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☆ EU Draft Law Sets Out Moves to Secure Supply of Critical Energy Transition Materials
▼ + stars: | 2023-03-09 | by ( Yusuf Khan | ) www.wsj.com time to read: +5 min

According to draft legislation seen by The Wall Street Journal, the Critical Raw Materials Act aims to set standards and promote policy designed to ensure Europe has the metals and minerals it deems necessary for its energy transition and defense and energy security. The Critical Raw Materials Act will also make it easier to mine and process the materials within the bloc; establish a European Critical Minerals Board; identify strategic projects to mine, process and recycle the materials; and work to ensure those projects have quick permitting and sufficient funding. The purchasing system would negotiate with global sellers but will be structured to comply with EU competition law. Other countries such as Japan have put in place similar plans to secure raw materials. Raw materials projects could also be labeled as being in the public interest or as strategic, which could further streamline funding.

☆ EU pushes against 'Made in USA' rule for EV support
▼ + stars: | 2023-03-09 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +2 min

Washington is providing tax credits of up to $7,500 for consumers buying electric vehicles, but only if final assembly and battery components amounting to at least half of the value are made in North America. European Commission Vice President Valdis Dombrovskis, who oversees EU trade policy, said discussions were continuing on these local content requirements and that the EU wanted to establish how battery components were defined. "Is it only specific battery components or everything? A further criteria for the tax credit is that a large share of critical materials comes from a U.S. free trade agreement (FTA) partner, which the European Union is not. The United States and the European Union are nevertheless working towards a deal to make European minerals eligible for tax credits, a senior EU official said on Friday.

Reuters reported last week that the United States and EU were working to make European minerals eligible for tax credits under the $430 billion U.S. Inflation Reduction Act (IRA), citing a senior EU official. That law requires rising percentages of battery minerals to come from the United States or a Free Trade Agreement (FTA) partner. Working with allies to reduce U.S. reliance on China for critical minerals would aid U.S. energy and economic security, the spokesperson added. The EU, South Korea, Japan and other U.S. allies have harshly criticized the IRA's provision requiring EVs to be assembled in North America to qualify for consumer EV tax credits. But the EU in December praised a U.S. Treasury Department decision to allow EVs leased by consumers to qualify for up to $7,500 in commercial clean vehicle tax credits.

☆ U.S., EU to Start Trade Negotiations on Minerals
▼ + stars: | 2023-03-08 | by ( Andrew Duehren | ) www.wsj.com time to read: 1 min

President Joe Biden speaking last month at a virtual roundtable on securing critical minerals. The U.S. and European Union are moving forward with crafting a trade agreement focused on critical minerals, with President Biden and European Commission President Ursula von der Leyen expected to discuss on Friday the plan to reduce their dependence on China. As part of the White House meeting on Friday, the U.S. and EU are aiming to announce that they are starting negotiations on the terms of such a deal, according to U.S. and EU officials, though U.S. officials said an announcement would only come after consultation with Congress.

☆ Biden to host EU chief as Europe hopes to avoid subsidy race with the U.S.
▼ + stars: | 2023-03-08 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

President of the European Commission, Ursula von der Leyen (L) speaks with US President Joe Biden. President Joe Biden will welcome Ursula von der Leyen to the White House this week, with the European Union's top official eager to gain concessions amid a tense subsidy spat between the two giant trading blocs. "We want to achieve as much non-discriminatory treatment for EU products and companies as possible, avoiding distortions of the level playing field," a spokesperson for the European Commission, told CNBC via email Friday. This could ultimately mean less innovation in Europe and fewer jobs for Europeans too. "I do not think [European Commission President Ursula] von der Leyen will manage to extract meaningful concessions from the U.S. on the IRA.

