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☆ Microsoft ditches OpenAI board observer seat amid regulatory scrutiny
▼ + stars: | 2024-07-10 | by ( ) edition.cnn.com time to read: +2 min

CNN —Microsoft has ditched the board observer seat at OpenAI that has drawn regulatory scrutiny on both sides of the Atlantic, saying it was not necessary after the AI start-up’s governance had improved significantly in the past eight months. Microsoft took a non-voting, observer position on OpenAI’s board in November last year after OpenAI CEO Sam Altman took back the reins of the company, which operates the generative AI chatbot ChatGPT. The seat meant it could attend OpenAI’s board meetings and access confidential information but had no voting rights on matters including electing or choosing directors. The observer seat and Microsoft’s more than $10 billion investment in OpenAI have triggered unease among antitrust watchdogs in Europe, Britain and the US over how much control it exerts over OpenAI. Microsoft cited OpenAI’s new partnerships, innovation and growing customer base since Altman’s return to the startup for giving up its observer seat.

Persons: Sam Altman, OpenAI Organizations: CNN, Microsoft, British Locations: OpenAI, Europe, Britain

☆ Russia's brutal missile strike on a Ukrainian children's hospital just before the big NATO summit appears to be backfiring
▼ + stars: | 2024-07-10 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +10 min

AdvertisementEmergency officials and civilians conduct search and rescue operations among the rubble of Okhmatdyt Children's Hospital on Monday. The deadly Russian missile attack saw child cancer patients evacuated and moved with medical tubes still in their bodies. Women hold patients at Ohmatdyt Children's Hospital that was damaged during Russian missile strikes in Kyiv, Ukraine on Monday. He said that "when you hit not just a hospital or a children's hospital —and not just a children's hospital, but a children's hospital in which there are children were being treated for cancer — it doesn't get much worse than that in terms of brutality." A UN investigation found the children's hospital likely took a direct hit from a Russian missile, likely a Kh-101.

Persons: —, Kyiv's, Joe Biden, Biden, Gleb Garanich, Rajan Menon, Columbia University's, Russia's, Menon, Mykhailo Podolyak, Beata Zawrzel, Keir Starmer, Aleksandr Gusev, Getty Images Biden, Zelensky, Vladimir Putin, Antony Blinken, Dmytro Kuleba, Blinken, ORI AVIRAM, Volodymyr Zelenskyy, Jake Epstein Organizations: Service, NATO, Ukraine, Business, Kyiv Regional Military Administration, Getty, NATO's, Ohmatdyt, Russian, Monday, REUTERS, Columbia, Columbia University's Saltzman Institute of War, Peace Studies, NATO Summit, UN, Children's Clinic, Getty Images, Ukrainian Foreign, MOD, Moscow Locations: Ukraine, Kyiv, Okhmatdyt, Anadolu, Washington ,, Russia, Russian, Ukrainian

Microsoft reportedly said that it would give up its observer seat on the OpenAI board amid regulatory scrutiny into generative artificial intelligence in Europe and the U.S.Microsoft's Deputy General Counsel Keith Dolliver wrote a letter to OpenAI late Tuesday, according to multiple media reports, saying that the position had provided insights into the board's activities without compromising its independence. But the letter added that the seat was no longer needed Microsoft had "witnessed significant progress from the newly formed board," according to the Financial Times. CNBC has reached out to Microsoft and OpenAI for comment. The European Commission previously said Microsoft could face an antitrust investigation, as it looked at the markets for virtual worlds and generative artificial intelligence. The Commission, which is the executive arm of the EU, said in January that it is "looking into some of the agreements that have been concluded between large digital market players and generative AI developers and providers" and singled out the Microsoft-OpenAI tie-up as a particular deal that it will be studying.

Persons: Keith Dolliver, OpenAI Organizations: Microsoft, U.S, Microsoft's, Financial Times, CNBC, European Commission Locations: Europe

☆ Volkswagen shares slip as it considers Brussels plant closure on weak EV demand
▼ + stars: | 2024-07-10 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

A Volkswagen logo is seen at the New York International Auto Show Press Preview, in Manhattan, New York City, U.S., March 27, 2024. Volkswagen shares dipped Wednesday after the company issued an overnight profit warning and announced it was considering the potential closure of an Audi plant in Brussels. It noted that is also considering the restructuring or potential shutdown of its Audi plant in Brussels, where it employs 3,000 people, on the back of weak demand for the Audi Q8 e-tron line — a fully electric offering from the brand, launched in 2019. Automakers have contended with waning EV demand, with European brands facing the compounded challenge of a wave of discounted, state-subsidized rival vehicles produced in China. If it presses ahead, this would mark Volkswagen's first factory shutdown in nearly four decades, since the 1988 closure of its plant in the Westmoreland site in Alabama.

