Page 79 - European Union

After a 9-year gap, India-EU free trade negotiations to see new dawn

As India-EU marks 60 years of bilateral relations the new free trade agreement negotiations can deliver what proved to be impossible 9 years ago, said European Parliament member Kathleen Van Brempt

EU to provide Ukraine with 18 bn euros amid refugee exodus concerns

European Union leaders on Friday gave the green light to a plan to provide Ukraine with 18 billion euros (dollars) in financial support over the next year, after President Volodymyr Zelenskyy warned that Russia is trying to spark a refugee exodus by destroying his country's energy infrastructure. The plan, endorsed at a summit of EU leaders in Brussels, would see the 27-nation bloc match US financial support for war-ravaged Ukraine in monthly installments. Ukraine is telling us that they need approximately 3-4 billion euros per month to have enough resources for the basics, European Commission President Ursula von der Leyen said. She said that figure would be met in equal part by the EU and the US, plus additional money from international financial institutions. It is very important to Ukraine to have a predictable and stable flow of income, von der Leyen told reporters. She said the EU is looking to provide about 1.5 billion euros each month, describing it as a funding amount that

EU leaders weigh support for Ukraine as new refugee exodus beckons

European Union leaders are gathering on Friday to take stock of their support for Ukraine after President Volodymyr Zelenskyy warned that Russia is trying to spark a refugee exodus by destroying his war-ravaged country's energy infrastructure. Nearly eight months into the war, Russia is increasingly targeting Ukraine's power stations, waterworks and other key infrastructure with missile and drone strikes. Meanwhile, the EU is struggling with the fallout of having to urgently wean itself off Russian gas and oil as the war fuels price hikes and market nervousness. In a speech via video link to European leaders in Brussels on Thursday, Zelenskyy said that attacks by Russian cruise missiles and Iranian combat drones have destroyed more than a third of our energy infrastructure. Because of this, unfortunately we are no longer able to export electricity to help you maintain stability. Russia also provokes a new wave of migration of Ukrainians to EU countries, by attacking electricity and

European Union leaders avoid deep rift on gas price cap at energy summit

European Union leaders struggled to find immediate practical solutions on how to deal with the energy crisis but avoided an open rift between Germany and France on Friday that would have exposed a divided bloc as it confronts Russian President Vladimir Putin over his war in Ukraine. After daylong talks in Brussels dragged well into the night, the 27 EU leaders papered over divisions between some of the biggest member states and at least agreed to continue working on ways to impose a gas price cap in case of big price increases. French President Emmanuel Macron highlighted his work with German Chancellor Olaf Scholz to create a veneer of unity after talks that started early Thursday. He said that together with close technical advisers, I will see Chancellor Scholz in Paris next week so that we can move forward, with our teams, on all the issues. Scholz said the main issue was curbing spikes in gas trading that may last only a few hours but still send prices excessively upward. He sai

Europe Is Buying Up Cheaper Brazilian Ethanol Amid Energy Crisis

Prices for natural gas and power are so high in Europe that some ethanol makers have considered shutting down plants

EU leaders united against Russia, divided over today's energy summit

The European Union has shown rock-solid unity in confronting Russia over its war in Ukraine, but EU leaders lack that common purpose heading into Thursday's summit to seek joint measures to contain an energy crisis that has already dented their economy and threatens to spread hardship among the bloc's 450 million people this winter. Natural gas prices spiraled out of control over the summer as EU nations sought to outbid one another to fill up their reserves for winter. Now EU leaders will seek to increasingly pool their purchases of gas and set a temporary price cap to make sure an overheated energy market does not return to haunt them again. The 27-nation bloc hit Russia with a series of economic sanctions since the Feb. 24 invasion of Ukraine. Russian President Vladimir Putin has responded by choking off pipelines that used to send plentiful oil and gas to stoke the wheels of industry across much of the EU. Russia has systemically tried to blackmail us through energy, said EU ...

