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China currently dominates the supply chain for many of the entries on Europe's list of "strategic" metals. By which time not more than 65% of any strategic metal's consumption will be able to come from a single third country. Europe has no strategic metal inventory, unlike the United States, China and South Korea. Given such a humble starting point, it seems unlikely EU strategic metal reserves are going to come any time soon, if they come at all. What started as a response to China's dominance of critical metals supply has been accelerated by Russia's invasion of Ukraine.

☆ A 'greenwashing' crackdown in Europe hasn't gone down well. Here's what you need to know
▼ + stars: | 2023-03-24 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

The European Commission, the EU's executive arm, published its so-called "Green Claims Directive" on Wednesday. The highly anticipated proposal seeks to establish an EU-wide methodology that will help to clean up the environmental claims marketplace. Today, most green claims are too good to be true and the proposal is… far from the real (green) deal. The EU's "Green Claims Directive" seeks to tackle this trend. "Green claims are everywhere: ocean-friendly t-shirts, carbon-neutral bananas, bee-friendly juices, 100% CO2-compensated deliveries and so on," said Frans Timmermans, executive vice-president for the European Green Deal.

☆ 'Cannabis in Germany will be a success story': Europe's biggest economy moves closer to weed legalization
▼ + stars: | 2023-03-22 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +9 min

The sale of medical cannabis has been allowed in German pharmacies since 2016 — but several barriers to entry remain, including cost. "Patients, who cannot afford medical cannabis, may self-medicate with adult-use cannabis without medical advice. "An overall de-stigmatization of cannabis as a substance will also lead to a de-stigmatized medical cannabis market," Gallois added. The government is currently undertaking a review of its medical cannabis guidelines, including how it is prescribed and reimbursed under the country's statutory health insurance program. A 'domino effect'The plans come as cannabis legalization has fallen under renewed debate over recent years.

☆ Russia's invasion of Ukraine has had wide-reaching effects, including trade and partnerships in Egypt
▼ + stars: | 2023-03-21 | by ( Sponsor Post | Created Insider Studios With Fcdo | ) www.businessinsider.com time to read: +6 min

The Russian invasion of Ukraine has damaged partnerships and trade agreements around the globe. For Egypt, this has meant the country must seek new trade routes and reinforce existing partnerships with Europe and the US. Russia's invasion of Ukraine has presented Egypt with complex diplomatic challenges. Bilateral trade between the US and Egypt, at $9.1 billion in 2021, is also almost double the volume of Egypt's trade with Russia. A year on from the full-scale invasion of Ukraine, Western economic partnerships with Egypt are only likely to grow in importance.

☆ EU leaders to urge companies to jointly buy gas - draft
▼ + stars: | 2023-03-17 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

BRUSSELS, March 17 (Reuters) - European Union country leaders could urge companies next week to take part in a scheme for countries to jointly buy gas, according to draft conclusions for a summit in Brussels. It said Europe's energy security, which was impacted by Russia slashing gas supplies last year, has improved, but said the EU must prepare for next winter. EU countries plan to jointly buy gas in the coming months, to help fill storage caverns ahead of peak winter demand. "It (the council of EU leaders) calls on all stakeholders involved to make full use of the joint purchasing mechanism," the draft said. The Commission plans to propose extending a voluntary target to cut winter gas consumption by 15%.

☆ Europe’s banking stocks suffer biggest drop in a year
▼ + stars: | 2023-03-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

Europe’s benchmark Stoxx Europe 600 Banks index, which tracks 42 big EU and UK banks, fell 5.6% by mid-afternoon — notching its biggest fall since March last year. The broader Stoxx Europe 600 index dropped 2.1%, while the bank-heavy FTSE 100 (UKX) was 2.2% down. A Brinks armored truck sits parked in front of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. It is unclear how many unrealized losses EU and UK banks are carrying on their books. Beauchamp added that the sharper falls in European bank stocks so far seen on Monday might partly reflect their stronger performance relative to US banks this year.

Google , Netflix , Meta , Apple , Amazon and Microsoft generate nearly half of all internet traffic today. Big Tech firms say this would amount to an "internet tax" that could undermine net neutrality. They bemoaned spending billions on laying cables and installing antennas to cope with rising internet demand without corresponding investments from Big Tech. One suggestion is to require individual bargaining deals with the Big Tech firms, similar to Australian licensing models between news publishers and internet platforms. "The imbalance is not down to Big Tech, it's not down to streamers, and it's not down to telcos.

