Page 60 - European Union

Economic data in Europe gets worse, ECB interest rate pause on cards

Wall Street futures also pointed to a bounce having been pressured on Tuesday by higher bond yields, which hit 16-year highs

'Advance preparation by exporters, Centre must comply with EU's carbon tax'

Government and exporters have to take urgent steps like devising mechanisms for monitoring emissions data, and providing incentives for the adoption of greener technologies to deal with the European Union's carbon tax as it would impact exports of sectors like metals, a report said. Suggesting a nine-step action plan, the report by Global Trade Research Initiative (GTRI) said that Indian firms have less than 40 days to prepare for the CBAM (carbon border adjustment mechanism) transition. The CBAM or carbon tax (a kind of import duty) will come into effect from January 1, 2026, but from October 1 this year, domestic companies from seven carbon-intensive sectors, including steel, cement, fertiliser, aluminium and hydrocarbon products, will have to share data with regard to carbon emissions with the EU. "The CBAM tax will start from January 2026, but there are penalties on not reporting, negligent reporting or mis-reporting of data from October 1, 2023, onwards," GTRI co-founder Ajay .

Europe's sweeping rules for tech giants to kick in, here's how they work

Google, Facebook, TikTok and other Big Tech companies operating in Europe are facing one of the most far-reaching efforts to clean up what people encounter online. The first phase of the European Union's groundbreaking new digital rules will take effect this week. The Digital Services Act is part of suite of tech-focused regulations crafted by the 27-nation bloc long a global leader in cracking down on tech giants. The DSA, which the biggest platforms must start following Friday, is designed to keep users safe online and stop the spread of harmful content that's either illegal or violates a platform's terms of service, such as promotion of genocide or anorexia. It also looks to protect Europeans' fundamental rights like privacy and free speech. Some online platforms, which could face billions in fines if they don't comply, have already started making changes. Here's a look at what's happening this week: WHICH PLATFORMS ARE AFFECTED? So far, 19. They include eight social media .

G20 meet: India to hold FTA talks with UK, EU and Canada next week

All platforms being used to flag non-tariff barriers impacting trade

Finland's Ex-Prime Minister Alexander Stubb will run for president in 2024

Finland's former Prime Minister Alexander Stubb said on Tuesday he will run as a candidate in the presidential election early next year, in a race that also includes a popular former Finnish foreign minister who was a key negotiator of the Nordic country's recent membership in NATO. Stubb, 55, who headed the Finnish government in 2014-2015 and later served as foreign minister, said he was both honoured and thankful for the trust bestowed upon me". Prime Minister Petteri Opo and Finland's conservative National Coalition Party had asked him to run. The Finnish head of state is elected by a popular vote every six years. Finland's president has substantial powers, particularly in matters related to foreign and security policy, which the president decides together with the government. The president also signs bills into law, can veto legislative proposals and acts as Finland's supreme military commander. The two-leg Finnish presidential elections will be held in January and February ..

Indian diamond industry set to focus on domestic markets, ASEAN countries

The diamond industry is set to focus on domestic markets and emerging markets in ASEAN countries in an attempt to neutralise the impact of reduced demand from the US and the European Union (EU)

EU naval forces participate in Indo-Pacific security seminar in Mumbai

Atalanta Deputy Commander, Italian Rear Admiral Giovanni Galoforo, participated in the seminar that was co-organized by the Italian Embassy in India

LIVE: PM does not obey SC, Kejriwal after RS passes Delhi services Bill

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Amid disagreements over Ukraine, China bats for more dialogues with EU

Earlier in July this year, China cancelled European Union's high representative for foreign affairs and security policy Josep Borrell's visit to Beijing, The Diplomat reported citing the EU

High-level India-EU meetings this month to boost FTA talks, says official

High-level meetings between India and the European Union (EU) will be held this month to take stock of the progress of talks on the proposed free trade agreement, according to an official. "The EU officials are coming for the G20 trade ministers meeting this month in Jaipur. There is a high-level meeting at the minister level on August 26 in the national capital between India and the EU. "Commerce Secretary Sunil Barthwal is also likely to meet EU Director General for Trade Sabine Weyand in Jaipur," the official added. These meetings would give an impetus to the ongoing negotiations between the two sides on the free trade agreement (FTA). The G20 Trade and Investment Ministerial Meeting, under India's G20 Presidency, is scheduled at Jaipur on August 24-25. So far, five rounds of talks have been held on the agreement. India and the 27-nation bloc resumed negotiations on June 17 last year after a gap of over eight years on the proposed agreements on trade, investments and Geographi

EU imposes sanctions on dozens in Belarus over support for Russia

The European Union on Thursday imposed sanctions on several Belarus police, justice and prison officials over a crackdown on anti-government activists, and on media personnel and a company accused of supporting Russia's war on Ukraine. Travel bans in Europe and asset freezes were slapped on 38 officials, including several judges and prosecutors. The EU also froze the assets of state oil and chemicals giant Belneftekhim. It said the company represents a fundamental asset for the Belarusian economy and foreign policy, in particular in relation to the cooperation between Russia and Belarus in developing a common oil market. Belneftekhim benefits from the support provided by President Alexander Lukashenko's regime to lessen the impact of Western sanctions, it said. The EU also extended an export ban to firearms and the aviation and space industries. It now has imposed restrictive measures on more than 230 people and almost 40 entities - often companies, banks or organizations - since

