EUROPEAN BUSINESS
Carbon Border Adjustment Mechanism aims for fair trade, global decarbonisation: EU official
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.
France election: Voter turnout high, could force Emmanuel Macron to share power with far right
Voting in pivotal runoff elections in France could lead to a historic victory for Marine Le Pen's far-right National Rally or a hung parliament, impacting global diplomacy and France's future direction. High turnout reflects the nation's concern over the outcome, with uncertainty looming over potential coalition governments or far-right leadership. The election results will shape France's political landscape for the remaining years of President Macron's term.
Visa, Mastercard to extend non-EU card fee caps to 2029, EU says
Visa and Mastercard will extend tourist card fee caps with EU antitrust regulators until 2029, announced by the European Commission. Set in 2019 to avoid fines, the caps include 0.2% for non-EU debit cards, 0.3% for credit, and 1.15% and 1.5% for card not present transactions. Interchange fees continue generating bank profits.
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.
Microsoft breached antitrust rules by bundling Teams with office software, European Union says
The European Commission stated that Microsoft may have provided Teams with a "distribution advantage" by not allowing customers the option to choose whether to include Teams when purchasing the software. Last year, Microsoft made certain adjustments in an attempt to avoid penalties, such as offering software packages without Teams specifically for European customers. However, the commission has indicated that these measures are insufficient.
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.
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European shares start week on bright footing on autos, banks' boost
European shares rose on Monday, led by automobile and bank stocks, ahead of the first round of French parliamentary elections. Autos surged 1.6% after the EU and China agreed to discuss tariffs on Chinese EVs. Meanwhile, German business morale declined in June, reflecting concerns about the economy's momentum.
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.
Eurozone business activity slows on French vote risk
Euro-area private-sector business activity lost momentum as France's snap election outcome weighs on firms. S&P Global's PMI fell to 50.8 in June, disappointing analysts. Europe's economy, recovering from last year's recession, faces challenges.
Europe's STOXX 600 falls as tech, banks drag
European shares fell on Friday, with Carlsberg Group dropping 8% after Britvic rejected its $3.9 billion takeover bid, causing a 0.3% decline in the STOXX 600.
EU proposes anti-dumping duty on Indian optical fibre cable manufacturers
The European Commission has proposed a 8-11.4% anti-dumping duty on Indian optical fibre cable (OFC) manufacturers exporting to Europe. Sterlite Technologies, Birla Cables, Universal Cables, Vindhya Telelinks, and others are among the companies facing this duty.
EU cybersecurity label should not discriminate against Big Tech, European groups say
26 industry groups in Europe warn against discrimination in the proposed cybersecurity certification scheme for cloud services, emphasizing the importance of inclusivity and non-discrimination.
Millions will vote on Europe's super Sunday, with surveys suggesting a shift to the right
Voters across 20 European nations are casting their ballots in the EU election super Sunday, with concerns over a potential shift to the political right impacting the bloc's decision-making amidst ongoing conflicts and rising anti-migrant sentiment. Populist parties are expected to make gains, potentially reshaping the European Parliament's dynamics. The elections mark a pivotal moment for the EU's future trajectory and international relationships.
Trans-Europe express: How Indian businesses can sustain and grow in Europe
India's recent free trade agreement with the European Free Trade Association presents significant trade opportunities with the EU. However, Indian businesses must comply with new EU supply chain laws to sustain and grow in Europe. Key legislative changes include deforestation regulation, corporate sustainability and due diligence directive, and forced labor regulation.
Mercedes Benz eyes reduced trade barriers from new India government
Mercedes-Benz is urging the next government to prioritise the forging of more free trade agreements and reducing trade barriers to boost sales in the country's growing luxury car market. The company's India head emphasized the importance of FTAs for economic growth and expressed optimism for the future of the luxury car segment in India, where sales have been on the rise.
