Page 11 - European Union

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

World slips on deforestation, loses cover equal to Ireland's area in 2021

Global gross deforestation amounted to 6.8 million hectares in 2021 with 3.9 giga-tonnes of CO2 equivalent of associated GHG emissions

The integrated circuit wars

US chip sanctions on China should be a wake-up call for India to quickly scale up and boost its capabilities in this critical arena

Why India may have to rework Russian oil purchase if a price cap is imposed

India will have to follow a delicate balancing act if the West imposes a pricing limit on supplies from Moscow

US suggests EU consider using export controls to target China: Report

The conversations came up as European Union and US officials are negotiating the agenda for their next high-level trade forum in early December.

EU approves ban on new combustion-engine cars from 2035 for climate goals

The European Parliament and EU member countries have reached a deal to ban the sale of new gasoline and diesel cars and vans by 2035. EU negotiators sealed on Thursday night the first agreement of the bloc's Fit for 55" package set up by the Commission to achieve the EU's climate goals of cutting emissions of the gases that cause global warming by 55 per cent over this decade. The EU Parliament said the deal is a clear signal ahead of the UN COP27 Climate Change Conference that the EU is serious about adopting concrete laws to reach the more ambitious targets set out in the EU Climate Law." According to the bloc's data, transport is the only sector where greenhouse gas emissions have increased in the past three decades, rising 33.5 per cent between 1990 and 2019. Passenger cars are a major polluter, accounting for 61 per cent of total CO2 emissions from EU road transport. The EU wants to drastically reduce gas emission from transportation by 2050 and promote electric cars, but a .

EU revisits Western Balkans to win friends, seek more influence

The European Union is in the midst of yet another goodwill trip through the Western Balkans to drum up support for the bloc and to make sure that Europe's historical tinderbox is not about to pick the side of hostile Russia or strategic rival China in the world of geopolitics. EU Commission President Ursula von der Leyen will have a stop during her whirlwind six-nation tour in Serbia on Friday, by far the most important nation in the southern region, and one that has shown scant regard for solidarity in joining EU sanctions against Russia for its invasion of Ukraine. For years, the 27-nation EU has been caught in two minds over the Western Balkans: seeking to pull them close as allies and hold off foreign interference, yet at the same time, keeping them at arm's length since their weaker economies and political institutions are far from ready to seamlessly integrate into the EU's single market of open trade and Western democratic ideals. The result has been frustration for the Weste