'Joe Biden's climate act will tip level playing field between US and EU'

Senior French and German officials warned Wednesday that recent measures by the Biden administration to address climate change and boost the American economy could upend the level playing field on trade between the European Union and the United States. The EU has criticised the legislation, approved by Congress in August, for including clauses that it says discriminate against European automakers. We need to work on adequate European responses to this American Inflation Reduction Act, which might jeopardize the developing field between our two continents, French Economy and Finance Minister Bruno Le Maire said after talks with his German counterparts. Asked what such a response might entail, Le Maire said, We are not talking about tit for tat." But he told reporters that France wanted to explore all the options with our European partners." We should seize any opportunity that we have to talk to the U.S. administration and to explain very clearly that we do not want to be hit by the

Growth in renewables saved $11 bn for EU in gas imports since Ukraine war

Clean power covered 24% of the EU's energy needs between March and September this year, the highest ever for this six-month period, according to a study by think tanks E3G and Ember

Sitharaman discusses global economic situation with EU economy commissioner

India's Finance Minister Nirmala Sitharaman met European Union's Commissioner of Economy Paolo Gentiloni here and the two leaders discussed the current global economic situation, the Union Ministry of Finance said. Sitharaman is here to attend the annual meetings of the International Monetary Fund and the World Bank. On the sidelines of these, she has been holding a number of bilateral and multilateral meetings. During their meeting on Friday, Sitharaman and Gentiloni discussed issues related to the global economy and furthering India-EU collaboration during India's Presidency of the G-20 in 2023, the ministry said. They also discussed the need to further strengthen Multilateral Development Banks to enable them to help countries in need, it said. So far, Sitharaman has held nearly a dozen bilateral meetings with her counterparts from major countries and those from the neighbourhood. She met German Finance Minister Christian Lindner on Thursday. The two ministers discussed several

European Union to unveil Ukraine training mission, weapons fund support

The European Union is set to announce next week that it's setting up a military training mission in Europe for thousands of Ukrainian troops and will provide around half a billion more euros (dollars) to help buy weapons for the war-torn country, diplomats and officials said Friday. The aim is to train almost 15,000 Ukrainian troops in a number of EU countries, chiefly Poland and Germany, the officials said. It would range from standard military training to specialised instruction, based on Ukraine's needs. The EU hopes to have it operational by mid-November. EU foreign ministers will endorse the plans at a meeting in Luxembourg on Monday. The officials and diplomats spoke on condition of anonymity to provide details before the plans are officially announced. Several EU and NATO nations are already helping to train the Ukraine armed forces on a bilateral basis, but diplomats said that this would be more cost effective and efficient with a centralised command structure better able

EU ministers discuss joint gas purchases, electricity market reform

EU energy ministers held an informal meeting here to discuss solutions for high gas prices, preparing for the energy situation this winter, and a possible revision of the electricity market

Swiss cricket: Newest kid on the block has a strong subcontinent flavour

Among the players, those from India, Pakistan, Afghanistan, Sri Lanka, Jamaica

Indian exporters keeping fingers crossed as recession clouds loom over EU

Exporters are keeping their fingers crossed due to "visible" recessionary trends in the European Union (EU) as it could affect demand for domestic goods in that market in the coming months. The EU is one of major export destinations for Indian exporters, accounting for about 15 per cent of India's total outbound shipments. "There are visible symptoms of recession in the EU. Energy crisis is looming there. Buyers are delaying orders from India. They are concerned but hopeful," Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said. He, however, added that the situation in the EU provides an opportunity for Indian exporters to enhance efforts to boost exports to countries like Russia. "Sanction of Russia gives us an opportunity to tap that market," Sahai said, expressing confidence that India's total merchandise exports would reach USD 470 billion in 2022-23 as against USD 420 billion in 2021-22. Biswajit Dhar, a professor of economics at Jawaharlal Nehru

Amid energy crisis, desperate Europeans return to firewood for warmth

Not far from Berlin's Nazi-era Tempelhof airport, Peter Engelke is putting up a new security gate at his warehouse because of concerns about desperate people pilfering his stock

EU rules: What makes the USB-C port the gold standard of charging ports?

