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☆ Analysis: Washington pushes for harsher action against banks with Russia ties
▼ + stars: | 2023-02-14 | by ( John O'Donnell | ) www.reuters.com time to read: +6 min

"We are looking at additional banks and financial institutions to see how Russia deals with the outside world. Some European banks, including UniCredit (CRDI.MI) and Raiffeisen Bank International (RBIV.VI), have large businesses there and must follow local rules to grant payment holidays to soldiers. ENFORCEMENTO'Brien said that the United States would step up enforcement, something the EU also hopes to improve. "We are now looking at how sanctions, including financial sanctions, can be most effective," he said. "While the majority of important Russian banks are sanctioned, there is a lot outside that perimeter that you could go after," said Nicolas Veron, of Washington think tank the Peterson Institute for International Economics.

☆ A new European luxury cruise line is launching in the US this year — see what it'll be like aboard the ships
▼ + stars: | 2023-02-12 | by ( Brittany Chang | ) www.businessinsider.com time to read: 1 min

One of the newest players in the luxury cruise industry will begin sailing this year with several itineraries in the US.

☆ Euronext has no plans to copy rivals with cloud computing deal
▼ + stars: | 2023-02-09 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Feb 9 (Reuters) - Euronext will not mimic rivals by shifting critical services to outside cloud computers given regulatory concerns, the pan-European exchange's chief executive Stephane Boujnah said. London Stock Exchange Group, CME and Nasdaq have all announced partnerships with cloud computing giants like Alphabet, Amazon and Microsoft, with Deutsche Boerse joining them on Thursday in a "strategic partnership" with Google. Euronext only uses a cloud provider for storing historical data, he said. "We analyse very carefully the dependency on certain providers," Boujnah said as Euronext reported full year earnings. Euronext said it has increased its 2024 annual pre-tax savings related to integrating Borsa Italiana by 15 million euros to 115 million, with around 70 million of this achieved by the end of 2023 as implementation costs remain unchanged.

☆ Big Tech not doing enough to remove fake news, activist NGO Avaaz says
▼ + stars: | 2023-02-07 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, Feb 7 (Reuters) - Twitter, Google's (GOOGL.O) YouTube, Meta Platform's (META.O) Facebook, Microsoft's (MSFT.O) LinkedIn and TikTok are not doing enough to remove fake news from their platforms, raising doubts about their ability to comply with new EU online content rules, activist NGO Avaaz said on Tuesday. "Overall, just 22% of disinformation content we analysed was either labelled or removed by the six major platforms," Avaaz said. It said the companies did not do enough to tackle disinformation in languages other than English. "Despite explicit platform commitments in the code to improve their services in all EU languages, our research found that in certain EU languages - Italian, German, Hungarian, Danish, Spanish and Estonian - no platform took any action against violating posts," Avaaz said. Meta, Alphabet, Twitter and Microsoft last year vowed to take a tougher line against disinformation after committing to the updated EU code.

FASTER PERMITSClean tech firms could be in line for simpler rules and fast-tracked permits to build production facilities in Europe. The EU executive said it would produce a "Net-Zero Industry Act" offering faster permits to manufacturers of technologies key to its climate goals. That could include carbon capture and storage, renewable energy, renewable hydrogen production facilities and batteries. Brussels had already slashed the time lines and simplified the rules for renewable energy projects last year. The Commission, which oversees EU trade policy, wants to increase the EU's network of trade agreements, such as those concluded with Chile, Mexico, New Zealand and Mercosur and one it aims to agree with Australia.

☆ The end of the Covid health emergency won't slow FDA clearance of shots and treatments
▼ + stars: | 2023-01-31 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The Food and Drug Administration on Tuesday said its emergency authorizations of Covid vaccines, tests and treatments will not be impacted by the end of the public health emergency this spring. President Joe Biden is planning to terminate in May the public health and national emergencies declared in response to the Covid pandemic three years ago, the White House said Monday. The public health emergency gave U.S. health regulators expanded powers to respond faster to the pandemic. The FDA's emergency powers, however, aren't directly tied to public health declaration, according to the agency. This allows the agency to respond more swiftly to public health crises.

