WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;<o:p></o:p>

EU set to fine Apple €500 million in music streaming penalty: Report<o:p></o:p>

Brussels is gearing up to administer its first-ever fine against Apple, reportedly amounting to approximately €500 million (approximately $539 million), marking a significant milestone in the European Commission's efforts to regulate big tech, the Financial Times (FT) reported on Sunday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/eu-set-to-fine-apple-eu500-million-in-music-streaming-penalty-report-691527">Read more here</a><o:p></o:p>

Lufthansa ground staff set to strike amid wage dispute: Report<o:p></o:p>

Ground staff at Lufthansa, are ready to start a strike on Tuesday, as stated by the Verdi union on Sunday, adding to numerous industrial actions unsettling Germany's transport sector.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/lufthansa-ground-staff-set-to-strike-amid-wage-dispute-report-691532">Read more here</a><o:p></o:p>

France cuts down on expected 2024 growth amid global uncertainties<o:p></o:p>

In reaction to rising uncertainties on a worldwide scale due to conflicts in Ukraine and Gaza, coupled with economic slowdowns in crucial trading partners like Germany and China, France has reduced its 2024 GDP growth forecast to 1 per cent, lower than the initially anticipated 1.4 per cent.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/france-cuts-down-on-expected-2024-growth-amid-global-uncertainties-691540">Read more here</a><o:p></o:p>

UAE achieves record non-oil trade of $953 billion in 2023<o:p></o:p>

The United Arab Emirates (UAE) has reported a record-high non-oil trade volume of $952.93 billion in 2023, which marked a 12.6 per cent increase from the previous year.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/uae-achieves-record-non-oil-trade-of-953-billion-in-2023-691552">Read more here</a><o:p></o:p>

Argentina's poverty reaches 20-year peak during economic crisis, UCA study says<o:p></o:p>

A recent study conducted by the Catholic University of Argentina (UCA) has revealed alarming statistics, indicating that poverty levels in Argentina have surged to 57.4 per cent, marking the highest recorded figure in at least two decades.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/argentinas-poverty-reaches-20-year-peak-during-economic-crisis-uca-study-says-691555">Read more here</a><o:p></o:p>

Major fire at French recycling plant engulfs 900 tonnes of lithium batteries<o:p></o:p>

A fire erupted at a battery recycling facility in southern France on Sunday, engulfing approximately 900 tonnes of lithium batteries and releasing thick black smoke into the sky.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/major-fire-at-french-recycling-plant-engulfs-900-tonnes-of-lithium-batteries-691583">Read more here</a><o:p></o:p>

China's C919 airliner makes historic international debut at Singapore Airshow<o:p></o:p>

China's aviation industry marked a significant milestone as its domestically developed C919 airliner, designed to rival Airbus and Boeing's passenger jets, made its maiden international appearance at the Singapore Airshow.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/chinas-c919-airliner-makes-historic-international-debut-at-singapore-airshow-691593">Read more here</a><o:p></o:p>

Nintendo stocks plummet as reports suggest delayed launch of switch successor<o:p></o:p>

Nintendo shares plummeted by 6 per cent on Monday following reports from gaming media outlets and Bloomberg indicating a potential delay in the release of its next-generation console.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/nintendo-stocks-plummet-as-reports-suggest-delayed-launch-of-switch-successor-691601">Read more here</a><o:p></o:p>

China's Lunar New Year tourism revenues surge, but sustainability concerns linger<o:p></o:p>

Tourism revenues in China surged significantly during the Lunar New Year holidays, marking a remarkable rebound from previous years, according to official data released on Sunday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/chinas-lunar-new-year-tourism-revenues-surge-but-sustainability-concerns-linger-691581">Read more here</a><o:p></o:p>

China’s Central Bank maintains policy stability while economic uncertainties persist<o:p></o:p>

China's central bank, the People's Bank of China (PBOC), has opted to maintain stability in its monetary policy by leaving a key policy rate unchanged on Sunday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/chinas-central-bank-maintains-policy-stability-while-economic-uncertainties-persist-691584">Read more here</a><o:p></o:p>

Seven Group Holdings makes a $1.24 billion bid for full control of Boral<o:p></o:p>

Australian conglomerate Seven Group Holdings has made a substantial bid of $1.24 billion to acquire full control of Boral, a leading building products group, signalling a confident wager on the sustained growth of Australia's infrastructure sector.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/seven-group-holdings-makes-a-124-billion-bid-for-full-control-of-boral-691590">Read more here</a> 
<o:p></o:p>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. EU set to fine Apple €500 million in music streaming penalty: Report Brussels is gearing up to administer its first-ever fine against Apple, reportedly amounting to approximately €500 million (approximately $539 million), marking a significant milestone in the European Commission's efforts to regulate big tech, the Financial Times (FT) reported on Sunday.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. EU set to fine Apple €500 million in music streaming penalty: Report Brussels is gearing up to administer its first-ever fine against Apple, reportedly amounting to approximately €500 million (approximately $539 million), marking a significant milestone in the European Commission's efforts to regulate big tech, the Financial Times (FT) reported on Sunday. Read more here Lufthansa ground staff set to strike amid wage dispute: Report Ground staff at Lufthansa, are ready to start a strike on Tuesday, as stated by the Verdi union on Sunday, adding to numerous industrial actions unsettling Germany's transport sector. Read more here France cuts down on expected 2024 growth amid global uncertainties In reaction to rising uncertainties on a worldwide scale due to conflicts in Ukraine and Gaza, coupled with economic slowdowns in crucial trading partners like Germany and China, France has reduced its 2024 GDP growth forecast to 1 per cent, lower than the initially anticipated 1.4 per cent. Read more here UAE achieves record non-oil trade of $953 billion in 2023 The United Arab Emirates (UAE) has reported a record-high non-oil trade volume of $952.93 billion in 2023, which marked a 12.6 per cent increase from the previous year. Read more here Argentina's poverty reaches 20-year peak during economic crisis, UCA study says A recent study conducted by the Catholic University of Argentina (UCA) has revealed alarming statistics, indicating that poverty levels in Argentina have surged to 57.4 per cent, marking the highest recorded figure in at least two decades. Read more here Major fire at French recycling plant engulfs 900 tonnes of lithium batteries A fire erupted at a battery recycling facility in southern France on Sunday, engulfing approximately 900 tonnes of lithium batteries and releasing thick black smoke into the sky. Read more here China's C919 airliner makes historic international debut at Singapore Airshow China's aviation industry marked a significant milestone as its domestically developed C919 airliner, designed to rival Airbus and Boeing's passenger jets, made its maiden international appearance at the Singapore Airshow. Read more here Nintendo stocks plummet as reports suggest delayed launch of switch successor Nintendo shares plummeted by 6 per cent on Monday following reports from gaming media outlets and Bloomberg indicating a potential delay in the release of its next-generation console. Read more here China's Lunar New Year tourism revenues surge, but sustainability concerns linger Tourism revenues in China surged significantly during the Lunar New Year holidays, marking a remarkable rebound from previous years, according to official data released on Sunday. Read more here China’s Central Bank maintains policy stability while economic uncertainties persist China's central bank, the People's Bank of China (PBOC), has opted to maintain stability in its monetary policy by leaving a key policy rate unchanged on Sunday. Read more here Seven Group Holdings makes a $1.24 billion bid for full control of Boral Australian conglomerate Seven Group Holdings has made a substantial bid of $1.24 billion to acquire full control of Boral, a leading building products group, signalling a confident wager on the sustained growth of Australia's infrastructure sector. Read more here

WION Business Wrap | EU fines Apple €500 million, Lufthansa’s ground staff strike and more

Pressure is mounting on Israel for ceasefire. Several leaders from the United States, Australia, Canada, UK, EU, Jordan joined growing calls for Israel to pause and back off from a planned ground offensive in the southern Gazan city of Rafah, urging a humanitarian ceasefire.