☆ Why the West hasn’t gone after Russian nuclear energy
▼ + stars: | 2023-03-06 | by ( Clare Sebastian | ) edition.cnn.com time to read: +5 min

Russia’s state-owned nuclear energy monopoly Rosatom, which exports and enriches uranium as well as builds nuclear power stations around the world, has been in control of Europe’s largest nuclear plant in Ukraine’s Zaporizhzhia region since Russian forces seized it a year ago. Experts say Rosatom remains protected by the vital role it plays in global nuclear power, and the fact it can’t easily be replaced. In 2021, the United States relied on the Russian nuclear monopoly for 14% of the uranium that powered its nuclear reactors. The Akkuyu nuclear power plant as its construction continues in November 2022 Serkan Avci/Anadolu Agency/Getty ImagesSuch dependency can trump other considerations. It is also one of only several EU countries that rely on nuclear energy for more than 40% of their electricity and it has a long-term financing deal with Rosatom to build a nuclear power plant.

☆ There’s hope beyond moaning for European telcos
▼ + stars: | 2023-03-03 | by ( Pierre Briancon | ) www.reuters.com time to read: +6 min

The annual Barcelona tech fest this week was in line with tradition, but a different mood music could also be heard beyond the bleatings of European telco executives. The good news for them is that European competition authorities seem to have been mollified by the constant pleading, and could take a softer approach to consolidation in the industry. Höttges compared the 55 billion euros invested by European telcos on infrastructure last year to the 1 billion euros invested in connectivity by those he calls the “hyperscalers”. The hope is now that, considering the European telcos’ low return on investment, European competition authorities will review their strict stance on consolidation in the sector. But European telcos also have means to address some of the problems they are facing without giving the impression that everything depends on forces beyond their control.

☆ The $322 billion impact investment market is grappling with a fundamental question: How does it measure how much good it has achieved?
▼ + stars: | 2023-03-03 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Global impact funds now have over $322 billion in assets under management, PitchBook data shows. Matteo Cera, cofounder at Hogaru, Maria Oliva Farriol of Oryx Impact, and moderator Marta del Castillo, CEO of Social Next. Tasmin Lockwood/InsiderSocial impact measurement is all about the baseline, said Maria Oliva Farriol, impact and ESG manager at Oryx Impact. Oryx Impact is a Barcelona-based fund of funds focused on economic development, climate change, and equality in Africa. To avoid this, Oryx Impact is taking advantage of technology to digitize its impact measurement and management strategy.

But EU countries still need to rubber stamp the decision before it can take effect. EU countries' ambassadors on Friday cancelled the vote that had been planned for March 7, the spokesperson for Sweden said. Italy, which has previously said it will vote against the EU cars law, on Friday welcomed the postponement of the vote. Such an outcome, along with some resistance from Italy and some eastern European countries, could throw the whole EU ban into question. European Commission President Ursula von der Leyen will attend a German cabinet meeting at the Schloss Meseberg palace on Sunday, where the topic is likely to be discussed.

The move against Sun Ship and other offshore entities is the start of a broader campaign to keep Russia from finding offshore workarounds to sanctions. The European Union sanctioned a Dubai-based subsidiary of Russia’s state-owned shipping giant, the manager of dozens of oil tankers that ferry Russian oil and natural gas around the world. The sanctions targeting Sun Ship Management include an EU asset freeze and ban on financing the company, which the EU said is part of government-controlled shipping company Sovcomflot. EU officials discussed listing the company under a new power to go after companies or people that are knowingly helping Russia circumvent Western sanctions. In the end, however, it targeted the company as a subsidiary of Sovcomflot, which is generating revenue for Moscow.

☆ Russia's Tinkoff bank to suspend trading in euros from Feb 27
▼ + stars: | 2023-02-26 | by ( ) www.reuters.com time to read: +1 min

Feb 26 (Reuters) - Russian online bank Tinkoff, run by TCS Group Holding (TCSq.L), said on Sunday it would suspend trading in euros from Monday following the imposition of a further set of European Union sanctions. The package includes cutting off more banks, among them Tinkoff and the private Alfa-Bank, from the SWIFT global payments system. Euro trading will be suspended from Feb. 27, 2023," Tinkoff said in a statement, adding that trading in other currencies would not be affected. In a separate statement, Tinkoff said it had prepared counter-measures to the sanctions which would allow a transfer of assets to a new non-sanctioned company within three weeks. Tinkoff Bank was set up by entrepreneur Oleg Tinkov, who has become an outspoken critic of President Vladimir Putin and Russia's invasion of Ukraine.