☆ Twitter research group stall complicates compliance with new EU law
▼ + stars: | 2023-01-27 | by ( Sheila Dang | ) www.reuters.com time to read: +7 min

Twitter signed a voluntary agreement in June with the EU related to the DSA committing to "empowering the research community" through means including sharing datasets about disinformation with researchers. The EU law would require platforms with over 45 million EU users to respond to EU-vetted researcher proposals. THE WORK OF THE CONSORTIUMThe research consortium was formed in response to backlash against Russian interference in the 2016 U.S. presidential election. Twitter had been preparing to disclose at least a dozen new datasets to researchers before then, the former employees said. If the research consortium is eliminated, "we will be returning to the 2017 era of limited shared communication about malicious state actor activity," said Renée DiResta, research manager at Stanford Internet Observatory.

☆ Seven EU countries oppose new EU funding as response to U.S. subsidy plan - letter
▼ + stars: | 2023-01-27 | by ( Jan Strupczewski | ) www.reuters.com time to read: +3 min

BRUSSELS, Jan 27 (Reuters) - Plans by the European Commission to create new European Union funding for the green industry are facing mounting opposition in the 27-nation bloc, as seven EU countries openly rejected the idea in a letter to the EU executive. The letter, seen by Reuters and dated Jan. 26, was signed by the Czech Republic, Denmark, Finland, Austria, Ireland, Estonia and Slovakia and addressed to the European Commission vice president responsible for trade, Valdis Dombrovskis. All 10 countries say the EU should be using funds already approved instead of seeking more money. But in their letter, the seven countries said the EU should first spend the money it had already agreed to raise through the 800 billion euro post-pandemic recovery and resilience fund (RRF) of grants and cheap loans. "We have to ensure that the economy can better absorb the already agreed EU funding," the seven countries wrote.

LONDON, Jan 19 (Reuters) - European Union energy regulators published their first daily liquefied natural gas (LNG) price assessment on Thursday, a first step in the EU's plan to launch a new European LNG benchmark price by the end of March. WHY DOES THE EU WANT A NEW LNG PRICE? Unlike pipeline gas, LNG is not widely traded on exchanges, so there is less visibility on how much the fuel costs. HOW WILL ACER'S LNG PRICE BE DIFFERENT? ACER can only produce a price assessment if it receives at least five transactions in the assessed five-day period.

☆ Premarket stocks: The Federal Reserve is testing how climate change could hurt big banks
▼ + stars: | 2023-01-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —The largest six banks in the United States have been given until July to show the Federal Reserve what effects disastrous climate change scenarios could have on their bottom lines. The Federal Reserve first announced the pilot program in September, noting that Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo would participate. In its announcement the Federal Reserve stressed that the exercise “is exploratory in nature and does not have capital consequences.” It also said that it would not publish individual banks’ results. San Francisco Federal Reserve President Mary Daly told CNN in October Thursday that this was a learning and exploratory exercise for the Federal Reserve. The other side: Critics of the pilot program have argued that the Federal Reserve was overstepping its boundaries and that they might soon begin to enforce financial penalties.

☆ Whirlpool partners Arcelik in Europe, quits MidEast and Africa
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +3 min

Whirlpool also said it had agreed to sell its Middle Eastern and African businesses to Arcelik, which the Turkish firm said was for 20 million euros ($21.65 million) in cash. The moves come after Whirlpool launched a review of its Europe, Middle East and Africa (EMEA) operations in April 2022 and said it planned to focus on higher margin businesses. The U.S. firm said the Middle Eastern and African businesses being sold to Arcelik had sales of around $4.2 billion in 2021. The entirety of Whirlpool's EMEA business reported sales of $5.01 billion last year. The deals are expected to be completed in the second half of the 2023, subject to regulatory approval, Arcelik said.

☆ Intel CEO says chip supply chains will shape geopolitics more than oil over the next 50 years
▼ + stars: | 2023-01-17 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

New York CNN —Global politics will be dominated by the availability, trade and investment in microchips for the next several decades, Intel CEO Pat Gelsinger told CNN Tuesday. The location of “oil reserves [has] defined geopolitics for the last five decades,” Gelsinger said in an interview with CNN’s Julia Chatterley at the World Economic Forum in Davos. Issues in the chip supply chain in recent years have caused shortages and shipping delays of everything from desktop computers and iPhones to cars. The CHIPS and Science Act will invest more than $200 billion to help companies grow US domestic chip-making and research. Because we’re assuming they’ll help us make these massive investments.”

☆ Whirlpool to divest most of EMEA ops, form new entity with Turkey's Arcelik
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

The home appliance maker launched a review of the EMEA business in April 2022, acknowledging that it would take the company a longer time to achieve attractive EBIT margin levels amid geopolitical tensions in Europe. Whirlpool will form a new Europe-focused entity with Turkish household appliances manufacturer Arcelik (ARCLK.IS) by divesting its major domestic appliance business in the region, it said in a statement. The new entity will include Arcelik's European units such as major domestic appliance, small domestic appliance and consumer electronics. Whirlpool will own 25% of this new entity, while Arcelik will have the rest, the U.S.-based company added. The entirety of Whirlpool's EMEA business reported sales of $5.01 billion last year.

