Page 37 - European Union

EU's carbon tax mechanism expected to cost India 0.05% of GDP: Report

The European Union's Carbon Border Adjustment Mechanism (CBAM) will impose additional 25 per cent tax on energy-intensive goods exported from India to the EU, a new report said on Wednesday. This tax burden would represent 0.05 per cent of India's GDP, according to the report titled "The Global South's response to a changing trade regime in the era of climate change" by independent think tank Centre for Science and Environment (CSE). These findings are based on data from the past three years (2021-22, 2022-23, and 2023-24). CBAM is the EU's proposed tax on energy-intensive products, such as iron, steel, cement, fertilizers, and aluminum, imported from countries like India and China. The tax is based on the carbon emissions generated during the production of these goods. The EU argues that this mechanism creates a level playing field for domestically manufactured goods, which must adhere to stricter environmental standards, and helps reduce emissions from imports. But other nations,

Google tried to offer $512 mn package to derail Microsoft antitrust pact

While Google has long trailed Amazon.com Inc. and Microsoft in the cloud market, it's begun to see impressive results

Estonia's PM Kaja Kallas steps down, to become EU's foreign policy chief

Estonia's Prime Minister Kaja Kallas has stepped down as the leader of the Baltic country to become the foreign policy chief of the European Union later this year. Kallas, Estonia's first female prime minister, handed in her formal resignation to President Alar Karis during a brief meeting at the Presidential Palace in the capital, Tallinn, on Monday. Estonia under Kallas has been one of Europe's most vocal backers of Ukraine following the full-scale Russian invasion in February 2022. Summing up Kallas' 3 1/2 years at the helm of the nation of 1.3 million, Karis was quoted as saying by the Baltic News Service that it has been a time full of crises, the milestones (such as) the coronavirus, the economic recession and the war in Europe, when Russia destroyed our previous security picture with its aggression in Ukraine. The prime minister's move automatically triggered the resignation of Kallas' three-party Cabinet, made up of her center-right Reform Party, the Social Democratic Party

EU slaps charges on Elon Musk's X over disinformation and illegal content

The EU Commission on Friday issued formal charges against X, accusing it of violating the EU's stringent social media regulations

Apple to open its tap-and-go payment tech to mobile wallet providers in EU

Apple will now allow developers to access its near field communication (NFC) technology to pre-build payment apps for rival mobile wallet providers

European carbon removal specialists to support new projects in India

Indian projects are expected to focus on biochar - charcoal produced from burning organic matter - as well as "enhanced weathering", where materials like basalt are spread across land to absorb CO2

Working to break down silos between Europe, Asia, US, says Blinken

The Joe Biden administration is working to break down the silos between Europe, Asia and the United States, Secretary of State Antony Blinken said on Wednesday on the sidelines of the NATO summit here, wherein America's Indo-Pacific partners -- Australia, Japan, South Korea and New Zealand -- have also been invited to participate. In fact, this is the third time in a row that the US has invited its Indo-Pacific partners. It is a reflection of the fact that their theatres of work together are linked. "May be this was crystallised by Ukraine, when Prime Minister (Fumio) Kishida of Japan said that what is happening in Europe today could be happening in East Asia tomorrow. "When Russia committed its aggression, its renewed aggression against Ukraine, and Japan stood up, South Korea stood up, Australia, New Zealand, this was a reflection of that recognition that these challenges are linked. And when democracies stand together, whether they are in Europe, Asia or elsewhere, we are going t

China launches 'tit-for-tat' investigation in response to EU trade barriers

At the center of those strains with the EU are China's electric car exports, which Europe is worried threaten jobs in its own autos sector

EU warns of data 'black holes' amid efforts to uncover shadow bank risk

Private credit lenders are increasingly the go-to financiers of companies that struggle to raise money from mainstream banks

France's elections end with no clear majority. What happens next?

Election results show French voters have chosen to give a broad leftist coalition the most parliamentary seats in pivotal legislative elections, keeping the far right away from power. Yet no party won an outright majority, putting France in an uncertain, unprecedented situation. President Emmanuel Macron's centrist alliance arrived in second position and the far right in third still drastically increasing the number of seats it holds in the National Assembly, France's lower house of parliament. No clear figure has emerged as a possible future prime minister. Macron says he will wait to decide his next steps, and heads to Washington this week for a NATO summit. The new legislators can start work in parliament on Monday, and their first new session starts July 18. A hung parliament? Three major political blocs emerged from the elections yet none of them is close to the majority of at least 289 seats out of 577. The National Assembly is the most important of France's two houses of

Canada fails in domestic military spending, an outlier in Nato: Report

Canada has become an outlier among the 32-member NATO alliance, a major American media outlet said on Monday, on the eve of the crucial NATO summit in this city being hosted by US President Joe Biden. "Over the past several years, Ottawa has become an outlier among the 32-member alliance. It has failed to hit domestic military spending goals, has fallen short on benchmarks to fund new equipment and has no plans to get there," "Politico" said. Canadian Prime Minister Justin Trudeau arrived in Washington, DC to participate in this year's NATO summit that formally begins on Tuesday. According to his office, the summit will be an opportunity for the prime minister to reaffirm Canada's commitment to Euro-Atlantic security and stability, particularly in the face of ongoing Russian aggression and destabilisation. During his meetings here, Trudeau will highlight Canada's contributions to the NATO's collective defence efforts across Europe, including through Operation REASSURANCE, Canada's .