☆ EU's von der Leyen says she will tackle US green subsidies, overcome e-fuels impasse
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +2 min

[1/2] German Chancellor Olaf Scholz and European Commission President Ursula von der Leyen walk following a closed German cabinet meeting at the government's guest house in Schloss Meseberg, near Gransee, Germany, March 5, 2023. REUTERS/Fabrizio BenschFRANKFURT, Germany, March 5 (Reuters) - EU Commission President Ursula von der Leyen said on Sunday she is determined to counter challenges from U.S. subsidies for green technologies and to speed a currently blocked law on phasing out combustion engines from 2035. A Commission report on competitiveness, due at the same time, would help lower barriers inside the internal EU market and address shortages of specialised labour, which von der Leyen called a "brake on growth." Scholz and von der Leyen said that trade agreements were also being eyed with Indonesia and India. Von der Leyen also said the EU was keeping a close watch on whether China sticks to commitments not to help arm Russia in the Ukraine war.

LONDON, March 3 (Reuters) - The European Union's executive body is set to provide permits, regulatory support and easier access to public and private funding for certain strategic green technologies, according to a draft document seen by Reuters. Certain technologies, such as sustainable aviation fuel (SAF), were not included in the draft as potential candidates for the support scheme. The rules would also support auctions to deploy renewable energy sources, adapt innovation funds and provide easier access to public-private procurement. If the goals aren't achieved by 2030, the European Commission will propose "additional measures aimed at covering the identified gaps," the draft says. The European Commission declined to comment on the draft document, which an industry source said was expected to be released in the coming weeks.

WASHINGTON, March 3 (Reuters) - The United States and European Union are working toward agreement in principle on a deal to make European minerals eligible for tax credits, a senior EU official said Friday. The EU official said an agreement could come as early as next week, in time for a visit by European Commission President Ursula von der Leyen to Washington, on a deal that would give the EU "free trade agreement-like status." The EU official said it was critical to reach an agreement soon, given moves by some European companies to shift production to the United States. This would be very reduced and certainly not a free trade agreement in the classical way," the official said. But the EU in December praised a U.S. Treasury Department decision to allow EVs leased by consumers to qualify for up to $7,500 in commercial clean vehicle tax credits.

But EU countries still need to rubber stamp the decision before it can take effect. EU countries' ambassadors on Friday cancelled the vote that had been planned for March 7, the spokesperson for Sweden said. Italy, which has previously said it will vote against the EU cars law, on Friday welcomed the postponement of the vote. Such an outcome, along with some resistance from Italy and some eastern European countries, could throw the whole EU ban into question. European Commission President Ursula von der Leyen will attend a German cabinet meeting at the Schloss Meseberg palace on Sunday, where the topic is likely to be discussed.

Biden and Scholz met in private in the Oval Office for over an hour, a senior administration official said. Sitting next to Scholz in the Oval Office, Biden thanked the German leader for his "strong and steady leadership" and support for Ukraine. Speaking before the meeting, U.S. officials said discussion points included the state of the war and how to respond if China provided military aid to Russia. "Every step China takes toward Russia makes it harder for China with Europe and other countries around the world." Biden hailed Scholz's decision to sharply increase Germany's military spending and diversify energy sources away from Russia, and said the two leaders had worked in lockstep with other allies to support Ukraine.

☆ Biden and EU's von der Leyen to meet amid subsidies dispute
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

March 2 (Reuters) - European Commission President Ursula von der Leyen will discuss clean energy and supply chains with President Joe Biden in Washington on March 10, the White House said, as European nations worry that new U.S. subsidies will hurt their economies. "They will ... discuss U.S.-EU coordination to combat the climate crisis through investing in clean technology based on secure supply chains," the statement said. During a December visit by France's President Emmanuel Macron to the White House, Biden said that bills aimed at boosting U.S. renewable energy and the semiconductor industry have "glitches" that can be addressed. Washington and its allies have said in recent weeks that China was considering providing weapons to Russia, which Beijing denies. Reporting by Kanishka Singh; Writing by Costas Pitas; Editing by Tim AhmannOur Standards: The Thomson Reuters Trust Principles.

