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☆ Europe approves its $47 billion answer to Biden's CHIPS Act — here's everything that's in it
▼ + stars: | 2023-04-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

The initiative, dubbed the European Chips Act, seeks to help the bloc compete with the U.S. and Asia on tech, and secure control over a critical bit of technology behind the world's electronics products and devices. What's in the Chips Act? The European Chips Act is a massive, 43-billion-euro ($47 billion) package of public and private investments that aims to secure its supply chains, avert shortages of semiconductors in the future, and promote investment into the industry. The Chips Act has three main aims: Building large-scale capacity and innovation. "The Chips act puts Europe in the first line of cutting-edge technologies which are essential for our green and digital transitions."

☆ EU Parliament backs overhaul of Europe's biggest climate policy
▼ + stars: | 2023-04-18 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

Europe's carbon market forces power plants and factories to buy CO2 permits when they pollute. It has slashed those sectors' emissions by 43% since 2005, but is facing a revamp to hit more ambitious EU climate change targets. Under the upgrade, factories will lose the free CO2 permits they currently receive by 2034, and shipping emissions will be added to the CO2 market from 2024. EU carbon permits were trading at around 94 euros per tonne on Tuesday, having nearly quadrupled in value since the start of 2020. Lawmakers also backed plans to launch a new EU carbon market covering emissions from fuels used in cars and buildings in 2027, plus a 86.7 billion-euro EU fund to support consumers affected by the costs.

☆ EU lawmakers call for political attention to powerful AI
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: 1 min

April 17 (Reuters) - Legislators from the European Parliament said on Monday that political attention needed to be focused on powerful artificial intelligence (AI), agreeing with an open letter signed by academics, experts and business leaders including Elon Musk on AI regulation. The EU Parliament called on European Commission President Ursula Von Der Leyen and U.S. President Joe Biden to convene a global summit on AI. Reporting by Akanksha Khushi in Bengaluru; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

The EU's current 2030 target is for a 32% renewable energy share. The EU got 22% of its energy from renewable sources in 2021, but the level varied significantly between countries. Sweden leads the 27 EU countries with its 63% renewable energy share, while in Luxembourg, Malta, the Netherlands and Ireland, renewable sources make up less than 13% of total energy use. EU countries will have to raise to 29% the share of renewables in energy used by the transport sector. The deal must be approved by the EU Parliament and EU countries to become law, normally a formality.

☆ EU strikes deal to curb energy use by 2030
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, March 10 (Reuters) - The European Union struck a deal on Friday to cut final energy consumption across the bloc by 11.7% by 2030, a goal lawmakers said would help fight climate change and curb Europe's use of Russian fossil fuels. The deal was agreed after all-night talks between negotiators from EU countries and the European Parliament. The 11.7% goal was a compromise between the EU Parliament, which had wanted a far higher goal of 14%, and some EU countries who wanted to stick to the original 9% aim. From 2024 to 2030, countries will have to save an average of 1.49% of final energy consumption per year. The deal will now go to the European Parliament and EU countries for a final vote - which is usually a formality that approves the law with no changes.

☆ Explainer: Europe gets ready to revamp its electricity market
▼ + stars: | 2023-02-27 | by ( Kate Abnett | ) www.reuters.com time to read: +6 min

STOCKHOLM, Feb 27 (Reuters) - European Union energy ministers meet on Monday to debate upcoming power market reforms. Currently, power prices in Europe are set by the running cost of the plant that supplies the final chunk of power needed to meet overall demand. Often, that is a gas plant, so gas price spikes can send electricity prices soaring. They say Europe's existing power market is functioning well, and has fostered years of lower power prices, supported renewable energy and helped avoid energy shortages. The Commission initially pitched the reform as a chance to "decouple" gas and power prices in Europe, suggesting a redesign of the current system of setting power prices.

France, which relies on its aging nuclear fleet to generate electricity, is leading a campaign to count hydrogen made using nuclear power -- known as "red" hydrogen -- in the EU's new renewable energy targets, which currently focus on green hydrogen made using electricity from renewable sources. After much foot-dragging, French President Emmanuel Macron agreed to the hydrogen pipeline between Barcelona and Marseille in October, a deal formalised at a summit with Spanish counterpart Pedro Sanchez in Barcelona in January. In Madrid, officials say the row is a "misunderstanding" and they are willing to be flexible on red hydrogen in other legislation such as the gas market directive, but not in the renewables bill. "Red hydrogen cannot be renewable because nuclear is not an energy that can be considered as such. France wants this to include its red hydrogen but it must first be designated as renewable.

