Page 63 - European Union

CBAM framework to impact India's 15-40% of steel export to Europe: Icra

The Carbon Border Adjustment Mechanism (CBAM) framework will impact India's 15-40 per cent of steel exports to Europe, Icra said on Thursday. The impact will be seen from the calendar year 2026 to 2034, the rating agency said in a report. The European Union (EU) is introducing the CBAM from October 1 this year. Icra said the EU is the second largest steel-consuming block globally. It recently signed the mechanism laying the framework for the imposition of taxes on embedded carbon imports from six sectors, which includes steel, aluminium, cement, hydrogen, electricity, and fertiliser. "...CBAM compliance requirements could pull down the profits of Indian steel exports to the EU by USD 60-165/MT between CY 2026 and CY2034. CBAM to impact between 15-40 per cent of India's annual steel exports which are made to Europe. Failure to reduce the carbon footprint may result in lower profits in EU markets," it said. According to Icra, India exports up to 3-5 million tonnes of finished steel

EU summons Kosovo, Serbia leaders for emergency talks amid conflict fears

The European Union has summoned the leaders of Serbia and Kosovo for emergency talks on Thursday to try to bring an end to a series of violent clashes near their border that is fuelling fears of a return to open conflict. EU foreign policy chief Josep Borrell said that he would hold urgent meetings with Kosovo Prime Minister Albin Kurti and Serbian President Aleksandar Vucic in Brussels. It was unclear whether the two would meet face-to-face, or only hold separate talks with Borrell. We need immediate de-escalation and new elections in the north with participation of Kosovo Serbs. This is paramount for the region and (the) EU, Borrell tweeted ahead of the talks. The 27-nation bloc has for years been leading talks aimed at reconciling the two foes, but with little success. Serbia and its former province Kosovo have been at odds for decades. Their 1998-99 conflict left more than 10,000 people dead, mostly Kosovo Albanians. Belgrade has refused to recognize Kosovo's 2008 declaration o

European Union's powerful lending arm eyes first 'debt-for-nature' swap

Debt-for-nature swaps, which help countries cut their debt in return for conservation commitments

Consumer groups call on EU regulators to probe generative AI risks

Consumer groups from 13 European countries on Tuesday called on regulators to launch urgent investigations into the risks of generative AI, such as ChatGPT

Adobe's $20 bn Figma acquisition under EU antitrust regulator's lens

Software major Adode's $20 billion acquisition of cloud-based designer platform Figma is reportedly under scrutiny by the antitrust regulators in the European Union, the media reported on Tuesday.

Late push to extend coal subsidies upsets EU deal on energy reforms

The proposed reform aims to make power prices more stable and predictable, by putting new state-backed renewables and low-carbon nuclear plants onto fixed-price contracts for difference

Germany's net-zero plan for old vehicles

Carbon-neutral synthetic fuels for existing internal combustion vehicles can revolutionise the future of transportation

India-EU case: WTO agrees to defer adoption of panel's ruling till Sep 19

The WTO's dispute settlement body on Thursday agreed not to adopt a ruling against India's import duties on certain information and technology products untill September 19, following a request for the same by the country and the European Union (EU). Both regions have requested this as they are engaged to resolve the dispute bilaterally. The World Trade Organisation (WTO) in a statement said that the members have agreed at a meeting of the Dispute Settlement Body (DSB) on June 15 to a request from the EU and India to grant it additional time to consider the adoption of the panel ruling. In a communication to the World Trade Organisation earlier this month, both regions have called for a special meeting of the WTO's dispute settlement body (DSB) on June 15. They had asked the DSB not to adopt the ruling, which was given by a WTO dispute settlement panel in April. The dispute panel of the WTO has ruled that the import duties imposed by India on certain informational and technology ..

