The European Union's (EU) recent decision to impose tariffs of up to 35.3 per cent on Chinese electric vehicles (EVs) has provoked significant backlash from Beijing. This move follows an anti-subsidy investigation that determined Chinese state support unfairly undermines European automakers, as reported by AFP.

Tariffs have sparked controversy within EU<o:p></o:p>

The introduction of these tariffs has sparked controversy within the EU, particularly in countries like Germany and Hungary, which fear that escalating tensions with China could lead to a trade war. In response, the Chinese government expressed its discontent, stating it does not "agree with or accept" the tariffs and has lodged a complaint with the World Trade Organization (WTO). The Ministry of Commerce in China asserted that it will "take all necessary measures to protect the legitimate rights and interests of Chinese companies firmly."

EU Trade Chief Valdis Dombrovskis defended the decision, claiming that the tariffs are a necessary measure to ensure fair market practices and protect the European industrial base. He emphasised that while the EU welcomes competition in the EV sector, it must be conducted on a level playing field.

However, the tariffs have not been universally supported within the EU. Germany's leading auto industry association warned that these duties could trigger a widespread trade conflict. Additionally, a Chinese trade group criticised the "politically motivated" nature of the tariffs and called for dialogue between the two parties. The new tariffs are set to supplement the existing 10 per cent import duty on Chinese EVs and will take effect immediately after being published in the EU’s official journal.

The EU’s investigation concluded that China’s subsidies created an unfair competitive advantage, prompting the imposition of these definitive tariffs for a five-year period. Various Chinese automakers, including Geely and SAIC Motor, will face additional duties ranging from 7.8 per cent to 35.3 per cent. 

Despite some EU member states opposing the tariffs, the opposition fell short of the majority that needed to block the legislation. The EU's actions are seen as an effort to safeguard its automotive industry, which is vital to its economy and employs approximately 14 million people.

French Finance Minister Antoine Armand supported the decision, asserting it was crucial for defending European trade interests at a time when the automotive sector is under pressure.

Conversely, major European car manufacturers, such as Volkswagen, criticised the tariffs, arguing they would not enhance the competitiveness of the European automotive industry. Volkswagen has faced stiff competition from China and has announced plans to shut down several factories in Germany, potentially resulting in significant job losses.

As discussions between the EU and China continue, the possibility remains for the tariffs to be lifted if a satisfactory agreement can be reached. The EU is open to negotiating minimum prices for Chinese vehicles to offset subsidies, while China has already hinted at retaliatory measures, including tariffs on EU brandy imports and investigations into EU agricultural subsidies.

This situation reflects a growing trend, as other regions like Canada and the United States have also enacted substantial tariffs on Chinese electric vehicles. 

Market participants and investors will closely follow these developments and it will help them in taking informed investment decisions depending on how the trade relations between the European Union and China evolve moving forward.

<o:p>&nbsp;</o:p>

<o:p>&nbsp;</o:p>

The European Union's (EU) recent decision to impose tariffs of up to 35.3 per cent on Chinese electric vehicles (EVs) has provoked significant backlash from Beijing.

The European Union's (EU) recent decision to impose tariffs of up to 35.3 per cent on Chinese electric vehicles (EVs) has provoked significant backlash from Beijing. This move follows an anti-subsidy investigation that determined Chinese state support unfairly undermines European automakers, as reported by AFP. Tariffs have sparked controversy within EU The introduction of these tariffs has sparked controversy within the EU, particularly in countries like Germany and Hungary, which fear that escalating tensions with China could lead to a trade war. In response, the Chinese government expressed its discontent, stating it does not "agree with or accept" the tariffs and has lodged a complaint with the World Trade Organization (WTO). The Ministry of Commerce in China asserted that it will "take all necessary measures to protect the legitimate rights and interests of Chinese companies firmly." EU Trade Chief Valdis Dombrovskis defended the decision, claiming that the tariffs are a necessary measure to ensure fair market practices and protect the European industrial base. He emphasised that while the EU welcomes competition in the EV sector, it must be conducted on a level playing field. However, the tariffs have not been universally supported within the EU. Germany's leading auto industry association warned that these duties could trigger a widespread trade conflict. Additionally, a Chinese trade group criticised the "politically motivated" nature of the tariffs and called for dialogue between the two parties. The new tariffs are set to supplement the existing 10 per cent import duty on Chinese EVs and will take effect immediately after being published in the EU’s official journal. The EU’s investigation concluded that China’s subsidies created an unfair competitive advantage, prompting the imposition of these definitive tariffs for a five-year period. Various Chinese automakers, including Geely and SAIC Motor, will face additional duties ranging from 7.8 per cent to 35.3 per cent. Despite some EU member states opposing the tariffs, the opposition fell short of the majority that needed to block the legislation. The EU's actions are seen as an effort to safeguard its automotive industry, which is vital to its economy and employs approximately 14 million people. French Finance Minister Antoine Armand supported the decision, asserting it was crucial for defending European trade interests at a time when the automotive sector is under pressure. Conversely, major European car manufacturers, such as Volkswagen, criticised the tariffs, arguing they would not enhance the competitiveness of the European automotive industry. Volkswagen has faced stiff competition from China and has announced plans to shut down several factories in Germany, potentially resulting in significant job losses. As discussions between the EU and China continue, the possibility remains for the tariffs to be lifted if a satisfactory agreement can be reached. The EU is open to negotiating minimum prices for Chinese vehicles to offset subsidies, while China has already hinted at retaliatory measures, including tariffs on EU brandy imports and investigations into EU agricultural subsidies. This situation reflects a growing trend, as other regions like Canada and the United States have also enacted substantial tariffs on Chinese electric vehicles. Market participants and investors will closely follow these developments and it will help them in taking informed investment decisions depending on how the trade relations between the European Union and China evolve moving forward.

