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☆ Belgium Arrests EU Lawmaker, Four Others in Corruption Probe Linked to European Parliament
▼ + stars: | 2022-12-09 | by ( Kim Mackrael | Laurence Norman | ) www.wsj.com time to read: 1 min

The European Parliament in Brussels is at the center of a Belgian investigation into an alleged influence campaign. BRUSSELS—Belgian police detained for questioning a senior European Parliament lawmaker and four other people on Friday in connection with an alleged influence campaign that prosecutors suspect was orchestrated by a Gulf state and targeted the European Union’s legislative body. Two people familiar with the case said the country was Qatar.

☆ UK announces major overhaul of its financial sector in attempt to spur growth
▼ + stars: | 2022-12-09 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

The U.K. government on Friday announced extensive reforms to financial regulation that it says will overhaul EU laws that "choke off growth." Finance Minister Jeremy Hunt said he wanted to ensure the U.K.'s status as "one of the most open, dynamic and competitive financial services hubs in the world." "And we will go further – delivering reform of burdensome EU laws that choke off growth in other industries such as digital technology and life sciences." Researchers at the London School of Economics said earlier this year that financial services will be among the sectors worst hit by Brexit. Another proposed reform would see regulators' remit increased to include facilitating the competitiveness of the U.K. economy, particularly the financial services sector.

☆ UK's new finance reforms part of a 20-year plan to be 'world's next Silicon Valley,' minister says
▼ + stars: | 2022-12-09 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

The U.K. government has announced sweeping reforms to the regulation of its financial services industry, which it hopes will unlock future growth prospects. Mike Kemp | In Pictures | Getty ImagesLONDON — Sweeping reforms to the U.K.'s financial services sector should mark the first stage in a 20-year plan for Britain to become the next Silicon Valley, Finance Minister Jeremy Hunt said Friday. "We should have a 20-year plan to be the world's next Silicon Valley," Hunt said via video call during a conference hosted by the Financial Times. Jeremy Hunt UK finance ministerThe finance minister was speaking from Edinburgh, Scotland, where earlier Friday he unveiled an extensive overhaul of the U.K.'s financial regulation system. U.K. Finance Minister Jeremy Hunt has said Britain should have a "20-year plan" to become the world's next Silicon Valley.

☆ The clock is ticking for Apple. It officially has 24 months to release a USB-C iPhone under new EU rules.
▼ + stars: | 2022-12-08 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +4 min

The European Union set an official deadline for when smartphones sold there must have a USB-C port. Apple previously confirmed it will comply with EU rule, but doesn't seem happy about the requirement. A port-free iPhone that only charges wirelessly may also technically follow the new EU rule, but would represent a bigger shift. EU lawmakers agreed in June to legislation that requires all phones, tablets, and cameras sold in the EU that use wired charging to have the USB-C port. Apple iPhones use the Lightning charging port now for wired charging, and the European market is an important one for Apple that it can't ignore.

☆ EU agrees law preventing import of goods linked to deforestation
▼ + stars: | 2022-12-06 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

BRUSSELS, Dec 6 (Reuters) - The European Union agreed on Tuesday on a new law to prevent companies from selling into the EU market coffee, beef, soy and other commodities linked to deforestation around the world. Negotiators from EU countries and the European Parliament struck the deal on the law early on Tuesday. Failure to comply could result in fines of up to 4% of a company's turnover in an EU member state. EU countries and the European parliament must now formally approve the legislation. The EU said it would work with affected countries to build up their capacity to implement the rules.

At an EU economics and finance ministers' meeting in Brussels, Hungarian minister Mihaly Varga confirmed his government's opposition to supporting Ukraine with the loan. Hungary has said it would not take part in joint EU borrowing for Ukraine, though Budapest has said it would provide bilateral assistance. But this is not how Hungary's decision to block the EU loan has been received by all. Locked in a tug-of-war with Hungary, the ministers decided to take off their agenda on Tuesday any decision about 7.5 billion euros in EU funds earmarked for Hungary, according to EU officials. International watchdogs say he has channelled EU funds to his inner circle over the years, entrenching himself in power.

☆ EU countries' stance on AI rules draws criticism from lawmaker, consumer group
▼ + stars: | 2022-12-06 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, Dec 6 (Reuters) - EU countries on Tuesday agreed a common position on draft artificial intelligence rules ahead of negotiations with EU lawmakers to thrash out the details, but drew criticism for not adequately addressing the issue of facial recognition. The European Commission proposed the AI rules last year, seeking to catch up with China and the United States in a technology used in smartphones, computers, self-driving cars, online shopping and advertising, and factories. The draft rules need to be hashed out with EU countries and EU lawmakers next year before they can be implemented. EU lawmakers have yet to reach agreement on their common position. The countries agreed to exclude national security, defence and military purposes from the AI rules, according to a statement from the Council of the European Union.