Organizations: New York, Auto, Volkswagen, Audi, EU Locations: Manhattan , New York City, U.S, Brussels, China, Westmoreland, Alabama

☆ China examining if EU is putting up ‘trade barriers’ as tensions intensify
▼ + stars: | 2024-07-10 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Earlier this year, the EU launched investigations into China’s state support for its wind turbine and solar panel suppliers. Now, China will investigate if the bloc’s probes violate the two sides’ economic treaty and if they have hurt the country’s trade with the 27 EU member states. The announcement comes just days after the provisional additional duties on imports of Chinese-made EVs into the EU came into effect. Beijing has spoken out strongly against the EU tariffs, saying it will make “all necessary moves” to safeguard China’s interests. According to Wednesday’s announcement, MOFCOM is launching its latest investigation in response to a June request by an industry group in China.

Persons: MOFCOM Organizations: Hong Kong CNN, China’s Ministry of Commerce, EU Locations: Hong Kong, EU, China, Beijing

CNN —For years, Airbnb has known some of its hosts have used hidden cameras to secretly spy on guests, invading their most private and intimate moments. A CNN investigation found the use of hidden cameras is a persistent problem in the industry. The Airbnb representative testified that the company generated 35,000 customer support tickets about surveillance devices in the preceding decade. An Airbnb spokesperson told CNN that a single report could create multiple tickets. Airbnb makes “every effort” to support police investigations of hidden cameras, the company told CNN in a written statement.

Persons: Airbnb, ” Airbnb, “ I’ve, ”, Kim van Sparrentak, “ Organizations: CNN, European Union, EU Locations: United States

☆ China EV maker BYD to build $1 billion plant in Turkey
▼ + stars: | 2024-07-09 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —China’s BYD, which vies with Tesla for the title of the world’s top maker of battery electric vehicles, has agreed to build a $1 billion car factory in Turkey, the Turkish government has announced. “We aim to meet the growing demand for new-energy vehicles in the region and reach consumers in Europe,” the statement cited BYD representatives as saying. The EU’s decision earlier this year imposed an extra 17.4% tariff on the vehicles BYD ships from China to the bloc, which also has a standard 10% duty on all car imports. Talks between the EU and China are expected to continue but, if no agreement is reached, the additional tariffs will become definitive in November. BYD already announced in December that it would build an EV factory in EU member Hungary, becoming the first major Chinese automaker to build passenger cars in Europe.

Persons: China’s, Tesla, Wang Chuanfu, Mehmet Fatih Kaci, Recep Tayyip Erdogan, BYD, hasn’t Organizations: Hong Kong CNN, Turkey’s Industry, Technology, European Union, EU, CNN Locations: Hong Kong, Turkey, Istanbul, Europe, China, Hungary

☆ France's Macron wanted to leave his mark on Europe — he may have just ruined his legacy
▼ + stars: | 2024-07-09 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +8 min

He's credited with creating the European Political Community, bringing leaders from across 50 states in the region to discuss shared challenges and to coordinate joint responses. For now, Macron has rejected his current Prime Minister Gabriel Attal's resignation and on Monday asked him to stay in the post "to ensure the country's stability." Subran stressed that it was vital that Macron was aligned with the future prime minister. It hasn't paid off, and France's uncertain political outlook will likely perturb France's European partners, one French political scientist told CNBC. French President Emmanuel Macron reviews troops that will take part in the Bastille Day parade, July 2, 2024 in Paris, France.