India seeks carve out for MSMEs from European Union's carbon tax

The CBAM's transition-phase will kick in from October, followed by levying of carbon tax from January 2026

India seeks exemptions from EU's carbon tax for MSMEs: Commerce Secy

India has sought exemption for its MSMEs from the European Union's carbon tax, which would kick in from October this year, as the levy would impact the domestic industry in certain sectors, Commerce Secretary Sunil Barthwal said on Thursday. The EU is introducing the Carbon Border Adjustment Mechanism (CBAM) from October 1 this year. According to a report of the think-tank GTRI, CBAM would translate into a 20-35 per cent tax on select imports into the EU starting January 1, 2026. From October, domestic companies from seven carbon-intensive sectors -- including steel, cement, fertiliser, aluminium and hydrocarbon products -- will have to seek compliance certificates from the EU authorities to comply with the CBAM norms. The secretary said that they held a stakeholders' consultations meeting on the issue last month and discussed the preparedness of the industry for CBAM compliance. The compliance is in two parts - a requirement of filing data from October and later imposition of the

India must set its own artificial intelligence regulation: Experts

India must set its own AI regulation: Experts

Spotify fined $5.4 mn for data protection regulation violations in Sweden

Music streaming platform Spotify has been fined about $5.4 million in Sweden for breaching the data access rights of users in the European Union (EU)

Eurozone slips into recession after GDP shrinks 0.1% in Jan-Mar: Report

The Eurozone has fallen into recession, new data show, as its economy contracted over the winter, according to a media report

EU mechanism to track carbon intensive imports is an opportunity for India

Indian industry has made commendable progress in becoming energy efficient and less carbon intensive

EU makes fresh attempt to overcome yearslong crisis over migrants

European Union interior ministers on Thursday made a fresh attempt to overcome one of the bloc's most intractable political problems as they weighed new measures for sharing out responsibility for migrants entering Europe without authorisation. Europe's asylum system collapsed eight years ago after well over a million people entered most of them fleeing conflict in Syria and overwhelmed reception capacities in Greece and Italy, in the process sparking one of the EU's biggest political crises. The 27 EU nations have bickered ever since over which countries should take responsibility for people arriving without authorisation, and whether other members should be obliged to help them cope. Arriving for the meeting in Luxembourg, the EU's top migration official, Home Affairs Commissioner Ylva Johansson said it was an extremely important day to resolve what has been a marathon issue for Europe. Of this marathon, we have maybe 100 metres left. So, we are so close to actually find an ...

PGA Tour, Europe to merge with Saudi Arabia and end LIV litigation

The most disruptive year in golf ended Tuesday when the PGA Tour and European tour agreed to a merger with Saudi Arabia's golf interests, creating a commercial operation designed to unify professional golf around the world. As part of the deal, the sides are dropping all lawsuits involving LIV Golf against each other effective immediately. Still to be determined is how players like Brooks Koepka and Dustin Johnson, who defected to Saudi-funded LIV Golf for nine-figure bonuses, can rejoin the PGA Tour after this year. Also unclear was what form the LIV Golf League would take in 2024. Commissioner Jay Monahan said in a memo to players that a thorough evaluation would determine how to integrate team golf into the game. The agreement combines the Public Investment Fund's golf-related commercial businesses and rights including LIV Golf with those of the PGA and European tours. The new entity has not been named. They were going down their path, we were going down ours, and after a lot

India hoping to negotiate with EU on carbon tax instead of WTO complaint

India filed a discussion paper with WTO about how environmental regulations impact trade, but with respect to CBAM specifically, it hopes direct negotiations with the EU will yield speedy resolution

European Union wants Big Tech to alert users about AI's 'dark sides'

Jourova has met with over 40 companies that signed up for the code. Elon Musk's Twitter left last month

WTO ruling on IT products: India, EU to jointly defer appeal by 3 months

A deferment through mutual agreement of an appeal will give both parties time to resolve the dispute

European Union for greater transparency for default swaps on 8 banks

US banks saw total deposits decline by a record 2.5 per cent in the first quarter of 2023