EUROPEAN OFFICIALS
Europe is slapping tariffs on Chinese electric vehicles - for now. Here's what to know
EU raises customs duties on Chinese electric vehicles due to unfair subsidies. Tariffs aim to address market imbalance. Negotiations ongoing between EU and China. Concerns about impact on European jobs and green technology production. Uncertainty looms over potential solutions and retaliatory measures.
EU slaps Chinese electric cars with tariffs of up to 38%
The European Union imposed provisional duties of up to 38 per cent on Chinese electric car imports due to alleged unfair state subsidies, sparking concerns of a trade war. The move was criticised by China as "politically motivated" and "protectionist." European countries are divided on the issue, with Germany fearing harm to its auto industry. Talks with China continue, with hopes for a negotiated solution to avoid escalating tensions.
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.
US allies allege China is developing attack drones for Russia
Chinese and Russian companies are collaborating to develop an attack drone similar to Iran’s Shahed model, which has been used extensively by Russia in Ukraine, according to European officials. The companies began developing and testing this drone in 2023, preparing it for shipment to Russia. This move signifies a potential shift towards providing lethal aid, which Western officials have warned against. Despite Beijing's portrayal of neutrality, U.S. officials have expressed concerns about China’s indirect support for Russia through components and dual-use technologies. China's embassy in the U.S. denied providing weapons, urging dialogue and peace instead.
US stocks back at records while European bourses retreat
Wall Street equity indices advanced to fresh records Tuesday as markets embraced commentary from Federal Reserve Chair Jerome Powell, while European bourses retreated on unease about upcoming French elections. But bourses in Paris and Frankfurt both retreated amid concerns about the potential economic fallout should the far right win power in France in weekend elections.
Dollar on the defensive amid lower yields, yen hovers near 38-year trough
The dollar weakens after Powell's dovish U.S. bond yield comments, amid potential Japanese intervention during U.S. holiday. Concerns over Biden presidency and easing long-term Treasury yields persist, as local inflation remains steady and the Australian dollar sees a rise.
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US military bases in Europe on high alert amid terror threat concerns
Several US military bases across Europe have heightened their security alert to Force Protection Condition "Charlie," indicating a significant terror threat. This measure, last seen over a decade ago, reflects growing concerns ahead of major events like the Paris Olympics and European football championships. European countries have ramped up security, with Germany and France taking extensive precautions to address potential dangers. Authorities advise vigilance amid these heightened threat levels.
European jewellers using services of mega CFC for quality testing
The Mumbai-based mega common facility centre (CFC) in the special economic zone (SEZ) is now being used by European jewellers for quality testing. The facility, which was inaugurated by Prime Minister Narendra Modi in January, offers technical services like 3D printing, hallmarking, mass finishing, refining, and casting of gold, platinum, and silver.
Euro 2024: Should there be only European referees? Why did Steve Clarke make these comments?
Scottish manager Steve Clarke said that the ongoing European football competition should only have Europeans officiating as referees after his team was denied a penalty against Hungary by an Argentinian referee.
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.
Meloni camp pulls ahead of Macron's in EU parliament
Parliamentary insiders however say the balance of power in the 720-seat European legislature remains essentially unchanged from the last legislature. It lies with a centrist tie-up made up of the conservative European People's Party (EPP), the biggest group with 189 seats, the leftist Socialists & Democrats (S&D) with 136, and the liberal Renew Europe that includes the French president's party.
Arcelor-Nippon says India's plan for raw material curbs ignores Red Sea crisis
ArcelorMittal's India joint venture warned New Delhi that planned curbs on low ash metallurgical coke imports, crucial for steelmaking, could harm the industry. The Red Sea crisis complicates supply chains, and the proposed 40% quota for European imports could disrupt operations. India's imports of this key steelmaking fuel have doubled in four years.
Made in India Netra, Pinaka Systems attract European, Southeast Asian interest
The AEWC is a system developed by the Centre for Airborne Systems and two of their aircraft are already flying with the Indian Air Force giving wide coverage of the adversaries' activities along both western and northern front of the country. The Indian forces are going to get 12 more of these airborne systems in different configurations.
Benjamin Netanyahu dissolves war cabinet; calm in Gaza after Joe Biden message
Israeli Prime Minister Benjamin Netanyahu dissolved the six-member war cabinet following the departure of centrist former general Benny Gantz from the government. Netanyahu will now consult with a smaller group, including Defence Minister Yoav Gallant and Strategic Affairs Minister Ron Dermer, regarding the Gaza conflict amid tensions with nationalist-religious coalition partners.
