Latest news with #CompetitiveCompass
Euronews
21-02-2025
- Business
- Euronews
Brussels, my love? Can the EU stave off a trade war with the US?
We are joined this weekend by Ben Butters, the Chief Executive Officer at Eurochambres, Cory Bennet, climate editor for POLITICO Europe and Chloé Mikolajczak, a climate and social justice activist. The panel broke down the rumours that the European Commission is set to simplify life for all those doing business in the EU. From the Competitive Compass to various 'Omnibus' packages expected soon - the EU executive has promised to focus on deregulation as opposed to more. Climate activist Chloé Mikolajczak thinks this is a big mistake. 'It's making me feel incredibly worried and incredibly angry', she tells the panel adding that the laws took years of negotiations of compromise to be adopted. The panel also reflected on the EU Trade Commissioner's visit to Washington DC this week to stave off a full-blown trade war. The EU has said it is open to working with President Trump to lower duties for industrial goods and increase the purchase of US products. 'The problem is you never know with Donald Trump. The thing to do with him is you have to take him seriously, but not literally', Cory Bennet quipped.
Yahoo
29-01-2025
- Business
- Yahoo
EU points way to competitive future to catch U.S, China rivals
By Philip Blenkinsop and Kate Abnett BRUSSELS (Reuters) - The European Commission presented on Wednesday its plans to reverse industrial decline in the bloc and step up efforts to compete with the United States and China in new fields such as AI, and to lower energy costs and cut red tape. The Competitive Compass sets out the EU executive's course of legislation and initiations over the next two years in established sectors like steel and cars and new technologies, including biotech and quantum. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. "If Europe accepts a managed and gradual economic decline, it is condemning itself to a 'slow agony'," the compass paper says, echoing former European Central Bank chief Mario Draghi, whose report on EU competitiveness last year is a foundation of the EU plan. First up on Feb 26 will be the Clean Industrial Deal, a multi-year EU plan to help energy-intensive industries decarbonise and boost production of clean technology, accompanied by ideas to boost supplies of affordable energy. On the same day, the EU executive will also unveil plans to reduce business reporting requirements, focused on sustainability reports larger businesses need to file, due diligence rules and a system that defines which investments can be labelled as climate-friendly. The Commission says this will be the first of a series of simplification packages in its push to reduce the reporting burden by at least 25% and for smaller firms by at least 35%, cutting 37.5 billion euros ($39.0 billion) of costs over five years. MORE COORDINATION AND INTEGRATION The Competitive Compass roadmap also includes a proposal to favour European companies in public procurement tenders and a proposal that the Commission would coordinate national policies in energy infrastructure like electricity grids and storage. The EU executive arm could have a similar coordination role in investment and the building out of digital infrastructure and Artificial Intelligence use, as well as in key manufacturing areas like critical medicines. Further ideas include a special legal regime for innovative companies so that they can make better use of the EU's single market and access to finance, joint purchases by the EU as a whole of critical raw materials, and creating an integrated, single European market for the defence industry. The Commission is under pressure from business, the centre-right European People's Party and countries including France not just to simplify reporting, but to delay or water down recently approved climate legislation. The bloc is also facing fresh challenges from the new U.S. administration of President Donald Trump, who is promising to roll back U.S. corporate rules and urged the EU to make it easier to do business. France proposed last week to delay indefinitely a new EU directive on corporate due diligence and to delay by two years the corporate sustainability reporting directive. The Commission will hear further complaints on Thursday from the European auto sector over 2025 CO2 emissions targets and potential fines as its launches a "strategic dialogue' to ensure the sector's future. "We will identify immediate solutions to safeguard industry's capacity to invest, by looking at possible flexibilities to make sure our industry remains competitive, without lowering the overall ambition of the 2025 targets," the compass paper says. ($1 = 0.9615 euros)
Yahoo
29-01-2025
- Business
- Yahoo
EU points way to competitive future to catch U.S, China rivals
By Philip Blenkinsop and Kate Abnett BRUSSELS (Reuters) - The European Commission presented on Wednesday its plans to reverse industrial decline in the bloc and step up efforts to compete with the United States and China in new fields such as AI, and to lower energy costs and cut red tape. The Competitive Compass sets out the EU executive's course of legislation and initiations over the next two years in established sectors like steel and cars and new technologies, including biotech and quantum. "If Europe accepts a managed and gradual economic decline, it is condemning itself to a 'slow agony'," the compass paper says, echoing former European Central Bank chief Mario Draghi, whose report on EU competitiveness last year is a foundation of the EU plan. First up on Feb 26 will be the Clean Industrial Deal, a multi-year EU plan to help energy-intensive industries decarbonise and boost production of clean technology, accompanied by ideas to boost supplies of affordable