Apple changes App Store rules in EU to comply with antitrust order
Synopsis
The changes are aimed at trying to help Apple avoid paying daily fines of 5% of its average daily worldwide revenue, or about 50 million euros ($58 million) per day after being given 60 days to show it was in compliance with the bloc's Digital Markets Act. Apple has already paid 500 million euro ($580 million) fine levied by EU antitrust regulators in April.
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Economic Times
19 minutes ago
- Economic Times
After Canada, now US: College graduates face the toughest job market in decades – what's gone wrong?
Recent college graduates are facing a challenging job market, with unemployment rates among young degree holders reaching a decade high. Economic uncertainty, AI disruption, and a surplus of graduates contribute to hiring freezes, particularly in tech and finance. While some sectors like healthcare and government are growing, traditional degree-heavy fields are experiencing a slowdown. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Hiring freezes, AI disruption, and economic uncertainty Degrees feel less distinctive — but still matter Tired of too many ads? Remove Ads No-hire, no-fire economy Interest Rates Are Also to Blame FAQs When Palwasha Zahid moved from Dallas to a town near Silicon Valley, she felt like she was stepping into the heart of opportunity, with major tech companies like Google, Apple, and Nvidia just a short drive away, while she was pursuing her master's degree in data analysis, she imagined her career taking off, as per a even after months since graduating in December, the 25-year-old is still unemployed as she is unable to find a job in the industry she specialised in, according to an AP report. Zahid told AP, 'It stings a little bit,' adding 'I never imagined it would be this difficult just to get a foot in the door,' as quoted in the Zahid is not alone, because young Americans graduating from college this spring and summer are entering one of the most difficult times of the job market in over a decade, as reported by to the report, among college degree holders aged between 22 to 27, the unemployment rate hit 5.8% in March, which is the highest since 2012, it's been apart from the pandemic year, and noticeably higher than the national unemployment rate of 4.2%, as per the AP even more concerning is that this gap between young graduates and the rest of the workforce is larger than it has been in more than three decades, as reported by READ: Karoline Leavitt says no enriched uranium was removed from Iranian nuclear sites prior to US attacks Economists and policy experts are pointing to many factors, like business hesitation due to economic uncertainty, especially after US President Donald Trump's tariff hikes, which are weighing heavily on new hiring, according to the report. Companies are cautious, and that's bad news for those just starting out, as per the economist at the Upjohn Institute, Brad Hersbein, said, 'Young people are bearing the brunt of a lot of economic uncertainty,' adding, 'The people that you often are most hesitant in hiring when economic conditions are uncertain are entry-level positions,' quoted AP in its possible factor is artificial intelligence. While still in its early phases of adoption, some believe AI is already squeezing entry-level white-collar roles, particularly in industries like tech, finance, and legal services, as reported by of online commerce software company Shopify, Tobi Lutke, said in an April memo that before requesting new hires, 'teams must demonstrate why they cannot get what they want done using AI,' as quoted by READ: Last chance to claim your Fortnite refund – Act fast or risk missing out on free cash Part of the difficulty stems from the sheer number of graduates as more Americans than ever now hold a four-year degree, which is 45% today compared to just 26% in 1992, making it less of a standout in the job market, according to the these challenges, economists still say college degrees provide long-term benefits, including better lifetime earnings and lower unemployment overall, as per AP job growth continues, much of it is concentrated in sectors like health care, government, and hospitality, not exactly what many degree holders trained for, according to the traditionally degree-heavy fields like IT, legal services, and accounting, job growth has slowed significantly. Cory Stahle, an economist at the job-listings website Indeed, revealed that postings for software development jobs have fallen 40% compared with four years ago, reported READ: Rocket Lab stock skyrockets past 52-week high with 13% surge - what's fueling the rise? Although layoffs remain rare, hiring has slowed to levels last seen in 2014, when unemployment was much higher, as per the report. Economists have dubbed it a 'no-hire, no-fire' economy, which is stable, but stagnant, particularly for those trying to start their career, according to the LinkedIn's head of economics for the Americas, Kory Kantenga, pointed out that the Federal Reserve's interest rate hikes have also slowed hiring in the tech industry because many IT firms expanded when the Fed lowered its short-term rate to nearly zero after the pandemic, as reported by AP. But in 2022, when the Fed began increasing rates to combat inflation, it made it harder to borrow and grow, as per the care, hospitality, and government jobs are seeing growth. Sectors like IT and legal services have slowed starting to have an effect, especially in entry-level white-collar roles. Some companies now ask whether AI can do the job before hiring a person.
