EU REPORT
Court says social media influencer Andrew Tate can leave Romania but remain in EU as he awaits trial
Romania court allows influencer Andrew Tate to leave country but remain in EU during trial for human trafficking and rape charges. Tate's spokesperson sees decision as a win. Legal proceedings ongoing with multiple cases against Tate and co-defendants.
EU banks likely to seek more time for CCIL trade cut-off
Deutsche Bank, BNP Paribas, Credit Agricole, and Societe Generale request a six-month extension from BaFIN and AMF for the October 2024 CCIL trading deadline. This results from ESMA's de-recognition and pending Reserve Bank of India approval for a third-party clearing model proposed in recent ESMA meetings to resolve regulatory conflicts.
EU governments hesitant on Chinese EV tariffs as trade spat escalates
Germany, whose carmakers made a third of their sales last year in China, wants to stop the tariffs, according to a government source, while France has been among the firmest backers.
China's Xi Jinping greets EU Council president ahead of EV tariffs taking effect
China's President Xi Jinping conveyed his congratulations to incoming European Council President Antonio Costa, emphasizing the importance of China-EU relations. This comes ahead of the European Commission's decision to impose tariffs of up to 37.6% on Chinese electric vehicles (EVs), citing state subsidies benefiting Chinese firms. Xi reaffirmed China's commitment to its partnership with the EU, rejecting accusations of unfair subsidies on Chinese EVs. The EU faces internal divisions over supporting these tariffs, with Germany leaning towards opposing them due to significant automotive sales in China, while France supports them firmly.
EU governments waver over Chinese EV tariffs as trade spat escalates
EU countries debate supporting tariffs on Chinese electric vehicles in Brussels amid concerns over Beijing's possible retaliation affecting EU exports like cognac and pork.
EU approves Sanofi's Dupixent for 'smoker's lungs'
Sanofi and Regeneron received EU approval for broader use of Dupixent in treating chronic obstructive pulmonary disease (COPD), a significant step achieved faster than in the U.S. The EU Commission approved Dupixent for COPD patients not responsive to standard treatments, marking its expanded use beyond conditions like asthma and eczema.
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EU takes aim at China's Temu and Shein with proposed import duty
The EU considers imposing customs duties on Chinese online retailers like Shein and Temu. The plan involves scrapping the 150 euros duty-free threshold for non-EU online purchases. The high volume of e-commerce parcels prompts the EU to speed up customs reform, impacting companies like AliExpress' parent Alibaba. Shein and Temu are criticized for exploiting US import tax exemptions to sell cheap products.
India’s trade dependence on China, EU rose in Q1 of 2024, says UNCTAD
The UNCTAD nowcast predicts a stronger positive trend for the second quarter of 2024, projecting an approximate 2% increase for the first half of 2024. This increase is expected to add around $250 billion to goods trade and about $100 billion to services trade in the first half of 2024 compared to the second half of 2023.
AI deals between Microsoft and OpenAI, Google and Samsung, in EU crosshairs
European Commission assesses tech partnerships for merger control compliance, focusing on potential market concentration effects. Regulators worldwide scrutinize Big Tech's dominance in AI, raising concerns about access for smaller developers. Vestager leads investigations into exclusive clauses and talent acquisitions, aiming to prevent monopolistic practices and promote fair competition.
Ukrainian President Zelenskyy drafting 'comprehensive plan' to end war with Russia
Ukrainian President Volodymyr Zelenskyy announced the creation of a comprehensive plan, aiming for global support to end the conflict with Russia. During a news conference in Kyiv with Slovenian President Natasa Pirc Musar, Zelenskyy emphasized the importance of diplomatic efforts, despite the absence of current negotiations. He reiterated Ukraine's stance that Russia must withdraw from all occupied territories, including Crimea, for peace talks to commence. Recently, Zelenskyy gathered international backing at a summit in Switzerland, highlighting Ukraine's territorial integrity.
EU leaders pick Von der Leyen for second term
European Union leaders have nominated Ursula von der Leyen for a second five-year term as president of the European Commission. The bloc's 27 national leaders also selected former Portuguese premier Antonio Costa as future European Council chair and Estonian Prime Minister Kaja Kallas as the next EU foreign policy chief.
EU releases Euro 1.9 billion for Ukraine, days after launch of accession talks
The European Union on Thursday disbursed Euro 1.9 billion to Ukraine amid its ongoing conflict with Russia. The funds, provided under the Ukraine Facility, are intended to support the Ukrainian state during this challenging time. European Union President Ursula von der Leyen stated the purpose of the funds.
China hopes for EV tariff deal with EU that suits both sides
China aims to find a "mutually acceptable solution" with the EU regarding preliminary tariffs on Chinese electric vehicles set to begin on July 4, seeking to avoid escalating trade tensions. Beijing wants the EU to drop the tariffs, while Brussels insists on addressing alleged subsidisation in China's EV industry. Negotiations are ongoing, with both sides working towards a resolution to protect economic relations.
