Page 56 - European Union

EU announces plans to better protect sensitive tech from foreign snooping

The European Union announced plans on Tuesday to better protect its cutting-edge technologies from foreign snooping that might threaten its economy and security in the wake of repeated warnings that the bloc needs to de-risk its relations with China. Technology is currently at the heart of geopolitical competition and the EU wants to be a player, and not a playground, European Commission Vice President Vera Jourova said. To better protect its relatively open market, the European Commission wants the member states to immediately carry out risk assessments of its most sensitive industries, including advanced semiconductor, artificial intelligence, quantum and biotechnologies. Those are considered highly likely to present the most sensitive and immediate risks related to technology security and technology leakage and are up for the highest level of protection. Even though the European Commission refrained from putting the onus on any specific country, the EU itself has repeatedly said

Our support for Ukraine permanent: European Union Chief Borell in Kyiv

The foreign ministers of the European Union arrived in Kyiv on Monday for the first meeting of the 27 member states ever held outside the EU

Ukraine confident of broad support as EU ministers convene in Kyiv

Monday's meeting in Kyiv was touted by Borrell as an historic first but it comes at an awkward time for the Western alliance that has supported Kyiv

Indian companies prep for EU's CBAM as transitional phase kicks in

Starting from October 1, the carbon border adjustment mechanism (CBAM) will be applicable to exports of cement, iron and steel, aluminium, fertilisers, and hydrogen to the EU

Emission reporting phase of EU's carbon tax regime starts from October 1

Indian firms must share emission data in the format prescribed by the EU with the declarant much before this date

Inflation drops sharply in Europe, but higher crude oil prices loom

Inflation that has been plaguing Europeans declined sharply in September, strengthening hopes that consumers will eventually get relief from costlier groceries, vacations and haircuts and that the European Central Bank won't have to further restrict the economy by raising interest rates from already-record highs. The annual rate was 4.3% this month, a drop from 5.2% in August. But recently higher oil prices are casting a shadow over prospects for beating inflation back down to the central bank's target of 2%. Core inflation, which excludes volatile fuel and food prices, fell more than analysts expected to 4.5% from 5.3%, according to data released Friday by the European Union's statistics agency, Eurostat. The ECB closely watches this figure to assess how inflation is coming down. The fall in core inflation reinforces our view that the ECB has finished raising interest rates, said Jack Allen-Reynolds, deputy chief eurozone economist at Capital Economics. He predicted that the ...

Amazon wins court backing for now against EU tech rules' ad clause

Amazon took its grievance to Europe's 2nd highest court in July after EU antitrust regulators in April designated it as a VLOP along with 18 other platforms and search engines

Poland's hard-right party pushes new, less friendly course on Ukraine

Poland's hard-right Confederation party opened its electoral campaign convention as if it were a rock concert, with a singer riding up on a motorcycle, its engine revving, and a pyrotechnic show of flames and sparklers. The party has been growing in popularity, especially among young men fed up with the political parties that have dominated Poland for most of the post-Communist era. Its convention in Katowice on Saturday, billed as its largest ahead of parliamentary elections on October 15, was aimed at energising more voters and at playing down antisemitism and other extreme views among some of its members. Through smoke and fire, Confederation's leaders made their case for lower taxes, less regulation and an anti-European Union and anti-Ukraine foreign policy. Confederation has turned up the heat on the Polish political establishment, riding a wave of support for nationalist conservative parties across Europe. Similar political forces have surged on opposition to widespread ...