☆ Poland, Lithuania want nuclear curbs in new EU sanctions on Russia
▼ + stars: | 2023-01-13 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustrations/File PhotoBRUSSELS, Jan 13 (Reuters) - Poland and Lithuania want the European Union to impose restrictions on Russia's nuclear sector as part of new sanctions against Moscow and Minsk for the war in Ukraine, senior diplomats from the two EU countries said on Friday. They said the 10th EU package of sanctions since Russia invaded Ukraine should be ready in time for the first anniversary of the invasion on Feb. 24. They wanted new sanctions against Russia's ally Belarus, where they said loopholes allowed it to bypass European sanctions against Moscow in trading goods including furniture. They proposed that Rosatom and/or its leadership be blacklisted as a first step that should then lead to winding down cooperation in the EU with Russia's nuclear industry. The senior diplomats said they would also try again to end Belgium's diamond trade with Russia through new EU sanctions and expand bans on trade in goods that can be used for military purposes.

[1/2] European Commission President Ursula von der Leyen and Sweden's Prime Minister Ulf Kristersson attend the inauguration of Esrange's new satellite launch ramp, Spaceport Esrange outside Kiruna, Sweden, January 13, 2023. The Commission is planning to loosen state aid rules, but some EU countries can spend more than others. Von der Leyen said the bloc needed "credible and ambitious" financing tools to preserve the single market. She said the Commission was working on an assessment of what the EU clean tech sector needed to compete with U.S. rivals. Yet Scholz's own Social Democrats published a paper on Thursday saying that new EU joint borrowing should be "constructively examined".

☆ Malaysian urges palm oil producers to boost cooperation after EU rules
▼ + stars: | 2023-01-12 | by ( Mei Mei Chu | ) www.reuters.com time to read: +1 min

Slideshow ( 2 images )KUALA LUMPUR (Reuters) - Malaysia on Thursday called on countries producing palm oil to strengthen cooperation following new European Union (EU) legislation aimed at reducing the use of palm oil-based fuels. The EU is a key palm oil importer but demand is expected to fall significantly within the next 10 years due to a renewable energy directive to phase out palm-based transport fuels by 2030 over perceived links to deforestation. Malaysian Commodities minister Fadillah Yusof urged the Council of Palm Oil Producing Countries (CPOPC) - led by Indonesia and Malaysia - to work together against the new regulations and to combat “baseless allegations” made by the EU and the United States about the sustainability of the edible oil. CPOPC had previously accused the EU of unfairly targeting palm oil and creating trade barriers. Indonesian President Joko Widodo and Malaysian Prime Minister Anwar Ibrahim this week agreed to “fight discrimination against palm oil” and strengthen cooperation through CPOPC.

In doing so they should deploy the financial innovation which helped to halt the Latin American debt crisis of the 1980s: Brady bonds. It requires a 21st-century Marshall Plan led by America and joined by European allies. For example, the European Bank for Reconstruction and Development has 520 projects in Ukraine and will play an important ongoing role. Specifically, the government in Kyiv should investigate an equivalent to the Brady bonds. For Ukraine to benefit from similar relief, the U.S. Treasury and other key finance ministries should back new Brady bonds.

☆ TikTok Chief Meets With Top EU Officials
▼ + stars: | 2023-01-10 | by ( Stu Woo | Daniel Michaels | ) www.wsj.com time to read: 1 min

Shou Zi Chew has been chief executive officer of TikTok since 2021. BRUSSELS—TikTok’s chief executive met European Union officials to discuss the Chinese-owned company’s plan to comply with new EU rules and concerns over TikTok’s recent disclosure that it surveilled two journalists. The Tuesday meetings come shortly before new European tech legislation takes effect and amid heightened scrutiny of the social-media giant in the U.S. TikTok requested the meetings, both sides said.