☆ France leads push for EU to boost nuclear-produced hydrogen
▼ + stars: | 2023-02-03 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

Ministers from France, Poland, the Czech Republic and six other EU countries wrote to the European Commission this week urging it to open up EU renewable energy targets to include hydrogen produced from nuclear energy. EU countries and lawmakers have been preparing for negotiations next week on the law, which will guide the pace of Europe's renewable energy expansion this decade. Hydrogen can also be produced from electricity, so the EU wants to set sectoral targets for hydrogen made from renewable electricity. The nine countries' letter, seen by Reuters, said the EU should include nuclear energy - which is low-carbon, but not renewable. At least nine EU countries oppose the idea, among them Germany, Denmark, Austria and Luxembourg, officials said.

☆ Metsola: Abuse and corruption in EU Parliament must be fixed immediately
▼ + stars: | 2023-01-20 | by ( Silvia Amaro | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMetsola: Abuse and corruption in EU Parliament must be fixed immediatelyRoberta Metsola, president of the European Parliament, discusses the Qatar corruption scandal and plans to reform the EU Parliament.

☆ EU Parliament calls for more sanctions against Iranian regime
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, Jan 19 (Reuters) - European lawmakers adopted a resolution on Thursday calling for more sanctions against all Iranian individuals and entities responsible for human right violations and also voted for the Revolutionary Guard Corps to be designated as a terrorist entity. "Iranian authorities must end crackdown on their own citizens (...) Supreme Leader Ali Khamenei and President Ebrahim Raisi should be added to the sanctions list," the European Parliament said in a statement. Iran warned earlier that the European Union would "shoot itself in the foot" if it designated the Revolutionary Guard Corps as a terrorist entity. On Wednesday, the European Parliament called for the EU to list the Revolutionary Guard as a terrorist organisation, blaming it for the repression of domestic protesters and the supply of drones to Russia's military for use in Ukraine. Reporting by Andrew Gray and Benoit Van Overstraeten; Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ European Parliament to waive immunity of two MEPs in corruption case
▼ + stars: | 2023-01-02 | by ( Charlotte Campenhout | ) www.reuters.com time to read: +2 min

BRUSSELS, Jan 2 (Reuters) - The European Parliament said on Monday it had begun a procedure to waive the immunity of two of its members after a request from Belgian judiciary investigating a European Union-Qatar corruption scandal. Two sources close to the investigation told Reuters the two MEPs were Belgian Marc Tarabella and Italian Andrea Cozzolino. "Following a request from the Belgian judicial authorities, I have launched an urgent procedure for the waiver of immunity of two members of the European Parliament," parliament president Roberta Metsola said on Twitter. In December, two sources with direct knowledge of the matter told Reuters that Francesco Giorgi, one of the main suspects in the investigation along with his partner, ousted European Parliament vice-president Eva Kaili, confessed to taking bribes from Qatar to influence European Parliament decisions on Qatar. According to the sources, Giorgi, an EU parliamentary assistant, said he suspected Tarabella and Cozzolino had received money from Qatar.

☆ Europe's biggest climate policy heads for final-hour talks
▼ + stars: | 2022-12-16 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

"It is the biggest environmental and climate law that Europe ever dealt with," the European Parliament's lead negotiator Peter Liese said. Officials from EU countries and the EU assembly, who must both agree the final law, said it was unclear if a deal would be struck, given the large number of unresolved issues. Negotiators are at odds over how quickly to end the free CO2 permits the EU gives industries to protect them from foreign competition. EU lawmakers want 50% of free permits phased out before 2030, with the rest gone by 2032 - far earlier than the 2036 end-date countries support. Negotiators have already agreed parts of the carbon market reform, including to expand the scheme to cover shipping and increase CO2 costs for airlines.