DPDP Act: Firms in disarray, seek more time, clarity for implementation

Companies feel that the "timelines are too short," as the new DPDP Act will require a complete overhaul of their entire internal systems

EU's industry chief Breton tells Apple CEO to open its ecosystem to rivals

Be it the electronic wallet, browsers or app stores, consumers using an Apple iPhone should be able to benefit from competitive services by a range of providers," he said

Net Zero by 2050 still possible with rapid renewables expansion: IEA

The report comes amid concerns of backsliding on climate and environmental commitments in Europe after the UK deferred its own ban on combustion engine cars by five years to 2035

EU calls for balanced trade with China, warns Ukraine could divide them

The European Union's trade commissioner called for a more balanced economic relationship with China on Monday, noting an EU trade deficit of nearly 400 billion euros ($425 billion), while also warning that China's position on the war in Ukraine could endanger its relationship with Europe. Valdis Dombrovskis, in a speech at China's prestigious Tsinghua University, said that the EU and China face significant political and economic headwinds that could cause them to drift apart. The strongest, yet not the only, headwind is Russia's war of aggression against Ukraine, and how China positions itself on this issue, he said. Dombrovskis spoke before high-level economic and trade talks with Chinese Vice Premier He Lifeng. EU leaders have expressed concern about the bloc's growing trade deficit with China, which reached 396 billion euros last year. European Commission President Ursula von der Leyen recently announced an investigation into Chinese subsidies to electric vehicle makers, saying

India mulling its own carbon tax on exports along the lines of CBAM

A tax on imports and goods coming into India from the EU is also being planned

India fourth in number of startups with over $50 mn funding: Scaleup Report

In the survey involving 12,400 startups, India is ranked fourth with 429 scaleups, after the US (7,184), China (1,491), and the UK (623)

EU comm in China calls for balanced trade, warns Ukraine could divide them

The European Union's trade commissioner called for a more balanced economic relationship with China on Monday, noting a trade imbalance of nearly 400 billion euros (USD 425 billion), while also warning that China's position on the war in Ukraine could endanger its relationship with Europe. Valdis Dombrovskis, in a speech at China's prestigious Tsinghua University, said that the EU and China face significant political and economic headwinds that could cause them to drift apart. The strongest, yet not the only, headwind is Russia's war of aggression against Ukraine, and how China positions itself on this issue, he said, according to a prepared text of his remarks. Dombrovskis is in China to co-chair high-level economic and trade talks on Monday with Chinese Vice Premier He Lifeng. EU leaders have expressed concern about the bloc's growing trade deficit with China, which reached 396 billion euros last year. European Commission President Ursula von der Leyen recently announced an ...

Intel hit with $400 million EU antitrust fine in decades-old case

The court, however, agreed with the European Commission that Intel illegally excluded rivals from the market which prompted the EU antitrust watchdog to re-open the case

43% of India's exports to EU to be hit by green regulations: Report

Textiles, chemicals, certain consumer electronics products among trade categories that could be affected

Biocon Biologics gains EU approval for Aflibercept biosimilar, YESAFILI

According to market research firm IQVIA, Aflibercept generated about $1.8 billion in annual sales in the EU in 2022

India should use retaliation mechanism to deal with EU's carbon tax: GTRI

India should positively consider imposing retaliatory customs duties in a calibrated manner on certain EU goods to deal with the European Union's decision to impose a carbon tax on imports of certain sectors, a report by think tank GTRI said on Wednesday. The European Union (EU) has decided to impose a carbon border adjustment mechanism (CBAM) from January 2026. But, its compliance starts from October this year, as businesses exporting carbon-intensive goods like steel, aluminium, cement and fertiliser will have to share detailed production data from next month with the EU authorities. The retaliation measures, it said, offer several advantages, including rapid implementation. India can easily adjust product lists and tariff levels to mirror the actions of the EU or any other partner country precisely. "Use a calibrated retaliation mechanism (CRM) to retaliate in equal measure. We have done it before," GTRI co-founder Ajay Srivastava said. In March 2018, when the US imposed import

Google in last ditch effort to overturn $2.6 billion EU antitrust fine

Google turned to the Court of Justice of the European Union (CJEU) after the General Court in 2021 threw out its challenge to the fine levied by EU antitrust chief Margrethe Vestager in 2017