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☆ There's more balance now between workers and employers demands, says Teneo's Ursula Burns
▼ + stars: | 2023-08-14 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's more balance now between workers and employers demands, says Teneo's Ursula BurnsUrsula Burns, Uber & Endeavor Board Member, Teneo Chairman and Former Xerox CEO, joins 'Last Call' to talk headwinds facing boardrooms right now, recessionary risks ahead, the labor market and more.

Persons: Teneo's Ursula Burns Ursula Burns Organizations: Uber & Endeavor, Xerox

☆ Watch CNBC's full interview with Fmr. Xerox CEO Ursula Burns
▼ + stars: | 2023-08-14 | 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 EmailWatch CNBC's full interview with Fmr. Xerox CEO Ursula BurnsUrsula Burns, Uber & Endeavor Board Member, Teneo Chairman and Former Xerox CEO, joins 'Last Call' to talk headwinds facing boardrooms right now, recessionary risks ahead, the labor market, A.I.

Persons: Ursula Burns Ursula Burns Organizations: Fmr, Xerox, Uber & Endeavor

☆ Europe wants China in its corner on Ukraine. But their relations are a tricky balancing act
▼ + stars: | 2023-08-12 | by ( Luke Mcgee | ) edition.cnn.com time to read: +10 min

CNN —European officials took some small comfort when China attended a summit in Jeddah, Saudi Arabia, last weekend. The only downside is how it makes others think about China.”It’s no secret that China’s relationship with Europe has become tetchy. Multiple officials explained to CNN that the relationship with China is in a sort of stasis that tries to balance what Europe needs versus what Europe wants. Europe still imports vastly more from China than it exports, a reflection of the level of dependency it has on China. In 2023, European officials know that China represents a major security concern and that becoming overly dependent on China is a risk.

Persons: it’s, Vladimir Putin, “, ”, Wang Yi, Sergey Lavrov, Putin, China’s Xi Jinping, It’s, Russia –, Moscow’s, ” Alicja, €, Ursula von der Leyen, Xi Jinping, Emmanuel Macron, Jacques Witt, they’re, Sam Goodman, Goodman, Charles Parton Organizations: CNN, EU, “, Russia, Saudi Press Agency, Reuters, European Council, Foreign Relations, Europe, Investment, Beijing, European Commission, East, Risks Institute, Putin’s, Huawei Locations: China, Jeddah, Saudi Arabia, Ukraine, Beijing, Russia, Russian, Alaska, Europe, Washington, Brussels, Eurasia, Taiwan, France, Germany, Spain, Guandong, Guangzhou, Reuters Brussels, West, Putin’s Moscow, America

Investors have been jittery about the strength of domestic travel demand, as recent fare data shows ticket prices have peaked. Like leisure carrier Alaska Air (ALK.N), JetBlue said soaring demand for long-haul international trips has led to a drop in domestic travel. While JetBlue expects the trend to improve in the fourth quarter, around the winter holidays, it is still estimated to hurt the company's full-year earnings. JetBlue now expects full-year adjusted profit of 5 cents to 40 cents per share, compared with its previous forecast of 70 cents to $1 per share. Profit for the second quarter came in at 45 cents per share, compared with analysts' average estimate of 44 cents per share, according to Refinitiv data.

Persons: Chris Helgren, Pratt, Ursula Hurley, Rajesh Kumar Singh, Anil D'Silva, Jan Harvey Organizations: JetBlue, Newark Liberty International Airport, REUTERS, JetBlue Airways, American Airlines, NYSE, Investors, Carriers, Alaska Air, Pratt & Whitney, Airbus, Pratt, Whitney, Thomson Locations: New York City, New Jersey, U.S, York, Boston, New York, Chicago, Bengaluru

☆ From Washington to Warsaw, a ‘greenlash’ is picking up steam despite extreme heat
▼ + stars: | 2023-08-01 | by ( Sam Meredith | ) www.cnbc.com time to read: +7 min

A pushback against climate policies is not just a U.S. issue. Reprisals over climate policies come at a time of record-breaking extreme heat across the globe, with July poised to be the hottest month in human history. Ruling party leader Jarosław Kaczyński described the bloc's green policies as "madness" and akin to "green communism." "At the moment, it looks like green parties are not doing going fantastically well. "The IRA is called an IRA, it is not called a climate act because there's no way that you could get Democrats and Republicans to agree on something called climate," Tocci said.