☆ Exclusive: U.S. Chamber of Commerce warns against draft EU plan to exclude non-EU cloud vendors
▼ + stars: | 2022-12-01 | by ( Foo Yun Chee | ) www.reuters.com time to read: +3 min

REUTERS/Paresh Dave/File PhotoBRUSSELS, Dec 1 (Reuters) - The U.S. Chamber of Commerce and 12 other groups on Thursday warned the European Union against adopting rules that could exclude Amazon (AMZN.O), Alphabet (GOOGL.O) unit Google, Microsoft (MSFT.O) and other non-EU cloud services providers from the European market. ENISA's draft dated May seen by Reuters sets out requirements for a certified cloud service provider (CSP) aimed at preventing and limiting interference from non-EU states with the operation of certified cloud services. "If other countries were to pursue similar policies, European cloud providers could see their own opportunities in non-EU markets dwindle," they said. Not all cloud services," a spokesperson said. The size of the global government cloud market is expected to reach $71.2 billion by 2027 from $27.6 billion in 2021, according to market research firm Imarc Group.

☆ EU strikes deal to make ships pay for their carbon emissions
▼ + stars: | 2022-11-30 | by ( Kate Abnett | Moushumi Basu | ) www.reuters.com time to read: +2 min

The shipping sector has so far escaped the EU carbon market, which requires factories and power plants to buy permits when they emit carbon dioxide, providing a financial incentive to emit less. That is set to change from 2024, when shipping companies will have to buy EU carbon permits to cover 40% of their emissions, rising to 70% in 2025 and 100% in 2026. The deal, agreed late on Tuesday by lawmakers and negotiators from the 27-country bloc, would add to the carbon market all carbon dioxide, methane and nitrogen dioxide emissions from maritime voyages within the EU. Negotiators also agreed to dedicate revenues from the sale of 20 million EU carbon permits to fund maritime emissions-cutting projects. EU negotiators will attempt to agree the rest of the carbon market upgrade by Dec. 17, and then formally rubber-stamp the law.

☆ EU Official Warns Elon Musk Changes Needed at Twitter
▼ + stars: | 2022-11-30 | by ( Kim Mackrael | Sam Schechner | ) www.wsj.com time to read: 1 min

Elon Musk has made several changes to Twitter, including broad layoffs, sparking questions about its ability to comply with a new EU law. BRUSSELS—A top European official warned Elon Musk that Twitter Inc. would need to make significant changes to comply with a new European Union law governing social-media platforms and content moderation. Thierry Breton , the EU’s commissioner for the internal market, held a video call with Mr. Musk on Wednesday to discuss the new legislation, called the Digital Services Act. He said Mr. Musk—who completed his purchase of Twitter in October—stated he planned to get the service ready for the new rules, but Mr. Breton added that more work would be needed.

☆ Huge trade partner and ‘systemic rival.’ Europe has a China problem
▼ + stars: | 2022-11-30 | by ( Anna Cooban | ) edition.cnn.com time to read: +8 min

The Covid-19 pandemic, Russia’s invasion of Ukraine, and tit-for-tat sanctions between China and EU lawmakers have strained relations since. The total value of the goods trade between China and Europe hit €696 billion ($732 billion) last year, up by nearly a quarter from 2019. China was the third largest destination for EU goods exports, accounting for 10% of the total, according to Eurostat data. Even so, the United States may exert more pressure on Europe to pull away from China, Borges de Castro noted. EU investment into China has also become more concentrated.

☆ EU sets out plans to shift derivatives clearing from London to Frankfurt
▼ + stars: | 2022-11-28 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

The loss of clearing in contract worth trillions of euros would be a further knock to the City as it faces new competition from EU financial centres like Paris and Frankfurt, alongside longstanding rivals such as New York and Singapore. Global banks have warned Brussels they could clear contracts in the United States if the EU is too heavy-handed. The commission is due to publish the draft law on Dec. 7, with the European Parliament and EU states having the final say. Global banks have warned Brussels that heavy, mandatory action forcing them to shift euro derivatives clearing out of London would backfire on EU banks, who need access to global liquidity pools in London, and could send clearing activity to the United States. The draft law tentatively proposes requiring EU clearers of commodity derivatives to hold a standalone default fund for that particular asset.

