Eu Financial News

tariff-rate quota (TRQ) scheme to the US for the October 2024 — September 2025 period. Shipments under the TRQ enjoy relatively lesser customs duties. After the quota is reached, a higher tariff applies to additional imports. «The quantity of 8,606 MTRV (metric tonnes raw value) of raw cane sugar to be exported to USA under TRQ scheme from 01.10.2024 to 30.09.2025 has been notified,» the Directorate General of Foreign Trade (DGFT) said in a public notice. A similar quantity was notified in January also.

The Dutch data protection watchdog has issued facial recognition startup Clearview AI with a fine of 30.5 million euros or $33.7 million over its creation of what the agency called an “illegal database” of billion of photos of faces

The European Union is trying to get a semblance of gender parity in its new executive Commission

Canadian Prime Minister Justin Trudeau last month announced tariffs of 100 percent on Chinese EVs, accusing Beijing of «not playing by the same rules as other countries» in areas like environmental and labour standards. The United States and the European Union have also respectively slapped tariffs of 100 percent and 36 percent on Chinese EVs, arguing that Beijing unfairly subsidises domestic producers whose products then flood foreign markets and undercut local competitors.

Robusta coffee slid in London, pulling back from last week’s high, amid a US holiday that contributed to volatile prices. Futures had soared to the highest since the 1970s on concerns about tighter supplies out of Vietnam and Brazil due to unfavorable weather. Prices topped $5,000 a ton on Friday, pushing robusta’s relative-strength index toward overbought territory. The commodity slipped as much as 5.5% on Monday. “We are in a low stock environment, which guarantees volatility,” said Carlos Mera, an analyst at Rabobank. Traders also need to consider other factors, such as shipping disruptions around the Red Sea, congestion in Brazilian ports and the European Union’s incoming deforestation rules, he said.

Mint earlier reported about India considering imposing retaliatory tariffs on EU exports in response to the bloc’s proposed carbon tax that could disrupt over $8 billion worth of Indian metal exports to the EU. As the EU’s CBAM has been in discussion, Yadav said, “until a proposal comes, we cannot take a call. Our stand on this will be protecting the larger interests of all developing nations." “Before COP29, pre-consultations are taking place.

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) is to be reconstituted soon, as per its usual schedule, and its revised composition will be of interest. The approach so far has been to have three members from RBI, including its governor, and three external members. These members are appointed by the central government for a term of four years.

Chinese manufacturing contracted for a fourth consecutive month in August, official data showed Saturday, a worse-than-expected result reflecting the world's second-largest economy's struggle to recover. China is facing a crisis in its vast real estate sector as well as lackluster confidence among households and businesses, which is hindering consumption, while geopolitical tensions with Washington and the European Union threaten foreign trade. In August, the Purchasing Managers' Index (PMI) — a key barometer of industrial output — stood at 49.1 points, the National Bureau of Statistics (NBS) announced.

Inflation is down in Europe

Yemen’s Houthi rebels have released footage showing that they boarded and intentionally set explosives aboard a Greek-flagged tanker that was earlier abandoned after they repeatedly attacked it, putting the Red Sea at risk of a major oil spill

Ukraine from frozen Russian central bank assets regardless of issues raised by the US, the bloc's top diplomat said. A Group of Seven agreement to leverage proceeds of the blocked assets has faced delays as Washington seeks firmer assurances that the EU will be able to renew sanctions measures in the face of the opposition from Hungary. The US wants to ensure that the plan, which aims to generate $50 billion in loans for Kyiv, moves forward before seeking approval from Congress.

European Union must rethink its relations with Israel and impose sanctions on some Israeli government ministers, EU foreign policy chief Josep Borrell said on Thursday. At a meeting of EU foreign ministers in Brussels, Borrell urged the ministers to consider imposing sanctions on certain members of PM Benjamin Netanyahu's cabinet.

Russia conducted a heavy aerial attack on Ukraine for the third time in four days Thursday, again launching missiles and scores of drones that mostly were intercepted, Ukraine's air force said. Russian forces fired five missiles and 74 Shahed drones at Ukrainian targets, an air force statement said. Air defenses stopped two missiles and 60 drones, and 14 other drones presumably fell before reaching their target, it said. Authorities in the capital, Kyiv, said debris of destroyed drones fell in three districts of the city, causing minor damage to civilian infrastructure but no injuries. Russia's relentless and unnerving long-range strikes on civilian areas have been a feature of the war since it invaded its neighbor in February 2022.

Telegram could face stricter EU digital rules as Brussels probes whether the popular messaging app — whose founder faces criminal charges in France — has more users in the bloc than claimed. The platform was thrust into the spotlight after its chief Pavel Durov was arrested in France on Saturday. He has since been released on bail but cannot leave the country. Durov is accused of failing to curb extremist and illegal content on the increasingly controversial platform, which has over 900 million followers.

French President Emmanuel Macron starts a two-day state visit to Serbia, with the focus on the possible sale of 12 Rafale multi-purpose fighter jets to the country, which has maintained close ties to Russia despite its invasion of Ukraine

Motilal Oswal Financial Services, L&T Tech’s new strategy may not alter its growth path in the short term, but it could open up new avenues for growth, especially in hitherto weak areas such as mobility—a fast-growing segment for its peers. Against this backdrop, the company’s renewed strategy is a step in the right direction. However, the targets seem ambitious.

The leaders of Germany and the United Kingdom have announced plans to draw up a treaty meant to deepen the two nations’ trade, defense and other relations

Poland’s budget proposal for 2025 includes record defense spending of 187 billion zlotys or $48.7 billion

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

A Greek-flagged tanker repeatedly attacked by Yemen’s Houthi rebels in the Red Sea remains ablaze but hasn’t sprung a major oil leak in the waterway