Persons: Henry Nicholls, Ron DeSantis, DeSantis, ESG, —, Kevin McCarthy, Drew Angerer, Nathalie Tocci, Tocci, U.N, António, Sadiq Khan's, Jarosław Kaczyński, Emmanuel Macron, Alexander De Croo, Ursula von der, Kenzo Tribouillard, Joe Biden's, Mark Rutte's, …, Jan Willem Erisman, Mateusz Morawiecki, Michal Hetmanski Organizations: Afp, Getty, Republican Gov, House, Biden, U.S, Capitol, Istituto, CNBC, Farmer, Movement, Internazionali, Belgian, Belgium's, IRA, BBB, Farmers, Anadolu Agency, Getty Images, Leiden University Locations: London, Marble, U.S, Europe, Florida, Washington ,, Italian, Poland, Ostend, European, Netherlands, The Hague, Polish, Warsaw

It has yet to disburse a $131.5 million loan to Niger that was approved on July 5, it added. The interior minister, transport minister, and a deputy had already been detained, it added. The arrests confirm the "repressive and dictatorial" nature of the coup leaders, the party said in a statement, calling on citizens to come together to protect democracy. The arrests were announced a day after Chadian President Mahamat Idriss Deby arrived in Niger to try to mediate between the coup leaders and the ousted government. Yevgeny Prigozhin, the head of Russia's Wagner mercenary group, last week welcomed the coup in Niger, and said his forces were available to restore order.

Persons: Niger's, Mohamed Bazoum, Mahamane Sani Mahamadou, Issoufou Mahamadou, Mahamat Idriss Deby, Deby, Bazoum, Ursula von der Leyen, Emmanuel Macron, Abdourahamane Tiani, Yevgeny Prigozhin, Russia's Wagner, Antonio Tajani, Boureima Balima, Abdel, Kader Mazou, Anait Miridzhanian, Bate Felix, Nellie Peyton, Sofia Christensen, Alexander Winning, Bernadette Baum, Andrew Heavens, Nick Macfie Organizations: International Monetary Fund, IMF, CFA, West, African Union, European Union, Islamic, Junta, Nigerien Party for Democracy and, Chadian, ECOWAS, EU, REUTERS, Twitter, French Foreign Ministry, Paris, White, Thomson Locations: NIAMEY, Niger, West, Central Africa, United States, France, Islamic State, al Qaeda, EU, U.S, Nigerien, Niamey, Mali, Burkina Faso, Russia, Niger's

☆ EU ready to strengthen maritime security cooperation with the Philippines
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

[1/4] Philippine President Ferdinand Marcos Jr., claps beside European Commission President Ursula von der Leyen, after signing ceremonies at the Malacanang Presidential Palace in Manila, Philippines, July 31, 2023.Aaron Favila/POOL via REUTERSMANILA, July 31 (Reuters) - The European Union is ready to strengthen cooperation with the Philippines on maritime security, European Commission President Ursula von der Leyen said on Monday, as she stressed the importance of a free and open Indo-Pacific region. She was speaking after a meeting with Philippine President Ferdinand Marcos Jr. in Manila where the two leaders discussed a range of issues from security and trade to climate change. "We are ready to strengthen the cooperation with the Philippines on maritime security in the region by sharing information, conducting threat assessment and building the capacity of your coast guard," she said in a joint press conference with Marcos. Von der Leyen on Monday reaffirmed the EU's support for a 2016 international arbitration ruling that invalidated Beijing's expansive claims, saying the ruling is legally binding and provides the basis for resolving disputes peacefully. Von der Leyen also said the European Union will support the Philippines' fight against climate change, which is a priority for Marcos as he pushes to increase renewables in the country's power mix to 35% by 2030.