Will there be any ceasefire after Rafah attacks?

Google is preparing to launch an anti-misinformation campaign across five countries in the European Union (EU), the company told Reuters ahead of the bloc's parliamentary elections and tougher new rules tackling online content.

In June, EU citizens will elect a new European Parliament to pass policies and laws in the region and lawmakers fear the spread of misinformation online could sway voters.

France, Poland and Germany accused Russia on Monday of putting together an elaborate network of websites to spread pro-Russian propaganda.

Europe's Digital Services Act, which comes into force this week, will require very large online platforms and search engines to do more to tackle illegal content and risks to public security.

From this spring, Google's internal Jigsaw unit which operates to tackle threats to societies, will run a series of animated ads across platforms such as TikTok and YouTube in five EU countries: Belgium, France, Germany, Italy, and Poland.

Building on previous campaigns the company has tested in Germany and central Europe, Jigsaw said the new project was an opportunity to reach citizens in countries with some of the largest number of voters in the EU, utilising the company's local expertise in these regions.

The ads will feature so-called "prebunking" techniques, developed in partnership with researchers at the Universities of Cambridge and Bristol, aimed at helping viewers identify manipulative content before encountering it.

Viewers watching the ads on YouTube will be asked to fill in a short multiple-choice questionnaire, designed to gauge what they have learned about misinformation.

"We've spent so much time having these really polarised debates. Our democracy is at stake, and the temperature just keeps getting higher and higher," said Beth Goldberg, head of research at Jigsaw.

"Prebunking is the only technique, at least that I've seen, that works equally effectively across the political spectrum," Goldberg said.

Other measures to control misinformation like fact checking can add to polarisation because they come after the information has already spread, she added.

Last month, an investigation conducted by the EEAS (European Union External Action Service) uncovered 750 incidents of misleading information being deliberately spread by foreign actors, many voicing support for Russia's invasion of Ukraine.

Jigsaw's ads will be translated into all 24 official EU languages, the company said.

The campaign will run for at least one month, with a view to extend it based on reach and performance. Results from the campaign, including survey responses and the number of people reached, are expected to be published in summer 2024.

Google is preparing to launch an anti-misinformation campaign across five countries in the European Union (EU), the company told Reuters ahead of the bloc's parliamentary elections and tougher new rules tackling online content.

Google is preparing to launch an anti-misinformation campaign across five countries in the European Union (EU), the company told Reuters ahead of the bloc's parliamentary elections and tougher new rules tackling online content. In June, EU citizens will elect a new European Parliament to pass policies and laws in the region and lawmakers fear the spread of misinformation online could sway voters. France, Poland and Germany accused Russia on Monday of putting together an elaborate network of websites to spread pro-Russian propaganda. Europe's Digital Services Act, which comes into force this week, will require very large online platforms and search engines to do more to tackle illegal content and risks to public security. From this spring, Google's internal Jigsaw unit which operates to tackle threats to societies, will run a series of animated ads across platforms such as TikTok and YouTube in five EU countries: Belgium, France, Germany, Italy, and Poland. Building on previous campaigns the company has tested in Germany and central Europe, Jigsaw said the new project was an opportunity to reach citizens in countries with some of the largest number of voters in the EU, utilising the company's local expertise in these regions. The ads will feature so-called "prebunking" techniques, developed in partnership with researchers at the Universities of Cambridge and Bristol, aimed at helping viewers identify manipulative content before encountering it. Viewers watching the ads on YouTube will be asked to fill in a short multiple-choice questionnaire, designed to gauge what they have learned about misinformation. "We've spent so much time having these really polarised debates. Our democracy is at stake, and the temperature just keeps getting higher and higher," said Beth Goldberg, head of research at Jigsaw. "Prebunking is the only technique, at least that I've seen, that works equally effectively across the political spectrum," Goldberg said. Other measures to control misinformation like fact checking can add to polarisation because they come after the information has already spread, she added. Last month, an investigation conducted by the EEAS (European Union External Action Service) uncovered 750 incidents of misleading information being deliberately spread by foreign actors, many voicing support for Russia's invasion of Ukraine. Jigsaw's ads will be translated into all 24 official EU languages, the company said. The campaign will run for at least one month, with a view to extend it based on reach and performance. Results from the campaign, including survey responses and the number of people reached, are expected to be published in summer 2024.

Google to launch anti-misinformation campaign ahead of EU elections

Tensions between the US and China are not stopping America from being considered a favourite destination by Chinese citizens. New data reveals that in the last year alone illegal immigration by Chinese people in the United States has increased 10 times.

Thousands of Chinese migrants cross US border

At least two dozen firms, including three Chinese firms, are likely to face the European Union's latest sanctions. These firms have been accused of supporting Russia's war efforts in Ukraine.

As per the draft document accessed by Bloomberg, most of them are tech companies. They are accused of "contributing to Russia's military and technological enhancement," according to the draft document.

If the sanctions are adopted, it would be the first time the EU would impose restrictions on Chinese firms since the Ukraine war broke out in February 2022.

The list also includes firms in Hong Kong, Serbia, India and Turkey, some of which are being targeted for the first time.

The companies have not been named for legal reasons.

The restrictions would ban European companies from trading with these listed firms. The EU's latest action is part of its efforts to squeeze Russia's ability to secure sanctioned goods through non-western countries.

EU sanctions need the backing of all member-states (27 in total) to be adopted.

The 27-member bloc has so far imposed sanctions on over 620 companies, almost all of them from Russia. These listed companies are mostly importing banned technologies and electronics goods and re-exporting them to Russia.

This is not the first time that the European Union has sought to sanction several Chinese firms.

But previous proposals had to be dropped following resistance from some member states, and after Beijing issued assurances.

Sanctioning Chinese firms would be a major step in the history of the bloc. The EU counts Beijing as one of its most important trade partners. Germany, in particular, counts China as its biggest market for automobiles.

(With inputs from agencies)

At least two dozen firms, including three Chinese firms, are likely to face the European Union's latest sanctions. These firms have been accused of supporting Russia's war efforts in Ukraine.

At least two dozen firms, including three Chinese firms, are likely to face the European Union's latest sanctions. These firms have been accused of supporting Russia's war efforts in Ukraine. As per the draft document accessed by Bloomberg, most of them are tech companies. They are accused of "contributing to Russia's military and technological enhancement," according to the draft document. If the sanctions are adopted, it would be the first time the EU would impose restrictions on Chinese firms since the Ukraine war broke out in February 2022. The list also includes firms in Hong Kong, Serbia, India and Turkey, some of which are being targeted for the first time. The companies have not been named for legal reasons. The restrictions would ban European companies from trading with these listed firms. The EU's latest action is part of its efforts to squeeze Russia's ability to secure sanctioned goods through non-western countries. EU sanctions need the backing of all member-states (27 in total) to be adopted. The 27-member bloc has so far imposed sanctions on over 620 companies, almost all of them from Russia. These listed companies are mostly importing banned technologies and electronics goods and re-exporting them to Russia. This is not the first time that the European Union has sought to sanction several Chinese firms. But previous proposals had to be dropped following resistance from some member states, and after Beijing issued assurances. Sanctioning Chinese firms would be a major step in the history of the bloc. The EU counts Beijing as one of its most important trade partners. Germany, in particular, counts China as its biggest market for automobiles. (With inputs from agencies)

EU mulls sanctions on two dozen firms, including three Chinese companies: Report

Watching a favourite influencer chow down on the latest fast food fad or cocktail may feel like entertainment, but those posts are likely adverts in disguise, the EU said Wednesday.

The European Union is concerned about the growing impact of social media content creators -- on everything from physical and mental health, to politics and the spread of disinformation.

