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☆ EU Prepares to Offer Clean Tech Tax Breaks to Compete With U.S. Green Subsidy Push
▼ + stars: | 2023-01-31 | by ( Kim Mackrael | ) www.wsj.com time to read: 1 min

European Commission President Ursula von der Leyen. The bloc’s executive body is set to release a proposal to loosen state-aid rules on investing in clean-tech. BRUSSELS—The European Union wants to make it easier for governments to dole out tax breaks and other aid to clean-tech companies, part of a push to counter generous U.S. subsidies that officials worry will draw investment away from Europe. The European Commission, the bloc’s executive body, is set to release a proposal on Wednesday outlining how the EU might relax bloc-wide rules that limit how member countries can subsidize businesses. The plan will also look to set aside money to help European governments with limited fiscal firepower compete for investment.

☆ Russia's war on Ukraine: The latest news
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +4 min

[1/7] A Ukrainian serviceman looks on, amid Russia's attack on Ukraine, in Bakhmut, Donetsk region, Ukraine January 27, 2023. * The EU's next package of sanctions against Russia will hit the trade and technology that support Moscow's war against Ukraine, European Commission President Ursula von der Leyen said on Friday. ARMS* Portugal will send Leopard 2 tanks to Ukraine, Prime Minister Antonio Costa said, without specifying how many. * Former Russian President Dmitry Medvedev has said the supply of more advanced U.S. weaponry to Ukraine will only trigger more retaliatory strikes from Russia, up to the extent of Russia's nuclear doctrine. CONFLICT* Ukraine and Russia traded almost 200 prisoners of war in a swap announced separately by both sides on Saturday, with the bodies of two British volunteers also being sent back to Ukraine.

☆ Seven EU countries oppose new EU funding as response to U.S. subsidy plan - letter
▼ + stars: | 2023-01-27 | by ( Jan Strupczewski | ) www.reuters.com time to read: +3 min

BRUSSELS, Jan 27 (Reuters) - Plans by the European Commission to create new European Union funding for the green industry are facing mounting opposition in the 27-nation bloc, as seven EU countries openly rejected the idea in a letter to the EU executive. The letter, seen by Reuters and dated Jan. 26, was signed by the Czech Republic, Denmark, Finland, Austria, Ireland, Estonia and Slovakia and addressed to the European Commission vice president responsible for trade, Valdis Dombrovskis. All 10 countries say the EU should be using funds already approved instead of seeking more money. But in their letter, the seven countries said the EU should first spend the money it had already agreed to raise through the 800 billion euro post-pandemic recovery and resilience fund (RRF) of grants and cheap loans. "We have to ensure that the economy can better absorb the already agreed EU funding," the seven countries wrote.

☆ Analysis: Italy's Meloni belies radical image in cautious first 100 days
▼ + stars: | 2023-01-26 | by ( Crispian Balmer | ) www.reuters.com time to read: +6 min

But almost 100 days since Meloni took office at the head of the most right-wing government Italy has seen since World War Two, these concerns have largely melted away. "We have seen something of a metamorphosis," said Sofia Ventura, a political science professor at Bologna University. Friend and foe alike say a significant reason for the softly-softly approach is money -- or rather a lack of it. "What happened in the UK shows ... how cautious we have to be with our fiscal and monetary policy mix," EU Commissioner Paolo Gentiloni, a former Italian prime minister, said at the time. VITAL FUNDSAdding to the pressure on Meloni is Italy's dependence on the European Union's recovery and resilience fund.

☆ EU debt fears hinder U.S. green subsidies riposte
▼ + stars: | 2023-01-24 | by ( Rebecca Christie | ) www.reuters.com time to read: +4 min

That ties von der Leyen’s hands. Since September, von der Leyen has been pushing a “solidarity fund” to offset the imbalances that could arise out of freer-flowing EU subsidies. To move ahead, von der Leyen will just have to scatter some seeds and see what grows. Follow @rebeccawire on TwitterCONTEXT NEWSEuropean Commission President Ursula von der Leyen gave a Jan. 17 speech at Davos on her forthcoming green technology strategy. Von der Leyen has since September been advocating for a “solidarity fund” to help smaller countries keep up with their bigger, richer peers.

☆ From green subsidies to chips, Davos debates reflect a world in flux
▼ + stars: | 2023-01-20 | by ( Julia Horowitz | ) edition.cnn.com time to read: +4 min

Davos, Switzerland CNN —The World Economic Forum in the Swiss Alps is typically a venue for politicians and business leaders to deliver sermons about the benefits of globalization and cross-border cooperation. European leaders used Davos to amplify complaints about the law’s tax breaks for American companies that make parts for green energy projects, which they claim will disadvantage European firms. German Chancellor Olaf Scholz addresses the World Economic Forum, in Davos, Switzerland, on Wednesday. Representatives from Asia’s third largest economy showed up in force at Davos to meet with international investors. “We’re looking at a less efficient world,” US Trade Representative Katherine Tai said.