Persons: Ferdinand Marcos Jr, Ursula von der Leyen, Aaron Favila, Marcos, Von der Leyen, Karen Lema, Neil Jerome Morales, Kanupriya Kapoor Organizations: Philippine, European, REUTERS, European Union, Thomson Locations: Manila, Philippines, REUTERS MANILA, The Philippines, United States, China, South China, European

☆ Tunisia migration deal a model for others, EU's von der Leyen says
▼ + stars: | 2023-07-23 | by ( ) www.reuters.com time to read: +1 min

ROME, July 23 (Reuters) - The European Union's pact with Tunisia can serve as a model for other countries, European Commission President Ursula von der Leyen said on Sunday, as the EU struggles to stem unauthorised flows of migrants across the Mediterranean. The EU and Tunisia last week signed a "strategic partnership" deal that includes cracking down on human traffickers and tightening borders. Europe also pledged 1 billion euros ($1.1 billion) in aid to help Tunisia with its battered economy and rescue state finances. For partnerships with other countries in the region," von der Leyen told a conference in Rome. New strategic partnerships would incorporate economic development, trade and investment, with mutual advantages in areas such as climate and renewable energy.

Persons: Ursula von der Leyen, von der Leyen, Angelo Amante, Foo Yun, Keith Weir Organizations: European, Thomson Locations: Tunisia, EU, Europe, Rome, Egypt, Morocco

But she said more needed to be done to prevent migrants trying to make the perilous Mediterranean crossing via unauthorised means. European Commission President Ursula von der Leyen echoed Meloni's point about offering legal routes into the 27-nation European Union (EU). Europe has pledged 1 billion euros ($1.1 billion) in aid to help Tunisia with its battered economy, with 100 million euros speficially earmarked for tackling illegal migration. The EU could work with countries such as Tunisia in expanding their production of renewable energy to the benefit of all, she added. Conference host Italy is struggling to cope with the number of unauthorised migrants arriving in centres such as its far southern island of Lampedusa.

Persons: Giorgia Meloni, Meloni, Ursula von der Leyen, von der Leyen, Mohamed al, POPE, Peter's, Pope Francis, COVID, Antonio Tajani, Ahmed Elumami, Foo Yun Chee, Conor Humphries Organizations: European Union, Presidential, Conference, EU, Thomson Locations: Italian, Rome, Europe, Italy, EU, Tunisia, St, Africa, Lampedusa, Tripoli, Brussels

☆ Tunisia’s president is accused of racism and dictatorship. He’s now getting a billion euros from Europe
▼ + stars: | 2023-07-19 | by ( Ivana Kottasová | ) edition.cnn.com time to read: +9 min

“Since 2011, the European Union has been supporting Tunisia’s journey of democracy,” said European Commission President Ursula von der Leyen after signing the agreement. But these difficulties can be overcome.”Several European lawmakers and human rights organizations have warned that any agreement that doesn’t include human rights assurances would be seen as an endorsement of Saied’s anti-democratic policies. Values lose.”Saied rose to power in 2019 after the death of Tunisia’s first democratically elected president Beji Caid Essebsi. The EU is cooperating with Tunisia on migration despite serious allegations of human rights abuses against migrants on Tunisia’s part. It brokered a similar agreement with Libya in 2017 despite documented human rights violations there.

Persons: Kais Saied, ”, Ursula von der Leyen, Sophie, Veld, ” Camille Le Coz, Tunisia’s, Beji Caid, Saied, von der Leyen, Georgia Meloni, Mark Rutte, Tunisia “, ” Max Gallien, ” Le Coz, ’ Gallien, Gallien Organizations: CNN, European Union, Civil Liberties, Justice, Home Affairs, Migration, Dutch, European Commission, EU, UN Refugee Agency, UN, Institute of Development Studies, University of Sussex, European Council, Commission, Libya Locations: Tunisia, Europe, ‘, Brussels, Italian, Tunis, Italy, Hungary, Poland, Netherlands, France, Germany, EU, Africa, Libya

☆ Russia axes landmark Ukraine grain deal just hours before deadline
▼ + stars: | 2023-07-17 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

First inked in July 2022, the U.N.-brokered Black Sea Grain Initiative has been repeatedly elongated in short increments, amid increasing discontent from Russia over perceived restrictions that limit the full dispatch of its own grain and fertilizer exports. The Black Sea grain initiative was set up to abate a global food crisis, after Moscow launched a full-scale invasion of fellow key grain exporter and neighbor Ukraine. "The Black Sea agreements ceased to be valid today. Unfortunately, the part relating to Russia in this Black Sea agreement has not been implemented so far. "I strongly condemn Russia's cynical move to terminate the Black Sea Grain Initiative, despite UN & Türkiye's efforts," European Commission President Ursula van der Leyen said on Twitter on Monday.