With influencer marketing believed to have a reaped a global total of around 20 billion euros ($21.5 billion) last year, the European Commission launched a probe into the practice.&nbsp;

The results were unequivocal: it found that 97 per cent of influencers published posts with commercial content but only 20 per cent "systematically disclosed" it as advertising.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/science/an-asteroid-hit-ended-dinosaurs-reign-but-did-it-really-help-birds-690359">An asteroid hit ended Dinosaurs' reign. But did it really help birds?</a>

The study looked at 576 influencers in 22 member states as well as Iceland and Norway as part of a "sweep" to check their compliance with EU consumer law -- which compels creators to disclose all advertising activity.

The platforms used by creators included Facebook, Instagram, Snapchat, TikTok, gamer streaming unit Twitch, X (formerly Twitter) and YouTube.

"Influencers hold considerable sway over their followers, many of which are minors," the EU's justice commissioner, Didier Reynders, said in a statement.&nbsp;

"I call on them to be much more transparent to their audience."

Of the influencers screened, 119 promoted "unhealthy or hazardous activities" including junk food and alcohol, cosmetic treatments, gambling or crypto trading. 
 
The commission said 358 influencers face further action if they do not comply with the rules.

<h2>- Need for 'ethical code'? -</h2>

The 27-nation EU is weighing what action to take towards influencers.

A discussion paper seen by AFP recommended that member states "consider developing an ethical code or ethical label for influencers".

The paper dated January 31 said influencers can have a "positive impact" on young people -- for instance creating a sense of community for people underrepresented in traditional media -- but it also warned of potential "harmful" effects.

"The mis- and disinformation shared by some influencers can also have a negative impact at the societal level," it said.

The issue is in the spotlight after a scandal last year involving Italy's Instagram star Chiara Ferragni, who is being investigated over a charity cake deal in which she wrongly suggested that sale proceeds would help children with bone cancer.

Also Read |&nbsp;<a href="https://www.wionews.com/technology/surgical-robot-kills-cancer-patient-after-burning-hole-in-internal-organs-grieving-husband-seeks-justice-690304">US: Surgical robot kills cancer patient after burning hole in internal organs; patient’s husband seeks justice</a>

Italy responded with plans to increase supervision of influencers.

France last year passed a law targeting influencers, in a bid to prevent creators selling questionable products or promoting risky trends.

The EU has had the digital world increasingly in its sights in recent years.

The bloc's milestone Digital Services Act (DSA) demands companies do more to protect users from hate speech and disinformation as well as consumers shopping online.

While aimed largely at big tech, the DSA will also affect how influencers use platforms to share their content as it demands more transparency over advertising.

All companies must comply with the DSA from Saturday.

Watching a favourite influencer chow down on the latest fast food fad or cocktail may feel like entertainment, but those posts are likely adverts in disguise, the EU said Wednesday.

Watching a favourite influencer chow down on the latest fast food fad or cocktail may feel like entertainment, but those posts are likely adverts in disguise, the EU said Wednesday. The European Union is concerned about the growing impact of social media content creators -- on everything from physical and mental health, to politics and the spread of disinformation. With influencer marketing believed to have a reaped a global total of around 20 billion euros ($21.5 billion) last year, the European Commission launched a probe into the practice. The results were unequivocal: it found that 97 per cent of influencers published posts with commercial content but only 20 per cent "systematically disclosed" it as advertising. Also Read | An asteroid hit ended Dinosaurs' reign. But did it really help birds? The study looked at 576 influencers in 22 member states as well as Iceland and Norway as part of a "sweep" to check their compliance with EU consumer law -- which compels creators to disclose all advertising activity. The platforms used by creators included Facebook, Instagram, Snapchat, TikTok, gamer streaming unit Twitch, X (formerly Twitter) and YouTube. "Influencers hold considerable sway over their followers, many of which are minors," the EU's justice commissioner, Didier Reynders, said in a statement. "I call on them to be much more transparent to their audience." Of the influencers screened, 119 promoted "unhealthy or hazardous activities" including junk food and alcohol, cosmetic treatments, gambling or crypto trading. The commission said 358 influencers face further action if they do not comply with the rules. - Need for 'ethical code'? - The 27-nation EU is weighing what action to take towards influencers. A discussion paper seen by AFP recommended that member states "consider developing an ethical code or ethical label for influencers". The paper dated January 31 said influencers can have a "positive impact" on young people -- for instance creating a sense of community for people underrepresented in traditional media -- but it also warned of potential "harmful" effects. "The mis- and disinformation shared by some influencers can also have a negative impact at the societal level," it said. The issue is in the spotlight after a scandal last year involving Italy's Instagram star Chiara Ferragni, who is being investigated over a charity cake deal in which she wrongly suggested that sale proceeds would help children with bone cancer. Also Read | US: Surgical robot kills cancer patient after burning hole in internal organs; patient’s husband seeks justice Italy responded with plans to increase supervision of influencers. France last year passed a law targeting influencers, in a bid to prevent creators selling questionable products or promoting risky trends. The EU has had the digital world increasingly in its sights in recent years. The bloc's milestone Digital Services Act (DSA) demands companies do more to protect users from hate speech and disinformation as well as consumers shopping online. While aimed largely at big tech, the DSA will also affect how influencers use platforms to share their content as it demands more transparency over advertising. All companies must comply with the DSA from Saturday.

That influencer tip? Probably an ad in disguise, EU finds

As efforts ramp up to channel frozen Russian assets towards Ukraine's reconstruction, the European union has passed a law aimed at managing these funds. This comes as the International Monetary Fund (IMF) issued a warning, highlighting potential legal challenges ahead. Watch to know more!

EU law targets frozen Russian assets for Ukraine's reconstruction

In a significant move towards supporting Ukraine's recovery efforts, the European Union (EU) has enacted legislation aimed at allocating windfall profits from frozen Russian central bank assets for the reconstruction of Ukraine, the EU announced on Monday. <o:p></o:p>

This decision marks a pivotal moment in the EU's efforts to utilise funds accrued from sanctions imposed on Russia following its invasion of Ukraine.<o:p></o:p>

Since the invasion, both the EU and the Group of Seven nations (G7) have collectively frozen around 300 billion euros ($323 billion) of Russian central bank assets. <o:p></o:p>

Deliberations on the utilisation of these funds have persisted for over a year, with the United States proposing outright confiscation. <o:p></o:p>

However, EU officials have deemed this approach legally precarious.<o:p></o:p>

The majority of the frozen assets, approximately two-thirds, are held within the EU, with a significant portion managed by Belgium's Euroclear. <o:p></o:p>

Until now, only taxes on these assets in Belgium have been directed towards a dedicated fund for Ukraine, overseen by the Belgian government.<o:p></o:p>

Under the newly passed law, central securities depositaries (CSDs) like Euroclear will be mandated to segregate net profits and revenues from Russian assets, ensuring they are kept separate from other financial activities.<o:p></o:p>

This regulation applies to institutions holding over 1 million euros ($1.1 million) of the Central Bank of Russia’s assets, providing clarity on the legal framework surrounding the utilisation of these funds.<o:p></o:p>

The EU estimates that approximately 15 billion euros ($16.17 billion) in profits could be allocated for Ukraine's benefit over the next four years from these assets. <o:p></o:p>

Additionally, the EU has committed to providing 50 billion euros ($53.89 billion) in aid to Kyiv.<o:p></o:p>

Ukrainian Foreign Minister Dmytro Kuleba expressed appreciation for the EU's decision.<o:p></o:p>

He urged ambitious and prompt actions in this regard.<o:p></o:p>

Meanwhile, the Kremlin has yet to respond to the EU's move. <o:p></o:p>

Moscow has previously stated that any attempt to use frozen Russian assets for Ukraine would be deemed illegal and subject to prolonged litigation, asserting that they would challenge such measures.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a significant move towards supporting Ukraine's recovery efforts, the European Union (EU) has enacted legislation aimed at allocating windfall profits from frozen Russian central bank assets for the reconstruction of Ukraine, the EU announced on Monday.

