EU member states back postponing contested supply chain law
European Union member states on Wednesday backed postponement of the bloc's contested supply chain law, following a proposal from the EU Commission.
The first implementation deadlines are to be postponed by a year, the European Council representing the member states announced in Brussels.
The European Parliament will have to approve the postponement. It is expected to discuss the proposal next week.
The supply chain law was passed last year, allowing the member states more than two years to implement the new regulations in their own legislation.
The aim of the proposal is to enhance human rights globally by making large companies accountable for profiting from human rights violations, such as the use of child or forced labour.
Business has been critical, seeing excessive regulation that would impose a large bureaucratic burden and reduce the bloc's competitiveness.
"Simplification is one of the priorities of the Polish presidency. Today's agreement is a first step on our decisive path to cut red tape and make the EU more competitive," Polish minister for the EU Adam Szłapka said. Poland currently holds the rotating EU presidency.
The council statement noted that the European Parliament had scheduled a vote on the issue on April 1.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
6 hours ago
- Yahoo
Canada to join major European rearmament deal as early as June 23: sources
Prime Minister Mark Carney plans on joining a sweeping European plan in Belgium this month to rearm the continent and provide more military aid to Ukraine, CBC News has learned. Last month, Carney signalled to CBC's Power & Politics that he hopes to sign on to the new defence initiative by Canada Day as he tries to move away from relying on the United States for weapons and munitions. Now sources with knowledge of the matter say Carney is expected to join the rearmament deal as early as June 23, when he meets with European leaders in Brussels at the EU-Canada summit. Carney hinted on Monday this summit will "be more important than ever." "Canada will arrive at this summit with a plan to lead, with new investments to build our strength in service of our values," Carney said. WATCH | Why ReArm Europe would want Canada: The prime minister has said he's been in talks with European countries for months about closer defence co-operation. Carney wants to build up Canada's defence capabilities and expand its military suppliers beyond the U.S. as President Donald Trump wages a trade war on Canada and most of the world. "Over 75 cents on every dollar of capital spending for defence goes to the United States. That's not smart," Carney told Power & Politics host David Cochrane on May 27. Carney said it would be better to "spend more at home" with "diversified partnerships." CBC News is not naming the sources because they were not authorized to speak publicly about the deal. European Union President Ursula von der Leyen first proposed the plan called ReArm Europe in March to bolster the continent's military capabilities during global threats, Russia's ongoing invasion in Ukraine and uncertainty with the United States. The plan, renamed Readiness 2030, includes boosting European defence spending by up to 800 billion euros, including a 150-billion euro loan program to pay for more military technology and weapons. It's unclear how much money Canada would contribute. CBC News asked the Prime Minister's Office for details about the spending commitment and has yet to receive a response. Carney announced more than $9 billion in new military spending this fiscal year on Monday — and said Canada must further increase defence spending in the years to come. Once Canada joins the European deal, the government will have to decide what initiative it wants to launch and which countries it will partner with. The list of potential projects includes air and missile defence, drones and anti-drone systems, artificial intelligence and electronic warfare. "The first step is joining the club. The next step is deciding what projects you want to work on with other club members," said Dave Perry, president of the Canadian Global Affairs Institute. Ahead of the EU-Canada summit, Carney is also expected to announce more support for Ukraine. As part of Carney's promise to increase defence spending this year, supplementary estimates this week show the government has earmarked $2 billion for military aid to Ukraine and to expand defence partnerships. A source told CBC News the government is expected to reveal how much of that money will go toward Ukraine at the G7 meeting in in Kananaskis, Alta., next week. Carney is hosting this year's summit and invited Ukrainian president Volodymyr Zelenskyy, who hopes to urge Trump to move forward with a stronger sanctions package on Russia. WATCH | Carney says Three years into Russia's full-scale invasion of Ukraine, it continues to push forward in the Donbas region where Ukrainians are progressively losing "more and more" territory, Perry said. Ukraine needs armoured vehicles, artillery systems, ground-based air defence systems and munitions, he said. "They need help repairing all of the critical infrastructure the Russians are going after," he said. "They need the funding to basically keep the government of Ukraine solvent … they need a whole range of things."
Yahoo
7 hours ago
- Yahoo
Why Carnival (CCL) Shares Are Sliding Today
Shares of cruise ship company Carnival (NYSE:CCL) fell 5.2% in the morning session after the major indices tumbled amid heightened geopolitical tensions in the Middle East following Israeli strikes on Iranian nuclear and military sites. This development sent crude oil prices surging, as investors fear potential disruptions to global oil supply and a wider regional conflict. For companies tied to the travel sector, the fallout could mean a short-term drop in demand as travelers grow wary of regional instability. The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Is now the time to buy Carnival? Access our full analysis report here, it's free. Carnival's shares are very volatile and have had 24 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business. The previous big move we wrote about was 17 days ago when the stock gained 5.5% on the news that the major indices rebounded (Nasdaq +2.0%, S&P 500 +1.5%) as President Trump postponed the planned 50% tariff on European Union imports, shifting the start date to July 9, 2025. Companies with substantial business ties to Europe likely had some relief as the delay reduced near-term cost pressures and preserved cross-border demand. Carnival is down 9.6% since the beginning of the year, and at $22.64 per share, it is trading 20.5% below its 52-week high of $28.49 from January 2025. Investors who bought $1,000 worth of Carnival's shares 5 years ago would now be looking at an investment worth $1,164. Today's young investors likely haven't read the timeless lessons in Gorilla Game: Picking Winners In High Technology because it was written more than 20 years ago when Microsoft and Apple were first establishing their supremacy. But if we apply the same principles, then enterprise software stocks leveraging their own generative AI capabilities may well be the Gorillas of the future. So, in that spirit, we are excited to present our Special Free Report on a profitable, fast-growing enterprise software stock that is already riding the automation wave and looking to catch the generative AI next. Sign in to access your portfolio
Yahoo
7 hours ago
- Yahoo
Why American Airlines (AAL) Shares Are Trading Lower Today
Shares of global airline American Airlines (NASDAQ:AAL) fell 5.4% in the morning session after Israel carried out significant strikes on Iranian nuclear and military sites, dramatically escalating fears of a broader conflict in the Middle East. This development has sent crude oil prices surging, as investors fear potential disruptions to global oil supply and a wider regional conflict. The conflict also fueled fears of higher operating costs for airlines and reduced global travel demand. The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Is now the time to buy American Airlines? Access our full analysis report here, it's free. American Airlines's shares are quite volatile and have had 19 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business. The previous big move we wrote about was 17 days ago when the stock gained 5.1% on the news that the major indices rebounded (Nasdaq +2.0%, S&P 500 +1.5%) as President Trump postponed the planned 50% tariff on European Union imports, shifting the start date to July 9, 2025. Companies with substantial business ties to Europe likely had some relief as the delay reduced near-term cost pressures and preserved cross-border demand. American Airlines is down 37.6% since the beginning of the year, and at $10.61 per share, it is trading 43.2% below its 52-week high of $18.66 from January 2025. Investors who bought $1,000 worth of American Airlines's shares 5 years ago would now be looking at an investment worth $635.21. Today's young investors likely haven't read the timeless lessons in Gorilla Game: Picking Winners In High Technology because it was written more than 20 years ago when Microsoft and Apple were first establishing their supremacy. But if we apply the same principles, then enterprise software stocks leveraging their own generative AI capabilities may well be the Gorillas of the future. So, in that spirit, we are excited to present our Special Free Report on a profitable, fast-growing enterprise software stock that is already riding the automation wave and looking to catch the generative AI next. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data