Page 77 - European Union

Indian refiners wary of buying Russian oil after Dec 5 as EU sanctions loom

The Asian giants, who are two of the world's top three importers, had become Russia's biggest customers after the West shunned Russian oil after the outbreak of war in Ukraine

No sector, fuel source should be singled out for action: India at COP27

No sector, fuel source or gas should be singled out for action in the fight against climate change, Environment Minister Bhupender Yadav has said at the UN climate summit in Egypt. India had proposed on Saturday that the talks wrap up with a decision to "phase down all fossil fuels". The call received support from the European Union on Tuesday. Participating in a BASIC ((Brazil, South Africa, India and China) ministerial meeting on Tuesday night, Yadav said developing countries should be provided their fair share of the full carbon budget and it can be done by "monetising the carbon debt of the developed countries". "In climate action, no sector, no fuel source and no gas should be singled out for action. In the spirit of the Paris Agreement, countries will do what is suitable as per their national circumstances," Yadav said. India also clarified that just transition cannot mean de-carbonisation for all countries. "For India, just transition means transition to a low-carbon ...

EU condemns fresh Taliban restrictions on women in public parks, gyms

The European Union has condemned the additional restrictions on women's freedom of movement, including the rules that barred women from entering public parks and gyms

Global cooperation is not necessary to fight climate change

Efforts to strengthen multilateral cooperation on climate change are likely to be futile. But competitive technological progress, even if promoted by protectionist policies, could save the planet

Reliance, Nayara to gain from European energy crisis, says Report

The ongoing energy crisis in Europe is expected to benefit Reliance Industries and Nayara Energy as these are among the Asian refiners that produce winter-specification diesel for the European Union, according to a report. State-owned oil companies are not into exports and that gives an advantage to Reliance -- the largest importer of Russian crude and also the largest exporter of diesel from the country -- and Russia's Rosneft-owned Nayara. The energy crisis will only get further aggravated going forward as from next month Opec's 2-million barrel per day production cut comes into force, and from February 5 the ban on Russian imports of refined products comes into force, say oil analysts at LSG group's market data provider Refinitiv. According to them, since the war began in Ukraine, Reliance and Nayara have imported almost 10 times more Russian crude from the pre-invasion levels, at 2.82 million tonnes per month during March-September. Already, Indian exports to Europe have been .

Most European Union countries set to slide into recession in Q4: Gentiloni

The European Commission's autumn forecast predicted falling economic output in the last three months of this year and the first months of 2023

ESMA logjam: India, EU differences may impact trade between two countries

ESMA has this week said Indian clearing corporations will not be recognised as such in Europe because "no cooperation arrangements" could be signed between it and the Indian regulators

British PM Rishi Sunak seeks thawed relations at UK-Ireland summit

Prime Minister Rishi Sunak is aiming to repair frayed relations with Britain's European Union neighbours and with highly skeptical leaders in Scotland and Wales when he attends a summit of leaders from across the UK and Ireland on Thursday. It's the first time since 2007 that a UK leader has gone to the British Irish Council, which brings together government representatives from the UK, Ireland and semi-autonomous administrations in Scotland, Wales and Northern Ireland. Self-governing British dependencies the Channel Islands and Isle of Man are also represented at the council, which was set up after Northern Ireland's 1998 peace agreement. Sunak's office said he would urge political leaders to be pragmatic and work together in our shared interests. Let's deliver for all our people across these great islands and build a future defined not by division, but by unity and hope, he said. It's a marked change of tone if not yet of substance from Britain's Conservative government. Su

Financial market regulators may rebuff EU counterpart's auditing demands

Under some recent European amendments to practices, which India has not signed up to, the ESMA is seeking rights to independently inspect clearing houses in India

European Union eyes cheap loan plan for 'stable' Ukraine funding in 2023

The European Union on Wednesday unveiled a plan to provide Ukraine with around 18 billion euros (dollars) in financial aid next year in regular payments to help the war-ravaged country keep its energy and health care facilities running as well as to fund salaries and pension schemes. The EU's executive branch, the European Commission, said the aid would involve loans with extremely favourable terms worth around 1.5 billion euros every month, possibly starting in January. Ukraine would not have to reimburse the funds for at least a decade and EU member countries would cover the interest costs. The International Monetary Fund estimates that Ukraine will need 3-4 billion dollars each month in 2023. The 27-nation EU's contribution will be matched by the United States, while other donors and financial institutions are expected to plug the gap. Ukraine needs our help, said Commission Executive Vice-President Valdis Dombrovskis as he unveiled the plan. He said the government in Kyiv needs

Energy colonialism, climate reparations: COP27 and key concepts to know

As countries come together at COP27 to take actions on the collective goals under the Paris Agreement and Convention in Egypt, here are the key concepts you must know about

Zoho Corp revenue hit $1 billion in 2021, India business grew 77%

Company plans to double investments in blockchain and AI

Switzerland is paying poorer nations to cut emissions on its behalf

The agreements raise concerns that other countries will follow suit, delaying more difficult cuts of greenhouse gas emissions in wealthier nations

European Union dims hopes for a price cap to contain soaring gas costs

The European Commission presented its analysis of possible actions to contain gas prices at a meeting with representatives of national governments in Brussels on Monday

EU officials warn of economic slowdown due to energy crisis, high inflation

'If we look at high-frequency indicators and the economic sentiment, we see that many things point to a contraction in economic activity this winter'

ESMA logjam: EU regulator's move may disrupt bond, derivatives markets

Indian derivatives markets could see disruptions on EU regulator move

ESMA-Indian regulators logjam: European banks' loss may aid US peers

Foreign investors may switch to custodians backed by American banks for India exposure

ESMA withdraws recognition granted to Indian clearing corporations

Move on account of lack of cooperation arrangements between the EU regulator and Indian authorities

Bulgaria's parliament approves country's first military aid for Ukraine

A majority of Bulgaria's lawmakers on Thursday approved sending the country's first military aid to Ukraine. The National Assembly voted 175-49 with one abstention in favour of a proposal submitted by four pro-European Union parties. The government has now one month to decide what kind of weapons Bulgaria can provide without affecting its own defence capabilities. Bulgaria previously agreed to repair Ukrainian military equipment at its factories but refused to send weapons directly due to opposition from President Rumen Radev and the country's Moscow-friendly political parties. Along with Hungary, Bulgaria was the only EU member country that had declined to give Ukraine weapons as it fights Russia's invasion and war. More weapons mean more war, Bulgarian Socialist Party leader Kornelia Ninova said, explaining why her party's lawmakers voted against the proposal. The heated debate that preceded the vote reflected the divisions in Bulgaria since Russia invaded its neighbour. Even t

Germany moves ahead with massive energy relief package for households

German officials have agreed on the main details of a plan to provide up to 200 billion euros ($198 billion) in subsidies to households and businesses to ease the strain of high gas, electricity and heating prices. Chancellor Olaf Scholz and the governors of Germany's 16 states agreed Wednesday on a two-stage plan to tackle high gas prices that largely mirrors the recommendations last month of an expert panel. Some other European Union countries think the move by the 27-nation bloc's biggest economy should have been coordinated with them and have expressed concern that it could push up prices elsewhere. Scholz has repeatedly defended the plan, insisting that Germany is showing solidarity with the rest of Europe and its programme is similar in scope to other countries'. Scholz's Cabinet agreed that the state will take on the cost of gas customers' monthly bill in December. That will be followed by a price subsidy for part of what households use starting in March and through April 20