In a significant move towards supporting Ukraine's recovery efforts, the European Union (EU) has enacted legislation aimed at allocating windfall profits from frozen Russian central bank assets for the reconstruction of Ukraine, the EU announced on Monday. This decision marks a pivotal moment in the EU's efforts to utilise funds accrued from sanctions imposed on Russia following its invasion of Ukraine. Since the invasion, both the EU and the Group of Seven nations (G7) have collectively frozen around 300 billion euros ($323 billion) of Russian central bank assets. Deliberations on the utilisation of these funds have persisted for over a year, with the United States proposing outright confiscation. However, EU officials have deemed this approach legally precarious. The majority of the frozen assets, approximately two-thirds, are held within the EU, with a significant portion managed by Belgium's Euroclear. Until now, only taxes on these assets in Belgium have been directed towards a dedicated fund for Ukraine, overseen by the Belgian government. Under the newly passed law, central securities depositaries (CSDs) like Euroclear will be mandated to segregate net profits and revenues from Russian assets, ensuring they are kept separate from other financial activities. This regulation applies to institutions holding over 1 million euros ($1.1 million) of the Central Bank of Russia’s assets, providing clarity on the legal framework surrounding the utilisation of these funds. The EU estimates that approximately 15 billion euros ($16.17 billion) in profits could be allocated for Ukraine's benefit over the next four years from these assets. Additionally, the EU has committed to providing 50 billion euros ($53.89 billion) in aid to Kyiv. Ukrainian Foreign Minister Dmytro Kuleba expressed appreciation for the EU's decision. He urged ambitious and prompt actions in this regard. Meanwhile, the Kremlin has yet to respond to the EU's move. Moscow has previously stated that any attempt to use frozen Russian assets for Ukraine would be deemed illegal and subject to prolonged litigation, asserting that they would challenge such measures. (With inputs from Reuters)

EU to channel frozen Russian assets for Ukraine's reconstruction: Report

Russia on Tuesday (Feb 13) warned the West that its response would be “very tough” if its assets were seized by Europe and the United States. Both the European Union and the US seized Russian assets worth $300 billion in 2022 following Moscow’s decision to invade Ukraine. Russia’s warning came a day after the EU adopted a law aimed at utilising windfall profits from Russian assets frozen in EU banks for rebuilding Ukraine.

"This is theft: It's the appropriation of something that doesn't belong to you," Russian Foreign Ministry Spokeswoman Maria Zakharova was quoted as saying by state-backed media. She added that Russia’s response would be “very tough.”

"Considering that our country has qualified this as theft, the attitude will be towards thieves," Zakharova said. "Not as political manipulators, not as overplayed technologists, but as thieves," she added. Moscow maintains that it would also seize American and European assets in a tit-for-tat move.

<h2>EU’s new law </h2>

Russia’s response came after the EU on Monday passed the law aimed at funding Ukraine’s rebuilding using Russian assets. The EU, along with G7 nations have been debating for over a year how the Russian assets should be used to help Ukraine.

Watch:&nbsp;Russia-Ukraine war: What hope for Ukraine if US military aid dries up?

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The US even floated the idea of confiscating the $300 billion assets altogether, a move deemed too risky by the EU officials.

<h2>Who holds Russian assets in Europe?</h2>

The majority of the assets are held by Belgium's clearing house Euroclear.

The law passed on Monday means central securities depositories (CSDs), such as Euroclear, will be prohibited from using net profits and must keep revenues from the Russian assets separate.

The law would apply to all financial institutions holding Russian assets worth more than $1.1 million.

Also read:&nbsp;<a data-jsarwt="1" data-usg="AOvVaw3gZmFF1ftwPerUXbeNdXK5" data-ved="2ahUKEwjF2aqhmaiEAxWS_DgGHXrlB_0QxfQBKAB6BAgQEAE" href="https://www.wionews.com/business-economy/eu-to-channel-frozen-russian-assets-for-ukraines-reconstruction-report-689731" jsname="YKoRaf">EU to channel frozen Russian assets for Ukraine`s reconstruction: Report</a>

As per estimates, a whopping $16 billion in profits could be extracted from Russian assets by using the new law.

Ukraine welcomed the EU’s move. "We encourage further steps to enable their practical use for Ukraine's benefit. These steps must be ambitious and prompt," Ukrainian Foreign Minister Dmytro Kuleba wrote on X.

(With inputs from agencies)

Russia on Tuesday (Feb 13) warned the West that its response would be “very tough” if its assets were seized by Europe and the United States. Both the European Union and the US seized Russian assets worth $300 billion in 2022 following Moscow’s decision to invade Ukraine.

Russia on Tuesday (Feb 13) warned the West that its response would be “very tough” if its assets were seized by Europe and the United States. Both the European Union and the US seized Russian assets worth $300 billion in 2022 following Moscow’s decision to invade Ukraine. Russia’s warning came a day after the EU adopted a law aimed at utilising windfall profits from Russian assets frozen in EU banks for rebuilding Ukraine. "This is theft: It's the appropriation of something that doesn't belong to you," Russian Foreign Ministry Spokeswoman Maria Zakharova was quoted as saying by state-backed media. She added that Russia’s response would be “very tough.” "Considering that our country has qualified this as theft, the attitude will be towards thieves," Zakharova said. "Not as political manipulators, not as overplayed technologists, but as thieves," she added. Moscow maintains that it would also seize American and European assets in a tit-for-tat move. EU’s new law Russia’s response came after the EU on Monday passed the law aimed at funding Ukraine’s rebuilding using Russian assets. The EU, along with G7 nations have been debating for over a year how the Russian assets should be used to help Ukraine. Watch: Russia-Ukraine war: What hope for Ukraine if US military aid dries up? × The US even floated the idea of confiscating the $300 billion assets altogether, a move deemed too risky by the EU officials. Who holds Russian assets in Europe? The majority of the assets are held by Belgium's clearing house Euroclear. The law passed on Monday means central securities depositories (CSDs), such as Euroclear, will be prohibited from using net profits and must keep revenues from the Russian assets separate. The law would apply to all financial institutions holding Russian assets worth more than $1.1 million. Also read: EU to channel frozen Russian assets for Ukraine`s reconstruction: Report As per estimates, a whopping $16 billion in profits could be extracted from Russian assets by using the new law. Ukraine welcomed the EU’s move. "We encourage further steps to enable their practical use for Ukraine's benefit. These steps must be ambitious and prompt," Ukrainian Foreign Minister Dmytro Kuleba wrote on X. (With inputs from agencies)

Russia vows ‘very tough’ response over West’s ‘theft’ of its seized assets

Former US President Donald Trump raised a storm of criticism from the White House and Western officials. He suggested he would not defend NATO allies who failed to spend enough on defence. Watch this video for all details.

What did Trump say about NATO funding and why is it worrying European allies?