The Print
an hour ago
- The Print
Trump has driven up NATO's defence spending. Why that's good for India
Rutte applauded the unprecedented decision by member states to not only meet but exceed the 2 per cent of GDP defence spending benchmark, aiming instead for 5 per cent. The move appeared to impress Trump. After announcing a ceasefire in the 12-day Middle East war, Donald Trump flew to The Hague for his first NATO summit since returning to the White House in January. NATO has never been among Trump's favoured topics—his criticism of European 'free-loading' has continued unabated into his second term. The bigger picture is striking. The war in Ukraine, now in its fourth year, has reshaped Europe's security architecture and driven a fundamental transformation in NATO. What began as Putin's aim to 'Finlandise Ukraine' instead led to the 'NATO-isation' of Finland and Sweden—a reversal few foresaw. This reawakening of Europe presents a timely opportunity for India to rethink its engagement with NATO and the continent—especially in terms of defence cooperation. Also read: Europe is vital for lasting solution in Ukraine. Trump's Nobel obsession is blocking this Trump pill, in effect Trump's presidency was widely expected to herald the weakening, if not the outright dismantling, of NATO. His offhand remarks about buying Greenland by force and his view of Article 5 (NATO's collective security clause) as conditional on financial contributions alarmed many European leaders. Some even predicted the death of the West. Paradoxically, Trump's confrontational stance may have saved NATO. His pressure finally forced European allies to boost defence budgets—something US presidents had long demanded. By threatening to pull back American guarantees, Trump got results that decades of diplomacy hadn't. Since then, defence budgets across NATO have surged. Several countries are targeting 5 per cent of GDP for defence over the next decade—a monumental shift worth hundreds of billions of Euros annually. It's more than a fiscal adjustment; it reflects a wartime posture taking hold of a Europe traditionally focused on welfare over warfare. Germany, under new Chancellor Friedrich Merz, has removed constitutional caps on defence spending. Poland's rising military stature further amplifies this transformation. Notably, these shifts have occurred even as internal divisions remain, and Europe supports Ukraine. Rather than faltering under the pressure of a prolonged war in its backyard, major European defence giants have entered long-term agreements with Ukrainian counterparts—defying early fears that the continent lacked the institutional stamina for such a war. Also read: Japan is stepping back from NATO, not Indo-Pacific ties—China is watching the cracks closely Strategic realignment This is not the Europe we once knew. Its strategic pivot is broad and multi-dimensional. NATO has revised its doctrine, addressed Baltic vulnerabilities, and boosted hybrid threat readiness by working with the EU and institutions like the Hybrid Centre of Excellence in Helsinki. Importantly, NATO now follows a '360-degree' strategy that covers not just conventional threats but also climate change, AI, disinformation, and critical infrastructure. This approach is shaping NATO's evolving relationship with the Indo-Pacific. While Trump's return to office rekindles concerns over US reliability, it has also spurred Europe into contingency mode. The shift from complacency to realism is palpable. Once declared 'brain dead' by France's President Emmanuel Macron, NATO now appears rejuvenated. Even as the US strategic engagement toggles between the CENTCOM and INDOPACOM theatres, NATO's internal consolidation is a milestone development. From India's perspective, it could translate into two meaningful cooperation pathways –first, capitalising on NATO's (and Europe's) engagement with the Indo-Pacfic on hybrid threats, and second, developing more defence industry synergies at a time of unprecedented militarisation of the continent. These two are not mutually exclusive. But in my opinion, the latter offers better opportunities. Let's look at them one by one. Indo-Pacific: Ambition vs. capacity NATO's Indo-Pacific outreach—targeting China, emerging technologies, and climate-related risks—aims to preserve its global relevance. But with war at home, NATO's capacity to seriously engage in the Indo-Pacific remains constrained. Further limiting NATO's Indo-Pacific role is Trump's renewed Middle East focus. CENTCOM has regained US attention, and Trump's early priorities appear to centre on countering Iran and re-engaging Pakistan, not deepening Indo-Pacific ties. For India, this pivot raises concerns. The Quad has yet to hold its first summit under Trump's new term, and US commitment to regional alliances like AUKUS seems uncertain. In Australia, Japan, and the Philippines, doubts are growing. India, too, is wary. Trump's apparent overtures to Pakistan—regardless of their transactional nature—have complicated New Delhi's strategic calculations. Without firm US backing, NATO's Indo-Pacific push holds limited promise. So, where does this leave India? If direct security cooperation with NATO, even in the non-traditional arena, is not imminent, the real window of opportunity lies in the continent itself: Defence industry cooperation and exports. Also read: All Trump wants is a good deal. Ukraine war shows he'll even risk Europe for it India's role in Europe's militarisation With 32 of the world's most advanced economies poised to ramp up defence spending to unprecedented levels, the time is ripe for India to position itself as a stable supplier