☆ EU Commission to ban TikTok on staff phones, citing security
▼ + stars: | 2023-02-23 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, Feb 23 (Reuters) - The European Commission is suspending Chinese short video-sharing app TikTok from its employees' corporate phones, EU industry chief Thierry Breton said on Thursday, citing a focus on cybersecurity. Breton however declined to give further details at a news conference on whether there were any incidents involving TikTok. "This measure aims to protect the Commission against cybersecurity threats and actions which may be exploited for cyber-attacks against the corporate environment of the Commission," it said. TikTok said it was disappointed with the Commission decision, saying it was "misguided and based on fundamental misconceptions". The Commission said security developments at other social media platforms will also be kept under constant review.

☆ Rolling EU debt would boost investment and markets
▼ + stars: | 2023-02-21 | by ( Rebecca Christie | ) www.reuters.com time to read: +8 min

From 2009 to 2019, the EU sold just 78 billion euros’ worth of debt into global capital markets. As of January 2023, outstanding issuance stood at 344 billion euros, including more than 275 billion euros sold since 2020. EU debt is in the hands of more than 1,000 investors from more than 70 different countries, according to the bloc’s investor relations team. Contrary to what proponents of Teutonic austerity claim, more EU debt would be safer EU debt. EU debt is rated AAA by Moody’s, Fitch, Scope and DBRS.

☆ One year on, Russia's war in Ukraine ramps up fears over Europe's next security 'soft spot'
▼ + stars: | 2023-02-20 | by ( Sam Meredith | ) www.cnbc.com time to read: +8 min

Speaking at the World Economic Forum in Davos, Switzerland, North Macedonia President Stevo Pendarovski said that, aside from Kyiv, he believed that the Western Balkan region was the "soft spot" of Europe's security architecture. For sure, the Western Balkans is a second battleground for Russia in terms of foreign interference and information manipulation. Bloomberg | Bloomberg | Getty ImagesĆerimagić said Russia's war in Ukraine provides Europe with a clear opportunity to cement stability in the Western Balkans. "For sure, the Western Balkans is a second battleground for Russia in terms of foreign interference and information manipulation. watch nowNorth Macedonia's Pendarovski last month described the U.S. as a "key player" in supporting Western Balkan countries through Russia's war in Ukraine.

☆ A year after Russia’s invasion: How Ukraine endured
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +21 min

REUTERS/Valentyn OgirenkoIn the early hours of Feb. 24, 2022, tens of thousands of Russian soldiers entered Ukraine. By seizing the city of three million people, and capturing or killing Zelenskiy, Russia’s hope appeared to be that Ukraine would quickly surrender. By March 23, Russia’s advance had captured regions of Ukraine along the Belarus border but Ukraine’s forces had begun reclaiming territory near Kyiv. Satellite imagery of Russia’s military convoy near Invankiv, Ukraine, Feb. 28, 2022. The two sit on a bed, with a radio and teddy bears nearby., image Ukrainian civilians have endured The will of the people of Ukraine continues to be that they remain free.

☆ Even a weak Russia is a problem for Europe
▼ + stars: | 2023-02-20 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

TINOS, Greece, Feb 20 (Reuters Breakingviews) - Almost a year after Russia invaded Ukraine it is hard to see Vladimir Putin winning his war. After all, that would involve either Ukraine surrendering land, which it cannot accept, or Russia giving up all the territory it has occupied including Crimea, which Putin won’t do. Radoslaw Sikorski, a former Polish foreign minister who is now a member of the European Parliament, says Russia only reforms itself after military defeats like the Crimean War, the Russo-Japanese War, World War One and the Cold War. Europe, which was late to appreciate the danger posed by Putin, won’t quickly forget the lesson even if he goes. Yet even a Russia weakened by a year of war and sanctions remains a problem for Europe.

☆ TikTok planning two more data centers in Europe
▼ + stars: | 2023-02-17 | by ( ) edition.cnn.com time to read: +2 min

Chinese social media company TikTok plans to open two more data centers in Europe, a senior executive said Friday, in a move that could mitigate concerns over the security of users’ data and ease regulatory pressure on the company. The short video sharing app, owned by China’s ByteDance, aims to expand its European data storage, TikTok’s general manager for operations in Europe Rich Waterworth said in a blog post. The European Commission had given online platforms and search engines until February 17 to publish the number of their monthly active users. Very large online platforms have four months to comply with the rules, or risk fines. Twitter said Thursday that it has 100.9 million average monthly users in the European Union, based on an estimation of the last 45 days.