☆ Musk plans to relaunch Twitter premium service, again
▼ + stars: | 2022-11-25 | by ( Associated Press | ) www.nbcnews.com time to read: +5 min

LONDON — Elon Musk said Friday that Twitter plans to relaunch its premium service that will offer different colored check marks to accounts next week, in a fresh move to revamp the service after a previous attempt backfired. Twitter previously suspended the premium service, which under Musk granted blue-check labels to anyone paying $8 a month, because of a wave of imposter accounts. Originally, the blue check was given to government entities, corporations, celebrities and journalists verified by the platform to prevent impersonation. In the latest version, companies will get a gold check, governments will get a gray check, and individuals who pay for the service, whether or not they’re celebrities, will get a blue check, Musk said Friday. It’s also likely to put the company on a crash course with European regulators seeking to clamp down on harmful online content with tough new rules.

☆ EU ministers seek to ease tensions on migration after France-Italy spat
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +3 min

BRUSSELS, Nov 25 (Reuters) - EU interior ministers sought to ease resurgent tensions over illegal migration at an emergency meeting on Friday, after the fate of migrants rescued in the Mediterranean triggered harsh words between Paris and Rome. "Everyone agrees not to repeat this kind of situation," European Commissioner Margaritis Schinas said after the meeting, referring to tensions over the Ocean Viking. While no concrete decision was taken, ministers welcomed a 20-point action plan proposed by the European Commission to address surging migration in the central Mediterranean. One focus of that plan was to seek to strengthen cooperation with third countries, including steps to prevent departures from North Africa. Southern EU countries, including Italy, Spain and Greece, where most migrants arrive, say there is too much pressure on them and EU states to the north are not helping them enough.

☆ Twitter is removing less hate speech and taking longer to review it, fresh data on social media disinformation shows
▼ + stars: | 2022-11-25 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

The EU has published its latest data on social media platforms reviewing hate speech. It sent over 3,600 notifications of hate speech to six companies, which also included Facebook, TikTok, and Instagram. Facebook received the most at 1,558, while Twitter was the only other company to see more than 1,000 hate speech reports. Facebook, YouTube, Instagram, and the French gaming site Jeuxvideo also reviewed less hate speech reports within 24 hours this year. YouTube was the only platform to improve its removal rate of hate speech this year, going from 58.8% to 90.4%.

☆ The Twitter office responsible for complying with European misinformation laws has been shut down after Elon Musk's layoffs
▼ + stars: | 2022-11-24 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Twitter has closed down its office in Brussels, the home of the EU, per the Financial Times. Its digital policy chiefs, who had been working to comply with new misinformation laws, left the company last week. The pair worked on Twitter's compliance with landmark Big Tech laws which came into effect in the EU last week. Vera Jourova, the EU vice-president who's in charge of the disinformation code, told the Financial Times she was concerned about the closing of the Brussels office. But now the Brussels office has closed its doors, Twitter's relationship with the EU will be tested.

☆ EU countries back billion-euro chip plan ahead of talks with lawmakers
▼ + stars: | 2022-11-23 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

EU envoys unanimously backed an amended version of the European Commission's proposal, the Czech Republic which holds the rotating EU presidency said. European Union ministers will meet on Dec. 1 to rubber stamp the chip plan that will still need to be debated with the European Parliament next year before it can become law. Europe's share of chip production stands at 8%, down from 24% in 2000. EU countries also sought to curb the powers of the Commission, the EU executive, saying its requests to companies for information during a crisis must be proportionate and security-focused, an EU document seen by Reuters showed. The Commission had earmarked money from research programmes and unspent funds from other schemes, drawing criticism from some EU countries that this could unfairly benefit countries that already have chip facilities or are set to attract chipmakers.

Sunak told business leaders at a Confederation of British Industry (CBI) conference he was "unequivocal" that Britain should pursue its own agenda on regulation and migration. "On trade, let me be unequivocal about this: under my leadership, the United Kingdom will not pursue any relationship with Europe that relies on alignment with EU laws," Sunak said. [1/3] British Prime Minister Rishi Sunak speaks during the Confederation of Biritish Industry (CBI) conference in Birmingham, Britain November 21, 2022. And having the regulatory freedom to do that is an important opportunity of Brexit," Sunak said. "Let's have economic migration in areas where we aren't going to get the people and skills at home anytime soon.

☆ Crypto startup Ripple is seeking a license in Ireland to drive EU expansion
▼ + stars: | 2022-11-18 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

Jack Taylor | Getty Images News | Getty ImagesU.S.-based crypto company Ripple no longer derives most of its income from America and is looking to expand its reach in Europe, its top lawyer said. Its commitment to invest in Europe comes despite a deep downturn in crypto markets that's been referred to as "crypto winter." watch nowThe Irish central bank previously handed a VASP license to crypto exchange Gemini. Last week, the shock collapse of Sam Bankman-Fried's crypto exchange FTX sent cryptocurrencies into a tailspin. As a private company, Ripple doesn't disclose its revenues publicly.

