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☆ EU lawmakers back 'prohibitive' capital rules for cryptoassets
▼ + stars: | 2023-01-24 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Jan 24 (Reuters) - European Union lawmakers backed a draft law on Tuesday to implement the final leg of post-financial global bank capital rules, adding "prohibitive" requirements to cover risks from cryptoassets. The European Parliament's economic affairs committee approved a draft law to implement Basel III capital rules from January 2025, though backing several temporary divergences to give banks more time to adapt. EU states have already approved their version of the draft law, and lawmakers will now negotiate a final text with member states, with further tweaks expected. EU states have taken a more accommodative approach to when foreign banks serving customers in the bloc should open a branch, or convert a branch into a more heavily capitalised subsidiary, with EU lawmakers on Tuesday taking a harder line. The EU is keen to build up "strategic autonomy" in capital markets as it faces a competing financial centre on its doorstep after Brexit.

☆ EU lawmakers to vote on tighter crypto, ESG rules for banks
▼ + stars: | 2023-01-23 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

One amendment states that banks would have to apply a risk-weighting of 1,250% of capital to cryptoassets exposures, meaning enough to cover a complete loss in their value. This is in line with recommendations from the global Basel Committee of banking regulators in December. The amendment requires the EU's executive European Commission to publish a report by June 2023 analysing the possibility of introducing prudential limits on banks' exposures to shadow banks. The draft law introduces a new "fit and proper" regime for appointing bankers, with amendments saying there should be targets for a bank's management body. After Tuesday's vote the lawmakers and EU states will thrash out a final deal which would come into effect in 2025.

☆ EU lawmakers want Iran's Guards branded terrorist group
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, Jan 18 (Reuters) - The European Parliament called on Wednesday for the EU to list Iran's Revolutionary Guards as a terrorist organisation, blaming the powerful force for the repression of protesters and the supply of drones to Russia. Ties between the European Union (EU) member states and Tehran have deteriorated in recent months as efforts to revive nuclear talks have stalled. Tehran has detained several European nationals and the bloc has become increasingly critical of a continuing violent crackdown on protesters, including executions. The text called for the EU and its member states to include the IRGC on the bloc's terrorist list "in the light of its terrorist activity, the repression of protesters andits supplying of drones to Russia". The European Parliament has no power to compel the EU to add the IRGC to its list.

☆ EU plans changes to pharmaceuticals law to avoid medicine shortages
▼ + stars: | 2023-01-17 | by ( Maggie Fick | ) www.reuters.com time to read: +1 min

Jan 17 (Reuters) - Proposed changes to a European Union pharmaceuticals law will include stronger obligations for the supply of medicines and earlier notifications of shortages, EU Health Commissioner Stella Kyriakides said on Tuesday. Kyriakides told a session of the European Parliament that shortages of antibiotics are a growing problem for many European countries. "Our objective is and remains to secure access to medicines for all patients in need and to avoid any market disruption of medicines in the EU," Kyriakides said. Shortages of antibiotics have been reported in 26 European countries, the European Medicines Agency says. The unseasonably early upsurge in respiratory infections in Europe this winter and insufficient production capacity are the root causes of the shortages, Kyriakides said.

☆ France to push for 'Made in Europe' strategy at Feb EU summit
▼ + stars: | 2023-01-16 | by ( Jan Strupczewski | ) www.reuters.com time to read: +3 min

BRUSSELS, Jan 16 (Reuters) - France wants the European Union to adopt a "Made in Europe" industrial strategy in response to the U.S. scheme of subsidies for green investment, to keep industrial firms from leaving Europe and reduce members' dependence on outside suppliers. "The implementation of an ambitious and robust European industrial policy is therefore essential today. The French authorities propose that it take the form of a 'Made in Europe' strategy," France said in a paper seen by Reuters. The French paper called for urgent measures in particular to retain Europe companies involved in solar panels, batteries, hydrogen and critical raw materials, noting the "Made in Europe" strategy should be based on four pillars. The third pillar should be EU funding for sensitive sectors, which would help equalise the uneven fiscal power for supporting industries among EU countries.