EU member states and Members of the European Parliament (MEPs) reached a preliminary agreement on Saturday to relax the bloc's stringent fiscal regulations, providing governments with extended timelines to reduce debt while incentivising investments in critical areas such as climate, industry, and security. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

This significant overhaul of the Stability and Growth Pact, established two decades ago, responds to soaring debt levels in several EU countries amid pandemic-induced spending and aims to align fiscal policies with ambitious green and industrial targets.<o:p></o:p>

European Commission Vice-President Valdis Dombrovskis hailed the revised fiscal rules as a response to evolving economic and geopolitical challenges, emphasising their role in providing clarity and predictability for member states' fiscal strategies. <o:p></o:p>

Dombrovskis underscored the importance of these rules in enhancing the sustainability of public finances and fostering sustainable growth through investment incentives.<o:p></o:p>

MEP Margarida Marques emphasised the nuanced approach embedded in the revised rules, highlighting the shift towards case-by-case assessments and medium-term strategies to prevent austerity measures.<o:p></o:p>

Marques stressed that increased member state ownership will equip nations with better tools to navigate fiscal challenges while promoting economic stability and growth.<o:p></o:p>

Under the revamped regulations, countries with excessive debt will have more flexibility in reducing their debt burden, with targets set at a more achievable level than before. <o:p></o:p>

The rules mandate gradual debt reduction over seven years, providing a longer timeframe for fiscal adjustments. <o:p></o:p>

Additionally, countries facing deficits above 3 per cent of GDP are required to halve them during periods of economic expansion, ensuring the creation of fiscal buffers for future economic downturns.<o:p></o:p>

The inclusion of defence spending in the assessment of high deficits underscores the geopolitical dimension of the revised fiscal rules, reflecting concerns raised by Russia's actions in Ukraine. <o:p></o:p>

This consideration reflects the EU's commitment to enhancing security measures while maintaining fiscal discipline. <o:p></o:p>

The extended timeline for debt reduction, coupled with a pragmatic approach to fiscal targets, aims to balance economic recovery with long-term sustainability.<o:p></o:p>

Negotiators from the EU Council of Ministers and the European Parliament brokered the preliminary agreement, which now awaits formal endorsement by EU member states and the Parliament before it can be implemented next year. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

EU member states and Members of the European Parliament (MEPs) reached a preliminary agreement on Saturday to relax the bloc's stringent fiscal regulations, providing governments with extended timelines to reduce debt while incentivising investments in critical areas such as climate, industry, and security.

EU member states and Members of the European Parliament (MEPs) reached a preliminary agreement on Saturday to relax the bloc's stringent fiscal regulations, providing governments with extended timelines to reduce debt while incentivising investments in critical areas such as climate, industry, and security. This is based on a Reuters report. This significant overhaul of the Stability and Growth Pact, established two decades ago, responds to soaring debt levels in several EU countries amid pandemic-induced spending and aims to align fiscal policies with ambitious green and industrial targets. European Commission Vice-President Valdis Dombrovskis hailed the revised fiscal rules as a response to evolving economic and geopolitical challenges, emphasising their role in providing clarity and predictability for member states' fiscal strategies. Dombrovskis underscored the importance of these rules in enhancing the sustainability of public finances and fostering sustainable growth through investment incentives. MEP Margarida Marques emphasised the nuanced approach embedded in the revised rules, highlighting the shift towards case-by-case assessments and medium-term strategies to prevent austerity measures. Marques stressed that increased member state ownership will equip nations with better tools to navigate fiscal challenges while promoting economic stability and growth. Under the revamped regulations, countries with excessive debt will have more flexibility in reducing their debt burden, with targets set at a more achievable level than before. The rules mandate gradual debt reduction over seven years, providing a longer timeframe for fiscal adjustments. Additionally, countries facing deficits above 3 per cent of GDP are required to halve them during periods of economic expansion, ensuring the creation of fiscal buffers for future economic downturns. The inclusion of defence spending in the assessment of high deficits underscores the geopolitical dimension of the revised fiscal rules, reflecting concerns raised by Russia's actions in Ukraine. This consideration reflects the EU's commitment to enhancing security measures while maintaining fiscal discipline. The extended timeline for debt reduction, coupled with a pragmatic approach to fiscal targets, aims to balance economic recovery with long-term sustainability. Negotiators from the EU Council of Ministers and the European Parliament brokered the preliminary agreement, which now awaits formal endorsement by EU member states and the Parliament before it can be implemented next year. (With inputs from Reuters)

EU agrees on revised fiscal rules to spur investments and debt reduction

The European Union could soon have less stringent fiscal rules in place, which may significantly help member countries that are dealing with rising debt levels. The preliminary deal struck by EU lawmakers will provide more time to member countries to fight rising debt levels. Many argue it could also incentivise public investments in climate, industrial policy and security.

New rules could help countries dealing with rising debt levels

Harnessing energy through nuclear fusion has been the holy grail for the energy sector. This is the one solution that could allow humanity to break free from the clutches of fossil fuels aggravating climate crisis. European scientists celebrate unprecedented achievement as UK based Jet lab achieves historic nuclear fusion breakthrough. Nuclear fusion feat will bring the dream of clean energy closer. Watch to know more!

UK based JET lab achieves historic nuclear fusion breakthrough

The first-ever European Union (EU)-India Track 1.5 dialogue on countering the use of unmanned aerial systems (UAS) by extremists and non-state actors will take place in New Delhi tomorrow.

India: New Delhi hosts first ever India-EU roundtable on countering terrorist exploitation of drones

In its proposal, the Commission said the EU should set an economy-wide 2040 target for 90% net greenhouse gas cuts compared with 1990 levels. The EU plan focused on building an edge in European clean-tech industries, and maintaining public support for climate policy as the EU heads into the elections.

EU lays out plan to cut greenhouse emissions by 90% by 2040

The European Commission, on Wednesday (Feb 7) launched legal action against Hungary’s controversial “sovereignty law” which the ruling Fidesz party of Prime Minister Viktor Orban said was necessary to protect Budapest from foreign political interference.&nbsp;

<h2>What did the EU say?</h2>

The legislation, “protecting national sovereignty,” was led by Orban’s ruling party and approved by the Hungarian parliament in mid-December. It allows authorities to investigate and prosecute people accused of undermining the country’s sovereignty.

The European Commission, EU’s executive arm, on Wednesday, said that it has sent Hungary a formal notice that it would open an infringement procedure over the law, which it&nbsp;also said violates the 27-nation bloc’s democratic values and fundamental rights.

Brussels considers Hungary’s new law several elements of EU law, “in particular when it comes to the principle of democracy and the electoral rights of EU citizens,” said commission spokeswoman Anitta Hipper.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/hungary-pm-blocks-52-billion-eu-aid-to-ukraine-as-bloc-opens-membership-talks-669823">Hungary PM blocks $54 billion EU aid to Ukraine as bloc opens membership talks</a>

Meanwhile, critics have called the recent law the Orban-led nationalist government’s latest bid to silence opponents ahead of crucial European Parliament elections and Hungarian municipal elections in June.&nbsp;

The legislation came as the incumbent PM’s government has repeatedly clashed with the EU over democratic rights in Hungary.&nbsp;

Budapest has two months to respond to the letter of formal notice. The letter of formal notice is the first step in the infringement procedure and can lead to a lawsuit and daily fines before the European Court of Justice.&nbsp;

<h2>About the ‘sovereignty law’</h2>

The new law’s implementation rests on the “Office for the Defence of Sovereignty,” which can collect information on individuals or groups that receive foreign funding and are perceived to influence the country’s political debate and electoral processes.

The separate authority can also punish banned foreign financing for parties or groups running for election with up to three years in prison.&nbsp;

Notably, the provisions under the law have been called broad but vague and importantly it lacks judicial oversight, which has raised serious concerns from independent media outlets and rights groups.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/hungary-dismisses-museum-director-for-exposing-children-to-lgbt-content-655929">Hungary dismisses museum director for exposing children to LGBT content</a>

“The setup of a new authority with wide-ranging powers and a strict regime of monitoring, enforcement and sanctioning also risks to seriously harm the democracy,” said Hipper, during a press conference in Brussels.&nbsp;

Orban’s ruling Fidesz party has argued that the law will end “electoral trickery” amid accusations that opposition parties in Hungary received funds from a US-based NGO in the run-up to the 2022 elections.

