Latest news with #Brussels
Reuters
23 minutes ago
- Business
- Reuters
EU court reduces fine on Credit Suisse over foreign exchange cartel
BRUSSELS, July 23 (Reuters) - The European Union's General Court reduced on Wednesday a fine imposed on Credit Suisse to 28.9 million euros ($33.92 million)from a previous 83.2 million euros fine, over its participation in a cartel in the foreign exchange trading sector. The court ruled that Credit Suisse did participate in the cartel, but added that the European Commission did not correctly determine the amount of the fine. ($1 = 0.8519 euros)
Zawya
2 hours ago
- Business
- Zawya
HE Dr. Thani Al Zeyoudi meets EU Trade Commissioner Maroš Šefčovič in Brussels to strengthen bilateral relations
The EU is the second-largest trade partner of the UAE, accounting for 8.3% of total UAE non-oil trade in 2024. HE Al Zeyoudi: ' Our continued dialogue with the EU is essential in navigating the evolving global trade landscape. The European Union is a highly valued trade and investment partner for the UAE, with ties that continue to deepen across a range of sectors.' Brussels, Belgium – His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, met with His Excellency Maroš Šefčovič, European Commissioner for Trade, to discuss the strengthening of bilateral relations between the UAE and the European Union. The meeting in Brussels was also an opportunity to review progress on the negotiations towards a Comprehensive Economic Partnership Agreement (CEPA), following the first round of discussions held in June and early July. As UAE-EU bilateral relations continue to strengthen, the UAE-EU CEPA is anticipated to play a vital role in enhancing trade ties, fostering investment opportunities, and driving economic growth between the two parties. Both parties expressed optimism about the progress and potential benefits of the agreement. In 2024, non-oil trade between the UAE and the EU reached US$67 billion, reflecting a 2.4% growth over the previous year. The EU continues to be a significant trade partner for the UAE, accounting for 8.3% of its total non-oil trade. HE Al Zeyoudi remarked, 'Our continued dialogue with the EU is essential in navigating the evolving global trade landscape. The European Union is a highly valued trade and investment partner for the UAE, with ties that continue to deepen across a range of sectors. This growth in trade is aligned with our mutual interests and highlights the importance of collaboration in areas such as energy transition, advanced technology, and food security.' The meeting served as a platform for both parties to discuss strategies for increasing investments in high-growth sectors, including renewable energy and advanced manufacturing. The UAE has already established significant partnerships with EU nations, reinforced by ongoing projects in solar energy and innovative technologies. The UAE delegation to Brussels included His Excellency Mohamed Al Sahlawi, UAE Ambassador to Belgium, the European Union and Luxembourg, and His Excellency Juma Al Kait, Assistant Undersecretary at the UAE Ministry of Foreign Trade. As the UAE continues to diversify its economy, the CEPA program represents a strategic pillar of its foreign trade agenda. By solidifying trade relationships with key partners like the EU, the UAE aims to enhance access to global markets and stimulate sustainable economic development.