☆ Growing tensions between Asian palm oil producers and the European Union
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +3 min

Here is a timeline of the rising tensions between the Asian palm oil producers and the EU over the matter. JUNE 14, 2017EU negotiators agree to phase out the use of palm oil in transport fuels from 2030. APRIL 16, 2018British supermarket chain Iceland says it would remove palm oil from its own-brand food products due to concerns over rainforest destruction. MARCH 13, 2019The European Commission concludes that palm oil cultivation results in excessive deforestation and the use of harmful biofuel feedstocks, including palm oil, should be capped until 2023 and phased out by 2030. JAN 9, 2023Indonesian and Malaysia agree to work together and strengthen cooperation to fight discrimination against palm oil.

☆ Exclusive: EU wants details of Big Tech, telcos investment plans - source
▼ + stars: | 2023-01-10 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, Jan 10 (Reuters) - The European Commission wants to ask Big Tech and European Union telecoms providers about their investment outlays and cloud infrastructure plans before tabling legislation that could make the former pay for network costs, a person familiar with the matter said on Tuesday. The Commission plans to launch a public consultation with a lengthy questionnaire next week, although the timing may still change, the person said. It will likely last about 12 weeks before the Commission drafts legislation that EU countries and EU lawmakers will need to thrash out before it can become law. The Commission will ask Big Tech and telecoms what they are investing in, how this will evolve and whether there is an investment gap, the person said. Regulators also want to know about the relationship between Big Tech and telecoms providers.

☆ India joins EU in mandating USB-C charging port on smartphones, as Americans still have to deal with 3 different types of ports and cables
▼ + stars: | 2022-12-29 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +4 min

India will require mobile devices sold in the country to have the USB-C charging port by March 2025. The government will find two types of charging ports for mobile devices and wearable electronics. It's following the European Union which will require USB-C charging ports by December 28, 2024. But the company confirmed that it will make iPhones with a USB-C port to comply with EU laws. Samsung is next, with 30% of the market share in the same quarter, and Lenovo is third with 9% of the market share.

☆ EU court rules Airbnb must provide rental info to tax authorities
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, Dec 22 (Reuters) - Short-term accommodation services company Airbnb (ABNB.O) must provide information in rental contracts to tax authorities and withhold tax under a national regime, the European Union's top court ruled on Thursday. The Italian court subsequently sought guidance from the Court of Justice of the European Union (CJEU). "EU law does not preclude the requirement to collect information or to withhold tax under a national tax regime," the EU court said in a statement. But an Airbnb spokesperson said the company was already supporting the correct payment of host income tax by implementing the EU's agreed common tax reporting framework. "We will continue to make progress on the EU's bloc-wide approach to income tax reporting while we await the final decision of the Italian court," the Airbnb spokesperson said.

☆ '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.

The aim is to shield European households and businesses from the kind of gas price spikes experienced since Russia's invasion of Ukraine. WHY CAP GAS PRICES? Gas prices have eased in recent months as the EU agreed some emergency measures, including obligations to fill gas storage, but they remain high. The EU price cap would not drop below 180 eur/MWh, even if the LNG price fell to far lower levels. The EU price cap is designed to be a temporary fix that would apply for one year.

☆ EU countries make final push for gas price cap deal this year
▼ + stars: | 2022-12-19 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

BRUSSELS, Dec 19 (Reuters) - European Union countries' energy ministers meet in Brussels on Monday to attempt to agree a cap on gas prices - their latest idea to tame Europe's energy crisis but one that countries are still split over. With a few countries' positions still unclear, some EU diplomats said both sides may have enough votes to block a deal. Under the latest proposal, once triggered, the EU gas price cap would prevent trades being done on the front-month to front-year TTF contracts at a price more than 35 eur/MWh above a reference level comprised of liquefied natural gas (LNG) price assessments. The EU price cap would not drop below 188 eur/MWh, even if the LNG price fell to far lower levels. The fate of other EU energy policies also hinges on the gas price cap.