‘Father’ of China EV industry calls for investment talks with EU
The panic coming from the EU is caused partly by the fact that Chinese foreign investment hasn’t kept up with the pace of exports, Wan Gang said. One way to improve relations would be to resume talks on the Comprehensive Agreement on Investment, he said.
Apple is first company charged under new EU competition law
Apple is facing intense regulatory scrutiny globally, with charges in the EU, legal battles in the US, and regulatory actions in Britain, signaling a turbulent period for the tech giant in various markets.
Apple charged with violating EU's antitrust tech law, may have to pay fine of $38 billion.
Apple has become the first US tech giant to be charged under the European Union’s tough new antitrust tech law. If found guilty, its fine may soar up to $38 billion.
Explained: What happens next in the EU investigation into Chinese EVs?
China and the European Commission plan talks to address proposed tariffs on Chinese-made electric vehicles entering the EU, potentially easing tensions. The EU intends to impose provisional duties on these vehicles, ranging from 17.4% to 38.1%, with the deadline set for July 4. Negotiations between the EU and China are expected, with stakeholders having until July 18 to provide feedback. The Commission will publish its findings by July 4, and decisions on provisional duties will follow.
China wants EU to scrap EV tariffs on EVs by July 4
Beijing urges the European Union to revoke its preliminary tariffs on Chinese electric vehicles (EVs) by July 4, as reported by China's state-controlled Global Times. The EU plans to impose provisional duties of up to 38.1% on Chinese-made EVs while investigating alleged excessive and unfair subsidies to Chinese EV makers. China is willing to negotiate to avoid another tariff war, reminiscent of U.S. tariffs imposed during the Trump administration, but will protect its firms if necessary.
China and European Union agree to talks in bid to head off trade war
China and the European Union have decided to initiate talks aimed at resolving an increasingly tense tariff dispute, with billions of dollars in trade hanging in the balance. According to the Chinese Commerce Ministry, discussions will be held between China's commerce minister, Wang Wentao, and the European Union's trade commissioner, Valdis Dombrovskis. The focus will be on addressing the European Union's proposal to impose tariffs on electric cars imported from China, a move that has sparked significant concern.
What happens next in the EU investigation into Chinese EVs?
The European Commission plans to impose provisional duties on electric vehicles (EVs) from China, ranging from 17.4% to 38.1%, in addition to the existing 10% tariff. These duties are set to take effect by July 4 as part of an anti-subsidy investigation to protect EU industry. Following publication of findings on July 4, interested parties have until July 18 to comment before final duties are determined.
EU sanctions target Russian gas for the first time, diplomats say
The European Union has agreed on a new sanctions package against Russia, marking its first restrictions on Russian gas since the war in Ukraine began. This 14th package bans the re-export of Russian liquefied natural gas (LNG) within EU waters, although imports continue. While intended to curb Russia's revenue and access to technologies, experts suggest limited impact on overall Russian LNG exports.
Chinese automakers seek retaliatory tariffs on EU cars, state media reports
Industry insiders say both Europe and China have reasons for wanting to strike a deal in the months ahead to de-escalate tensions and avoid the addition of billions of dollars in new costs for Chinese EV makers, as the EU process allows for review.
EU's new AI rules ignite battle over data transparency
Europe focuses on AI innovation to lead globally, balancing transparency and copyright protection under the new AI laws, emphasizing the need for innovation before regulation to avoid dependency on American and Chinese products.
Tesla seeks from EU lower tariffs on EVs shipped in from China: Report
Electric vehicle maker Tesla has asked the European Union to subject its cars to a lower tariff than other manufacturers shipping into the bloc from China, Bloomberg reported.
Microsoft to pay off cloud industry group to end EU antitrust complaint: report
Microsoft is close to finalizing a multimillion-euro deal with an Amazon-backed cloud lobby to resolve an antitrust complaint with the European Commission. The deal involves withdrawing the investigation request, potential payments, and agreements to not file legal complaints worldwide.
EU carbon tariff: India preps for a fight at WTO
India is considering challenging the European Union's Carbon Border Adjustment Mechanism (CBAM) at the World Trade Organization, which mandates non-EU steel producers to report emissions, impacting sectors like iron and steel, cement, and more.
EU to probe Meta over handling of Russian disinformation: report
EU regulators may investigate Meta Platforms for insufficient content moderation against disinformation, especially from Russia. Concerns include political advertising's impact on elections. Multiple countries, including Georgia, Britain, and Austria, have upcoming elections in 2024.
Spain to send Patriot missiles to Ukraine, El Pais reports
Spain will send a small number of Patriot missiles to Ukraine, El Pais newspaper reported on Friday, in response to pressure from EU and NATO allies to send more military aid to Kyiv. With Russia having stepped up air attacks on Ukraine, EU governments have been urged to supply more protective systems to Kyiv, especially countries like Greece and Spain that have such arms in their arsenal.
EU threatens to suspend TikTok Lite's reward programme
A key feature of TikTok Lite may be suspended in the European Union on Thursday, the European Commission said, if TikTok does not provide a satisfactory response to regulators' concerns about the new app's impact on users' mental health.
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