Page 38 - European Union

EU's suggestion on carbon tax not to help Indian firms much: GTRI

The EU's suggestion that India could avoid its carbon tax by imposing a similar levy locally will not help the domestic players much, as they would still be liable for the duty for their exports to the European Union, think tank GTRI said on Wednesday. The main issue is that carbon prices are usually based on a country's economic situation, so simply adding a local tax would not reduce the overall tax burden significantly, the Global Trade Research Initiative (GTRI) said. While the EU (European Union) can afford high carbon prices, it may not be sustainable for a developing country like India, it said. Further explaining, it said at present, the global average carbon price is around USD 6 per tonne of CO2 and if India were to establish an Emissions Trading System (ETS) or set a carbon price, it is expected to be less than USD 10 per tonne of CO2. Even with such a system, Indian firms would still need to pay the EU the difference amounting to USD 51.3 per tonne of CO2 under the Carb

EU to give Euro 2.4 mn aid for flood victims in India, B'desh, Philippines

The funding will help provide cash assistance, food, access to clean water and sanitation, and other essential services in the hardest-hit areas

Will consider EU suggestion; come up with whatever good for industry: Goyal

The EU has suggested that India can devise its own mechanism instead of paying the carbon tax to the European Union, Commerce and Industry Minister Piyush Goyal said on Tuesday. Goyal said the ministry would consider the EU's suggestion and come up with whatever is good for the Indian industry and for the people. He added India is in dialogue with the European Union (EU) on the tax or Carbon Border Adjustment Mechanism (CBAM). The minister said he feels the CBAM will hurt the EU "very" badly, as infrastructure, cost of living, industrial and consumer products will become expensive. The EU's economy will also face further distress that is "my reading of CBAM", Goyal said. "They (EU) are very keen to pursue that and they have offered that India could instead of paying CBAM tax to the EU, devise its own mechanism. We will consider their suggestion and come up with whatever is good for the Indian industry and for the people of India," he told reporters here. As per reports, an EU ...

Google planning to keep third-party cookies in its Chrome browser

Cookies are packets of information that allow websites and advertisers to identify individual web surfers and track their browsing habits, but they can also be used for unwanted surveillance

EU putting new pressure on Hungary's Orban over his outreach to Russia

Hungary won't be allowed to host a strategic EU meeting next month because of Prime Minister Viktor Orbn's self-proclaimed peace mission trips to Moscow and Beijing this month aimed at brokering an end to the war in Ukraine, which EU partners overwhelmingly saw as undermining their support for Kyiv. We have to send a signal, even if it is a symbolic signal, EU foreign affairs chief Josep Borrell said Monday in Brussels, explaining why he had decided that the upcoming foreign and defense ministers' meeting would take place in Brussels instead of Budapest. Hungary currently holds the rotating EU presidency, and as such had expected to host the annual late August gathering known as the Gymnich in late August. This gathering should now be held in the EU capital in September, Borrell announced. Orbn is seen as having the warmest relationship with Russia in the EU and is largely politically isolated in his stance on the Ukraine war. His government has held up sanctions on Moscow and huge

European Commission President Leyen faces vote for second 5-year term bid

Ursula von der Leyen pledged to be a strong leader for Europe in a time of crisis and polarization as she made her final leadership pitch Thursday in a speech to lawmakers at the European Parliament ahead of a vote on whether to grant her a second five-year term as president of the European Union's executive commission. The secret ballot at the 720-seat parliament comes hot on the heels of strong gains by the far right in last month's election for the European Parliament. I will never let the extreme polarization of our societies become accepted. I will never accept that demagogues and extremists destroy our European way of life. And I stand here today ready to lead the fight with all the Democratic forces in this house, von der Leyen said. If a majority of the lawmakers reject her candidacy, it would leave leaders of the 27-nation bloc scrambling to find a replacement as Europe grapples with crises ranging from the war in Ukraine to climate change. In her speech to the parliament,

EU court criticises Commission over handling of Covid vaccine contracts

The Commission signed deals with COVID vaccine supplies AstraZeneca, Sanofi, GSK, Johnson & Johnson, BioNTech, Pfizer, Moderna and others at the height of the pandemic

TikTok owner can't avoid bloc's law crackdown on digital giants: EU court

TikTok owner ByteDance can't avoid the bloc's crackdown on digital giants, a European Union court said Wednesday in a decision that found the video sharing platform falls under a new law that also covers Apple, Google and Microsoft. The EU's General Court rejected ByteDance's legal challenge against being classed as an online "gatekeeper that has to comply with extra obligations under the 27-nation bloc's Digital Markets Act. The rulebook, also known as the DMA, took effect this year and seeks to counter the dominance of Big Tech companies and make online competition fairer by giving consumers more choice. TikTok had argued that it wasn't a gatekeeper but was playing the role of a new competitor in social media taking on entrenched players like Facebook and Instagram owner Meta. The judges, however, decided that since 2018 TikTok had succeeded in increasing its number of users very rapidly and exponentially and that it had rapidly consolidated its position, and even strengthened th

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 ...