Far-right groups from France, Hungary to be new political force in EU Parl

Far-right parties from 12 countries, including France's National Rally and Hungary's ruling Fidesz, announced on Monday that they have joined together to form a new bloc in the European Parliament and plan to become a major political force. The European Parliament moved perceptibly to the right following Europe-wide elections a month ago as many voters abandoned the business-friendly liberals and environmentalist Greens. Mainstream centre-right and centre-left groups still hold the majority though. The new bloc, dubbed Patriots for Europe, is made up of 84 EU lawmakers and will be led by Jordan Bardella, the 28-year-old protg of Marine Le Pen. Kinga Gl, from Hungarian Prime Minister Viktor Orbn's Fidesz party, will be first vice president. Right-wing parties from Austria, Belgium, the Czech Republic, Denmark, Greece, Italy, Latvia, the Netherlands, Portugal and Spain are also involved. Forming a group brings parties more influence, money and the possibility of coveted posts on ...

June 2024 sets record as hottest in history, shows EU climate monitor

June's temperature exceeded the estimated average for the pre-industrial period (1850-1900) by 1.50 degrees Celsius, according to the European Union's Copernicus Climate Change Service

With French Parliament shifting to 'Left', risk of policy paralysis looms

The result delivered a stinging blow to President Emmanuel Macron and leaves the euro zone's second largest economy in limbo, heralding a period of political instability

2024 may be world's hottest year ever as June breaks records, says EU

Data suggest 2024 could outrank 2023 as the hottest year since records began after human-caused climate change and the El Nino natural weather phenomenon both pushed temperatures to record high

New UK PM Starmer seeks to improve on 'botched' trade deal with EU

British Prime Minister Keir Starmer is seeking to reset relations at home and abroad. During a visit Sunday to Edinburgh, that he billed as an immediate reset with the regional governments of Scotland, Northern Ireland and Wales, Starmer said he would also seek to improve the UK's botched trade deal with the European Union. "I do think that we can get a much better deal than the botched deal that (former Prime Minister) Boris Johnson saddled the UK with, he said in reference to the pact negotiated after Brexit. Starmer said there were many discussions ahead to strengthen trading, research and defense ties with the EU. But he said those talks had begun as his top diplomat made his first visit abroad to Germany, Poland and Sweden. With two of Starmer's ministers in Europe ahead of a NATO meeting next week, the premier made a point of visiting the leaders of the regional governments in the UK following his party's landslide victory last week. Starmer, who said he has a mandate to do

How Macron went from successful political newcomer to a weakened leader

French President Emmanuel Macron's expected political failure in decisive parliamentary elections Sunday may paralyse the country, weaken him abroad and overshadow his legacy, just as France prepares to step into the global spotlight as host of the Paris Olympics. France's youngest-ever president is known on the international stage for his tireless diplomatic efforts and pro-European initiatives. Now, many wonder how he will manage to keep the reins of the country with likely no majority in parliament and a confrontational government. Constitutionally barred from running for a third consecutive term in 2027, Macron, 46, is facing a struggle not to become a lame duck. Whatever the outcome of Sunday's runoff, it's not expected to be good news for Macron. French media have recently described an end of reign atmosphere at the Elysee presidential palace. Polls show Macron's centrist alliance is headed for defeat in Sunday's runoff, after coming in third in the first round. It looks a

Don't go too far in weapon support to Ukraine: Putin's message to West

The message to NATO from President Vladimir Putin was simple and stark: Don't go too far in providing military support for Ukraine, or you'll risk a conflict with Russia that could quickly turn nuclear. As the war in Ukraine turns slowly in Moscow's favour, Putin declared he doesn't need nuclear weapons to achieve his goals. But he also says it's wrong for the West to assume that Russia will never use them. It mustn't be treated in a light, superficial way, Putin said in June, reaffirming that Russia's nuclear doctrine calls for using atomic weapons if it perceives a threat to its sovereignty and territorial integrity. Moscow's nuclear messaging coming as NATO allies move to shore up exhausted and outgunned Ukrainian forces heralds what could become the most dangerous phase in the war. Drills, threats and signals Moscow has carried out drills with its tactical or battlefield nuclear weapons in southern Russia and with ally Belarus, where some were deployed in 2023. Russian Def

Nato summit, mending EU relations among first tasks for new UK PM Starmer

New British Prime Minister Keir Starmer doesn't get to take a breather. After a draining six-week election campaign, the center-left politician must get straight to work assembling his government, tackling a mountain of domestic problems and putting his stamp on the U.K.'s relations with the rest of the world. It's a daunting list for a new leader who has never served in, much less led, a government. But Starmer, who was officially appointed prime minister Friday, insisted that he is up to the challenge of heading the U.K. in a world that is a more volatile place than it has been for many years. Appoint a government Like someone moving into a new home with their IKEA furniture, Starmer's first task was to assemble a Cabinet. Starmer began putting together his government soon after he walked through the door of 10 Downing St. on Friday afternoon following his landslide election victory. He has a plethora of lawmakers to choose from - his Labour Party won more than 400 seats in ...

Euro 2024: Merino's goal sends Spain to semis after victory over Germany

Spain and its fans celebrated as if they'd won the European Championship. After eliminating tournament host Germany in a thrilling quarterfinal, Luis de la Fuente's team has a great chance to lift the trophy in Berlin next week. Spain snatched a 2-1 win in extra time on Friday thanks to substitute Mikel Merino's header in the 119th minute. Merino celebrated by running around the corner flag, mimicking his father Miguel Merino's celebration after he scored in the same stadium for Osasuna in the UEFA Cup against Stuttgart in 1991. "I knew that there was very little time left and that it was one of the last attacks we would have," Merino said. I didn't believe that it had gone in until a couple of seconds later. When you get 30 slaps on your back it sinks in real quick. I am very happy for me and the entire team. It all comes down to one moment (the goal), but there is so much work behind it, all the training, the hope, the faith, and the belief in ourselves. Extra time came only afte