☆ EU silence over Pfizer COVID contract talks is problem that won't go away -watchdog
▼ + stars: | 2023-03-01 | by ( Maggie Fick | ) www.reuters.com time to read: +3 min

[1/2] The European Ombudsman Emily O'Reilly speaks during an interview with Reuters in Brussels, Belgium February 28, 2023. The Commission said in June 2022 that it no longer had the texts, which later drew criticism from the EU ombudsman. O’Reilly argued many people would understand why von der Leyen approached Bourla to plead Europe’s case for vaccines, as tens of thousands of people on the continent were dying from COVID-19. It has proposed to other EU institutions that they do the same, the spokesperson added. In February, the New York Times said it was suing the Commission over failure to release the text messages.

☆ Brexit deal could resurface Britain's 'healthy fundamentals' if EU relations strengthen, analysts say
▼ + stars: | 2023-03-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Speaking at a news conference, Sunak described the new agreement — known as the Windsor Framework — as "the beginning of a new chapter" for the relationship between the U.K. and the EU. Dan Kitwood | Getty Images News | Getty ImagesLONDON — The new Brexit deal between the U.K. and the EU may help bring Britain's "healthy fundamentals" back to the fore, providing relations with Brussels continue to improve, analysts suggest. U.K. Prime Minister Rishi Sunak and European Commission President Ursula von der Leyen on Monday announced the agreement of the Windsor Framework, which aims to fix the controversial Northern Ireland Protocol. The Protocol had been a long-standing bugbear for unionist pro-Brexit parties in Northern Ireland, and had brought the devolved Northern Ireland Assembly to a standstill over the past year, after the Democratic Unionist Party resigned in protest. "If this comes to an end, we expect the U.K.'s healthy fundamentals — well capitalised banks, cash flush households and firms, and well-regulated markets — to re-assert themselves."

And it's little surprise the International Monetary Fund forecast Britain would be the only economy of the G7 to contract this year. But certainly the potential for improved trade relations with the UK's biggest trading partner is clear. Unicredit this month cited estimates that the UK economy would underperform by 5-7% over 10 years if it remains outside the EU single market and customs union. It may even have been a key spur to this week's breakthrough given the frayed geopolitical backdrop. President Joe Biden has long insisted there would be no progress on a U.S. deal with Britain until the Northern Irish conundrum was resolved.

☆ Brexit slammed the UK economy. The Northern Ireland deal gives it hope
▼ + stars: | 2023-02-28 | by ( Hanna Ziady | ) edition.cnn.com time to read: +8 min

It delivers “long-lasting solutions” that will work for the people and businesses of Northern Ireland, she added. It also allows the UK government to determine sales tax rates for businesses in Northern Ireland and gives the Northern Ireland government emergency powers to oppose new EU rules on some goods. A boost to BritainBeyond its importance to Northern Ireland, the deal eases the uncertainty Brexit created for Britain. The new Northern Ireland deal opens the door to closer UK-EU cooperation on financial services, energy, immigration and scientific research, according to experts. “You need to address the Protocol before you do anything else,” said Anna Jerzewska, the founder of international trade consultancy Trade & Borders.

☆ Brexit deal hailed as 'turning point' for Northern Ireland, but could still face opposition in Belfast
▼ + stars: | 2023-02-28 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

WINDSOR, U.K., Feb. 27, 2023: Britain's Prime Minister Rishi Sunak (L) and European Commission chief Ursula von der Leyen announced a landmark post-Brexit trading arrangement seeking to rectify problems with the Northern Ireland Protocol. Dan Kitwood/AFP via Getty ImagesLONDON — The new Brexit deal signed by the U.K. and the European Union on Monday was heralded as a "turning point" for Northern Ireland, but must still pass muster in Belfast. The sticking point could come from across the Irish Sea in Stormont, near Belfast, where the devolved Northern Ireland Assembly has been suspended for a year after the pro-Brexit Democratic Unionist Party (DUP) resigned in protest over the Northern Ireland Protocol. "There can be no disguising the fact that, in some sectors of our economy, EU law remains applicable in Northern Ireland." BELFAST, U.K., Feb. 17, 2023: DUP Leader Sir Jeffrey Donaldson speaks to reporters outside the Culloden Hotel in Belfast after Northern Irish leaders held talks with U.K. Prime Minister Rishi Sunak over the Northern Ireland Protocol.