Malay Mail
9 hours ago
- Business
- Malay Mail
Inside the EU's Anti-Coercion Instrument as bloc prepares sweeping response to Trump's tariff threat
BRUSSELS, July 23 — A growing number of European Union member states, including Germany, are considering using wide-ranging 'anti-coercion' measures targeting US services if the EU cannot reach a trade deal with US President Donald Trump, EU diplomats say. Here are details of the bloc's Anti-Coercion Instrument, which took effect at the end of 2023 and hitherto has never been used, as it is seen by many as a 'nuclear option' that is ideally meant as a deterrent. Possible measures The ACI allows the 27-nation EU to retaliate against third countries that put economic pressure on member countries to change their policies, and offers far wider scope for action than just counter-tariffs on US exports. The ACI has a 10-point list of possible measures against Trump's threat of a 30 per cent tariff on EU imports by August 1. As well as tariffs on goods, the ACI tools include curbs on imports or exports of goods such as through quotas or licences. For public tenders in the bloc, worth some €2 trillion (RM9.7 trillion) per year, there are two possibilities. Bids, such as for construction or defence procurement, could be excluded if US goods or services make up more than 50 per cent of the potential contract. Alternatively, a penalty score adjustment could be attached to US bids. The ACI could also lead to measures to affect services in which the US has a trade surplus with the EU, including from digital services providers Amazon, Microsoft, Netflix or Uber. Measures could also curb foreign direct investment from the United States, which is the world's largest investor in the EU. Further measures could include restrictions on protection of intellectual property rights, on access to financial services markets and on the ability to sell chemicals or food in the EU. The EU is supposed to select measures that are likely to be most effective to stop the coercive behaviour of a third country and potentially to repair injury. How does the EU invoke the ACI? The ACI was proposed in 2021 as a response to EU member criticism that the first Trump administration and China had used trade as a political tool. China had targeted Lithuania, according to Lithuanian officials, after it allowed Taiwan to set up a de facto embassy in Vilnius. The law gives the European Commission up to four months to examine possible cases of coercion. If it finds a foreign country's measures constitute coercion, it puts this to EU members, which have another eight to 10 weeks to confirm the finding. To confirm, a qualified majority of EU members is required — a higher bar to hurdle than for applying retaliatory tariffs. The Commission would normally then consult with the foreign country in an effort to stop the coercion. If that fails, then within six months it can adopt EU response measures, again subject to a vote by EU members. These should enter force within three months. The whole process could take a year, but could be sped up. — Reuters
Irish Times
16 hours ago
- Business
- Irish Times
Apple set to stave off daily fines, EU to accept App Store changes
Apple's changes to its App Store rules and fees will likely secure the green light from EU antitrust regulators, people with direct knowledge of the matter said, a move that would stave off potentially hefty daily fines for the iPhone maker. The company last month said developers will pay a 20 per cent processing fee for purchases made via the App Store, though the fees could go as low as 13 per cent for Apple's small-business program. Developers who send customers outside the App Store for payment will pay a fee between 5 per cent and 15 per cent. They will also be able to use as many links as they wish to send users to outside forms of payment. Apple made the changes after the EU antitrust enforcer handed it a €500 million fine in April and gave it 60 days to comply with the Digital Markets Act aimed at reining in Big Tech and giving rivals more room to compete. The European Commission is expected to approve the changes in the coming weeks, although the timing could still change, the people said. 'All options remain on the table. We are still assessing Apple's proposed changes,' the EU watchdog said. Apple did not immediately respond to a request for comment. The company earlier this month said it had implemented the changes to avoid punitive daily fines, while criticising the Commission for mandating how it runs its store. The company could have been hit with daily fines of 5 per cent of its average daily worldwide revenue, or about 50 million euros per day. --Reuters (c) Copyright Thomson Reuters 2025
CNA
16 hours ago
- Business
- CNA
Exclusive-Apple set to stave off daily fines, EU to accept App Store changes, sources say
BRUSSELS :Apple's changes to its App Store rules and fees will likely secure the green light from EU antitrust regulators, people with direct knowledge of the matter said, a move that would stave off potentially hefty daily fines for the iPhone maker. The company last month said developers will pay a 20 per cent processing fee for purchases made via the App Store, though the fees could go as low as 13 per cent for Apple's small-business program. Developers who send customers outside the App Store for payment will pay a fee between 5 per cent and 15 per cent. They will also be able to use as many links as they wish to send users to outside forms of payment. Apple made the changes after the EU antitrust enforcer handed it a 500 million euro ($586.7 million) fine in April and gave it 60 days to comply with the Digital Markets Act aimed at reining in Big Tech and giving rivals more room to compete. The European Commission is expected to approve the changes in the coming weeks, although the timing could still change, the people said. "All options remain on the table. We are still assessing Apple's proposed changes," the EU watchdog said. Apple did not immediately respond to a request for comment. The company earlier this month said it had implemented the changes to avoid punitive daily fines, while criticising the Commission for mandating how it runs its store. The company could have been hit with daily fines of 5 per cent of its average daily worldwide revenue, or about 50 million euros per day.