☆ Irish privacy regulator fines Meta more than $400 mln
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +2 min

[1/2] A security guard stands watch by the Meta sign outside the headquarters of Facebook parent company Meta Platforms Inc in Mountain View, California, U.S. November 9, 2022. REUTERS/Peter DaSilvaDUBLIN, Jan 4 (Reuters) - Ireland's data privacy regulator fined Meta (META.O) 390 million euros ($414 million) on Wednesday for breaches at its Facebook and Instagram services and said both must reassess the legal basis on how they run advertising based on personal data in the European Union. Ireland's Data Privacy Commissioner (DPC), which is the lead privacy regulator for many of the world's largest technology companies within the EU, directed Meta to bring its data processing operations into compliance within three months. The penalties brought the total fines levied against Meta to date by the DPC to 1.3 billion euros. The DPC said that as part of its decision, the EU's privacy watchdog had purported to direct the Irish regulator to conduct a fresh investigation that would span all of Facebook and Instagram's data processing operations.

☆ New EU tech law primarily targets Apple, Amazon and Google
▼ + stars: | 2022-12-27 | 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 EmailNew EU tech law primarily targets Apple, Amazon and GoogleApple and Google's worst nightmare could be coming true thanks to a new rule in Europe. CNBC's Steve Kovach joins 'Squawk Box' to report.

☆ EU's trying to push tech companies as far as they can without having to be being punished: Big Tech's Kantrowitz
▼ + stars: | 2022-12-27 | 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 EmailEU's trying to push tech companies as far as they can without having to be being punished: Big Tech's KantrowitzAlex Kantrowitz of 'Big Technology' joins 'TechCheck' to discuss new European regulations tech companies will have to navigate, the readiness of the U.S. Congress to act on Big Tech and the potential impacts of new regulatory frameworks on key tech companies.

☆ Why Liverpool and Manchester United, two giants of soccer, are up for sale at the same time
▼ + stars: | 2022-12-24 | by ( Jenni Reid | ) www.cnbc.com time to read: +7 min

In November, the owners of first Liverpool and then Manchester United confirmed they were open to new investment offers, with the potential for full sales of the top flight English clubs. Meanwhile New York-listed shares in Manchester United popped 18% on the news on Nov. 23 that its owners were similarly opening themselves up to investment opportunities. Big money competition One recurring complaint Manchester United fans have had of the Glazers is a lack of investment in the club, across both facilities and players. Old Trafford Stadium, the home of Manchester United Football Club. "In the cases of Liverpool and Manchester United, both owners have held the clubs for a long time, and both assets have appreciated a lot as their leagues and brands and global fan bases have developed.

☆ Apple May Face Greatest Loyalty Test Yet
▼ + stars: | 2022-12-21 | by ( Dan Gallagher | ) www.wsj.com time to read: 1 min

No tech company has a base of true believers quite like Apple . But the past couple months have been a major test of their faith, and the coming year could turn out to be even more so. Prospective buyers of the company’s two iPhone 14 Pro models have faced unseasonably long wait times since early November, as harsh Covid-19 lockdowns and resulting social unrest in China have hampered production at the key facility where those devices are assembled. Apple is reportedly also working on changes to its software that would allow apps to be downloaded to iPhones and iPads outside of its App Store, to comply with a new European Union law put in place earlier this year.

☆ The EU agreed to limit gas prices, but some analysts are skeptical
▼ + stars: | 2022-12-20 | by ( Jenni Reid | ) www.cnbc.com time to read: +6 min

Pipes run along a technical facility for compressing natural gas on the site of astora GmbH's Rehden natural gas storage facility, the largest in Western Europe. He flagged that it could disrupt the European energy market, risk security of supply and have wider financial implications. Analysts told CNBC that these conditions called into question the ability of the mechanism to limit energy price rises. Around 70% of liquefied natural gas (LNG) is tied up in long-term contracts, leaving 30% available on a spot basis. "As it stands, about 20% of Europe's electricity comes from natural gas, 10% comes from coal.

☆ 'Qatargate' scandal casts light on 'untouchable' EU lawmakers
▼ + stars: | 2022-12-20 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +5 min

BRUSSELS, Dec 20 (Reuters) - As a corruption scandal rocks the European Parliament, lawmakers and campaign groups say a lack of asset declarations, little reporting on contacts with third countries and barely any sanctions created an environment where rule-breaking could go unpunished or undetected. Prosecutors suspect Greek member of the European Parliament (MEP) Eva Kaili and three others accepted bribes from recent soccer World Cup host Qatar in a bid to influence European Union policymaking. The case, widely dubbed "Qatargate" in the media, is one of the biggest scandals to hit the 27-nation bloc. They also urged the European Commission to put forward a proposal for an independent ethics body as soon as possible. ($1 = 0.9433 euros)Reporting by Philip Blenkinsop; additional reporting by Charlotte Van Campenhout; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

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