The United States had previously criticised the law calling it “draconian” and said that it was “inconsistent with our shared values of democracy, individual liberty and the rule of law.”&nbsp;

(With inputs from agencies) 
&nbsp;

The European Commission, on Wednesday (Feb 7) launched legal action against Hungary’s controversial “sovereignty law” which the ruling Fidesz party of Prime Minister Viktor Orban said was necessary to protect Budapest from foreign political interference.

The European Commission, on Wednesday (Feb 7) launched legal action against Hungary’s controversial “sovereignty law” which the ruling Fidesz party of Prime Minister Viktor Orban said was necessary to protect Budapest from foreign political interference. What did the EU say? The legislation, “protecting national sovereignty,” was led by Orban’s ruling party and approved by the Hungarian parliament in mid-December. It allows authorities to investigate and prosecute people accused of undermining the country’s sovereignty. The European Commission, EU’s executive arm, on Wednesday, said that it has sent Hungary a formal notice that it would open an infringement procedure over the law, which it also said violates the 27-nation bloc’s democratic values and fundamental rights. Brussels considers Hungary’s new law several elements of EU law, “in particular when it comes to the principle of democracy and the electoral rights of EU citizens,” said commission spokeswoman Anitta Hipper. ALSO READ | Hungary PM blocks $54 billion EU aid to Ukraine as bloc opens membership talks Meanwhile, critics have called the recent law the Orban-led nationalist government’s latest bid to silence opponents ahead of crucial European Parliament elections and Hungarian municipal elections in June. The legislation came as the incumbent PM’s government has repeatedly clashed with the EU over democratic rights in Hungary. Budapest has two months to respond to the letter of formal notice. The letter of formal notice is the first step in the infringement procedure and can lead to a lawsuit and daily fines before the European Court of Justice. About the ‘sovereignty law’ The new law’s implementation rests on the “Office for the Defence of Sovereignty,” which can collect information on individuals or groups that receive foreign funding and are perceived to influence the country’s political debate and electoral processes. The separate authority can also punish banned foreign financing for parties or groups running for election with up to three years in prison. Notably, the provisions under the law have been called broad but vague and importantly it lacks judicial oversight, which has raised serious concerns from independent media outlets and rights groups. ALSO READ | Hungary dismisses museum director for exposing children to LGBT content “The setup of a new authority with wide-ranging powers and a strict regime of monitoring, enforcement and sanctioning also risks to seriously harm the democracy,” said Hipper, during a press conference in Brussels. Orban’s ruling Fidesz party has argued that the law will end “electoral trickery” amid accusations that opposition parties in Hungary received funds from a US-based NGO in the run-up to the 2022 elections. The United States had previously criticised the law calling it “draconian” and said that it was “inconsistent with our shared values of democracy, individual liberty and the rule of law.” (With inputs from agencies)

EU launches legal action against Hungary’s controversial ‘sovereignty law’

The EU Commission proposed stricter criminal rules to combat the sexual abuse and exploitation of children, including a clampdown on livestreaming pornography and the inclusion of abuse material in deep fakes or other AI-generated material.

EU proposes stronger rules against online child sexual abuse

The European Union has called for a 90% cut in greenhouse gas emissions by 2040, as part of its push to become the world’s first climate-neutral continent. The new interim target aims at making the bloc carbon neutral by mid-century.

European Union eyes 90% cut in greenhouse gas emissions by 2040

The European Union's financial watchdogs have turned a watchful eye towards Big Tech's foray into the region's financial services sector. In a joint effort, the EU's banking, insurance, and securities regulators meticulously examined the presence of major tech players, including Google's Alphabet, Amazon, Meta, Alibaba, Tencent, Rakuten, Orange, Vodafone, Tesla, and Apple. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

While acknowledging the increasing footprint of Big Tech subsidiaries as direct providers of financial services in Europe, the regulators emphasized that, at present, it doesn't pose an immediate threat to financial stability.<o:p></o:p>

The comprehensive stocktake revealed a growing but still relatively modest influence of Big Tech in areas such as payments, e-money, and even insurance services. The regulators expressed concerns over poor visibility into Big Tech activities, citing unreliable notifications of cross-border activities and challenges in monitoring their financial service offerings.<o:p></o:p>

Despite the identified issues, the watchdogs asserted that there is currently no urgent need for immediate regulatory changes regarding Big Tech's direct involvement in financial services provision.<o:p></o:p>

In a joint statement, the financial watchdogs acknowledged the potential risks associated with any future escalation in Big Tech's financial activities. While refraining from immediate regulatory changes, they pledged to continue reinforcing their monitoring efforts using a newly introduced monitoring "matrix." <o:p></o:p>

This matrix aims to enhance the oversight of Big Tech's relevance in the EU financial services sector, ensuring a proactive approach to potential challenges and risks that may emerge.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The European Union's financial watchdogs have turned a watchful eye towards Big Tech's foray into the region's financial services sector. In a joint effort, the EU's banking, insurance, and securities regulators meticulously examined the presence of major tech players, including Google's Alphabet, Amazon, Meta, Alibaba, Tencent, Rakuten, Orange, Vodafone, Tesla, and Apple.

The European Union's financial watchdogs have turned a watchful eye towards Big Tech's foray into the region's financial services sector. In a joint effort, the EU's banking, insurance, and securities regulators meticulously examined the presence of major tech players, including Google's Alphabet, Amazon, Meta, Alibaba, Tencent, Rakuten, Orange, Vodafone, Tesla, and Apple. This is based on a Reuters report. While acknowledging the increasing footprint of Big Tech subsidiaries as direct providers of financial services in Europe, the regulators emphasized that, at present, it doesn't pose an immediate threat to financial stability. The comprehensive stocktake revealed a growing but still relatively modest influence of Big Tech in areas such as payments, e-money, and even insurance services. The regulators expressed concerns over poor visibility into Big Tech activities, citing unreliable notifications of cross-border activities and challenges in monitoring their financial service offerings. Despite the identified issues, the watchdogs asserted that there is currently no urgent need for immediate regulatory changes regarding Big Tech's direct involvement in financial services provision. In a joint statement, the financial watchdogs acknowledged the potential risks associated with any future escalation in Big Tech's financial activities. While refraining from immediate regulatory changes, they pledged to continue reinforcing their monitoring efforts using a newly introduced monitoring "matrix." This matrix aims to enhance the oversight of Big Tech's relevance in the EU financial services sector, ensuring a proactive approach to potential challenges and risks that may emerge. (With inputs from Reuters)

EU financial watchdogs intensify scrutiny as big tech ventures into finance

The leaders of the 27 European Union countries sealed a deal Thursday to provide Ukraine with a new $54 billion support package despite Hungary's weeks of threats to veto the move.

European Union agrees on new $54 billion aid package for Ukraine

In a major respite for war-torn Ukraine, which had been jittery given the shifting focus on the war in Gaza and the escalating troubles for shipping routes in the Red Sea, the European Union member states on Thursday (Feb 1) unanimously agreed to provide Ukraine with 50 billion euros in financial aid.

The decision was taken during a summit in Brussels&nbsp;despite initial resistance from Hungary's Viktor Orban. European Council chief Charles Michel announced the breakthrough on X (formerly Twitter), stating, "We have a deal. Unity."&nbsp;Michel added, "All 27 leaders agreed on an additional €50 billion support package for Ukraine within the EU budget. This locks in steadfast, long-term, predictable funding for Ukraine."

Ukrainian President Volodymyr Zelensky while reacting to the unanimous EU deal said, "It is very important that the decision was made by all 27 leaders, which once again proves strong EU unity."

