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☆ European Union votes to impose tariffs on Chinese electric vehicles
  + stars: | 2024-10-04 | by ( Sophie Kiderlin | Sophie Kiderlin Is A Reporter For Cnbc Make It | Cnbc International. | ) www.nbcnews.com   time to read: +2 min
The European Union on Friday voted to adopt definitive tariffs on China-made battery electric vehicles. “Today, the European Commission’s proposal to impose definitive countervailing duties on imports of battery electric vehicles (BEVs) from China has obtained the necessary support from E.U. Member States for the adoption of tariffs,” the E.U. first announced that it would slap higher tariffs on Chinese electric vehicle imports in June, on the grounds that they benefit “heavily from unfair subsidies” and pose a “threat of economic injury” to electric vehicle producers in Europe. to start investigations of potential tariffs, Germany has advocated against them, raising concerns about consequences for its own struggling carmakers.
Persons: Peter Szijjarto Organizations: Union, E.U, European, China’s Ministry of Commerce, Reuters, European Commission Locations: China, “, States, Europe, Beijing, E.U, France, Germany, Hungarian
☆ A crypto crash for big stablecoins is likely to send shudders through other financial markets too, a Cornell professor warns
  + stars: | 2023-01-12 | by ( George Glover | ) www.businessinsider.com   time to read: +3 min
A crashed stablecoin could pose a threat to the wider financial system, a Cornell professor warned. The companies that issue stablecoins would have to redeem their government bond holdings if the digital tokens fail, Eswar Prasad said Thursday. "A large volume of redemptions, even in a fairly liquid market, can create turmoil in the underlying securities market," Prasad said. The turmoil hasn't yet spilt over into traditional financial markets, but financial watchdogs are worried that stablecoin issuers' government bond holdings pose that risk, according to Prasad. "The fact that we haven't had spillovers from this part of the financial ecosystem into traditional financial markets or into the real economy certainly seems to be suggestive of the fact that there is a firewall," he added.
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