Persons: Emmanuel Macron, Sebastien Salom, Emmanuel Macron's, Macron, —, Tina Fordham, it'll, Fordham, Francois Hollande, Angela Merkel, He's, Germany —, Volodymyr Zelenskyy, Hollande, Gabriel Attal's, Ludovic Subran, Subran, Donald, Trump, — we're, CNBC's Charlotte Reed, it's, Macron's, hasn't, Philippe Marlière, France isn't, Aurelien Organizations: Afp, Getty Images, Fordham Global Foresight, CNBC, NATO, European Union, Socialist, Political, Russia, Ukrainian, Reuters, NFP, Monday, Allianz, U.S, Republican, NurPhoto, EU, University College London Locations: gomis, Europe, France, Washington, Ukraine, Germany, Kyiv, Paris, China, Brussels, Strasbourg, Russia

☆ Beware, Elon Musk — BYD just took its next step toward world domination
▼ + stars: | 2024-07-09 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers. Business Insider contacted BYD for comment but didn't immediately hear back. Turkey is part of the EU's Customs Union, and any BYD cars manufactured there could avoid the 17.4% additional tariff the EU slapped on BYD vehicles imported from China. Plans by Chinese EV giants BYD, MG, and Chery to build factories in Mexico have sparked concern among US officials over fears they could be used as a "backdoor" into the US market.

Persons: —, Elon, Mehmet Fatih, BYD, didn't, It's, Philip Nothard, Nothard, Elon Musk, Tesla Organizations: Service, Business, Union, EV, EU's Customs Union, BYD, Chery, Cox Automotive Locations: Turkey, Europe, China, Mexico, Germany

A CNN investigation found that Airbnb consistently fails to protect its guests despite knowing hidden cameras are a persistent concern within its industry. Video Ad Feedback A woman describes the moment she realized her Airbnb host had placed a hidden camera in her room. And, while hotels can be held legally responsible for guests harmed on their property, Airbnb frequently is not. In January, CNN began reaching out to former Airbnb employees to ask about hidden camera concerns within the industry. “Less than a month for every victim,” said Wyzynajtys, the guest who found Allee’s hidden camera.

Persons: Airbnb, ”, Brian Chesky, Chloe LeBrument, “, LeBrument, … it’s, Bianca Zuniga, Goldwater, “ I’ve, Comfort , Texas David Wyzynajtys, Airbnb’s, Wyzynajtys, ” Wyzynajtys, David Wyzynajtys, Austin Steele, CNN Wyzynajtys, Jay Allee, Allee, –, Vrbo, CNN Allee, Butch Matjeka, ” Matjeka, Kim van Sparrentak, Murray Cox, Cox, Shannon Schott, “ They’re, They’re, ” Schott, Jan Schakowsky, Kyung, ’ Allee, didn’t, Airbnb superhost Peter Madden, Madden, he’d, “ I’m, ” Madden, undressed, Patricia DiCarlo, Matt Lait, Logan Whiteside, Yahya Abou, Ghazala Organizations: CNN, Social, ” CNN, Hyatt Hotels Corporation, Marriott International, Ontario Airbnb, Police, Sheriff’s, European Union, EU, Communications, Facebook, Illinois, Democratic, Airbnb’s San, Attorney, Westbrook Police, Vrbo Locations: Texas, San Francisco, London , Ontario, Ontario, Comfort , Texas, Jay Allee Kendall, Allee’s, California, Kendall, Allee, United States, New York, York, Florida, Airbnb’s, Airbnb’s San Francisco, Chesky, Melbourne, Australia, Maine, Cumberland County

☆ Incumbents pay the price in year of global elections
▼ + stars: | 2024-07-09 | by ( Stephen Collinson | ) edition.cnn.com time to read: +13 min

And elections in Taiwan and South Korea proved the dynamism of the idea that free elections can promote stable governance. The two round French election system once again kept the far-right out of power on Sunday but Macron’s gamble didn’t exactly pay off. An era of political turmoil now looms with a hung parliament, a likely shaky coalition and instability ahead of the next presidential election in 2027. Kevin Coombs/ReutersIndonesiaPrabowo Subianto, a former army general, won the presidential election in the world’s fourth most populous nation, which is home to its largest Muslim population. IranIran wasn’t supposed to have a presidential election this year.