Persons: Vladimir Putin, Cyril Ramaphosa, Dmitry Peskov, Maria Zakharova, Peskov, Ursula van der Leyen Organizations: Initiative, South, Russian Federation, Google, Foreign Ministry, Russian Ministry of Foreign Affairs, Facebook, European, UN, Twitter Locations: Odessa, Ukraine, Russia, Russian, Moscow, Istanbul, Ankara, Kyiv

☆ Tunisia and EU sign pact to stem migration
▼ + stars: | 2023-07-16 | by ( Tarek Amara | ) www.reuters.com time to read: +2 min

The deal follow weeks of talks and Europe's pledge of major aid to Tunisia amounting to 1 billion euros ($1.12 billion) to help its battered economy, rescue state finances and deal with a migration crisis. All essential measures for bolstering efforts to stop irregular migration," Dutch Prime Minister Mark Rutte said on Twitter. The European Commission chief Ursula von der Leyens said the bloc will allocate 100 million euros to Tunisia to help it combat illegal migration. Thousands of undocumented African migrants have flocked to the city of Sfax in recent months seeking to head for Europe in traffickers' boats, amounting to an unprecedented migration crisis for Tunisia. "We are very pleased, it is a further important step towards creation of a true partnership between Tunisia and the EU, which can address in an integrated fashion the migration crisis," Italian Prime Minister Giorgia Miloni said.

Persons: Kais Saied, Giorgia Meloni, Ursula von der Leyen, Mark Rutte, Read, Europe's, Ursula von der Leyens, Giorgia Miloni, Meloni, Saied, Tarek Amara, Crispian Balmer, Anthony Deutsch, Hatem Maher, Andrew Cawthorne Organizations: Dutch, European Union, Twitter, European Commission, EU, Thomson Locations: Italian, Tunisia, EU, Tunis, TUNIS, Europe, Sfax, Rome, Italy, Libya, Amesterdam

☆ China's Wang Yi urges EU to 'clarify' its position on partnership
▼ + stars: | 2023-07-15 | by ( ) www.reuters.com time to read: +2 min

BEIJING, July 15 (Reuters) - The European Union must further "clarify" its position on its strategic partnership with Beijing, China's top diplomat Wang Yi told European Union foreign policy chief Josep Borrell, as EU leaders called for reduced dependence on China. The launch of an EU-China comprehensive strategic partnership in 2003 had promised to elevate ties beyond trade and investment. In March, European Commission President Ursula von der Leyen said a hardening of China's position required Europe to "de-risk" both economically and diplomatically. During his meeting with Borrell, Wang called on both sides to guard against the politicisation of economic issues and the use of "de-risking" as another term for "decoupling". There is no fundamental conflict of interest between China and the EU, Wang said.

Persons: Wang Yi, Josep Borrell, Wang, Borrell, Ursula von der Leyen, Ryan Woo, Michael Perry, William Mallard Organizations: European Union, EU, Twitter, Thomson Locations: BEIJING, Beijing, China's, China, EU, Moscow, Ukraine, Jakarta, Europe, Taiwan

London/Hong Kong CNN —The European Union has lifted all import restrictions on food, including fish, produced near the Fukushima nuclear plant in Japan just as Tokyo prepares to release treated radioactive wastewater into the ocean. The bloc’s move follows positive results from tests carried out on the products by the Japanese authorities and EU member states, the European Commission said in a statement Thursday. After the Fukushima plant melted down in 2011 following an earthquake and tsunami, the EU restricted food imports from 10 prefectures in Japan and started requiring pre-export tests on food products for radioactivity. It has since regularly reviewed the measures and progressively eased them “as risks declined,” the European Commission said. On Wednesday, Hong Kong, one of the world’s top buyers of Japan’s fish, said it would ban seafood imports from 10 prefectures in the country if Tokyo pressed ahead with the wastewater release.

Persons: “, Ursula von der Leyen, — Mohammed Tawfeeq Organizations: Hong Kong CNN, European, European Commission, International Atomic Energy Agency, ” Locations: Hong Kong, Japan, Tokyo, United States, South Korea, China, Fukushima, Atlanta

[1/5] Migrants wait to be rescued by Italian Coast Guard off the coast of Italy, April 10, 2023. The fact that Meloni, a figurehead of the new right, has not carried through on her pledges underscores how intractable the problem is. NORTH AFRICAIn the run-up to the 2022 election, Meloni said she would impose a naval blockade to prevent boats leaving north Africa. Meloni visited Tunisia twice last month, seeking progress in unblocking loans that she says are needed to avoid a financial crisis that might trigger a tsunami of departures. However, a review of migrant flows through Europe over the past decade suggests Italy might not benefit in the way Meloni hopes.

