KOREA FAIR TRADE COMMISSION
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.
India pitches for strengthening quality standards for spices
India actively supports global food standards at the Codex Alimentarius Commission session in Rome, emphasizing quality in spices, vegetable oils, and water reuse. The country's commitment to food safety, recycled materials, and addressing global challenges like climate change is evident in its participation and championing of guidelines.
Apple ex-lawyer ordered to pay $1.15 million SEC fine for insider trading
Former Apple lawyer Gene Levoff fined $1.15 million for insider trading. Levoff traded on nonpublic information from the iPhone maker. The fines were imposed by a U.S. District Judge.
CCI to tweak fair trade norms soon
Under the green channel process, introduced in 2019, an M&A deal is deemed to have been approved upon filing the application with the regulator, subject to conditions, including meeting the prescribed value thresholds. The move was aimed at expediting the deal approval process and balancing regulatory facilitation with enforcement functions.
CCI to shortly come out with changes to competition rules
The Competition Commission of India (CCI) is set to announce changes to competition rules, including those related to green channel approvals for mergers and acquisitions. The regulator is focusing on advocacy efforts and capacity building. The changes will also address dark patterns in e-commerce and algorithmic collusion, which could have competition implications.
India imposes anti-dumping duties on three Chinese products
On hydraulic rock breakers, the duty ranged between 4.55 per cent and 162.5 per cent of CIF (cost, insurance, freight) value in US dollars. The duty was also imposed on these goods coming from Korea. These breakers are used in the construction and mining industry for carrying out demolition, excavation, mining and boulder breaking activities.
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US, Japan, South Korea vow strategic cooperation to boost security, economies
Commerce and trade ministers from the U.S., Japan, and South Korea agreed to cooperate on AI safety, export controls, clean energy, and semiconductor supply chains. U.S. Commerce Secretary Gina Raimondo emphasized the importance of collaboration for global security. Japanese Minister Ken Saito and South Korean Minister Ahn Duk-geun also attended the inaugural meeting, initiated at a Camp David summit. The ministers aim to strengthen supply chain resilience, particularly in semiconductors and critical minerals, and enhance cooperation in cybersecurity and technical standards to counter China's dominance in critical mineral supply chains.
EU defers ban on Russian diamonds by six months
A few other relaxations, like ring-fencing old stocks, announced by the European Commission, the executive arm of the EU, would give a further breather to the local diamantaires which constitute the world's largest importer of rough diamonds. According to a statement issued by the Commission on Monday, the ban on import of Russian diamonds would not extend to either rough or polished stones which were there in the EU and other countries (like India) before the beginning of the sanctions in March 2024.
Putin in Vietnam, seeking to strengthen ties in Southeast Asia while Russia's isolation deepens
Putin was greeted by dignitaries upon his arrival in the Southeast Asian country as soldiers in white dress uniforms stood at attention. He arrived from North Korea, where he and North Korean leader Kim Jong Un signed an agreement that pledges mutual aid in the event of war.
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.
India, the US and 12 other nations sign Indo-Pacific region economic pact
The US and 13 nations in Asia signed agreements on the Indo-Pacific Economic Framework, part of Biden's strategy to counter China's influence. The pact includes major economies like Japan, India, and South Korea, focusing on renewable energy, climate change, taxation, corruption, and supply-chain management.
CCI proposes amendments to general rules, seeks stakeholder feedback
The Competition Commission of India (CCI) has proposed amendments to the General Regulations, 2009, following recent changes to the Competition Act. The changes, based on the Competition (Amendment) Act, 2023, aim to align the general regulations with the latest framework. The changes include the appointment of independent agencies to oversee the implementation of orders, maintaining confidentiality and avoiding conflicts of interest.
Explainer: Why the few big AI players worry US antitrust regulators
U.S. antitrust enforcers are investigating Big Tech's impact on the AI sector, looking into potential competition issues. Key concerns include data access advantages, impact on workers, and partnerships with Big Tech firms.
India, US, 12 others likely to ink pact today to meet climate financing goal
India, the US, and a dozen other nations are poised to sign a Clean Economy Agreement under the Indo-Pacific Economic Framework, aimed at meeting climate objectives through collaborative financing. The agreement, to be signed at a Singapore meet, focuses on improving market conditions and reducing barriers for low-carbon projects. While the pact is in its final stages of approval, experts caution against allowing imports of genetically modified seeds and foods under the guise of food security.
Baron Capital marks up Swiggy valuation by 25% to $15.1 billion
Swiggy Valuation: Baron Capital, which participated in Swiggy’s $700 million funding round in January 2022 at a valuation of $10.7 billion, has raised the fair value of its holding in Swiggy for the fourth straight time. Crossover funds, i.e. funds which invest in publicly traded and privately held companies, review the valuation of their portfolio companies periodically.