☆ European Support Grows for Sanctioning Iran’s Revolutionary Guards
▼ + stars: | 2023-01-19 | by ( Laurence Norman | ) www.wsj.com time to read: 1 min

The European Parliament on Thursday urged member states to list Iran’s Islamic Revolutionary Guard Corps as a terrorist organization, in a sign of growing support for new measures against Tehran as it arms Russia in Ukraine and suppresses protests at home. The parliament’s resolution, which condemned Iran for its crackdown on protests, followed remarks from European Commission President Ursula von der Leyen on Tuesday saying she favored the move. Germany, the bloc’s most powerful country, has been pushing for the IRGC to be placed on the EU terrorism list for months.

☆ Davos 2023: Europe must seize catch-up chance - EU's Gentiloni
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +3 min

[1/2] The logo of the World Economic Forum (WEF) 2023 is seen at Davos Congress Centre, in the Alpine resort of Davos, Switzerland, January 16, 2023. REUTERS/Arnd WiegmannDAVOS, Switzerland, Jan 18 (Reuters) - An improved economic outlook gives Europe the chance to double-down on efforts to boost its industrial competitiveness in key sectors from clean energy to semiconductors, EU Economy Commissioner Paolo Gentiloni said on Wednesday. Speaking on the sidelines of the World Economic Forum in Davos, Gentiloni said the bloc could avoid an all-out recession this year and get away with what he called a "limited contraction" of the economy in the first quarter. Gentiloni said that was leading to a new readiness to envisage industrial cooperation at EU level to make the bloc less dependent on others. Reporting by Mark John in Davos; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ The threat of a transatlantic trade war is dominating Davos
▼ + stars: | 2023-01-18 | by ( Silvia Amaro | ) www.cnbc.com time to read: +6 min

Trade tensions between the EU and the US are dominating the talk in Davos. Transatlantic trade tensions are dominating conversations at the World Economic Forum this week. On the one hand, European officials are saying they will come up with more financial support for European firms. On the other hand, the business community is excited about green subsidies stateside and argue the EU needs to match what the U.S. administration is doing. At the same time we have to support our competitiveness," European Commissioner for Economics, Paolo Gentiloni, told CNBC in Davos.

☆ Davos 2023: What you need to know about the WEF on Tuesday
▼ + stars: | 2023-01-17 | by ( Kathryn Lurie | ) www.reuters.com time to read: +2 min

The European Union will counter the U.S.'s game-changing Inflation Reduction Act (IRA), described in Davos as the most significant climate legislation since the 2015 Paris Agreement, with its own green deal. Liu's visit to Davos contrasts with the conspicuous absence of Russia, a key ally whose invasion of Ukraine China has refused to condemn. What was most needed, Kerry said, was "money, money, money, money, money, money, money." The slopes continued to be dominated by discussions about Davos' hottest topic in 2023 - Chat GPT and generative AI. For daily Davos updates in your inbox sign up for the Reuters Daily Briefing hereEditing by Leela de Kretser and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ E.U. outlines plan for clean tech future boosted by subsidies
▼ + stars: | 2023-01-17 | by ( Associated Press | ) www.nbcnews.com time to read: +3 min

“We know that we have a small window to invest in clean tech and innovation to gain leadership before the fossil fuel economy becomes obsolete,” von der Leyen said. EU Commission President Ursula von der Leyen delivers a speech at the World Economic Forum in Davos, Switzerland on Jan. 17, 2023. “We have a compelling need to make this net-zero transition without creating new dependencies,” von der Leyen said. already waved through 672 billion euros ($727.5 billion) in aid to allow member states to deal with the impact of the war in Ukraine, any E.U. member states, European Commission Vice President Margrethe Vestager wrote last week that the U.S. plan “risks luring some of our E.U.

☆ EU Readies Subsidy Response to U.S. Clean-Tech Tax Breaks
▼ + stars: | 2023-01-17 | by ( Kim Mackrael | ) www.wsj.com time to read: 1 min

Olena Zelenska, Ukraine’s first lady, wearing a broach, and Ursula von der Leyen, president of the European Commission, at the World Economic Forum in Davos, Switzerland, on Tuesday. BRUSSELS—Europe aims to provide more support to its domestic clean-tech industry in a push to counter subsidies from the U.S. and China, European Commission President Ursula von der Leyen said Tuesday. In a speech to the World Economic Forum in Davos, Switzerland, Ms. von der Leyen said the transition away from fossil fuels was causing significant geopolitical and industrial changes. Ms. von der Leyen, who leads the EU’s executive arm, said many countries, including the U.S. and China, were investing heavily in clean technology and Europe would have to do the same to remain competitive.