Persons: Meloni, King Canute, Giorgia Meloni, Mattia Diletti, Matteo Piantedosi, Matteo Villa, Ursula von der Leyen, Mark Rutte, ISPI's Villa, COVID, Michelangelo Agrusti, Crispian Balmer, Angelo Amante, Alex Richardson Organizations: Italian Coast Guard, REUTERS, Rome's Sapienza University . Immigration, Ministry, European, Dutch, European Commission, EU, Business, Thomson Locations: Italy, Tunisia, Libya, ROME, Europe, Lampedusa, AFRICA, Africa, North Africa, Tripoli, Brussels, Poland, Hungary, Rome

☆ EU helping UN, Turkey in bid to extend Black Sea grain deal
▼ + stars: | 2023-07-13 | by ( Michelle Nichols | ) www.reuters.com time to read: +5 min

A Kremlin spokesman later said that Russia had not taken a final decision on whether to exit the grain deal. The European Commission's priority is to ensure that Ukrainian grain can reach the world market and it calls on all parties to extend the Black Sea deal, a European Union spokesperson in Brussels said on Thursday. Russia has threatened to ditch the Black Sea grain deal because several demands to dispatch its own grain and fertilizer abroad have not been met. The last ship traveling under the Black Sea agreement is currently loading its cargo at the Ukrainian port of Odesa ahead of the Monday deadline. Britain has also "worked very closely with the City of London to enable a very complex payment system" for Russian grain, Britain's U.N. ambassador, Barbara Woodward, has said.

Persons: Antonio Guterres, Vladimir Putin, SWIFT, Guterres, Putin, Ursula von der Leyen, Putin's, U.N, Barbara Woodward, Woodward, Michelle Nichols, Foo Yun Chee, Angus MacSwan, Leslie Adler Organizations: UNITED NATIONS, European Commission, United, Black, European Union, Russian Agricultural Bank, Reuters, United Nations, Kremlin, JPMorgan Chase &, reassurances, U.S ., The United Nations, African Export, Import Bank, City, Thomson Locations: United Nations, Turkey, Ukraine, Russia, Ukrainian, EU, U.N, Moscow, Brussels, Russian, Odesa, Africa, Britain, London

☆ EU blesses transatlantic data sharing deal
▼ + stars: | 2023-07-10 | by ( Brian Fung | ) edition.cnn.com time to read: +2 min

Those data flows had been threatened when a previous EU-US agreement was struck down in 2020 by Europe’s top court over insufficient privacy protections for EU citizens. With the EU’s approval, the new agreement again allows businesses to transfer European data to the United States as if it were another EU member state, without requirements to implement additional privacy safeguards. Monday’s so-called “adequacy decision” by the European Commission paves the way for companies to sign up for the EU-US Data Privacy Framework, which entered into force the same day. The order also provided for the creation of a new court-like body that can force US companies to delete EU citizens’ data if an investigation determines that EU citizens’ privacy rights were violated. EU citizens will be able to file individual complaints to the Data Protection Review Court.

Persons: Joe Biden, Ursula von der Leyen, ” von der Leyen, “, Max Schrems Organizations: Washington CNN, Union, Monday, Europe’s, European Commission, EU, Data Locations: United States, EU

☆ Russia says it's snagged the intact parts of a Storm Shadow missile, and can now study the British-made munition that's been devastating its operations in Ukraine from long range
▼ + stars: | 2023-07-07 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Russia said on Thursday that it's obtained intact parts of a downed Storm Shadow missile. "The Storm Shadow missile, shot down by Russian forces in the Zaporizhzhia region, was brought to Moscow for study," Russian state news agency TASS reported. Describing the missile as a "trophy," TASS wrote that Russian authorities had already received the Storm Shadow parts and are inspecting them. Rogozin said Ukraine shelled the area around the downed missile and sent troops to block Russian forces from securing the Storm Shadow parts, per TASS. "The two-day operation to evacuate the captured Storm Shadow has been successfully completed," read a caption for the Telegram post.