Persons: El, they’ve, Donald Trump’s, Joe Biden, Trump —, Ursula von der Leyen, Emmanuel Macron, Le, Macron, Keir Starmer, Kevin Coombs, Suharto, Narendra Modi, Adnan Abidi, Imran Khan, Nawaz, Asif Ali Zardari, Benazir Bhutto, Sheikh Hasina, Vladimir Putin, Alexey Navalny, Putin, El Salvador, Nayib Bukele, ”, Bukele, Claudia Sheinbaum Pardo, ObturadorMX, Claudia Sheinbaum, Andrés Manuel López Obrador, Sheinbaum, Lai Ching, Yoon Suk Yeol, André Ventura, Peter Pellegrini, Robert Fico, Fico, Nelson Mandela —, —, Macky Sall, Sall, Bassirou Diomaye Faye, Ebrahim Raisi, Ayatollah Ali Khamenei, Masoud Pezeshkian, ultraconservative Saeed Jalili, Pezeshkian Organizations: CNN, European Union, United States –, France, European People’s Party, Popular Front, Britain Voters, Conservative, Labour Party, Reuters, Reuters Indonesia Prabowo, Bharatiya Janata Party, BJP, Pakistan Muslim League, Pakistan People’s Party, Bangladeshi, Kremlin, El, El Salvador Strongman, El Salvador —, Getty, Democratic Progressive Party, Portugal Incumbents, Democratic Alliance coalition, Putin, Russian, South Africa Voters, National Congress, ANC, Democratic Alliance Locations: France, Britain, Iran, El Salvador, Slovakia, Russia, Indonesia, Mexico, South Africa, United States, India, Senegal, Taiwan, South Korea, Germany, London, Reuters Indonesia, Subianto, New Delhi, Reuters Pakistan, Pakistan, —, Bangladesh, South Asia, America, China, Beijing, Portugal, Ukraine, Europe, Senegal Senegal, Africa, Sall, Iran Iran, Islamic Republic

☆ Greece defends new six-day working week legislation, says it's an 'exceptional measure'
▼ + stars: | 2024-07-09 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

The Greek government has defended its new six-day working week policy, saying it is an "exceptional measure" that would only be applied in "specific circumstances." "It is important to note that this new regulation does not in any way affect the established 5-day/40-hour working week mandated by Greek law, nor does it establish a new 6-day working week," Greek Minister of Labour and Social Security Niki Kerameus told CNBC in emailed comments late last week. "All it does is provide only in limited circumstances for the option of an additional working day, as an exceptional measure." Especially for businesses that are not operational every day, "the additional working day option is permissible only in the case of an increased workload," Kerameus explained. "Most countries in Europe have similar provisions for exceptional additional working days.

Persons: Niki Kerameus, Kerameus Organizations: Labour, Social, CNBC, Organization for Economic Cooperation, Development, European Union Locations: Athens, Greece, U.S, EU, Europe

☆ 'Optics for the EU are not great,' says analyst on Hungarian PM Viktor Orban's Moscow visit
▼ + stars: | 2024-07-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Optics for the EU are not great,' says analyst on Hungarian PM Viktor Orban's Moscow visitBota Iliyas, analyst at Control Risks, joins CNBC's Silvia Amaro to discuss the ongoing fallout from Hungarian Prime Minister Viktor Orban's trip to Moscow, which sparked criticism from EU leaders.

Persons: Viktor Orban's Moscow, Bota Iliyas, CNBC's Silvia Amaro, Viktor Orban's Organizations: Control Locations: Hungarian, Moscow

☆ France is more divided than ever after run-off vote, professor says
▼ + stars: | 2024-07-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFrance is more divided than ever after run-off vote, professor saysArmin Steinbach, Jean Monnet professor of EU Law and economics at HEC Paris, comments on the outcome of the second round of the French election.

Persons: Armin Steinbach, Jean Monnet Organizations: EU Law, HEC Paris

☆ Beijing steps up probe into EU brandy imports as trade tensions deepen after tariffs on Chinese EVs
▼ + stars: | 2024-07-08 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Beijing has intensified its anti-dumping investigation into imports of European brandy. The announcement came on the same day as the European Commission’s additional provisional tariffs on imports of Chinese-made electric vehicles came into effect. On Saturday, the China Association of Automobile Manufacturers, a state-backed auto association, said it was “strongly dissatisfied” with the additional EU tariffs on Chinese EVs and considered them “unacceptable.”Major stakeholders are bracing for retaliatory moves by Beijing. China’s probe into Europe’s cognac is a tit-for-tat reaction to EU action on Chinese EVs, said Jean-Jacques Guiony, chief financial officer of LVMH (LVMH), at an economic conference on Saturday, according to a Reuters report. The European Commission, the EU’s executive arm, announced last month that it would hike tariffs on Chinese EVs.