EU's tariffs on Chinese electric vehicles ignite tensions with Beijing

On Sunday, Georgian President Salome Zourabichvili urged citizens to take to the streets to protest the results of Saturday's contested parliamentary election, in which the electoral commission declared a victory for the ruling party. Watch to know more.

Georgia Elections: Parliamentary Elections Under Contention

In what many consider to be a make-or-break decision on the country's chances of joining the European Union, Georgians went to the polls on Saturday. Watch in for details!

Georgia Elections: Russia Says West Interfering In Georgia

EU vs Russia: Which Way Will Georgia Lean?

Former US President Donald Trump criticised the country's trade imbalances with the European Union (EU). He referred to the EU as "Mini china" on trade. This comes as the US Presidential race heats up, and trump has made US Trade relations his key election appeal.

Trump Seeks to Push for More Open Global Trade Without Restrictions

A knife-edge majority of 50.17% voted "yes" in Moldova's pivotal referendum on joining the European Union, nearly final results showed on Monday, after President Maia Sandu said Sunday's twin votes had been marred by "unprecedented" outside interference.

The tight finish - with fewer than 1.5% of the ballots still to be counted - is far from a resounding endorsement of the pro-EU path that Sandu has pursued over four years at the helm of the small ex-Soviet republic tugged between Russia and the West.

A presidential election, which took place simultaneously, handed Sandu 42% of the vote while her main rival, former prosecutor-general Alexandr Stoianoglo won 26%, setting up a tightly fought run-off between the two on Nov. 3.

The votes, which took place after a slew of allegations of election meddling, were seen as a test of the southeast European nation's commitment to join the European Union and escape Moscow's orbit for good.

The tight referendum result puts Sandu in a weaker position going into the second round since she has championed EU integration.

Also Read |&nbsp;<a href="https://www.wionews.com/world/canada-bed-fellow-with-those-trying-to-challenge-indian-sovereignty-says-envoy-sanjay-kumar-verma-769317">Canada 'bed fellow' of those trying to challenge our sovereignty: Indian envoy</a>

Moldova began the long process of formal accession talks in June and under Sandu has aimed to join EU by 2030. Ties with Moscow have deteriorated as Sandu condemned the Kremlin's invasion of Ukraine and diversified energy supply away from Russia.

Stoianoglo has said that, if he comes to power, he would develop a "balanced" foreign policy involving ties with the EU, Russia, United States and China. He boycotted Sunday's referendum, calling it a ruse to boost Sandu's haul at the election.

<h2>‘Clear evidence’</h2>

In the early hours of Monday, Sandu addressed Moldovan citizens, saying there was "clear evidence" that criminal groups working together with "foreign forces hostile to our national interests" had sought to buy off 300,000 votes.

She said this amounted to "fraud of unprecedented scale".

"Criminal groups... have attacked our country with tens of millions of euros, lies and propaganda, using the most disgraceful means to keep our citizens and our nation trapped in uncertainty and instability," she said.

Also Read |&nbsp;<a href="https://www.wionews.com/world/sergei-lavrov-slams-us-nuclear-talks-proposal-labels-it-strategic-deception-769350">Sergei Lavrov slams US nuclear talks proposal, labels it 'strategic deception'</a>

In the run-up to the vote, authorities made repeated statements alleging concerted attempts to meddle in the vote by fugitive tycoon Ilan Shor, who lives in Russia.

Russia, which accuses Sandu's government of "Russophobia", denied interfering, while Shor denies wrongdoing.

The police accused Shor, who was sentenced to jail in absentia for fraud and a role in the theft of $1 billion, of trying to pay off a network of at least 130,000 voters to vote "no" and support "our candidate" at the election.

Shor has openly offered on social media to pay Moldovans to convince others to vote in a certain way and said that was a legitimate use of money that he earned.

In the early hours of Monday, he declared Moldovans had voted against the referendum.