Europe's STOXX 600 dips as rate worries linger
European shares slipped for a third straight session on Thursday ahead of further economic data from the euro zone that will provide more clues on the European Central Bank's interest rate path, while rate woes continued to dampen sentiment.
Dollar firm ahead of global inflation data
The dollar held steady on Monday, but was set for its first monthly loss this year, as investors were focused on U.S., European and Japanese inflation data to guide the global interest rate outlook.
European shares little changed, inflation data in focus
European stocks were subdued on Monday, with several major markets closed and investors taking a cautious stance ahead of key inflation data from the United States and Europe later this week.
Airlines, hotels, retailers fear being left out in Google's search changes
Airlines, hotels, and retailers urge EU tech regulators for fair treatment in Google's compliance with DMA regulations. Concerns raised about revenue impact as Google's response focuses on changes favoring large intermediaries and aggregators, with ongoing investigations by the Commission.
Eurozone business activity speeds up in May
The HCOB Flash Eurozone purchasing managers' index (PMI) published by S&P Global recorded a figure of 52.3, up from 51.7 in April and the highest in 12 months. Any reading above 50 indicates growth, while a figure below 50 shows contraction.
European shares rise as chipmakers bounce on Nvidia forecast
European stocks edged higher on Thursday after strong forecasts from AI darling Nvidia lifted global chipmakers, while investors awaited the latest business surveys to gauge the euro zone economy's outlook and interest rate path.
Whit Monday: Is it a religious holiday in US and UK? Here’s what’s open and closed
Whit Monday falls the day after Pentecost Sunday, a significant event in the Christian calendar. Pentecost Sunday occurs 50 days after Easter and is determined by the lunar calendar.
Intel nears $11 billion deal with Apollo for Ireland facility: report
The move comes as Intel looks to expand its presence across the United States with a planned $100-billion spending spree across four states to boost its manufacturing business and catch up with chipmaking rival TSMC.
No more business class?
European business leaders remain optimistic about another Trump presidency, with potential trade shifts and capital relocation. Investor 'patriotism' declines amid EU challenges. US policies influence productivity. The EU must address hurdles to boost competitiveness and attract investments for future success.
Jaishankar expresses confidence in India-EU partnership growing further
Extending felicitations to EU's Ambassador to India, Herve Delphin, Jaishankar said, "I think today the relationship between India and the European Union is not only consequential for each one of us but also for the world as well. The EU is our largest economic partner, but it is more than that."
India-European Union relationship consequential for world also: EAM Jaishankar
During Europe Day celebrations in New Delhi, External Affairs Minister S Jaishankar emphasized the significance of the India-EU relationship, calling it consequential not just for both parties but for the world. He highlighted the deep ties between India and the EU across various domains, emphasizing the need for resilient and reliable supply chains and stronger digital cooperation. Jaishankar also praised the EU's engagement in the Indo-Pacific and its contribution to initiatives like the India-Middle-East-Europe Economic Corridor. EU Ambassador to India Herve Delphin echoed these sentiments, noting India's growing importance for the EU.
Emmanuel Macron, von der Leyen press China's Xi on trade in Paris talks
Xi arrived in Europe for the first time in five years, at a time of growing business tensions that include the European Union investigating Chinese industries such as electric vehicle exports, while Beijing probes mostly French-made brandy imports. The European Union "cannot absorb massive over-production of Chinese industrial goods flooding its market," von der Leyen said after the three held talks under the gilded ceilings of the Elysee Palace.
European shares climb on tech cheer; Thyssenkrupp shimmers
European shares rose on Friday and looked set to end the week higher as investors cheered robust results from tech giants in the United States, while Thyssenkrupp was on course for its best day in 18 months on a divesture announcement.
More Indians in global rich list as Chinese slip, Europeans lag
Hurun's Rupert Hoogewerf discusses the wealth disparities among Indians, Chinese, and UK individuals. He emphasizes the confidence of Indian businessmen and the growth in the number of affluent individuals on the Hurun India Rich List.
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