☆ DAVOS 2023: EU's Von der Leyen backs listing Iran's Guards as terrorist group
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +3 min

DAVOS, Switzerland, Jan 17 (Reuters) - European Commission President Ursula von der Leyen said on Tuesday she backed listing Iran's Revolutionary Guards (IRGC) as a terrorist organisation to respond to the "trampling" of "fundamental human rights" in the country. Ties between the EU member states and Tehran have deteriorated in recent months as efforts to revive nuclear talks have stalled. The European Union is discussing a fourth round of sanctions against Tehran over the crackdown and Iran's supply of weapons to Russia. "We are looking indeed at a new round of sanctions and I would support also listing the Revolutionary Guards. I have heard several ministers asking for that and I think they are right," Von der Leyen said.

☆ EU announces new green proposals to rival Biden's Inflation Reduction Act
▼ + stars: | 2023-01-17 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

The announcement comes just months after the U.S. launched its own Inflation Reduction Act. "The EU continues to seek similar, non-discriminatory treatment of EU clean vehicle producers under the Clean Vehicle Credits of the Inflation Reduction Act. This scheme remains of concern to the EU, as it contains discriminatory provisions," the European Commission said in a statement in late December. While discussions with the U.S. continue, von der Leyen wants to cut red tape in Europe and step up green investments. But as this will take some time, we will look at a bridging solution to provide fast and targeted support where it is most needed," von der Leyen said in Davos.

The EU is concerned that European companies will move to the United States, which has a $369 billion scheme to subsidise green production. The EU will therefore provide money for its industry as well, von der Leyen said. "To keep European industry attractive, there is a need to be competitive with the offers and incentives that are currently available outside the EU," she said. For the medium term, we will prepare a European Sovereignty Fund as part of the mid-term review of our budget later this year," von der Leyen said. She said the Commission was now working on what the needs of the green industry were.

☆ Davos 2023: Ukraine's first lady to deliver letter from Zelenskiy for China
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

DAVOS, Switzerland, Jan 17 (Reuters) - Ukraine's first lady told the World Economic Forum on Tuesday she would deliver a letter to China's delegation setting out President Volodymyr Zelenskiy's proposals for ending Russia's war against his country. China, like Russia a permanent member of the United Nations Security Council, is an important partner for Moscow and has refused to condemn Russia's invasion of Ukraine. She said she also had letters for European Commission President Ursula von der Leyen and Swiss President Alain Berset. "Today I will give the colleagues participating in this part (of the forum) 'formula letters' from the president of Ukraine," she said in Ukrainian. "How does the world expect to reach climate neutrality, if it can’t even stop the burning down of whole Ukrainian cities.

☆ EU must seek to de-risk rather than decouple from China, von der Leyen says
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

DAVOS, Switzerland, Jan 17 (Reuters) - The European Union needs to work and trade with China on clean tech and push for a level playing field rather than seek to decouple from the world's second-largest economy, European Commission President Ursula von der Leyen said on Tuesday. Von der Leyen said in a speech at the World Economic Forum (WEF) annual meeting in Davos that China had made boosting clean tech innovation and manufacturing a key priority in its five-year plan, dominating in sectors such as electric vehicles and solar panels. China, she said, heavily subsidises its industry and restricts access to its market for EU companies. "We will still need to work and trade with China – especially when it comes to this transition. This meant using the EU's trade and domestic defence tools, such as the recently implemented foreign subsidies regulation.

☆ Davos 2023: The World Economic Forum explained
▼ + stars: | 2023-01-16 | by ( Siddharth K | ) www.reuters.com time to read: +4 min

DAVOS, Switzerland, Jan 16 (Reuters) - The World Economic Forum (WEF) returns to its snowy winter residency in the Swiss Alps this week with a record attendance of business and government leaders. The WEF's roots stretch back to 1971 when its founder Klaus Schwab invited executives from European companies to the then tiny ski resort of Davos, high in the Swiss Alps. With climate change top of the agenda, chiefs of major energy companies are back after a COVID-related hiatus. Others include IMF Managing Director Kristalina Georgieva, European Central Bank chief Christine Lagarde, NATO General Secretary Jens Stoltenberg, President of the European Commission Ursula von der Leyen and Chinese Vice-Premier Liu He. Climate change topped the WEF's survey of global risk and energy company executives will mix with climate activists and environment ministers at the forum.

☆ Davos draws record crowds, but its relevance is fading
▼ + stars: | 2023-01-16 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

Data from the World Bank shows that global trade of goods and services as a percentage of total economic output peaked that year. A wooden sign on the waterfront of Lake Davos in Davos, Switzerland, on Jan. 8, 2023. Just look to Italy’s new prime minister, Giorgia Meloni, who was installed in October. Those skipping the gathering this year include US President Joe Biden, China’s Xi Jinping, Indian Prime Minister Narendra Modi, French President Emmanuel Macron and UK Prime Minister Rishi Sunak. That raises questions about whether Davos can hang on to its reputation an essential event for the rich and powerful.