Persons: it's, —, Dmitry Rogozin, Rogozin, Storm Shadow, Ukraine —, Ben Wallace, Ursula von der Leyen, Elliot Napier Organizations: Storm Shadow, Service, Russia, Storm, TASS, Telegram, intel, UK Ministry of Defense, Russia's Ministry of Defense, European Commission, Ukraine's Ministry of Defense Locations: Russia, Russian, Zaporizhzhia, Moscow, British, Ukraine, Kyiv

☆ EU and Belgium invest $1.6 billion in chip technology firm Imec
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, July 7 (Reuters) - The European Union and Belgium's regional Flemish government will together invest 1.5 billion euros ($1.6 billion) in Belgian chip technology firm Imec, the Flemish government said on Friday. Imec will use the investment to expand its "clean room" test facility with the most advanced equipment and processes, the company said in a statement. Von der Leyen, who was visiting Imec, stressed the EU's stance that it should de-risk its supply chains for chips. While Von der Leyen did not directly address China's planned curbs on exports of strategic metals widely used in the semiconductor industry, she said the EU should reduce its dependency "on too few suppliers from East Asia". ($1 = 0.9195 euros)Reporting by Charlotte Van Campenhout; editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Imec, Jan Jambon, Ursula von der Leyen, Alexander De Croo, Von der Leyen, Charlotte Van Campenhout, Mark Potter Organizations: European Union, Flemish, European, Belgian, Thomson Locations: BRUSSELS, East Asia

☆ EU leaders to pledge de-risk from China and debate what this means
▼ + stars: | 2023-06-30 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +2 min

BRUSSELS, June 30 (Reuters) - European Union leaders are set on Friday to commit to reducing the bloc's dependence on China and debate how to strike the balance between "de-risking" and engaging in areas such as climate change. EU leaders will seek on Friday to present a united front, but there are clear differences between countries such as France and Germany, with sizeable business interests in China, and Lithuania, on which Chinese has imposed sanctions. The conclusions, which could still be changed, say the European Union will reduce critical dependencies and vulnerabilities, including in supply chains, and will de-risk and diversify where necessary. "The European Union does not intend to decouple or to turn inwards," the conclusions say. The 27-nation European Union has since 2019 considered China a partner, competitor and system rival.

Persons: Krisjanis Karins, Ursula von der Leyen, Philip Blenkinsop, Daniel Wallis Organizations: Union, European Union, EU, Thomson Locations: BRUSSELS, China, Latvian, Brussels, Russia, Ukraine, Taiwan Strait, France, Germany, Lithuania, European Union, Europe, EU

☆ EU leaders push to fund Ukraine with proceeds from Russia's frozen assets
▼ + stars: | 2023-06-29 | by ( Jan Strupczewski | Thomson Reuters | Jan Is The Acting Bureau Chief In Brussels. He Has Been Covering European Union Policy | ) www.reuters.com time to read: +2 min

BRUSSELS, June 29 (Reuters) - European Union leaders will push senior officials on Thursday to find legal ways to funnel proceeds from billions of dollars of frozen Russian assets into projects helping rebuild Ukraine, papers showed. The bloc has said it froze more than 200 billion euros ($218.2 billion) of Russian central bank assets in reaction to Moscow's invasion of Ukraine in February last year. Another 30 billion euros of Russian oligarchs' private assets were also immobilised. The EU also needs to establish where to keep any proceeds from the Russian assets and how to disburse them. Belgium's Euroclear, which settles transactions and safeguards assets, said blocked coupon payments and redemptions boosted its balance sheet by 88 billion euros year-on-year by the end of March to 140 billion euros.

Persons: Kaja Kallas, Belgium's, Ursula von der Leyen, Jan Strupczewski, Philip Blenkinsop, Andrew Heavens Organizations: Union, Kremlin, European Council, High Representative, Commission, EU, Ukraine, Thomson Locations: BRUSSELS, Ukraine, Russian, Brussels, Estonian, Russia, EU, United States, Canada, Britain, Japan

☆ Berlin and Paris 'missing in action' as EU lacks leadership in defence, report says
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

"The crucial capability gap in European defence is still political leadership," the Munich Security Report on European Defence said. The annual Munich Security Conference, usually held in February, is an influential global gathering of top policymakers and analysts to debate defence and security challenges. The report said Germany and France in particular were "missing in action" at a time when European Commission chief Ursula von der Leyen and EU top diplomat Josep Borrell are driving EU support for Kyiv and joint procurement initiatives. "Under the (Chancellor Olaf) Scholz government, Germany has faced recurrent criticism for its absence in EU defence questions," it said. "The onus is on Germany and France to win back trust," the report said, adding that time was of the essence in speeding up defence cooperation.

