Eu Financial News

In 1991, the Indian government articulated a ‘Look East’ policy to build extensive economic and strategic relations with its eastern neighbours and Southeast Asia. This was different from the traditional ‘West facing’ outlook, in which we looked to learn from Europe and North America. With the age of AI upon us, India is considering how it should both foster and regulate this powerful new technology which can reshape industry, society and geopolitics.

digital competition bill for the second day on Wednesday, where the participants flagged that placing or imposing foreign regulation approaches such as the «ex-ante law» would lead to the destruction of value and access to digital public goods and infrastructure. «We flagged the impact on startups and their funding. The overlap of the proposed regulation (digital competition bill) with existing laws and regulations such as the Information Technology Act of 2000 and the Information Technology Rules of 2021 were highlighted. There is a need for more consultation on the subject and the current draft needs to be revisited,» a think-tank executive who participated in the meeting, said.

EU’s recently passed regulation, Ecodesign for Sustainable Products Regulation (ESPR) will lead to high costs and hurt exports from developing countries, economic think tank Global Trade Research Initiative (GTRI) said Wednesday. The ESPR mandates that imported products meet stringent sustainability standards, including a Digital Product Passport for traceability. ESPR will cover all products by 2030 but would begin with regulating items such as textiles, furniture, mattresses, tyres, detergents, paints, lubricants, iron and steel from January 2026. “ESPR will lead to high costs of products because of changes needed in production processes. Since most products covered are consumer products, the price rise may lead to inflation in the EU,” GTRI said.

The European Union’s executive arm is criticizing France for running up excessive debt, a stinging rebuke at the height of the election campaign where President Emmanuel Macron is fighting off challenges of the extreme right and the left

climate change fast enough, according to a fresh study that looked at more than 23,000 firms worldwide. Just 2% of companies that have committed to a 1.5C-aligned plan provide the full range of information needed to ensure their emissions-cutting plans can work, according to CDP, the global nonprofit focused on increasing environmental disclosures. What’s more, the figure falls to less than 1% when all companies reporting environmental data are considered. The number of companies that actually reported a 1.5C plan increased by 44% to roughly one in four. While that’s “encouraging, action on credible climate-transition planning isn’t moving fast enough,” according to the report.

State Bank of India: SBI has initiated discussions with market participants to raise around ₹10,000 crore ($1.20 billion) through infrastructure bonds.Indus Towers: Vodafone Group Plc will sell a 9.94% stake in Indus Towers through a bulk deal at a price range of ₹310- ₹341 per share. The sale, which is slated to open on Wednesday, is managed by Morgan Stanley, BofA Securities, Jefferies, and BNP Paribas.Housing and Urban Development Corporation: HUDCO has raised $200 million (JPY 30 billion) in its first venture into the syndicated loan market.

Burundi seems to be running short of everything but patience

The Chinese government is taking aim at European farmers instead of German automakers by launching an investigation into European Union pork imports

Many of us didn’t notice that the world’s biggest and second-biggest democratic exercises took place back to back, as our Lok Sabha election was followed by the just-concluded European Union (EU) elections during 6-9 June, with an electorate of nearly 400 million people. Indeed, 2024 is an electorally significant year, marked by the scheduled participation of about half of the world’s eligible voters across 60 different countries. Voters in the EU’s 27 member states cast their ballots to choose 720 representatives to the European Parliament in Brussels.

Rome Giorgia Meloni was the winner of last week’s Group of Seven meeting. Whether giving French President Emmanuel Macron the stink eye or stitching up a deal to increase Italy’s clout in the European Union, the Italian prime minister had a good summit. Once stigmatized as a neofascist from the fringes of Europe’s hard right, Ms.

European Union countries have given final approval to a major and long-awaited plan to better protect nature in the 27-nation bloc

World Trade Organization (WTO) on the concessions the bloc can offer to New Delhi to mitigate the adverse impact of duties it levies on some steel imports. The two sides conducted consultations on June 7 on the EU's recent announcement of its decision to extend the existing safeguard measures on some steel product imports beyond the current termination date of June 30 for another two years. «India and the European Union were not able to reach an agreement,» India told the WTO on Monday. The measures hurt imports from many countries including India. «India requested the European Union to put forth its proposals for maintaining substantially equivalent level of concessions and other obligations and adequate trade compensation to mitigate the adverse effects of the proposed measure,» India said. India, China and Russia, along with five others have criticised the EU's decision to extend the levy on certain steel products, arguing that the measure, imposed after the US slapped additional duties on certain categories of steel imports from the bloc, in 2018, was inconsistent with the global trade body's rules.