☆ U.K., EU Reach Deal to Resolve Northern Ireland Trade Issue
▼ + stars: | 2023-02-27 | by ( Max Colchester | Laurence Norman | ) www.wsj.com time to read: 1 min

U.K. Prime Minister Rishi Sunak met with European Commission President Ursula von der Leyen in Windsor, England, on Monday. WINDSOR, England—The U.K. and European Union agreed Monday on a new trading arrangement for Northern Ireland, a move aimed at ending years of friction caused by Brexit and allowing greater cooperation between both sides at a time of mounting geopolitical risk to Europe from Russia’s war in Ukraine. U.K. Prime Minister Rishi Sunak and European Commission President Ursula von der Leyen met in Windsor, near the royal castle there, to shake hands on a compromise that proposes to reduce trade issues between the British mainland and the province of Northern Ireland, which in practice remains in the EU single market for goods following Brexit.

☆ U.K., EU Reach Deal in Bid to Resolve Northern Ireland Trade Issue
▼ + stars: | 2023-02-27 | by ( Max Colchester | Laurence Norman | ) www.wsj.com time to read: 1 min

WINDSOR, England—The U.K. and European Union agreed Monday on a new trading arrangement for Northern Ireland, a move aimed at ending years of friction caused by Brexit and allowing greater cooperation between both sides at a time of mounting geopolitical risk to Europe from Russia’s war in Ukraine. U.K. Prime Minister Rishi Sunak and European Commission President Ursula von der Leyen met in Windsor, near the royal castle there, to shake hands on a compromise that proposes to reduce trade issues between the British mainland and the province of Northern Ireland, which in practice remains in the EU single market for goods following Brexit.

☆ UK begins long and uncertain road back from Brexit
▼ + stars: | 2023-02-27 | by ( Neil Unmack | ) www.reuters.com time to read: +4 min

LONDON, Feb 27 (Reuters Breakingviews) - Britain is beginning the long and uncertain road back from Brexit. Changes to the so-called Northern Ireland Protocol were inevitable. There’s still scope to improve Johnson’s trade deal, struck in 2019. The route back is uncertain, but the symbolic importance of the Northern Ireland deal is not. The agreement marks a “new chapter” in relations between the UK and European Union, Sunak said in a press conference.

☆ Upbeat earnings help FTSE 100 rebound from last week's selloff
▼ + stars: | 2023-02-27 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies Bunzl, Associated British Foods up after resultsRolls-Royce top of FTSE 100 after price target raiseFTSE 100 up 0.8%, FTSE 250 adds 0.4%Feb 27 (Reuters) - The UK's FTSE 100 rose on Monday after upbeat earnings reports from Associated British Foods and Bunzl helped pull the index up from last week's battering on worries about high U.S. interest rates. The blue-chip FTSE 100 (.FTSE) rose 0.8%, after recording its worst weekly performance so far this year as hotter-than-expected U.S. consumer spending data on Friday sparked a selloff on both sides of the Atlantic. Primark owner Associated British Foods (ABF.L) climbed 1.3% after raising its outlook for the full year 2022-23 for the clothing retailer. The FTSE 100 has had a stellar start to the year so far, rising 6.4% as strong earnings and a steady rise in commodity prices helped the index outperform major global peers, outweighing a gloomy economic outlook. The more domestically-inclined FTSE 250 midcap index (.FTMC) rose 0.4%, with a near 16% slump in shares of Dechra Pharmaceuticals(DPH.L) capping gains.