BRUSSELS Dec 15 (Reuters) - Francesco Giorgi, the partner of ousted European Parliament vice-president Eva Kaili, has confessed his role in a Qatar graft scandal, two sources with direct knowledge of the matter told Reuters. Giorgi's confession to taking bribes from Qatar to influence European Parliament decisions on Qatar had made "a significant contribution" to the probe underway by Belgian investigating magistrates, one of the sources said. Greek MEP Kaili, who was ousted from her role as vice president of the European Parliament on Monday, has denied any wrongdoing through her lawyer. Tarabella, who had previously confirmed that his home was searched on Saturday as part of the Belgian investigation, has denied any wrongdoing. The European Parliament on Thursday suspended all work on legislation linked to Qatar, and parliament's president, Roberta Metsola, told EU leaders she would lead reforms to prevent a repeat of a criminal corruption scandal.

☆ EU leaders head for tussle over rescue plans for industry
▼ + stars: | 2022-12-15 | by ( John Chalmers | ) www.reuters.com time to read: +3 min

EU Commission President Ursula von der Leyen proposed ahead of the summit to loosen state aid rules in renewable energy and clean-tech to shield European industry. "Some governments have deep pockets and extensive possibilities to support their industry through national schemes, others have not," said one senior EU diplomat. "We don't want a national subsidy race among member states ... but there have to be carefully drafted limits." This has been held up by disagreement over whether or how to offer exemptions for an EU ban on Russia fertiliser exports. A draft of the summit conclusions said leaders would call for more gas deals urgently to replace Russian fuel, including through joint gas buying among EU countries.

Negotiators from EU countries and the European Parliament aim to strike a deal on the world-first law on Tuesday evening - after which, both sides would need to formally rubber stamp it. The EU scheme would require companies importing goods into Europe to buy certificates to cover the CO2 emissions embedded in those products. The aim is create a level playing field between overseas firms and domestic EU industries, who must buy permits from the EU carbon market when they pollute. The tariff is part of a package of EU policies designed to help the world avoid disastrous climate change by cutting EU emissions 55% by 2030 from 1990 levels. Separate EU negotiations later this week will seek a deal on the centrepiece of that package - a reform of the EU carbon market.

☆ Activists take Qatar workers protest to FIFA boss's home town
▼ + stars: | 2022-12-07 | by ( Arnd Wiegmann | ) www.reuters.com time to read: +2 min

The protest by the Avaaz campaign group included an Infantino impersonator holding a World Cup trophy. Qatar, where foreigners make up most of the 2.9 million population, has faced intense criticism from human rights groups over its treatment of migrant workers. Britain's Guardian newspaper reported last year that at least 6,500 migrant workers -- many of them working on World Cup projects -- had died in Qatar since it won the right in 2010 to stage the World Cup. Qatari World Cup organisers have said that there have been three work-related fatalities and 34 non-work-related deaths among workers at World Cup 2022 sites. Amnesty and other rights groups have led calls for FIFA to compensate migrant workers in Qatar for human rights abuses by setting aside $440 million, matching the World Cup prize money.

☆ Lawmaker says EU should complain to WTO over U.S. Inflation Reduction Act
▼ + stars: | 2022-12-04 | by ( ) www.reuters.com time to read: +1 min

Dec 4 (Reuters) - The European Union should file a complaint with the World Trade Organization (WTO) in the next few months regarding the United States' green energy subsidy package, the head of the European Parliament's trade committee was reported as saying on Sunday. The U.S. and the EU have so far sought to be conciliatory about the bill, saying last week they would seek to tackle the bloc's concerns about the package, known as the U.S. Inflation Reduction Act. EU members worry the $430 billion bill, with generous tax breaks for U.S. companies, may disadvantage European companies from car manufacturers to makers of green technology. read moreOfficials from both sides are due to address the issue at a meeting next week, but Bernd Lange, the chair of EU parliament's trade committee, said he no longer expects a negotiated solution as only small changes could still be agreed through talks. Reporting by Riham Alkousaa; Editing by Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.

☆ Putin ally says he sent EU Parliament a stained sledgehammer after it branded Russia a state sponsor of terrorism
▼ + stars: | 2022-11-24 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +4 min

The European Parliament declared Russia a "state sponsor of terrorism" on Wednesday. Wagner Group founder Yevgeny Prigozhin responded by saying that he had sent the EU a sledgehammer. "I do not know what law the European Parliament is guided by, but according to our legislation, from today we declare the European Parliament dissolved." It continued: "But before this procedure enters into legal force, I was instructed to submit an information case to the European Parliament." It is unclear whether the EU Parliament received the sledgehammer.