of military equipment. Indian MoD's goal of achieving Rs 50,000 crore in defence exports by the end of this decade aligns perfectly with Europe's search for reliable, diversified suppliers. Already, Indian defence companies are supplying secondary equipment to several European nations—notably France. The question is whether India can scale this engagement and integrate with the common procurement mechanisms now developing across Europe, including within NATO. It is a misnomer to think that NATO's military modernisation is all going to come from NATO countries. South Korea's experience offers a compelling benchmark. In 2022, Seoul secured a $14 billion deal with Poland, delivering tanks, howitzers, and fighter jets under tight deadlines—a testament to its manufacturing agility and strategic alignment with NATO's goals. South Korea's success stems not just from industrial capability but also from its ability to navigate political preconditions and seamlessly integrate into NATO's defence planning architecture. India, on the other hand, faces structural hurdles. We are not a NATO partner country and have been reluctant to sign administrative agreements with the EU that come with conditionalities related to human rights or long-term alignment with the EU's Common Security and Defence Policy (CSDP). This unease limits India's participation in joint procurement frameworks that could otherwise offer significant scale and market access. Yet these obstacles are not insurmountable. Co-production initiatives through joint ventures with established players like South Korea and Israel—both of whom have strong defence ties with India and Europe—offer a pathway to circumvent bureaucratic hurdles. For instance, India and Israel could collaborate on developing and producing systems that serve the European market. Over 50 per cent of Israel's defence sales now go to Europe, a figure that speaks to the continent's urgency and Israel's responsiveness. Strategic resilience India's defence industrial base is at a crossroads. Transitioning from a buyer's ecosystem to a builder's ecosystem will require bold, strategic and timely decisions. While India may not export complete platforms to Europe, like it does for Armenia, there is a large market for secondary equipment, components, and co-produced systems. But this will only materialise if Indian firms are able to navigate Europe's procurement frameworks and if the government actively supports these ventures with the right diplomatic and trade instruments. The West's security realignment, triggered by one of the most protracted conflicts since World War II, is not just a story about Europe. It is going to be a global supply chain story—about who builds and co-builds, who sells, and who co-sustains the defence infrastructure of the future, conjoined at the hip by technological innovation. As NATO adapts to a more dangerous world, it is redefining what modern alliances look like—flexible, industrially coordinated, and geopolitically agile. India, with its growing industrial capacity and strategic aspiration, is well-positioned to be part of this shift. The lessons from NATO's reinvention are not just for Brussels—they are also for New Delhi. Swasti Rao is a consulting editor at ThePrint and a foreign policy expert. She tweets @swasrao. Views are personal. (Edited by Theres Sudeep)
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First Post
an hour ago
- First Post
Von der Leyen hopes for EU-US trade deal but warns of challenges amid Trump tariffs
EU Commission President Ursula von der Leyen said the EU is ready for a trade deal with US President Donald Trump but is prepared if it falters. She maintained that the EU is analysing the latest US negotiating document, which she received on Thursday. read more The European Commission President, Ursula von der Leyen, said that the regional body is ready for a trade deal with US President Donald Trump. However, she warned that the body should be prepared if a deal falters. Von der Leyen maintained that she was analysing the latest US negotiating document, which she received on Thursday. 'Our message today is clear, we are ready for a deal,' she told reporters after briefing EU leaders at a summit in Brussels. 'At the same time, we are preparing for the possibility that no satisfactory agreement is reached … and we will defend the European interest as needed. In short, all options remain on the table," the EU Commission President said in a statement. STORY CONTINUES BELOW THIS AD It is pertinent to note that Von Der Leyen leads the commission, responsible for trade on behalf of the EU's 27 member states. Trump has threatened to impose 50 per cent tariffs on all EU goods from 9 July unless the two sides reach a deal. It is pertinent to note that most EU goods already face 10 per cent tariffs in the US. Meanwhile, the Trump administration also imposed levies of 25 per cent on cars and car parts and 50 per cent on steel and aluminium. Amid the looming Trump tariffs, Von der Leyen also floated a 'beginning of redesigning' the World Trade Organisation (WTO). She also noted that the Asia Pacific CPTPP bloc, which also includes the UK, was interested in 'structured collaboration' with the EU, which wanted the same. 'We can think about this as a beginning of redesigning the WTO … to show the world that free trade with a large number of countries is possible on a rules-based foundation,' she averred. As the Trump deadline nears, different countries and the EU are taking different initiatives to save themselves from the tariffs. It'll be interesting to see if an EU-US trade agreement will be on the cards.