☆ Italy agrees to transfer suspect in EU graft scandal to Belgium
▼ + stars: | 2022-12-19 | by ( Emilio Parodi | ) www.reuters.com time to read: +3 min

REUTERS/Flavio Lo ScalzoBRESCIA, Italy, Dec 19 (Reuters) - An Italian court on Monday agreed to hand over to Belgian authorities a woman suspected of involvement in a Qatar graft scandal that has rocked the European Parliament. Angelo De Riso, a lawyer for Panzeri's wife and daughter, confirmed the decision to reporters outside the court. Qatar reiterated on Sunday that it had no involvement in the EU corruption scandal. A hearing to decide on the handover of Panzeri's daughter will take place on Tuesday before the same Brescia court. Two sources with direct knowledge of the matter told Reuters Giorgi confessed to his role in the graft scandal.

☆ EU agrees to the world’s largest carbon border tax
▼ + stars: | 2022-12-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —European Union governments have reached a deal on the world’s first major carbon border tax, as part of an overhaul of the bloc’s flagship carbon market that aims to make its economy carbon-neutral by 2050. EU ministers finalized details of the Carbon Border Adjustment Mechanism early Sunday after reaching a provisional agreement earlier on in the week. The landmark measure adds a pollution price on certain imports to the European Union. She added that certifying carbon emissions in producing countries remains a “challenge.”Climate policy overhaulThe carbon border tax is part of a wider deal agreed to Sunday that reforms the EU carbon market to cut its emissions 62% by 2030, compared to 2005. The Carbon Border Adjustment Mechanism will be phased in at the same time, in that way protecting domestic firms from being undercut by foreign competitors.

☆ EU countries vote to weaken law on methane emissions
▼ + stars: | 2022-12-19 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

The law will be negotiated next year by EU countries, who approved their negotiating position on Monday, and the European Parliament. EU countries said companies should check their infrastructure 12 months after the law takes effect, and then carry out checks on numerous timelines. Alongside the United States, the EU leads the Global Methane Pledge of 150 countries aiming to cut methane emissions 30% by 2030. The EU law would not apply to infrastructure abroad that transports gas into Europe. The EU imports more than 80% of its gas, and most methane emissions associated with that consumption occur abroad.

☆ Medical device makers drop products as EU law sows chaos
▼ + stars: | 2022-12-19 | by ( Maggie Fick | ) www.reuters.com time to read: +9 min

LONDON, Dec 19 (Reuters) - Nicola Osypka's German company has been selling medical devices used in surgery on newborn babies in Europe for decades, but new European Union rules have forced her to make tough decisions. While some companies say the products they have cut have no impact on patients or profits, others say some of withdrawn devices are essential, and doctors agree. Under the EU's Medical Devices Regulation (MDR), which came into effect in May 2021, all medical devices, from implants and prosthetics to blood glucose meters and catheters, must meet stricter safety criteria, sometimes with new clinical trials. Under the old system, it took about 15,000 euros and a few months to get a similar device approved, he said. Tom Melvin, an associate professor of medical device regulatory affairs at Trinity College Dublin, said there were nearly 100 such agencies a decade ago under the old system.

Under the deal agreed by negotiators from EU countries and the European Parliament, the EU carbon market will be reformed to cut emissions by 62% from 2005 levels by 2030. If fuel prices are as high in 2027 as today, the introduction of the carbon market would be delayed to 2028. If its CO2 price hits 45 euros ($47.62), then extra CO2 permits will be released into the market to attempt to tame prices. The price of EU carbon permits has soared in recent years, boosted by the expectation that tougher EU emissions targets would curb the supply of CO2 permits in the scheme. The benchmark EU carbon price closed trading at around 84 euros per tonne of CO2 on Friday, roughly ten times its value five years ago.

BRUSSELS, Dec 17 (Reuters) - European Union negotiators were set on Saturday morning to resume efforts to reach a deal on overhauling the EU carbon market, the bloc's main policy tool for fighting global warming, after a first round of talks failed on Friday. Meeting that goal will require the EU carbon market to be reformed to cut emissions faster, which it does by requiring around 10,000 power plants and factories to buy CO2 permits when they pollute. Negotiators are at odds over how quickly to end the free CO2 permits the EU gives industries to protect them from foreign competition. But EU lawmakers want to exclude private consumers from the new CO2 market, a stance opposed by EU countries. If approved, the revamped carbon market will form the centrepiece of a package of 12 new EU policies designed to cut planet-heating emissions faster.

☆ 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.

