EU Covid money driving boom in sovereign wealth funds, new research finds
Faced with the end of the EU’s post-pandemic fund, the bloc’s leaders are using the cash to finance new sovereign investment funds.
Economy
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German politicians duped into thinking a new subsidy scheme only benefits Chinese electric vehiclesA previous German electric vehicle subsidy scheme massively benefited Volkswagen, which had invested heavily in expensive cars that only the rich could afford. Now it’s set to cut 100,000 jobs and close four factories in Germany.
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MEPs back new EU‑wide ‘28th regime’ businesses plan — but fear a ‘European Delaware’
MEPs have also warned against the EU’s new corporate ’28th regime’ being used to create a European equivalent to the US state of Delaware.
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EU plans electrification target to cut oil and gas dependence
According to a leaked draft of the EU Commission’s Electrification Action Plan Brussels will propose a binding electrification target later this year as part of a wider post-2030 energy package.
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EU warns Europe’s car industry in ‘mortal danger’ from subsidised Chinese dumping
Chinese oversupply still poses a major threat to the EU’s car industry, single market commissioner Stephane Séjourné told MEPs on Tuesday.
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Most European strawberries contain ‘forever chemical’ pesticides that disrupt hormones, study finds
New research has found that most strawberries contain significant residues of pesticides that disrupt the body’s natural hormones.
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Green groups form legal alliance to end trawling in EU protected seas
The alliance of 11 green groups plans to push the EU Commission to open infringement proceedings against governments that continue to allow bottom trawling in protected areas.
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US lawmakers urge von der Leyen not to give in to oil and gas lobbyists and defend EU methane rules
The EU methane regulation “has become a defining test of Europe’s ability to maintain ambitious climate and energy policies” the US lawmakers wrote.
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One bigger EU budget beats 27 national ones, Serafin tells frugal states
EU budget commissioner Piotr Serafin warned “the alternative to European spending is more national spending” – adding that defence, energy security and research “will have to be financed one way or another.”
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Steel quota deal for EU trade partners means more pain for China
China is set to face tougher restrictions on its steel exports to Europe under a new formula set out by the EU Commission.
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There’s a lot of panicking about EU methane rules, but do gas supply scares add up?
Nearly half of EU member states, oil and gas companies and the US administration claim the EU’s methane regulation is unfinished, causes legal risks, and could disrupt Europe’s gas supplies. But does it?
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EU trade chief sets October deadline to resolve China deficit row
After months of rhetorical disputes and the threat of new trade defence measures, top EU and Chinese trade officials have set themselves an October deadline to resolve their disputes.
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EU’s Šefčovič going into China trade talks hobbled by European leaders’ flip-flopping
Monday’s meeting between Chinese commerce minister Wang Wentao and EU trade commissioner Maroš Šefčovič in Brussels has been billed by EU officials as a make-or-break event for the future of Europe’s trade with the manufacturing superpower.
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EU ministers plan further climate policy rollbacks during historic heatwave
Replacing combustion engines with electric cars and switching industrial heat from fossil fuels to electricity are among the most impactful ways to decarbonise. Yet, in exactly in these areas Europe is weakening its policies.
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EU tax reform promises €8bn in savings, but shell companies untouched
The most impactful change is the abolition of taxes charged on cross-border payments of dividends, interest and royalties between companies. This alone accounts for around €5.3bn of the projected savings.
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MEPs back digital euro as ‘geopolitical necessity’ to counter US payment-system dominance
“We can no longer accept that digital payments are largely dependent on the goodwill of a few foreign providers. This package changes that,” said Markus Ferber, economy spokesperson for the conservative European People’s Party group, after Tuesday’s vote.
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EU-budget stalemate between frugals and spenders to likely see extra taxes
EU Council president António Costa has set an end-of-year deadline for the next budget – but negotiators say there is only a “50-50 chance” of success.
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Ahead of a sticky summit on next trillion euro EU budget, these are the major stumbling blocks
EU leaders will hold their first formal discussion on Friday, after the Cypriot presidency tabled the first so-called “negobox”, a draft document setting out possible spending compromises.
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Watering down EU carbon market will backfire with higher costs, councils warn
The Dutch Scientific Climate Council led the appeal, after member states including Italy and Poland began pushing for concessions in the ongoing emissions trading system revision.
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ECB raises interest rates despite Iran war’s hit to EU economy
The cost of services like haircuts, restaurant meals, plumbers, and hotel stays also rose faster in recent months, from three to 3.5 percent, suggesting price pressures are spreading beyond just energy and food.