☆ U.K. Government Seeks Further Easing of Data Protection Rules
▼ + stars: | 2022-11-17 | by ( Catherine Stupp | ) www.wsj.com time to read: +3 min

If U.K. data protection law strays too far from the European Union’s General Data Protection Regulation, however, an existing legal deal known as an adequacy agreement between the two jurisdictions could be jeopardized, privacy experts say. Relaxing some data rules could save the U.K. an estimated £12 billion, equivalent to $14 billion, each year, Mr. Rowland said. The U.K. has had two changes of government since data laws were proposed this summer. The EU officials who oversee the arrangement have said they could suspend the system if British data protection laws change too dramatically. The draft data protection legislation would loosen some aspects of the GDPR such as requirements for companies to obtain permission from individuals for their data to be tracked online.

In September, it also recommended suspending a further 7.5 billion euros, or 65% of development funds envisaged for Hungary in the coming years, over corruption. But the promised reforms mark a change from years when, according to rights watchdog groups, Orban had channelled EU funds to his close associates, enriching them and ensuring their loyalty. Hungary had irregularities in nearly 4% of EU funds spending in 2015-19, according to the bloc's anti-fraud agency OLAF, by far the worst result among the 27 EU member states. Raising the stakes further, Hungary has blocked some unrelated EU decisions, from a minimum global corporate tax to 18 billion euros of planned support for war-torn Ukraine. "They are going to give the money," Gwendoline Delbos-Corfield, a Green French lawmaker, said of decisions she expected from the Commission and EU member states.

☆ EU agrees law to remove CO2 with woodlands and other carbon sinks
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

The law sets a target of removing 310 million tonnes of CO2 equivalent by 2030 through the use of soil, trees, plants, biomass and timber. Binding targets are to be set for all 27 EU members, aimed at progressively increasing absorptions and reducing emissions so that the EU-wide objective is reached. Currently, EU countries have to ensure they compensate emissions from land use and forestry with at least an equivalent amount of carbon removal. Under the new law, from 2026 removals of CO2 need to exceed emissions. The bloc struck a deal last month on a law effectively banning the sale of new petrol and diesel cars from 2035 and on Tuesday agreed to a law that sets national targets to reduce carbon emissions.

BRUSSELS, Nov 11 (Reuters) - Belgium, Greece, Italy and Poland on Friday threatened to block a new set of European Union steps to alleviate an acute energy crunch because they are angry that a gas price cap is not among detailed proposals, diplomats said. Persistent disagreements between the 27 EU countries raise the prospect that the bloc's energy ministers will not be able to give a final approval to the cap at a meeting on Nov. 24 as had been expected. The four countries told a meeting of national envoys to the European Union that they wanted a comprehensive proposal on the cap from the EU's executive European Commission before Nov. 24, according to four diplomatic sources. The European Commission - which drafts EU laws for approval by member countries - reacted by promising to put forward an outline of a gas cap in time for the discussion on Nov. 24. But they could if they build a broader coalition among most of the EU states that have been calling for months for a gas cap to bring down high market prices.

Global regulators have called on the EU and ISSB to make their climate disclosures interoperable to avoid competing norms confusing cross-border investors. An advisory body is due to present technical guidance to the European Commission on how to implement the disclosures. The ISSB hopes the EU could move towards its definition of materiality, which is drawn from accounting norms already being applied by EU companies in financial statements. The U.S. Securities and Exchange Commission, however, is facing pressure to ditch Scope 3 from its draft climate disclosures. It said it will apply the ISSB's climate disclosure standard in its work.

☆ EXCLUSIVE EU countries, lawmakers likely to clinch deal next week on satellite internet system, sources say
▼ + stars: | 2022-11-09 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, Nov 9 (Reuters) - EU countries and European Parliament lawmakers are likely to reach a deal on a 6-billion-euro ($6 billion) satellite internet system next week, people familiar with the matter said on Wednesday, driven by the bloc's push to cut its dependency on foreign companies and the Ukraine war. The European Commission announced the initiative to build and operate a satellite internet system in February, part of EU industry chief Thierry Breton's campaign for strategic autonomy. Officials from EU countries and EU lawmakers will meet on Nov. 17 in what is expected to be the last meeting to thrash out final details, the people said. The proposed satellite internet system could lead to the construction and launch of up to 170 low orbit satellites between 2025 and 2027. The companies active in this area include Elon Musk's SpaceX, Amazon's (AMZN.O) Kuiper Systems and British satellite company OneWeb.

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