☆ European Parliament Corruption Scandal Casts Shadow Over EU
▼ + stars: | 2022-12-16 | by ( Kim Mackrael | Laurence Norman | ) www.wsj.com time to read: 1 min

European Parliament President Roberta Metsola, at a news conference in Brussels on Thursday, has vowed to lead a wide-ranging review of the legislative body’s rules on lobbying and its code of conduct. BRUSSELS—European Union leaders raised concerns about a corruption scandal at the bloc’s Parliament on Thursday amid growing worries that the bloc’s reputation would be tarnished by allegations that EU legislators took bribes from Qatar. Belgian police have detained two EU lawmakers and several other people linked to the European Parliament over suspicions that they accepted hundreds of thousands of euros from Qatari officials to influence the legislature’s decisions. Police have staged raids in Belgium and Italy, in what threatens to become the biggest scandal in Brussels in years.

☆ A top European official seemed to threaten Elon Musk with sanctions over his 'arbitrary suspension' of journalists amid the jet-tracking saga
▼ + stars: | 2022-12-16 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Věra Jourová, a European Union vice president, criticized Elon Musk's "arbitrary" bans on journalists. She said that Twitter could face sanctions, citing the union's laws on free speech. After Musk's laid off thousands of staff, Twitter closed its Brussels office responsible for complying with EU laws. Věra Jourová, the EU vice president for values and transparency, tweeted on Friday morning: "News about arbitrary suspension of journalists on Twitter is worrying." Musk was also condemned by the German foreign office for suspending the journalists, while a senior government official threatened to leave the platform.

☆ FIFA and UEFA did not breach EU laws in blocking European Super League, but proponents aren’t for giving up
▼ + stars: | 2022-12-15 | by ( Sammy Mngqosini | ) edition.cnn.com time to read: +4 min

CNN —The decisions taken by soccer bodies FIFA and UEFA to block the European Super League (ESL) are in line with European Union (EU) competition laws, according to an EU Opinion issued on Thursday. “The FIFA-UEFA rules under which any new competition is subject to prior approval are compatible with EU competition law,” Advocate General Athanasios Rantos at the EU Court of Justice (CJEU) said. The ESL was set up in 2021 by 12 European clubs with the intention to break away from European football governing body UEFA to create their very own competition. FIFA also welcomes the Advocate General’s recognition of FIFA’s exclusive rights to market international competitions organized by FIFA. Fans of Chelsea Football Club protest against the European Super League outside Stamford Bridge on April 20, 2021.

☆ U.S. welcomes EU draft decision on data privacy -Commerce Secretary
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +2 min

[1/2] U.S. Secretary of Commerce Gina Raimondo speaks about semiconductor chips subsidies during a press briefing at the White House in Washington, U.S., September 6, 2022. REUTERS/Kevin Lamarque/File PhotoWASHINGTON, Dec 14 (Reuters) - The United States welcomed the European Union's draft decision on data privacy as a critical next step, U.S. Commerce Secretary Gina Raimondo said on Wednesday, as the two parties try to seal a data transfer pact. The draft decision, Raimondo said, "represents a critical next step to fully address" the concerns of the Court of Justice of the European Union, which in 2020 struck down the previous EU-U.S. Privacy Shield framework as a valid data transfer mechanism under EU law. "We are closely reviewing the draft decision," Raimondo said in a statement. The European Commission's justice chief Didier Reynders said the draft adequacy decision shows that U.S. safeguards offer the same level of data protection to EU citizens as that under European law.

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.

☆ Belgium charges four people in European Parliament corruption probe
▼ + stars: | 2022-12-11 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +3 min

Prosecutors searched 16 houses and seized 600,000 euros ($631,800) in Brussels on Friday as part of an investigation into money laundering and corruption. The European Parliament said at the weekend it had suspended the powers and duties of one of its vice presidents, Greek socialist Eva Kaili, in light of the Belgian investigation. Belgian Socialist party member Marc Tarabella confirmed it was his home and that a computer and mobile phone had been taken. "If it were confirmed that someone took money to try to influence the opinion of the European Parliament, it will really be one of the most dramatic stories of corruption in recent years," he added. The European Parliament is due to vote this week on a proposal to extend visa-free travel to the EU for Kuwait, Qatar, Oman and Ecuador.

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