energy. On the same day, the EU executive will also unveil plans to reduce business reporting requirements, focused on sustainability reports larger businesses need to file, due diligence rules and a system that defines which investments can be labelled as climate-friendly. The Commission says this will be the first of a series of simplification packages in its push to reduce the reporting burden by at least 25% and for smaller firms by at least 35%, cutting 37.5 billion euros ($39.0 billion) of costs over five years. MORE COORDINATION AND INTEGRATION The Competitive Compass roadmap also includes a proposal to favour European companies in public procurement tenders and a proposal that the Commission would coordinate national policies in energy infrastructure like electricity grids and storage. The EU executive arm could have a similar coordination role in investment and the building out of digital infrastructure and Artificial Intelligence use, as well as in key manufacturing areas like critical medicines. Further ideas include a special legal regime for innovative companies so that they can make better use of the EU's single market and access to finance, joint purchases by the EU as a whole of critical raw materials, and creating an integrated, single European market for the defence industry. The Commission is under pressure from business, the centre-right European People's Party and countries including France not just to simplify reporting, but to delay or water down recently approved climate legislation. The bloc is also facing fresh challenges from the new U.S. administration of President Donald Trump, who is promising to roll back U.S. corporate rules and urged the EU to make it easier to do business. France proposed last week to delay indefinitely a new EU directive on corporate due diligence and to delay by two years the corporate sustainability reporting directive. The Commission will hear further complaints on Thursday from the European auto sector over 2025 CO2 emissions targets and potential fines as its launches a "strategic dialogue' to ensure the sector's future. "We will identify immediate solutions to safeguard industry's capacity to invest, by looking at possible flexibilities to make sure our industry remains competitive, without lowering the overall ambition of the 2025 targets," the compass paper says. ($1 = 0.9615 euros) Sign in to access your portfolio
Reuters
29-01-2025
- Business
- Reuters
EU points way to competitive future to catch U.S, China rivals
BRUSSELS, Jan 29 (Reuters) - The European Commission presented on Wednesday its plans to reverse industrial decline in the bloc and step up efforts to compete with the United States and China in new fields such as AI, and to lower energy costs and cut red tape. The Competitive Compass sets out the EU executive's course of legislation and initiations over the next two years in established sectors like steel and cars and new technologies, including biotech and quantum. "If Europe accepts a managed and gradual economic decline, it is condemning itself to a 'slow agony'," the compass paper says, echoing former European Central Bank chief Mario Draghi, whose report on EU competitiveness last year is a foundation of the EU plan. First up on Feb 26 will be the Clean Industrial Deal, a multi-year EU plan to help energy-intensive industries decarbonise and boost production of clean technology, accompanied by ideas to boost supplies of affordable energy. On the same day, the EU executive will also unveil plans to reduce business reporting requirements, focused on sustainability reports larger businesses need to file, due diligence rules and a system that defines which investments can be labelled as climate-friendly. The Commission says this will be the first of a series of simplification packages in its push to reduce the reporting burden by at least 25% and for smaller firms by at least 35%, cutting 37.5 billion euros ($39.0 billion) of costs over five years. MORE COORDINATION AND INTEGRATION The Competitive Compass roadmap also includes a proposal to favour European companies in public procurement tenders and a proposal that the Commission would coordinate national policies in energy infrastructure like electricity grids and storage. The EU executive arm could have a similar coordination role in investment and the building out of digital infrastructure and Artificial Intelligence use, as well as in key manufacturing areas like critical medicines. Further ideas include a special legal regime for innovative companies so that they can make better use of the EU's single market and access to finance, joint purchases by the EU as a whole of critical raw materials, and creating an integrated, single European market for the defence industry. The Commission is under pressure from business, the centre-right European People's Party and countries including France not just to simplify reporting, but to delay or water down recently approved climate legislation. The bloc is also facing fresh challenges from the new U.S. administration of President Donald Trump, who is promising to roll back U.S. corporate rules and urged the EU to make it easier to do business. France proposed last week to delay indefinitely a new EU directive on corporate due diligence and to delay by two years the corporate sustainability reporting directive. The Commission will hear further complaints on Thursday from the European auto sector over 2025 CO2 emissions targets and potential fines as its launches a "strategic dialogue' to ensure the sector's future. "We will identify immediate solutions to safeguard industry's capacity to invest, by looking at possible flexibilities to make sure our industry remains competitive, without lowering the overall ambition of the 2025 targets," the compass paper says. ($1 = 0.9615 euros)