Persons: “, Jean, Jacques Guiony, LVMH, Hennessy, ” Organizations: Hong Kong CNN —, EU, China Association of Automobile Manufacturers, EV, European Commission, of America Locations: Hong Kong, Hong Kong CNN — Beijing, China, Beijing, French, France, “ Beijing

☆ Belarus and China conduct joint military exercises right next to NATO and EU’s border
▼ + stars: | 2024-07-08 | by ( Isaac Yee | Ivana Kottasová | ) edition.cnn.com time to read: +2 min

CNN —China and Belarus announced they were holding joint military training exercises just miles from the border of Poland – a NATO and European Union member. Belarus’ Ministry of Defense said troops from China’s People’s Liberation Army arrived in Belarus over the weekend. The exercises are taking place near the Belarus city of Brest on the Belarus-Poland border which is around 130 miles from the Polish capital of Warsaw and some 40 miles from Minsk’s border with Ukraine. Moscow partly used Belarus as a launching pad for the full-scale invasion of Ukraine in February 2022 after amassing troops on the Ukrainian border during what it said were joint military exercises. The Chinese troops arrived in Belarus just days after that country joined the Shanghai Cooperation Organization (SCO) on Thursday.

Persons: Volodymyr Zelensky Organizations: CNN, NATO, European Union, Belarus ’ Ministry of Defense, China’s People’s Liberation Army, EU, Washington , D.C, China’s Ministry of Defense, Shanghai Cooperation Organization, SCO Locations: China, Belarus, Poland, China’s, weaponizing, Washington ,, Brest, Warsaw, Minsk’s, Ukraine, Moscow, Ukrainian, Russia, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, Beijing, Central Asia, United States

☆ Euro and French stocks subdued as France plunged into political limbo
▼ + stars: | 2024-07-08 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —French stocks and government bonds struggled to find direction Monday following surprise results in France’s parliamentary elections, which saw left-wing parties outperform the far right Sunday, leaving the country’s parliament facing gridlock. The yield, or return sought by investors, on benchmark 10-year bonds rose by a fraction of a percentage point to 3.22% by 8.09 a.m. But the premium traders demand to hold French bonds instead of the ultra-safe German equivalents was lower on the day. However, it was still a lot higher than before French President Emmanuel Macron called the snap elections on June 9. The value of the currency, which is shared by 19 other countries in the EU, has swung wildly since June 9.

Persons: Emmanuel Macron, Macron, France’s, “, ”, Holger Schmieding, “ unaffordable, Schmieding, Hanna Ziady Organizations: London CNN, European Union, Rabobank, EU Locations: gridlock, Europe’s, “, France, Paris, —

☆ Amazon's Asian rival Shein wants to be supply chain giant, but some fear Chinese cyber spying inside global trade links
▼ + stars: | 2024-07-08 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +13 min

Shein logistics software is in beta testing with select supply chain customers, according to a person familiar with its plans. "Shein's software could provide unprecedented access to sensitive supply chain data, which the Chinese government could seize under its laws. This exposure poses a direct threat to U.S. supply chain integrity, making it vulnerable to exploitation and manipulation." Even with a headquarters based in Singapore, company supply chain data could be subject to seizure by the Chinese. Shein's fast rise to dominance Shein's dominance lies in the company's hyper-flexible supply chain, according to a recent report from supply chain intelligence firm Zero100.

Persons: Jade Gao, Shein, cybersecurity, Lee Kair, Kair, Dewardric McNeal, McNeal, Ram Ben Tzion, Ben Tzion, Department of Homeland Security's, Shein's, Srini Cherukuri, Chris Xu's, Zero100, Eric Fullerton, Project44 Organizations: Shein, Afp, Getty, Transportation Security Administration, U.S, Authentic Holdings, Simon Property Group, Longview Global, Obama administration's Department of Defense, CNBC, Standards Organization, Secretariat, IAF, Microsoft U.S, EU, Social, International, Uyghur Forced Labor, Department of Homeland, Border Patrol, New York, ITS Logistics, Logistics Locations: Guangzhou, China's Guangdong, Jade, China, U.S, Exiger, Shein, Asia, Singapore, Frankfurt, Germany, Xinjiang Province, Customs, York, United States