Dollar wobbles as markets await more Fed clues; RBA meeting in focus
The dollar weakened against the euro and sterling as concerns about a far-right French government eased. Market focus shifted to key reports and comments from the Federal Reserve for rate cut clues.
Dollar eases against euro as European political jitters subside
The dollar was modestly weaker against the euro on Monday, as the common currency recovered from the more than one-month lows hit last week driven by political turmoil in Europe.
Dollar gains on hawkish Fed, even as inflation cools
The dollar strengthened despite weak U.S. producer price data for May, following a hawkish Federal Reserve meeting. U.S. producer prices fell unexpectedly in May, with core prices remaining flat. The Federal Reserve's stance on interest rates also influenced the dollar's performance.
Euro slips to one-month low as Macron calls French election
The euro fell as French President Emmanuel Macron called a shock election after far-right gains in European Parliament elections. U.S. nonfarm payrolls data showed job growth exceeding expectations, impacting Fed rate cut expectations.
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.
European shares slip as energy counters weigh
European shares slipped on Tuesday as weakness in crude prices dragged energy stocks, while investors refrained from placing huge bets before the European Central Bank's interest rate decision later this week.
The European Union in five figures
European Union: The 27-nation bloc stretches from the chilly Arctic in the north to the warmer Mediterranean in the south, and from the Atlantic in the west to the Black Sea in the east.
G7 officials make progress but no final deal on money for Ukraine from frozen Russian assets
G7 finance officials are nearing an agreement on using frozen Russian assets to benefit Ukraine, with final decisions to be made at a June summit of national leaders.
Top Russian military officials are being arrested. Why is it happening?
Following the arrest of a Russian deputy defense minister last month, a series of detentions of senior military officials on corruption charges has unfolded. These arrests coincided with President Vladimir Putin's fifth term and a reshuffle of Defense Minister Sergei Shoigu. The detentions have sparked speculation about Putin's control over the Defense Ministry, potential turf battles, or other internal power plays. Corruption has long been entrenched in Russia's system, but the recent crackdown, especially amid the war in Ukraine, suggests a significant shift in handling graft within the defense sector.
With Ukraine losing ground, allies debate how to squeeze cash for Kyiv out of frozen Russian assets
Ukraine's allies are debating how to use frozen Russian assets to support Kyiv's war effort amid Russia's territorial gains. The issue of $260 billion in Russian assets frozen abroad is a key concern at the G7 meeting in Italy.
Russia starts exercise with tactical nuclear weapons
Russia's Foreign Ministry has cited comments by French President Emmanuel Macron, who floated the possibility of sending European troops to fight Russia in Ukraine, and British Foreign Secretary David Cameron, who said Ukraine had the right to use weapons provided by London to strike targets inside Russia.
European stocks dip as rate uncertainty weighs
European stocks slipped 0.3% as U.S. Federal Reserve officials cautioned on interest rate cuts. The STOXX 600 index saw gains in healthcare stocks offset by losses in banks and utilities.
Govt comes out with detailed guidelines to prevent EtO contamination in spices exports: Official
The steps assume significance amid reports on the recall of two Indian spice brands' -- MDH and Everest -- products in Singapore and Hong Kong due to the presence of EtO residue in certain spices. "Mandatory pre-shipment sampling and testing for EtO for Singapore and Hong Kong has been started; and guidelines have been put in place for all exporters to avoid possible contamination of EtO - covering all stages (sourcing, packaging, transportation, testing) of supply chain, for all jurisdictions," the official said.
Vietnam delays meeting with EU sanctions chief ahead of possible Putin visit
Vietnam's foreign affairs ministry declined a meeting with the European Union's top official on Russian sanctions, citing scheduling conflicts, amidst preparations for a potential visit from Russian President Vladimir Putin. Vietnam's neutral foreign policy stance, abstaining from condemning Russia's actions in Ukraine, has drawn criticism from Western nations. The postponement of the EU envoy's visit is speculated to be linked to Putin's potential visit to Vietnam, which could be overshadowed by the former's presence.
EU launches investigation into Chinese medical device market
The European Commission initiates an inquiry into Chinese procurement of medical devices, suspecting unfair access for European suppliers. Under the EU International Procurement Instrument, the probe may lead to restrictions on Chinese firms bidding in EU tenders. Allegations include 'Buy China' policies and abnormally low bids. China invited for consultations.
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