European commission is warning that it is too early to claim victory in the euro area's fight against recession after its latest forecasts showed it would be 2015 before weak growth generated a fall in the jobless total.

Although the 17-nation single currency zone started to expand in the summer after a six-quarter double-dip recession, Brussels said there will be a lag before the pickup in activity leads to a fall in unemployment.

The commission trimmed its growth forecast for the euro area in 2014 from 1.2% to 1.1% and said unemployment will remain stuck at a record 12.2% next year. It added that there were encouraging signs that the recovery would continue but said the legacy of Europe's debt crisis would continue to act as a brake on growth.

Only in 2015, when growth is expected to increase to 1.7%, does the commission see a dent being made in the jobless total, with unemployment predicted to drop to 11.8%.

Olli Rehn, the commission's vice-president for economic and monetary affairs and the euro, said: "There are increasing signs that the European economy has reached a turning point. The fiscal consolidation and structural reforms undertaken in Europe have created the basis for recovery.

"But it is too early to declare victory: unemployment remains at unacceptably high levels. That's why we must continue working to modernise the European economy, for sustainable growth and job creation."

The commission, publishing forecasts three times a year for the eurozone and the EU, stresses that the return to solid growth in the countries that belong to the monetary union is set to be gradual, with big differences in economic performance across member states. Financial markets believe the combination of sluggish growth, high unemployment and the threat of deflation will prompt the European Central Bank into fresh efforts to boost activity.

Of the bigger euro area countries, only Germany is forecast to grow by more than 1% in 2014. Spain is expected to expand by 0.5%, Italy by 0.7% and France by 0.9%.

By contrast, the commission said the outlook for the UK – which has exceeded expectations in 2013 – was "quite bright". Growth of 2.2% is pencilled in for 2014, rising to 2.4% in 2015.

Article Source : http://www.guardian.co.uk
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UK alcohol and tobacco prices among highest in EU

EU survey shows Denmark and Norway most expensive, with Macedonia cheapest – but Britain places well above average

Britain has some of the highest prices for alcohol and tobacco in the European Union and shoppers pay more than average for milk, cheese and eggs, according to official figures from the EU statistical office, Eurostat.

Booze prices in Britain are 43% above the EU average, while cigarettes cost 94% more and are the third highest in the EU, only just behind Ireland and Norway.

Inside the EU, Denmark has the highest overall price level but Eurostat, which surveyed an additional 10 non-EU members in Europe, found that Norway is worst for costs, while Macedonia is cheapest.

General food and non-alcoholic beverage prices in Britain are 4% above the EU average, and milk, cheese and eggs are 7% more. However bread prices are 11% below the average for Europe.

The average figures for the EU include prices in the newer members such as Romania and Bulgaria. Compared with the major western European countries, such as France and Germany, the UK's price level (apart from alcohol and tobacco) is favourable.

For example, average food prices in Italy are significantly higher than in Britain, while in France meat costs 23% more than in the UK, and in Germany 28% more.

Among the major economies, Spain is best value. In almost every category, its prices are about one-tenth lower than the EU average, and nearly a quarter below the price level in France. For example, meat in Spain costs one-third less than in France.

But other countries that went through a boom and bust following their entry into the euro still have very high price levels. In Cyprus, milk, cheese and eggs are 41% above the EU average, while in Greece, bread and milk are significantly pricier than average. In Ireland, despite a steep rise in unemployment and wage cuts, prices remain among the highest in Europe. The average Irish food price is 18% higher than the rest of the EU, and its alcohol prices are the highest in the EU barring Finland.

Norway remains the country where prices for almost everything are the highest in Europe and possibly the world. Average food prices are 86% higher than across the EU; milk, cheese and eggs are 114% more and alcohol is 188% higher.

In the former Yugoslav republic of Macedonia, home to Europe's lowest prices, alcohol is half the price of the UK, while food is 70% cheaper than Norway. Turkey has surprisingly high food prices despite having much lower average earnings than European countries. Average food prices in the country are 88% of the EU average, with milk, cheese and eggs 22% more.

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Article Source : http://www.guardian.co.uk