Hope India-UK FTA not far away, says incoming FICCI UK Council chair
Priya Guha, the new chair of FICCI UK Council, and Baroness Usha Prashar discuss the India-UK Free Trade Agreement, emphasizing research, innovation, and cultural ties for a stronger bilateral partnership.
EU ready for 'tough decisions to protect economy', von der Leyen tells China
European Commission President Ursula von der Leyen emphasized the EU's commitment to protecting its economy and security amid strained trade relations with China. Following talks with Chinese President Xi Jinping and French President Emmanuel Macron in Paris, she stated that while fair play from China benefits everyone, Europe will not hesitate to take tough measures to safeguard its economy and security.
CCI invites applications from advocates, law firms for empanelment
"A panel of Advocates /Law Firms for representing the commission and DG before various Courts and Tribunals is being constituted. Law firms and practising advocates are eligible for empanelment," the regulator said in a notice on Tuesday. The guidelines regarding the qualification, experience, fee schedule, terms, conditions, and application format for advocates and law firms seeking empanelment can be found on the CCI's website.
NCLAT dismisses Sundaram Brake's plea against CCI cease and desist order on railways tendering
The National Company Law Appellate Tribunal (NCLAT) rejected Sundaram Brake Linings' plea challenging a cease and desist order issued by the Competition Commission of India (CCI). The CCI's order, issued on July 10, 2022, directed 10 companies, including Sundaram Brake Linings, to cease anti-competitive practices related to certain tenders of the Indian Railways.
South Korea regulator may sanction Meta over marketplace: reports
The Korea Fair Trade Commission (FTC) had investigated possible violations of the country's e-commerce law and had sent an examination report to Meta late last year, Yonhap news and the Dong-a Ilbo newspaper reported, citing unnamed sources.
Penalty for unfair trade practices to be linked to global turnover
The CCI regulations followed a notification issued by the ministry of corporate affairs stipulating March 6 as the date for implementing the relevant provisions of the Competition (Amendment) Act 2023 that deal with the new monetary penalty regime.
CCI nod for Religare stake buy deal without prejudice: Legal expert
On Tuesday, the Competition Commission of India (CCI) approved the acquisition of 31.27 per cent of additional stake in Religare Enterprises by four entities of Dabur India promoter Burman family.
Trust in elections remains fairly robust in India: DPIIT Secretary Singh
DPIIT Secretary Rajesh Kumar Singh highlighted India's unique position with strong trust levels in institutions, particularly elections. Speaking at the World Economic Forum Annual Meeting 2024, Singh emphasized India's robust and detailed electoral process, delivering credible elections for over 75 years, with electronic voting machines in use for the past 25 years.
CCI clears SSI's stake buy in Manipal Health Enterprises
The deal has been approved under the green channel route. Manipal Health Enterprises operates a network of hospitals providing multi-specialty care. It has a presence through 27 hospitals in 14 cities in the country.
CCI clears Bharti Group's 49 pc stake buy in Bharti AXA Life Insurance
"CCI approves acquisition of approx 49 per cent shareholding of Bharti AXA LifeInsurance Co. Ltd. by BhartiLife Ventures Pvt Ltd from AXA India Holdings & acquisition of approx 48.54 per cent shareholding of Bharti Management Services Ltd by BhartiEnterprises Ltd. from Societe Beaujon," according to a post by CCI on social media platform X on Tuesday.
CCI launches market study to gauge state of fair trade rules in cement sector
The Competition Commission of India (CCI) is initiating a comprehensive nationwide market study on the cement sector, which has faced accusations of cartel formation affecting pricing. The CCI clarified that this study would be independent of any ongoing anti-competitive behavior cases. The regulator emphasized the significance of a competitive cement market due to its critical role in various sectors like housing and infrastructure, which can influence the country's economic growth.
After EU & US, Japan launches antimonopoly probe into Google's search dominance
The Japan Fair Trade Commission (JFTC) said it would investigate whether Google violated Japan's Antimonopoly Act, including by returning part of its revenues to Android smartphone makers on the condition that they not install rival search engines.
SEC proposes new regulations to promote fairness among broker-dealers
The Securities and Exchange Commission (SEC) is proposing new regulations aimed at eliminating pricing practices that have given larger broker-dealers an unfair advantage on U.S. stock exchanges. The plan seeks to limit the practice of giving lower transaction fees and incentives to brokerages with bigger trading volumes. The SEC aims to address the complex and unequal pricing tiers that exist among exchanges, ensuring that brokerages prioritize the best interests of their clients.
Ensuring fair trade rules in digital markets and emerging areas like AI, biotech a challenge: MCA secy
The ministry is piloting discussions on having a digital competition law and a committee set up for the purpose has held a series of consultations and is looking at various aspects. Fostering cooperation on competition issues among the BRICS countries will have a positive global outcome, Govil said as he also mentioned that competition law and policy face numerous challenges in today's rapidly evolving landscape.
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