Persons: Emmanuel Macron, Olaf Scholz, Sarah Meyssonnier, Ursula von der Leyen, Josep Borrell, Chancellor Olaf, Scholz, Sabine Siebold, Mark Heinrich Our Organizations: Weimar, REUTERS, Munich Security, European Defence, Munich Security Conference, European Commission, Kyiv, Thomson Locations: Paris, France, BERLIN, Germany, Europe, Ukraine, Munich, Russia

☆ Businesses criticise new EU data rules, consumer group sees missed opportunity
▼ + stars: | 2023-06-28 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, June 28 (Reuters) - Businesses and Big Tech on Wednesday criticised European Union data rules agreed between EU countries and lawmakers, saying they could hinder data flow and contractual freedom, while a pan-European consumer group said they did little for Europeans. The Data Act, agreed on Tuesday, sets out rights and obligations for how Big Tech and companies use European consumer and corporate data, focusing on that generated in smart devices, machinery and consumer products. Revelations by former U.S. intelligence contractor Edward Snowden in 2013 of mass U.S. surveillance have led to EU concerns about data transfers. Tech lobbying group Computer & Communications Industry Association (CCIA) said the new rules disadvantage Big Tech -labelled as large online platforms under separate newly adopted EU tech legislation - and hence limits consumers' choice. The European Consumer Organisation (BEUC) lamented the agreement as a missed opportunity to do more for users.

Persons: Edward Snowden, Cecilia Bonefeld, Dahl, CCIA, Ursula Pachl, Foo Yun Chee, Alex Richardson Organizations: Big Tech, European Union, EU, Airbus, Google, Nokia, Qualcomm, Philips, SAP, Siemens, Sony, Tech, Computer & Communications Industry Association, Digital Markets, European Consumer Organisation, Thomson Locations: BRUSSELS, EU

☆ China slams the West for 'hyping up' the concept of 'de-risking.' Here's what it means and why China is so worried.
▼ + stars: | 2023-06-27 | by ( Spriha Srivastava | ) www.businessinsider.com time to read: +4 min

The US-China trade war has impacted manufacturing exports, particularly in the semiconductor industry. Opening Plenary with Li Qiang, Premier of the People's Republic of China World Economic Forum/Benedikt von LoebellWhy does de-risking matter? According to the Peterson Institute for International Economics, the trade war of 2018-19 devastated US exports to China. A big sticking point for the two nations is the US manufacturing exports to China. "Prior to the trade war, manufacturing was 44 percent of total US goods and services exports to China — the largest component of pre-trade war commerce.

Persons: Li Qiang, Li, —, Ursula von der Leyen, Benedikt von Loebell, Trump, Morgan, JP Morgan Organizations: Service, European, Economic, Peterson Institute for International Economics, Peterson Institute, Semiconductor Industry Association Locations: China, West, Davos, Tianjin, decouple, People's Republic of China, China —, East Asia, Taiwan, South Korea

☆ Carmakers owe compensation for emissions cheating devices, German court rules
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

June 26 (Reuters) - Carmakers must pay compensation for diesel vehicles fitted with illegal emissions controlling devices, Germany's highest federal court ruled on Monday, in a case that could potentially cost Volkswagen, Mercedes-Benz and others millions of euros. The judge overturned previous dismissals by courts of such claims and referred them back to courts of appeal. It was up to carmakers to prove that their so-called defeat devices were functional and not illegal, she said. Carmakers argue the devices, which are only switched on at certain temperatures, are needed to protect the motor and are in line with the law. Reporting by Ursula Knapp, Victoria Waldersee, Ilona Wissenbach; Editing by Maria Sheahan and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Ursula Knapp, Victoria Waldersee, Ilona Wissenbach, Maria Sheahan, Mark Potter Organizations: Volkswagen, Mercedes, Benz, Audi, Court, Justice, Thomson

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