European Commission has slapped 8-11.4% anti-dumping duty on Indian optical fibre cable (OFC) manufacturers including Sterlite Technologies, Birla Cables, Universal Cables, Vindhya Telelinks and others who were exporting OFC to Europe. After a six-month long investigation, including being physically present at the factory premises of these companies, the Commission, last week decided to levy the duty on as many as ten companies, barring HFCL which was found to be following fair business practices. Sterlite Technologies Ltd and its subsidiary Sterlite Tech Cables Solutions Ltd are facing the highest levy of 11.4%, followed by Birla Cables, Universal Cables and Vindhya Telelinks who are facing a duty of 8.7%.

India is likely to ask for a three-year exemption for its micro, small and medium enterprises (MSMEs) from a proposed mandatory tariff on carbon-intensive imports in talks on a free trade deal with European Union negotiators starting next week, two people aware of the matter said. India, which opposed the tax at the World Trade Organization's last ministerial meeting in February-March in Abu Dhabi, will make its stand clear again on the during upcoming talks on a free trade agreement (FTA) with the EU. The eighth round of FTA talks is slated to be held in Brussels on 24-28 June.

Shares have opened mixed in Europe as markets recovered from shocks of recent elections across the region

electric vehicles (EVs) made by Chinese companies now stare at a road bump in Europe as the European Union (EU) last week decided to hike tariffs on Made-in-China EVs. The EU decision follows a scare in the Western world about China flooding it with state-subsidised EVs. The Alliance for American Manufacturing has said that government subsidized Chinese EVs “could end up being an extinction-level event for the U.S.

food security—a priority for scientists. Over the past decade the quality and the quantity of crop research that China produces has grown immensely, and now the country is widely regarded as a leader in the field. According to an editor of a prestigious European plant-sciences journal, there are some months when half of the submissions can come from China.

Cold War II is worsening. The G7 summit held in Italy ended with a stiff warning aimed at China over its alleged role in “enabling" Russia’s war in Ukraine by means of dual-use tech transfers, a charge Beijing denied.

India-Middle East-Europe Economic Corridor (IMEC) in the G7 Summit Communique issued at the end of the three-day G7 Summit, attended by Prime Minister Narendra Modi. The Communique was issued on Friday evening after the customary «family photo» at the luxury resort of Borgo Egnazia, where the G7 also reiterated a commitment to a «free and open Indo-Pacific» based on the rule of law. Prime Minister Modi attended the G7 Summit at the invitation of Italian Prime Minister Giorgia Meloni, the host. «We will further promote concrete G7 PGII (Partnership for Global Infrastructure and Investment) initiatives, flagship projects, and complementary initiatives to develop transformative economic corridors for quality infrastructure and investment, such as the deepening of our coordination and financing for the Lobito Corridor, the Luzon Corridor, the Middle Corridor, and the India-Middle East-Europe Economic Corridor, also building on the EU Global Gateway, the Great Green Wall Initiative, and the Mattei Plan for Africa launched by Italy,» reads the communique.

artificial intelligence, economic security and migration on the second and final day of their summit Friday, as their delegations worked on a comprehensive joint communique touching on many of the world's major geopolitical and social challenges. The gathering in a luxury resort in Italy's southern Puglia region also discussed other major topics, such as financial support for Ukraine, the war in Gaza, climate change, Iran, the situation in the Red Sea, gender equality as well as China's industrial policy. The second day opened with a session on migration, a key issue to host Italy, which lies on one of the major routes into the EU for people fleeing war and poverty in Africa, West Asia and Asia.

G7 Summit in Italy, Prime Minister Narendra Modi interacted with the leaders of Turkey, the UAE, Brazil and Jordan and struck a pose for the camera along with them on Friday. PM Modi had a «delightful conversation» with Turkish President Recep Tayyip Erdogan, UAE President Mohammed bin Zayed Al Nahyan, as well as the President of Brazil Luiz Inacio Lula da Silva. All the four leaders also posed for the camera and got a picture clicked at the Summit as well, which PM Modi shared on X, saying, «The interactions in Italy continue...Delightful conversation with President @LulaOficial, President @RTErdogan and His Highness Sheikh @MohamedBinZayed»