☆ Hungary’s Orban holds talks with Xi during surprise Beijing visit, days after meeting Putin
▼ + stars: | 2024-07-08 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +4 min

The two leaders began their meeting at the Diaoyutai State Guesthouse Monday morning, Chinese state media reported. China is a “key power in creating the conditions for peace” in the war, Orban wrote in an X post Monday. “This is why I came to meet with President Xi in Beijing, just two months after his official visit to Budapest,” he added. Orban and Xi last met in May, when the Chinese leader was welcomed with fanfare for a state visit to Hungary. “Only unity and determination will pave the path to a comprehensive, just and lasting peace in Ukraine,” she added.

Persons: Viktor Orban, Xi Jinping, ” Orban, Xi, Orban, ”, Orban’s, Joe Biden, Vladimir Putin, –, Ursula von der Leyen, ” Putin, Putin, Jens Stoltenberg, Volodymyr Zelensky Organizations: Hong Kong CNN, West, NATO, Shanghai Cooperation Organization, of, European Union, Putin, ”, Ukrainian Locations: Hong Kong, Hungarian, Beijing, Moscow, Kyiv, Russia, Ukraine, Diaoyutai, Washington, Hungary, China, Russian, Kazakhstan, Europe, Budapest, ”

☆ French bond markets calm despite country hitting political gridlock
▼ + stars: | 2024-07-08 | by ( Matt Clinch | ) www.cnbc.com time to read: +3 min

Anadolu | Anadolu | Getty ImagesGovernment bond markets in France saw some selling early on Monday, but were fairly muted overall despite political gridlock after a second round of legislative elections. Jitters have spread through France's bond market in recent weeks. The 10-year yield topped 3.3% — a roughly 8-month high — after French President Emmanuel Macron called the snap parliamentary election in the middle of June. Meanwhile, the gap (or spread) between French bond yields and German bond yields had topped 85 basis points in recent weeks, hitting its highest level since 2012. He added that the chances of a confrontation with Brussels remained with the left-wing alliance, but not to the same extent as if the National Rally had won.

Persons: Emmanuel Macron, Emmanuel Macron's, —, David Roche, Digard, Kepler Cheuvreux Organizations: New, Republique, Anadolu, Getty, Government, European Commission, Sunday, Popular Front, Independent, National Rally, CNBC Locations: Paris, France, France's, London, Brussels

☆ Europe has overpromised on artillery shells to Ukraine and is making even less than it admits: investigation
▼ + stars: | 2024-07-08 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +3 min

Read previewEuropean claims about its capacity to produce artillery shells are wildly overblown, meaning it won't be able to supply Ukraine anywhere near the quantity it has promised, according to a new investigation. The European Commission claimed that, as of January this year, Europe's annual production capacity for 155 mm shells had reached one million shells a year. Related storiesOne source familiar with the industry said Europe would produce less than half a million shells by the end of the year, and said it was poor policy to pretend otherwise. Advertisement155mm shells have been a crucial staple for both sides of the conflict in Ukraine. As of May, Russia was able to produce artillery shells about three times faster than Ukraine's allies were able to, and for a quarter of the cost, Sky News reported.

Persons: —, Thierry Breton, Johanna Bernsel Organizations: Service, European Commission, Business, Internal, Radio Free, Rheinmetall, European, EU, Bloomberg, Sky News Locations: Ukraine, Estonian, Europe, Russia

☆ French President Macron’s snap election gamble 'did not pay off,' professor says
▼ + stars: | 2024-07-08 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Macron had called for a new legislative nationwide vote in France after the country's far-right party made significant gains in the European Union election last month. The gamble that French President Emmanuel Macron took when he called a snap election has not paid off, according to Armin Steinbach, Jean Monnet professor of EU Law and economics at HEC Paris. Macron's centrist Ensemble bloc is set to make up the second-largest group in parliament, followed by the RN and its allies. Just because the far-right did not perform as they had hoped in this election does not mean they should be discounted for the presidential election in 2027, Steinbach added. "For today it's a loss for them, … but it doesn't tell us anything about the 2027 presidential election.