British Prime Minister Rishi Sunak looks on outside Number 10 Downing Street, in London, Britain, January 25, 2023. LONDON — British Prime Minister Rishi Sunak on Monday signed a new trade deal with the European Union designed to remedy problems caused by the Northern Ireland Protocol. European Commission President Ursula von der Leyen added that the framework "respects and protects our respective markets and our respective legitimate interests. Sterling hit a session high of $1.2051, up 0.9%, shortly after the announcement. He said lawmakers would get to vote on the new agreement "at the appropriate time," adding that vote will be "respected."

☆ A risk taken, UK's Sunak announces the Windsor Framework
▼ + stars: | 2023-02-27 | by ( Elizabeth Piper | ) www.reuters.com time to read: +5 min

But it was secrecy that fostered suspicion among two big hitters in the years-long Brexit debate - the Democratic Unionist Party (DUP), Northern Ireland's biggest unionist party, and the pro-Brexit Conservative European Research Group (ERG). "I am pleased to report that we have now made a decisive breakthrough, together we have changed the original protocol and are today announcing the new Windsor framework," Sunak told a news conference. Then both former leaders had threatened to rip up the Northern Ireland protocol with legislation in parliament and their administrations had regularly criticised the EU for being overly legalistic and inflexible. Pressing pause on the Northern Ireland Protocol bill which would all but rip up the earlier agreement, he saw solving the Northern Ireland standoff as a concrete "win" for his administration which has struggled to establish itself. But Sunak still has to win over not only some of his lawmakers in the ERG, but more importantly the DUP.

☆ Britain and EU close in on crucial Brexit deal for Northern Ireland
▼ + stars: | 2023-02-27 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

The U.K. may have left the European Union on Jan. 31, 2020, but the Northern Ireland Protocol has sparked persistent disagreement ever since. This part of the Brexit deal mandates checks on some goods that travel to Northern Ireland from the rest of the U.K. — with the new negotiations aimed at easing these rules. Unionist parties in Northern Ireland — which is part of the U.K, unlike its neighbor Ireland, which is part of the EU — have argued that the checks place an effective border in the Irish Sea. The Protocol has also been criticized for jeopardizing the Good Friday Agreement — a long-standing peace deal that brought an end to three decades of sectarian violence in Northern Ireland. Meanwhile, the devolved Northern Ireland Assembly has been suspended since Feb. 2022 after the Democratic Unionist Party resigned in protest at the Northern Ireland Protocol.

☆ Morning Bid: Long March ahead
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +5 min

"If it goes down that road it will come at real costs to China," White House national security adviser Jake Sullivan told CNN. China said on Monday it sought dialogue and peace for Ukraine despite the U.S. warnings. European stocks and U.S. futures recaptured some ground on Monday but the DXY dollar index briefly hit its highest since Jan. 6. The new U.S. interest rate horizon remains jarring, however. Meanwhile, Warren Buffett's Berkshire Hathaway (BRKa.N) on Saturday reported its highest-ever annual operating profit, even as foreign currency losses and rising interest rates contributed to lower earnings in the fourth quarter.

☆ China's EU ambassador says EU leaders may visit China by mid-2023
▼ + stars: | 2023-02-26 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Feb 26 (Reuters) - Chinese ambassador to the European Union Fu Cong said European Commission President Ursula von der Leyen and European Council President Charles Michel may visit China in the first half of 2023, China's state-backed Global Times reported. Preparations for the visit by the EU's top two officials are under way and "very frequent high-level mutual visits" between the EU and China are expected to begin soon, Fu said in an interview published on Friday. The two sides have taken divergent positions on the year-long war in Ukraine, with EU diplomats criticising China's refusal to describe the conflict as an invasion or to call for a Russian withdrawal from Ukrainian territory. Fu said in the interview that EU anger with China over Ukraine was "very irrational" and that China did not want the issue to affect the development of ties with the bloc. Reporting by Eduardo Baptista; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

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