Europe’s political and economic landscape was marked by a series of pivotal developments on Thursday, spanning diplomacy, governance, and industry.
UK Prime Minister Keir Starmer deepened trade ties with India, European Commission President Ursula von der Leyen overcame fresh no-confidence votes, Russian President Vladimir Putin issued a rare admission over a fatal air incident, and major European stock indexes ended mostly lower.
Meanwhile, Ferrari’s shares plunged after the company scaled back its electrification plans.
Starmer’s visit to India strengthens trade and education links
UK Prime Minister Keir Starmer met his Indian counterpart Narendra Modi in Mumbai on Thursday during his first official visit to India, reaffirming both nations’ commitment to expand cooperation in trade, education, and culture.
Leading the largest-ever British delegation to India — with over 100 CEOs, entrepreneurs, and academic leaders — Starmer announced plans for UK universities to open new campuses in India.
The move is projected to add £50 million to the UK economy and further boost educational exchange.
New approvals include campuses by the University of Lancaster and the University of Surrey, with more institutions such as York, Aberdeen, and Queen’s University Belfast expected to follow.
Starmer also met Nandan Nilekani, architect of India’s Aadhaar digital ID system, to discuss cooperation on digital governance.
The meeting came amid debate in Britain over a proposed digital ID system that has drawn more than 2.8 million petition signatures in opposition.
The ongoing UK-India trade deal — already generating £1 billion in investment and 7,000 jobs — is expected to lift bilateral trade by £25.5 billion annually by 2040, according to government estimates.
Von der Leyen survives dual no-confidence votes
In Strasbourg, European Commission President Ursula von der Leyen comfortably survived two no-confidence motions in the European Parliament, marking the third such challenge since beginning her second term.
Both far-right and far-left groups sought her removal, but the motions fell well short of the two-thirds majority required.
Von der Leyen secured 378 and 383 votes in the two ballots, respectively — an improvement over July’s censure attempt.
While critics accused her of policy failures on migration and trade, centrist blocs maintained firm support, allowing von der Leyen to retain her position and political stability within the EU executive.
Putin admits Russian missiles caused Azerbaijan air crash
Russian President Vladimir Putin publicly acknowledged that Russian missiles detonated near an Azerbaijan Airlines jet, causing a crash that killed 38 people last year.
Speaking alongside Azerbaijani President Ilham Aliyev in Tajikistan, Putin expressed condolences and pledged compensation, calling the incident a “tragic case” of mistaken detonation.
Aliyev accepted the apology, saying he appreciated Moscow’s willingness to revisit the matter, which had strained diplomatic relations between the two countries.
European markets end lower as ECB minutes highlight inflation risks
Major European stock indexes closed mostly lower Thursday after ECB minutes revealed concerns over inflation in both directions.
The FTSE 100 fell 0.41%, the CAC 40 declined 0.23%, and the Euro Stoxx 50 slipped 0.40%.
Meanwhile, the German DAX ended flat, and Ferrari shares plunged over 15% in Europe.
The euro weakened 0.64% against the US dollar, while the British pound dropped 0.78%.
Ferrari shares tumble as automaker eases EV targets
Luxury automaker Ferrari NV saw its stock fall sharply after announcing it would scale back its EV targets, reducing the share of fully electric vehicles in its 2030 lineup from 40% to 20%.
The company unveiled the chassis and powertrain of its first electric model, the “Elettrica,” set for production in 2026.
Ferrari attributed its strategic shift to evolving market dynamics and customer preferences, opting for a more balanced mix of ICE, hybrid, and EV models.
Despite the setback, JPMorgan analysts expressed confidence in Ferrari’s long-term fundamentals, citing strong demand and upcoming model launches.
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