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"Continued EU financial support for Ukraine will strengthen long-term economic and financial stability, which is no less important than military assistance and sanctions pressure on Russia," he added.&nbsp;

Notably, tensions were rife&nbsp;between the EU and Hungary when Hungarian PM Orban pledged to obstruct the allocation of $54 billion in funds to Ukraine.&nbsp;In December, Orban prevented a vote on extending aid to Ukraine.&nbsp;

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Last December, EU leaders agreed to commence membership talks with Ukraine in a major victory for Zelensky. However, the EU accession process is time-consuming and it may take Ukraine many years before it joins the bloc.&nbsp;

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Hungary's leader chose not to veto the accession talks. As far as funds are concerned, unanimity among EU members was necessary for these decisions, which was ultimately achieved on Thursday (Feb 1). The funds are crucial for Ukraine as it is eagerly anticipating support for its battered economy amid the ongoing war with Russia.

(With inputs from agencies)

In a major respite for war-torn Ukraine, which had been jittery given the shifting focus on the war in Gaza and the escalating troubles for shipping routes in the Red Sea, the European Union member states on Thursday (Feb 1) unanimously agreed to provide Ukraine with 50 billion euros in financial aid.

In a major respite for war-torn Ukraine, which had been jittery given the shifting focus on the war in Gaza and the escalating troubles for shipping routes in the Red Sea, the European Union member states on Thursday (Feb 1) unanimously agreed to provide Ukraine with 50 billion euros in financial aid. The decision was taken during a summit in Brussels despite initial resistance from Hungary's Viktor Orban. European Council chief Charles Michel announced the breakthrough on X (formerly Twitter), stating, "We have a deal. Unity." Michel added, "All 27 leaders agreed on an additional €50 billion support package for Ukraine within the EU budget. This locks in steadfast, long-term, predictable funding for Ukraine." Ukrainian President Volodymyr Zelensky while reacting to the unanimous EU deal said, "It is very important that the decision was made by all 27 leaders, which once again proves strong EU unity." Also Read | Indian student found dead in Cincinnati, third such incident in a week in US "Continued EU financial support for Ukraine will strengthen long-term economic and financial stability, which is no less important than military assistance and sanctions pressure on Russia," he added. Notably, tensions were rife between the EU and Hungary when Hungarian PM Orban pledged to obstruct the allocation of $54 billion in funds to Ukraine. In December, Orban prevented a vote on extending aid to Ukraine. Also Read | Ex-Maldivian President Nasheed relocates to Ghana without informing parliament Last December, EU leaders agreed to commence membership talks with Ukraine in a major victory for Zelensky. However, the EU accession process is time-consuming and it may take Ukraine many years before it joins the bloc. Watch | Facebook CEO Mark Zuckerberg apologises to families of exploited children × Hungary's leader chose not to veto the accession talks. As far as funds are concerned, unanimity among EU members was necessary for these decisions, which was ultimately achieved on Thursday (Feb 1). The funds are crucial for Ukraine as it is eagerly anticipating support for its battered economy amid the ongoing war with Russia. (With inputs from agencies)

European Union unlocks 50bn euro financial aid for Ukraine amid shifting focus on Gaza, Red Sea

France's leading farmers' union the FNSEA along with its close ally the Young Farmers (JA) on Thursday (Feb 1), called to end nationwide roadblocks over pay, tax and regulation.

FNSEA chief Arnaud Rousseau released a statement saying that the government was "listening" to their demands after Prime Minister Gabriel Attal announced cash support and other measures for farmers.

"We have decided to suspend the roadblocks and move to a new form of mobilisation," JA president Arnaud Gaillot said at the same news conference.

<h2>Farmers clog roads with over 1,000 tractors around Brussels &nbsp;</h2>

Earlier in the day, farmers protesting across Europe over better working conditions, higher pay and less red tape, blocked roads around an EU summit taking place in Brussels with around 1,300 tractors, said a Belgian police official.

"There are over 1,000 tractors or agricultural machinery" being kept away from the gathering of the European Union's 27 leaders, a police spokesman told news agency AFP. &nbsp;&nbsp;

He further added that the farmers were mainly from Belgium.

The farmers were stopped from entering the European Council building where the EU leaders were holding a discussion over aid to Ukraine.

However, they converged in front of the nearby European Parliament.

Farmers, according to AFP said that their aim was to take the demonstration to Brussels as the European elections were approaching in four months' time.

Also read:&nbsp;<a href="https://www.wionews.com/world/explained-why-are-farmers-protesting-in-france-685265">Explained | Why are farmers protesting in France?</a>

"We have the European elections and the Belgian elections then as well. So everybody is afraid they will be wiped off the map and we put other people in power," said one Belgian farmer, Dominique Houfflain, 51.

"We are taking advantage of the fact that there will be these two elections the same year to act," he added.

<h2>Orban meets with protesting farmers in Brussels</h2>

Ahead of the summit, Hungarian Prime Minister Viktor Orban met with the protesting farmers in Brussels in a move to showcase his support for what he dubbed the "voice of the people".

"The voice of the people of the streets are not taken seriously by the leaders. It's a democratic deficit," said the nationalist leader in a video posted on his Facebook page.

"There's a European election in June. We need a new European Parliament. We have to find new leaders who really represent the people," he added.

(With inputs from agencies)

France's leading farmers' union the FNSEA along with its close ally the Young Farmers (JA) on Thursday (Feb 1), called to end nationwide roadblocks over pay, tax and regulation.

France's leading farmers' union the FNSEA along with its close ally the Young Farmers (JA) on Thursday (Feb 1), called to end nationwide roadblocks over pay, tax and regulation. FNSEA chief Arnaud Rousseau released a statement saying that the government was "listening" to their demands after Prime Minister Gabriel Attal announced cash support and other measures for farmers. "We have decided to suspend the roadblocks and move to a new form of mobilisation," JA president Arnaud Gaillot said at the same news conference. Farmers clog roads with over 1,000 tractors around Brussels Earlier in the day, farmers protesting across Europe over better working conditions, higher pay and less red tape, blocked roads around an EU summit taking place in Brussels with around 1,300 tractors, said a Belgian police official. "There are over 1,000 tractors or agricultural machinery" being kept away from the gathering of the European Union's 27 leaders, a police spokesman told news agency AFP. He further added that the farmers were mainly from Belgium. The farmers were stopped from entering the European Council building where the EU leaders were holding a discussion over aid to Ukraine. However, they converged in front of the nearby European Parliament. Farmers, according to AFP said that their aim was to take the demonstration to Brussels as the European elections were approaching in four months' time. Also read: Explained | Why are farmers protesting in France? "We have the European elections and the Belgian elections then as well. So everybody is afraid they will be wiped off the map and we put other people in power," said one Belgian farmer, Dominique Houfflain, 51. "We are taking advantage of the fact that there will be these two elections the same year to act," he added. Orban meets with protesting farmers in Brussels Ahead of the summit, Hungarian Prime Minister Viktor Orban met with the protesting farmers in Brussels in a move to showcase his support for what he dubbed the "voice of the people". "The voice of the people of the streets are not taken seriously by the leaders. It's a democratic deficit," said the nationalist leader in a video posted on his Facebook page. "There's a European election in June. We need a new European Parliament. We have to find new leaders who really represent the people," he added. (With inputs from agencies)

France's top farmers' unions call for end to road blockades

In pics | 'Fire and egg': Farmers' protest spread across Europe converges at EU summit

The European Union are meeting again to finalise a $50 billion aid package for Ukraine. But Hungary is apprehensive, having vetoed the move once. Will it block the aid again?

European Union to grant more financial aid to Ukraine?

French & Belgian farmers are angry about rising costs, EU environmental policies & cheap food imports. They have blocked highways & access roads to a major container port as the protests spread across Europe. Watch this video for all details.

Why are farmer protests spreading in Europe ahead of EU summit?

European Union leaders are set to meet in Brussels on Thursday to agree on granting Ukraine more financial aid. However ahead of the meeting, a senior EU official has said that the talks remain difficult despite Hungary signalling its Readiness for a compromise.