☆ Privacy Regulators Step Up Oversight of AI Use in Europe
▼ + stars: | 2023-02-16 | by ( Catherine Stupp | ) www.wsj.com time to read: +6 min

European privacy regulators are intensifying their scrutiny of companies’ use of artificial intelligence, hiring experts and opening new units to crack down on data violations. “AI is appearing in all sectors,” said Kari Laumann, head of a division for research, analysis and policy at Norway’s data protection authority. The regulator’s office has worked with 64 companies to test AI initiatives under its supervision, in a program started in 2020. Regulators have fined companies for privacy failings in their AI applications in recent years, but European data protection officials and privacy analysts say it is still unclear how to apply some aspects of European privacy law to the technology. Mr. Jairaj said he expects the EU’s coming legislation to force companies to look closely at third-party suppliers of AI products.

London CNN —The European Union is setting up a working group to examine whether frozen Russian assets can be used to rebuild Ukraine. The statement added that part of this work would involve obtaining a “clearer picture” of where Russian state-owned assets are located and their value. “In principle, it is clear-cut: Russia must pay for the reconstruction of Ukraine,” Swedish Prime Minister Ulf Kristersson said. A senior EU official estimated earlier this month that the European Union and Western allies had frozen more than $300 billion in Russian central bank assets that could potentially be used to rebuild Ukraine. The European Union is also working on a tenth package of sanctions against Russia.

☆ Eleven EU countries urge 'great caution' in loosening state aid rules
▼ + stars: | 2023-02-14 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +3 min

BRUSSELS, Feb 14 (Reuters) - Eleven European Union countries urged "great caution" in relaxing the bloc's state aid rules in a bid to support Europe's green industry in a global race, saying that risked damaging competition inside the bloc, a document showed. The Commission proposed easing EU restrictions on state aid for investments in renewable energy or decarbonising industry, partly in response to the U.S. Inflation Reduction Act. "EU state aid rules should be designed taking into account the value added at the level of EU as a whole. EU state aid rules should protect the level playing field on the EU internal market," it said. The European Commission initially also proposed creating a special fund meant to help poorer EU countries dole out more state aid.

☆ Germany rules out spending 'more and more money' as Europe hopes to avoid subsidy race with the U.S.
▼ + stars: | 2023-02-14 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

European Union officials have been embroiled in tense discussions over how to make the region more competitive in the wake of the U.S. Inflation Reduction Act, also referred to as IRA. The American legislation was approved by U.S. lawmakers in August and includes $369 billion in spending on climate and energy policies. But, according to Christian Lindner, the German finance minister, the answer for the 27-member EU bloc to boost competitiveness is not via more public spending. "We need a better quality of public sector investments, not more quantity of public sector investments," he said. "Belgium is a small market, very open economy, Germany is a big market.

☆ Russian diesel prices fall in Europe despite latest ban
▼ + stars: | 2023-02-06 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

“Those stocks should act as a buffer against the immediate loss of Russian diesel imports,” Williams said. However, he added that the United States could redirect some of its current diesel exports to South America to Europe, with Russian diesel then “find[ing] a home” in South America. OilX’s Crosby noted that there are “many more” potential buyers of Moscow’s diesel compared with its crude exports. “Most Russian diesel barrels will manage to make it to global markets,” he said. “The notion that Russian diesel will have a very hard time finding new homes is beginning to lose credibility.”— Julia Horowitz contributed reporting.

☆ Stocks are getting a boost from a key indicator that's been a reliable sign of more gains to come
▼ + stars: | 2023-02-03 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

In case you missed it, the European Central Bank Thursday made a half-point interest rate hike, marking its fifth consecutive move as part of its inflation-fighting efforts. Speaking of rates, today we're going over a key economic indicator that suggests more upside ahead for stocks. Ever since the Fed started tightening policy last March, the stock market has been highly susceptible to interest-rate volatility. Specifically, the MOVE Index — which measures volatility of US Treasury yields — has dipped to lows that haven't been seen since the Fed's first rate hike of this cycle. This means potentially smaller swings in the stock market as highly rate-sensitive equities get some relief after big rate moves battered indexes in 2022.

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