Persons: Macron, Steinbach, CNBC's Charlotte Reed, Emmanuel Macron, Armin Steinbach, Jean Monnet, Tina Fordham, CNBC's, Fordham, HEC's Steinbach Organizations: Popular Front, Interior Ministry, Union, EU Law, HEC Paris, Fordham Global Insight, European Union Locations: Paris, France, Steinbach

A woman steps out of a polling booth prior to cast her vote in the first round of parliamentary elections in Le Touquet, northwestern France, on June 30, 2024. LONDON — France's left-wing New Popular Front coalition is set to unexpectedly win the most seats in the second round of the country's parliamentary election but fail to clinch an absolute majority, early data showed. By offering voters a starker choice and fewer candidates, RN's opponents hoped that the electorate would choose the non-RN candidate. The prime minister must leave," Jean-Luc Melenchon, leader of the France Unbowed party, said in a CNBC-translated social media update after the release of the early poll data. The final round of the election shows that voters, ultimately, have rejected Macron.

Persons: France's, France Unbowed, Ipsos, Emmanuel Macron's, —, pollster Ipsos, Jean, Luc Melenchon, Macron, Melenchon, Macron's Organizations: LONDON, Popular Front, Socialists, CNBC, NFP, National Rally Locations: Le Touquet, France, Europe's

☆ What a hung parliament in France could mean for markets
▼ + stars: | 2024-07-07 | by ( Matt Clinch | ) www.cnbc.com time to read: +4 min

Emmanuel Dunand | Afp | Getty ImagesInitial indications on Sunday evening for the French parliamentary run-off vote threw up some big surprises, leaving political commentators contemplating a "hung parliament" scenario that could prove challenging for both policymaking and financial markets. With none of the groups expected to hit the 289 seats needed for an absolute majority, gridlock could ensue over the coming weeks. The euro slipped about 0.3% against the U.S. dollar in thin trading on Sunday evening after the exit polls were released. "Regardless, uncertainty about the outlook for French policymaking is likely to be long-lasting," the analysts said. France is facing a challenging fiscal position, and the European Commission announced two weeks ago that it intended to place France under an Excessive Deficit Procedure due to its failure to keep its budget deficit within 3 percent of gross domestic product.

Persons: Emmanuel Dunand, France's, Emmanuel Macron's, policymaking, Jack Allen, Reynolds, Macron, David Roche Organizations: la Republique, Afp, Getty, Popular Front, Rassemblement National, U.S, Citi, Daiwa, European Commission, Capital Economics, Independent, National Rally Locations: France, la, Paris, Italy, Germany

☆ The UK used to be a European tourism hot spot. Here’s how it all went wrong
▼ + stars: | 2024-07-06 | by ( Julia Buckley | ) edition.cnn.com time to read: +14 min

Tax-free shopping for tourists has been axed, and EU visitors now need a passport to visit, which most don’t have. Matt Cardy/Getty ImagesAs a result of Brexit, in 2021 the UK government abolished tax-free shopping for non-EU citizens. It means the UK is now the only European country not offering tax-free shopping to visitors from outside the continent. “The impact of losing tax-free shopping is clear to see,” says Dee Corsi, chief executive of the NWEC. “Whilst the likes of Italy and France are actively leveraging tax-free shopping as a driver of growth, British businesses continue to trade at a disadvantage.

Persons: CNN —, Rishi Sunak, what’s, JC Milhet, Hans Lucas, Tom Jenkins, ”, “, ” Patricia Yates, Kayla Zeigner, Marcy Zyonse, We’ve, –, Yates, ” There’s, Zeigler, Zyonse, ’, Owen Humphreys, VisitBritain, That’s, she’s, Keir Starmer, VisitBritain's Yates, Phil Noble, ” “, Marcus Lee, hasn’t, Matt Cardy, Dee Corsi, Jenkins, “ It’ll, King Charles, John Sibley, London “, Mia, ” She’ll, Britain Organizations: CNN, UK’s Labour Party, Conservative, Labour, Getty, European Tourism Organisation, VisitBritain, Destination, Tourism, New, London, ”, UK, “, China Travel, Visitors, West End Company Locations: Britain, Italy, Luxembourg, London, AFP, Europe, Caribbean, Greece, Lake, Ireland, It’s, Spain, France, New York, ”

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