Even Apple will be forced to comply with EU rules mandating USB-C ports for all phones and tablets etc. Here we try to explain what makes this port the right choice for everyone

Gas price cap: European Union lawmakers struggle to iron out differences

European Union leaders converged on Prague Castle on a crisp Friday morning to try to bridge significant differences over a natural gas price cap as winter approaches and Russia's war on Ukraine fuels a major energy crisis. The price cap is one of several measures the 27-nation bloc is preparing to contain an energy crisis in Europe that is driving up prices for consumers and business and which could lead to rolling blackouts, shuttered factories and a deep recession over the winter. As the Europeans bolster their support for Ukraine in the form of weapons, money and aid, Russia has reduced or cut off natural gas to 13 member nations, leading to surging gas and electricity prices that could climb higher as demand peaks during the cold months. Standing in the way of an agreement is the simple fact that each member country depends on different energy sources and suppliers, and they're struggling to see eye-to-eye on the best way ahead. A group of 15 member countries has urged the EU'

IOL gets European Union's regulatory approval for supply of Ethyl Acetate

IOL Chemicals and Pharmaceuticals on Thursday said it has received regulatory approval from the European Union for the supply of a chemical, ethyl acetate. IOL started production of ethyl acetate in 1996 and exports it to more than 40 countries. Ethyl acetate is primarily used as a solvent and diluent. It is also used in nail varnish remover, circuit board cleaners, paints and perfumes. In a statement, the company said it has received the REACH certification, which will open a window to IOL to export ethyl acetate across the European market. The REACH is an EU regulation adopted to strengthen the protection of human health and the environment. The law aims at boosting the competitiveness of the EU chemicals sector, it said. IOL also announced the appointment of REACHLaw as their only representative (OR) to assist the company in broadening arms and expanding its territory in European nations. IOL said it has the largest single-location plant of ethyl acetate in India with a product

EU adopts 8th package of sanctions for restrictive measures against Russia

The EU has adopted a new package of sanctions aimed at stepping up and reinforcing restrictive measures against Russia, the EU Council said in a statement

Leaders of Spain, Germany discuss ongoing energy crisis before EU summit

The leaders of Spain and Germany held talks in Spain Wednesday, two days before both participate in an European Union summit to discuss Europe's energy crisis derived from Russia's invasion of Ukraine. Spanish Prime Minister Pedro Snchez hosted German Chancellor Olaf Scholz in the northwestern city of A Corua. The two centre-left leaders were accompanied by 15 ministers from their governments. The EU summit in Prague on Friday will likely include discussions on Germany's plan to subsidise gas prices for its consumers and businesses, a move that has raised questions from France and Italy. Snchez said that he empathises with Germany due to its pressing need to find alternatives to Russian gas and oil, while adding that the EU should find common solutions. Both Snchez and Scholz support reforming the EU's energy market. The consequences of the war in Ukraine impact us all, but clearly it has a greater impact on the countries with a higher dependency on Russian carbon-based fuels so w

EU agrees on price cap for Russian oil over Ukraine conflict

European Union countries agreed on Wednesday to impose new sanctions on Russia after it illegally annexed four regions in Ukraine, according to an EU official, including an expected price cap on Russian oil. EU member-state diplomats struck the deal in Brussels, said the official representing the Czech Republic, which holds the 27-nation bloc's rotating presidency. No details of the sanctions were immediately released. They will be published as soon as Thursday. They are expected to include a price cap on Russian oil, curbs on EU exports of aircraft components to the country and limits on steel imports from it. The moves build on already-unprecedented European sanctions against Russia as a result of its war against Ukraine since February. EU measures to date include restrictions on energy from Russia, bans on financial transactions with Russian entities including the central bank and asset freezes against more than 1,000 people and 100 organisations. The EU is already planning to