Eu Financial News

Carbon Border Adjustment Mechanism aims to treat imported goods the same as EU-produced goods to help global decarbonisation, the Director-General of the European Commission has said following a visit to India to discuss tax and custom issues. Carbon Border Adjustment Mechanism (CBAM) is the European Union's planned tax on the carbon emitted while making goods imported from countries like India and China. The move has sparked a debate at multilateral forums, including the United Nations climate conferences, as the poorer countries fear such tariffs will harm livelihoods and economic growth. Director-General of the European Commission, Gerassimos Thomas, led a group of officials to New Delhi to discuss tax and customs issues, with a focus on CBAM, on July 1 and 2. He met the Indian government officials and business leaders to explore the manner in which it might affect the Indian industries and explain CBAM's goals and timeline. Thomas welcomed India's plans to decarbonise its economy, underlining the shared commitment to collaborate with India in their decarbonisation efforts, the European Commission said in a statement.

European Union regulators have accused social media company Meta Platforms of breaching the bloc’s new digital competition rulebook by forcing Facebook and Instagram users to choose between seeing ads or paying to avoid them

The European Union says blue checkmarks from Elon Musk’s X are deceptive and that the online platform falls short on transparency and accountability requirements

The European Commission has approved Lufthansa’s takeover of Italian airline ITA with conditions to protect competition

The European Union is moving to sharply increase customs duties on electric vehicles made in China

The European Union says it’s adding the porn site XXNX to its list of online services facing the strictest level of scrutiny under the bloc’s digital regulations, including measures requiring users to verify their ages

Iran's president-elect Masoud Pezeshkian said he looks forward to improved relations with European nations, even though he accused them of reneging on commitments to mitigate the impact of US sanctions. Pezeshkian on July 6 won a runoff election against ultraconservative Saeed Jalili. The 69-year-old has called for «constructive relations» with Western countries to «get Iran out of its isolation», and favours reviving the 2015 nuclear deal between Iran and global powers.

Shein said it would invest 250 million euros ($271 million) over five years in the UK and Europe as the company battles criticism of its model based around flying cheap clothes and accessories from factories in China direct to shoppers worldwide. Shein, which is preparing for a possible London listing, already sources some clothes from factories in Turkey, although the vast majority of its products are made by around 5,400 suppliers mainly in Guangzhou, China.

₹4,000 crore or global sales of $30 billion or gross merchandise value of ₹16,000 crore or global market capitalization or fair value of $75 billion and also meet the criterion of 10 million end users or 10,000 business users will be designated as SSDE. In addition, any enterprise which does not meet these criteria but has significant presence in the market for specified services including internet search, advertising services and operating system, in CCI’s view, will get the tag of an SSDE.

China’s exports beat forecasts in June, while imports grew less than expected

BUCHAREST, Romania: A court in Romania's capital ruled Friday that social media influencer Andrew Tate can leave Romania but must remain within the European Union as he awaits trial on charges of human trafficking, rape and forming a criminal gang to sexually exploit women. The Bucharest Tribunal's decision to allow Tate, 37, to leave the country was hailed by his spokesperson, Mateea Petrescu, as a «significant victory and a major step forward» in the case. It is not clear whether prosecutors can or will appeal the court's decision. Tate, a former professional kickboxer and dual British U.S. citizen, was initially arrested in December 2022 near Bucharest along with his brother Tristan and two Romanian women. Romanian prosecutors formally indicted all four in June last year and all four have denied the allegations.

Elections in the United Kingdom have a distinct vocabulary that draws on traditions of parliamentary democracy as well as the lexicon of U.S. politics and modern political spin

Bitcoin (BTC) began the week on a high note, soaring above $63,335 and hitting an intraday peak of $63,697. This bullish momentum, reflected in the overall crypto market’s significant gains, is attributed to multiple factors.

Hong Kong, Jul 05, 2024 -Asian markets were largely down on Friday, a day after Tokyo's indexes hit record highs as traders prepared for a key US jobs report while European exchanges edged up on calming electoral news from the United Kingdom and France. Japan's Nikkei 225 ended flat while the broader Topix index, which a day earlier surpassed its previous peak set in 1989, also shed some of its gains.

When it comes to France’s turbulent politics, the current impasse is probably the best investors could have hoped for. The second round of French legislative elections delivered a widely expected hung parliament, but not its predicted makeup: Rather than coming in first, Marine Le Pen’s far-right and anti-immigrant National Rally finished third. In a shock twist, the leftist New Popular Front alliance emerged victorious, with the party of President Emmanuel Macron and its allies in second place.

On Friday afternoon, when many Canadians were lost in weekend thoughts or already on their way to the cottage, Canada’s bank regulator — The Office of the Superintendent of Financial Institutions — announced it will delay for one year implementing the final elements of the Basel III accord.

China is known for its mega hydroelectric plants and giant thermal power projects not only on its land but in many other countries as well, it has set a record by switching on the world's largest solar plant, which has more than five million panels. According to the TCD, the government-controlled China Green Electricity Investment of Tianjin has switched on the 3.5 GW Midong PV farm in Urumqi, Xinjiang region. It is a subsidiary of China Green Development Group (CGDG). China Construction Eighth Engineering Division Corp and Power Construction Corporation of China (PowerChina) invested a massive amount of CNY 15.45 billion in this project. Also Read: Bando Stone & The New World: Here’s all we know about release date, trailer, plot and more

The perfect European, or so the sarcastic quip goes, should drive like a Frenchman, cook like the Dutch, be as organised as the Greeks and as humorous as a German. A variant of the joke might haunt those trying to devise the perfect ally for Ukraine as it fends off Russian aggression. Imagine a country the size of Latvia, with the budget problems of the hard-up Italians, the willingness to pitch in of Kremlin-loving Hungarians and the arms industry of neutral Ireland.

China’s Commerce Ministry has announced it will launch an investigation into whether unfair trade practices were adopted by the European Union in its probe of Chinese companies

The European Union says it’s accepting Apple’s pledge to open up its “tap to pay” iPhone payment system to rivals as a way to resolve an antitrust case and head off a potential hefty fine

BYD has signed a contract to build a $1 billion factory in Turkey, stepping up its efforts to expand internationally. This calculated action seeks to support BYD's ambition to lead the world EV market. According to a statement shared on X, Turkey's industry minister Mehmet Fatih stated the factory will start production by late 2026. It is anticipated to increase BYD's capability for European vehicle manufacture, with an approximate yearly production capacity of 150,000 vehicles.