☆ EU declares Russia a 'state sponsor of terrorism', a move it hopes could make it easier to put Putin on trial
▼ + stars: | 2022-11-23 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +2 min

The EU parliament declared Russia a "state sponsor of terrorism" over its invasion of Ukraine. It said the vote would help bring Putin closer to facing an international tribunal. The step is a mostly-symbolic gesture, prompted by evidence of war crimes in the nine-month-old invasion of Ukraine by Russian forces. It said in a statement before the vote that the move would aid efforts for Putin to face a war crimes trial. "By declaring Russia a state sponsor of terrorism, MEPs want to prepare the ground for Putin and his government to be held accountable for these crimes before an international tribunal."

REUTERS/Yves HermanSummary Attack followed EU declaring Russia a state sponsor of terrorismBRUSSELS, Nov 23 (Reuters) - The European Parliament's website was unavailable for several hours on Wednesday due to a denial-of-service attack by "Pro-Kremlin" hackers, after its lawmakers designated Russia a state sponsor of terrorism, the institute's president said. The parliament's website was up again shortly after 1700 GMT, around two hours after the institution had reported the outage. "The European Parliament is under a sophisticated cyberattack. A pro-Kremlin group has claimed responsibility," European Parliament President Roberta Metsola said in a tweet shortly after the website went down. The move is largely symbolic, as the European Union does not have a legal framework in place to back it up.

☆ Uganda’s President Museveni slams ‘Western double standards’ over Germany coal mine plans
▼ + stars: | 2022-11-14 | by ( Nimi Princewill | ) edition.cnn.com time to read: +3 min

CNN —Uganda’s President Yoweri Museveni has slammed Western countries over what he calls a “reprehensible double standard” in their response to the energy crisis brought about by the Russian invasion of Ukraine. In September, Russia which had come under a raft of Western sanctions over its invasion of Ukraine, halted gas supplies to Europe, leaving the region that was dependent on Russian oil and gas imports scampering for alternatives. But Europe’s largest economy has now been forced to prioritize energy security over clean energy as gas supplies from Russia froze. Just like Germany, many other European countries are reviving coal projects as alternatives to Russian energy. Making ‘a mockery’ of climate targetsMuseveni, 78, says Europe’s switch to coal-based power generation “makes a mockery” of the West’s climate targets.

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.

☆ Debt rules in Europe are changing. And that could have big repercussions in the bond markets
▼ + stars: | 2022-11-04 | by ( Silvia Amaro | ) www.cnbc.com time to read: +6 min

The euro zone is to discuss changing its fiscal rules - a task that could have market repercussions. Bloomberg | Bloomberg | Getty ImagesThe euro zone will soon reveal changes to its fiscal rules — a move that could have significant repercussions for government borrowing costs and the region's bond markets. At the same time, Germany and the Netherlands would blame the European Commission for not enforcing the rules with fines. "Interest burden on large public debt to GDP ratios is set to increase significantly in the years ahead. This means that in a optimal scenario, the fiscal rules will be changed from 2024 onward.

☆ Analysis: Decade of central bank largesse haunts taxpayers as losses loom
▼ + stars: | 2022-10-25 | by ( Francesco Canepa | ) www.reuters.com time to read: +6 min

Signage is seen outside the European Central Bank (ECB) building, in Frankfurt, Germany, July 21, 2022. The British government, which received 120 billion pounds in profits from the BoE since 2009, has already earmarked a transfer of 11 billion pounds for the central bank. It will contribute to losses of around 40 billion euros for euro zone central banks next year, according to Morgan Stanley. They have all warned of upcoming losses and the Dutch central bank openly said it risked needing a bailout, although finance minister Sigrid Kaag later cautioned this was "not yet on the table". By contrast, central banks with less cash and higher-yielding bonds in Italy, Spain and Greece were likely to fare better.

☆ Factbox: Key ministers in new Italian Meloni government
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +6 min

ROME, Oct 22 (Reuters) - Italian Prime Minister Giorgia Meloni's government was sworn into office on Saturday. Here the profiles of some of the key figures:ECONOMY MINISTERGiancarlo Giorgetti, 55, is a veteran political wheeler-dealer viewed as a moderate and relatively pro-European member of his right-wing League party. He was not Prime Minister Meloni's first choice for the job. He held posts in centre-right governments led by Berlusconi and recently served as president of the influential parliamentary intelligence committee. Meloni insisted on him for the job, overcoming resistance from Berlusconi who wanted a Forza Italia member in the ministry.

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