Amazon and iRobot have abandoned their $1.4 billion merger plans, citing opposition from both EU and US antitrust regulators. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The decision follows concerns raised by EU antitrust chief Margrethe Vestager, who revealed that an in-depth investigation indicated the acquisition "would have enabled Amazon to foreclose iRobot's rivals by restricting or degrading access to Amazon stores." <o:p></o:p>

Amazon's General Counsel, David Zapolsky, expressed disappointment, stating, "We're believers in the future of consumer robotics in the home and have always been fans of iRobot's products."<o:p></o:p>

In response to the collapsed merger, iRobot has announced a significant restructuring plan, aiming to reduce costs. <o:p></o:p>

As part of this plan, approximately 31 per cent of iRobot's workforce, equivalent to 350 jobs, will be cut.<o:p></o:p>

Additionally, founder Colin Angle has stepped down as the CEO of the Roomba robot vacuum manufacturer, with Angle and the board mutually agreeing that a new leader with turnaround experience would better serve iRobot in the face of current challenges. <o:p></o:p>

The termination of the merger deal comes after the EU and US antitrust regulators raised concerns about potential anti-competitive practices.<o:p></o:p>

The EU antitrust chief, Vestager, explained that the preliminary investigation suggested Amazon's acquisition of iRobot could have resulted in adverse effects on competition. <o:p></o:p>

Vestager highlighted concerns that Amazon might delist rival robot vacuum cleaners, reduce their visibility, or raise advertising costs for competitors on Amazon's marketplace, particularly in key European markets. <o:p></o:p>

The Federal Trade Commission (FTC) in the US was also set to reject the deal, planning to recommend a legal challenge to block the acquisition before the companies officially abandoned it.<o:p></o:p>

While Amazon expressed disappointment over the deal's failure, iRobot faces financial implications. <o:p></o:p>

The robot vacuum manufacturer anticipates reporting a 25 per cent reduction in full-year 2023 revenue, amounting to $891 million, with an expected loss between $265 and $285 million. <o:p></o:p>

As per the terms of the merger agreement, Amazon will pay iRobot a termination fee of $94 million. iRobot shares experienced a 7.2 per cent drop in afternoon trading on Monday, continuing a downward trend since the EU regulators' initial reports about potential blocks two weeks ago.<o:p></o:p>

In contrast, Amazon shares saw a rise of nearly 1 per cent.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Amazon and iRobot have abandoned their $1.4 billion merger plans, citing opposition from both EU and US antitrust regulators. This is based on a Reuters report. The decision follows concerns raised by EU antitrust chief Margrethe Vestager, who revealed that an in-depth investigation indicated the acquisition "would have enabled Amazon to foreclose iRobot's rivals by restricting or degrading access to Amazon stores.

Amazon and iRobot have abandoned their $1.4 billion merger plans, citing opposition from both EU and US antitrust regulators. This is based on a Reuters report. The decision follows concerns raised by EU antitrust chief Margrethe Vestager, who revealed that an in-depth investigation indicated the acquisition "would have enabled Amazon to foreclose iRobot's rivals by restricting or degrading access to Amazon stores." Amazon's General Counsel, David Zapolsky, expressed disappointment, stating, "We're believers in the future of consumer robotics in the home and have always been fans of iRobot's products." In response to the collapsed merger, iRobot has announced a significant restructuring plan, aiming to reduce costs. As part of this plan, approximately 31 per cent of iRobot's workforce, equivalent to 350 jobs, will be cut. Additionally, founder Colin Angle has stepped down as the CEO of the Roomba robot vacuum manufacturer, with Angle and the board mutually agreeing that a new leader with turnaround experience would better serve iRobot in the face of current challenges. The termination of the merger deal comes after the EU and US antitrust regulators raised concerns about potential anti-competitive practices. The EU antitrust chief, Vestager, explained that the preliminary investigation suggested Amazon's acquisition of iRobot could have resulted in adverse effects on competition. Vestager highlighted concerns that Amazon might delist rival robot vacuum cleaners, reduce their visibility, or raise advertising costs for competitors on Amazon's marketplace, particularly in key European markets. The Federal Trade Commission (FTC) in the US was also set to reject the deal, planning to recommend a legal challenge to block the acquisition before the companies officially abandoned it. While Amazon expressed disappointment over the deal's failure, iRobot faces financial implications. The robot vacuum manufacturer anticipates reporting a 25 per cent reduction in full-year 2023 revenue, amounting to $891 million, with an expected loss between $265 and $285 million. As per the terms of the merger agreement, Amazon will pay iRobot a termination fee of $94 million. iRobot shares experienced a 7.2 per cent drop in afternoon trading on Monday, continuing a downward trend since the EU regulators' initial reports about potential blocks two weeks ago. In contrast, Amazon shares saw a rise of nearly 1 per cent. (With inputs from Reuters)

Amazon & iRobot scrap $1.4 billion merger amid antitrust concerns

The EU on Monday demanded an "urgent" audit of the UN Palestinian refugee agency UNRWA and said it is reviewing funding, following Israeli allegations that some staff participated in Hamas's October 7 attack.

The audit must be led by European Commission-appointed experts and conducted alongside a UN investigation into the claims, commission spokesman Eric Mamer told journalists.

"What is absolutely clear is that these actions are urgent. They are important and they should be launched without any delay," Mamer said.

The European Union is one of UNRWA's top donors.

A commission statement said the EU executive "will determine upcoming funding decisions for UNRWA in light of the very serious allegations made on 24 January relating to the involvement of UNRWA staff in the heinous 7 October attacks".

It said that no additional funding to UNRWA "is foreseen until the end of February".

But it added that humanitarian aid to Palestinians in Gaza and in the West Bank "will continue unabated through partner organisations".

UNRWA has fired several staff members over Israel's accusations, which have prompted numerous countries, including the United States, France, Britain, Germany and Japan, to announce they were suspending further funding to the UN agency.

The European Commission said it "will review the matter in light of the outcome of the investigation announced by the UN and the actions it will take".

The EU on Monday demanded an "urgent" audit of the UN Palestinian refugee agency UNRWA and said it is reviewing funding, following Israeli allegations that some staff participated in Hamas's October 7 attack.

The EU on Monday demanded an "urgent" audit of the UN Palestinian refugee agency UNRWA and said it is reviewing funding, following Israeli allegations that some staff participated in Hamas's October 7 attack. The audit must be led by European Commission-appointed experts and conducted alongside a UN investigation into the claims, commission spokesman Eric Mamer told journalists. "What is absolutely clear is that these actions are urgent. They are important and they should be launched without any delay," Mamer said. The European Union is one of UNRWA's top donors. A commission statement said the EU executive "will determine upcoming funding decisions for UNRWA in light of the very serious allegations made on 24 January relating to the involvement of UNRWA staff in the heinous 7 October attacks". It said that no additional funding to UNRWA "is foreseen until the end of February". But it added that humanitarian aid to Palestinians in Gaza and in the West Bank "will continue unabated through partner organisations". UNRWA has fired several staff members over Israel's accusations, which have prompted numerous countries, including the United States, France, Britain, Germany and Japan, to announce they were suspending further funding to the UN agency. The European Commission said it "will review the matter in light of the outcome of the investigation announced by the UN and the actions it will take".

EU demands ‘urgent’ audit of UN Palestinian refugee agency over militant links

A major setback for tech giants Amazon and iRobot as their ambitious $1.4 billion merger comes to a screeching halt. Facing staunch opposition from EU and US antitrust regulators, the deal's collapse prompts significant repercussions, including a substantial restructuring plan at iRobot.

Amazon, iRobot abandon $1.4 bn merger

The European Union inched forward with its plans to de-risk its relationship with China on Wednesday, but the most controversial elements have been tempered amid resistance from member states.

EU slows China de-risking plans in face of member state resistance

EU wants to weed out scientific collaborations with Beijing

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