GTRI wants India to prep exporters to deal with EU deforestation compliance

Regulation will hit agri exports of $1.3 bn to the bloc: Think tank

EU prez warns Europe won't tolerate aggression in Ukraine or Indo-Pacific

European Commission President Ursula von der Leyen warned Monday that Europe would not tolerate aggression in Ukraine or the Indo-Pacific, as she renewed in a speech the EU's recognition of a 2016 arbitration decision that invalidated China's expansive claims in the disputed South China Sea. Von der Leyen spoke in a joint news conference with Philippine President Ferdinand Marcos Jr. after holding talks in Manila that aimed to bolster trade, economic and security relations. The leaders announced the 27-nation bloc would resume negotiations with the Philippines for a free-trade agreement that stalled in 2017 under Marcos's predecessor, Rodrigo Duterte. She underscored the need for security cooperation citing Russia's invasion of Ukraine, which showed how authoritarian leaders are willing to act on their threats." "Russia's war of aggression against Ukraine shakes the foundation of the international order. It is in violation of the UN charter and the fundamental principles of ...

Will hold talks with other nations to resolve Rohingya crisis: EU official

Eamon Gilmore, European Union's Special Representative for Human Rights spent a full day in Cox's Bazar and met the Rohingyas who fled from Myanmar over the past six years

India, China question European Union's unilateral trade policy measures

Certain 'irritants' preventing from achieving full potential of trade: India

India agri-based sector to get opportunities amid EU's deforestation norms

The European Union's (EU) stringent deforestation regulation would provide new opportunities for domestic agro-based industry players, as against their global competitors, as forest cover in India is increasing significantly, an official said. While several countries in Latin America and Africa have cleared their forests for agricultural purposes, India's forest cover is increasing and there is no practice here in the country to cut forest for agri activities. The government official said these regulations provide an opportunity for "our industry because our forest cover has increased, our reserve forest is strong and it is increasing. "Our forest land is different from agri land. We can demonstrate these facts to the EU and converge to some kind of understanding on this regulation". According to a report by think tank Global Trade Research Initiative (GTRI), India's exports of products like coffee, leather hides and paperboard worth USD 1.3 billion annually to the European Union w

India seeks EU nod for export of farmed shrimps by newly listed firms

India has demanded the European Union to provide permission to newly-listed fishery companies for the export of farmed shrimps and reduce the sampling frequency at the EU border inspection post from the current level of 50 per cent. These issues were flagged by Union Minister of Fisheries, Animal Husbandry and Dairying Parshottam Rupala in a meeting with the EU delegation led by Virginijus Sinkevicius, European Commissioner for Environment, Ocean and Fisheries here on Thursday. "Various bilateral issues on fisheries and aquaculture were discussed" in the meeting, an official statement said. In the meeting, Rupala requested the EU to reduce sampling frequency for inspection of Indian farmed shrimps at border inspection post of the EU from the current level of 50 per cent to the previous level of 10 per cent. He also requested for re-listing of de-listed fishery establishments, and granting permission to the newly listed fishery companies for export of aquaculture shrimps from India

EU opens antitrust investigation on Microsoft over Office, Teams bundling

The European Union announced Thursday that it opened a formal antitrust investigation targeting Microsoft into the software company's Teams messaging and videoconferencing app over concerns that its bundling with its Office productivity sofware suite gives it an unfair edge over competitors. The European Commission, the 27-nation bloc's top competition enforcer, said that it would carry out its in-depth investigation as a matter of priority. The investigation stems from a complaint filed in 2020 by Slack Technologies, which makes popular workplace messaging software. Slack, owned by business software maker Salesforce, alleged that Microsoft was abusing its market dominance to eliminate competition in violation of EU laws by illegally combining Teams with its Office productivity software suite.

EU ministers meet to discuss Ukraine grain exports after Russia nixes deal

European Union agriculture ministers met Tuesday to discuss ways of moving grain vital to global food security out of Ukraine after Russia halted a deal that allowed the exports. At the same time, they want to protect prices for farmers in countries bordering the war-ravaged nation. The ministers met in Brussels for the first time since Russia pulled the plug last week on the wartime deal that allowed grain to flow from Ukraine to countries in Africa, the Middle East and Asia, where hunger is a growing threat and high food prices have pushed more people into poverty. The deal provided guarantees that ships would not be attacked when entering and leaving Ukrainian ports, while a separate agreement facilitated the movement of Russian food and fertilizer. Poland's agriculture minister Robert Telus was set to tell the EU meeting that his country, along with Slovakia, Hungary, Romania and Bulgaria, are extending their ban on Ukrainian grain imports, but will still allow food to move ...

Know details on European Union's regulations for handheld gaming consoles

Effective from 2027, the new regulations would be applicable on range of portable electronics devices sold in EU