☆ Swedish PM Kristersson says EU needs to discuss competitiveness, not just state-aid
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: 1 min

STOCKHOLM, Jan 13 (Reuters) - The European Union needs to improve long-term competitiveness and not just provide support for companies in the green tech sector where nations like China and the United States are providing subsidies, Sweden's prime minister said on Friday. "We need to start a real discussion on how to improve productivity, how to enhance competitiveness and how to attract more companies based on our own capabilities and not based on long-term state aid rules," Ulf Kristersson told reporters during a media conference with European Commission President Ursula von der Leyen. Reporting by Simon Johnson; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

[1/2] European Commission President Ursula von der Leyen and Sweden's Prime Minister Ulf Kristersson attend the inauguration of Esrange's new satellite launch ramp, Spaceport Esrange outside Kiruna, Sweden, January 13, 2023. The Commission is planning to loosen state aid rules, but some EU countries can spend more than others. Von der Leyen said the bloc needed "credible and ambitious" financing tools to preserve the single market. She said the Commission was working on an assessment of what the EU clean tech sector needed to compete with U.S. rivals. Yet Scholz's own Social Democrats published a paper on Thursday saying that new EU joint borrowing should be "constructively examined".

☆ Poland, Lithuania want nuclear curbs in new EU sanctions on Russia
▼ + stars: | 2023-01-13 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustrations/File PhotoBRUSSELS, Jan 13 (Reuters) - Poland and Lithuania want the European Union to impose restrictions on Russia's nuclear sector as part of new sanctions against Moscow and Minsk for the war in Ukraine, senior diplomats from the two EU countries said on Friday. They said the 10th EU package of sanctions since Russia invaded Ukraine should be ready in time for the first anniversary of the invasion on Feb. 24. They wanted new sanctions against Russia's ally Belarus, where they said loopholes allowed it to bypass European sanctions against Moscow in trading goods including furniture. They proposed that Rosatom and/or its leadership be blacklisted as a first step that should then lead to winding down cooperation in the EU with Russia's nuclear industry. The senior diplomats said they would also try again to end Belgium's diamond trade with Russia through new EU sanctions and expand bans on trade in goods that can be used for military purposes.

☆ Premarket stocks: Here's what will drive markets this year
▼ + stars: | 2023-01-03 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +5 min

Markets are pushing higher but don’t get comfortable just yet — if last year taught us anything it’s to expect the unexpected. Russia and UkraineIn late February Russia invaded Ukraine and began a prolonged war that would drive global food and fuel prices sky-high. The CEO of Tesla, SpaceX and Twitter is now worth $137 billion, according to the Bloomberg Billionaires Index. Musk’s $44 billion purchase of Twitter hasn’t helped Tesla’s stock or Musk’s personal wealth, either. Musk, Tesla’s largest shareholder, has sold $23 billion worth of Tesla shares since his interest in Twitter became public in April.

☆ Russia's war on Ukraine latest: Russia says 63 servicemen killed in Makiivka
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +3 min

Ukraine said it had shot down all Russian drones fired in a third straight night of air strikes. FIGHTING* Russia said 63 Russian soldiers had been killed in a Ukrainian New Year's Eve attack on their quarters in the town of Makiivka, triggering furious criticism of the military leadership from lawmakers and pro-war bloggers. * Russia is planning a protracted campaign of attacks with Iranian drones to "exhaust" Ukraine, President Volodymyr Zelenskiy said. Ukrainian servicemen ride an Armoured Personnel Carrier (APC), as Russia's attack on Ukraine continues, in the village of Torske, Donetsk region, Ukraine December 30, 2022. * Russian Defence Minister Sergei Shoigu said victory for Russia over Ukraine was "inevitable" as he hailed Russian soldiers' heroism in a New Year's video message.

☆ Historic new year for Croatia as it joins euro, Schengen area
▼ + stars: | 2023-01-01 | by ( ) www.reuters.com time to read: +2 min

[1/2] A police member stands guard while the border opens as Croatia enters the EU's control-free Schengen area, in Bregana, Croatia, January 1, 2023. "Today Croatia joins the Schengen Area and the eurozone, two immense achievements for the youngest member state of the European Union and both reached on the very same day. Plenkovic and von der Leyen later toured the capital Zagreb where they bought coffee in a cafe using euros, which replaced Croatia's kuna currency. After a server brought their coffees to an outdoor table, Plenkovic paid with a handful of euro notes, while von der Leyen, seated next to him, applauded. It becomes the 27th country to join the Schengen area, and the 20th to adopt the euro currency.

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