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MONEY

Euro falls to 20-year low against US dollar

The euro sunk below $0.99 on Monday, a 20-year-low, following the announcement last week that Russia would cut off gas deliveries to Germany via the Nord Stream pipeline.

Euro falls to 20-year low against US dollar
A $100-dollar bill is seen on top of Euro bills. The euro sunk below $0.99 on Monday, a 20-year-low.(Photo by DANIEL MUNOZ / AFP)

The euro fell 0.70 percent to 0.9884 dollars Monday at 0535 GMT, its lowest since December 2002.

The European currency has continued to weaken against the dollar since the start of the year, hammered by economic turbulence and uncertainties sparked by Russia’s invasion of Ukraine.

READ ALSO: What the dollar-euro exchange rate means for Americans in Europe

Russian gas giant Gazprom said Friday the Nord Stream pipeline due to reopen at the weekend would remain shut indefinitely.

It said it had discovered “oil leaks” in a turbine during a planned three-day maintenance operation, and that the pipeline would remain closed until it was repaired.

Resumption of deliveries via the pipeline which runs from near Saint Petersburg to Germany under the Baltic Sea, had been due to resume on Saturday.

Following the imposition of economic sanctions over the Kremlin’s invasion of Ukraine, Russia has reduced or halted supplies to different European nations, causing energy prices to soar.

The Kremlin has blamed the reduction of supplies via Nord Stream on European sanctions which it says have blocked the return of a Siemens turbine that had been undergoing repairs in Canada.

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WORKING IN AUSTRIA

EU takes action against Austria on working rights

Austria comes up short in areas such as 'transparent and predictable working conditions' and 'promotion of equality in the labour market', the EU Commission has said.

EU takes action against Austria on working rights

The EU Commission has reprimanded Austria on several labour market issues, according to a press statement by the Brussels-based authority.

Austria is lagging in properly implementing EU regulations in “transparent and predictable working conditions” and “promotion of equality in the labour market”.

After the European Union sends out directives to member states, it also sets a deadline for the countries to bring the EU-agreed rules to the national level.

READ ALSO: 10 ways EU countries aim to cut energy bills and avoid blackouts this winter

The first directive for “transparent and predictable working conditions” provides more extensive and updated labour rights and protection to the 182 million workers in the European Union.

The EU Commission stated: “With the new rules, workers have, for instance, the right to more predictability regarding assignments and working time. They will also have the right to receive timely and more complete information about the essential aspects of their job, such as place of work and remuneration”.

Austria and 18 other member states have failed to communicate the complete transposition of the directive into national law by the deadline of August 1st.

READ ALSO: 10 ways EU countries aim to cut energy bills and avoid blackouts this winter

Promotion of equality in the labour market

Additionally, Austria has failed to notify national measures transposing the “Work-Life Balance Directive” by the EU and has been notified along with 18 other countries.

The directive “aims to ensure equality in labour market participation by encouraging equal sharing of care responsibilities between parents”.

“It introduced paternity leave, ensuring that fathers/second parents have the right to take at least ten working days of paternity leave around the time of birth of the child. The Directive also establishes a minimum of four months of parental leave, with at least two of the four months non-transferable from one parent to another.

READ ALSO: Non-EU family members of EU citizens can obtain long-term residence, court rules

“It establishes five working days per year of carers’ leave for each worker providing personal care or support to a relative or person living in the same household and gives all working parents of children up to at least eight years old and all carers a right to request flexible working arrangements.”

The Austrian federal government now has two months to respond to the EU Commission’s letter of formal notice, otherwise, it faces another warning – and could eventually see its case going to the European Court of Justice.

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