"Today I congratulate you, you lost the battle," he added, addressing Sandu simply as Maia.

Ahead of the vote, authorities took down online resources they said hosted disinformation, announced they had uncovered a programme in Russia to train Moldovans to stage mass unrest and opened criminal cases against allies of Shor.

As the early results came in late on Sunday, some 57% of Moldovans initially appeared to have voted "no" in the referendum. As more ballots were counted, the "yes" vote gradually rose, overtaking "no" early on Monday morning.

Political analyst Valeriu Pasha said the "yes" vote had edged ahead only because of unusually high voter turnout among the Moldovan diaspora living abroad, who largely support EU integration.

"With such elections, in which dozens of (percentage points) can be bought, it will be very difficult for us going forward. But we must learn lessons and learn to fight this phenomenon," he said.

Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

A knife-edge majority of 50.17% voted "yes" in Moldova's pivotal referendum on joining the European Union, nearly final results showed on Monday, after President Maia Sandu said Sunday's twin votes had been marred by "unprecedented" outside interference.

A knife-edge majority of 50.17% voted "yes" in Moldova's pivotal referendum on joining the European Union, nearly final results showed on Monday, after President Maia Sandu said Sunday's twin votes had been marred by "unprecedented" outside interference. The tight finish - with fewer than 1.5% of the ballots still to be counted - is far from a resounding endorsement of the pro-EU path that Sandu has pursued over four years at the helm of the small ex-Soviet republic tugged between Russia and the West. A presidential election, which took place simultaneously, handed Sandu 42% of the vote while her main rival, former prosecutor-general Alexandr Stoianoglo won 26%, setting up a tightly fought run-off between the two on Nov. 3. The votes, which took place after a slew of allegations of election meddling, were seen as a test of the southeast European nation's commitment to join the European Union and escape Moscow's orbit for good. The tight referendum result puts Sandu in a weaker position going into the second round since she has championed EU integration. Also Read | Canada 'bed fellow' of those trying to challenge our sovereignty: Indian envoy Moldova began the long process of formal accession talks in June and under Sandu has aimed to join EU by 2030. Ties with Moscow have deteriorated as Sandu condemned the Kremlin's invasion of Ukraine and diversified energy supply away from Russia. Stoianoglo has said that, if he comes to power, he would develop a "balanced" foreign policy involving ties with the EU, Russia, United States and China. He boycotted Sunday's referendum, calling it a ruse to boost Sandu's haul at the election. ‘Clear evidence’ In the early hours of Monday, Sandu addressed Moldovan citizens, saying there was "clear evidence" that criminal groups working together with "foreign forces hostile to our national interests" had sought to buy off 300,000 votes. She said this amounted to "fraud of unprecedented scale". "Criminal groups... have attacked our country with tens of millions of euros, lies and propaganda, using the most disgraceful means to keep our citizens and our nation trapped in uncertainty and instability," she said. Also Read | Sergei Lavrov slams US nuclear talks proposal, labels it 'strategic deception' In the run-up to the vote, authorities made repeated statements alleging concerted attempts to meddle in the vote by fugitive tycoon Ilan Shor, who lives in Russia. Russia, which accuses Sandu's government of "Russophobia", denied interfering, while Shor denies wrongdoing. The police accused Shor, who was sentenced to jail in absentia for fraud and a role in the theft of $1 billion, of trying to pay off a network of at least 130,000 voters to vote "no" and support "our candidate" at the election. Shor has openly offered on social media to pay Moldovans to convince others to vote in a certain way and said that was a legitimate use of money that he earned. In the early hours of Monday, he declared Moldovans had voted against the referendum. "Today I congratulate you, you lost the battle," he added, addressing Sandu simply as Maia. Ahead of the vote, authorities took down online resources they said hosted disinformation, announced they had uncovered a programme in Russia to train Moldovans to stage mass unrest and opened criminal cases against allies of Shor. As the early results came in late on Sunday, some 57% of Moldovans initially appeared to have voted "no" in the referendum. As more ballots were counted, the "yes" vote gradually rose, overtaking "no" early on Monday morning. Political analyst Valeriu Pasha said the "yes" vote had edged ahead only because of unusually high voter turnout among the Moldovan diaspora living abroad, who largely support EU integration. "With such elections, in which dozens of (percentage points) can be bought, it will be very difficult for us going forward. But we must learn lessons and learn to fight this phenomenon," he said. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Moldova President Maia Sandu criticises ‘unprecedented’ vote meddling as EU referendum goes to the wire

The European Union's (EU's) five biggest members spend 42 billion euros ($45.60 billion) annually subsidizing fossil-fuel company cars, according to a study commissioned by environmental group Transport &amp; Environment (T&amp;E), which called for more subsidies for EVs instead.

This substantial expenditure raises significant concerns regarding the EU's commitments to reducing carbon emissions and transitioning towards sustainable transport solutions according to a report by Reuters. 

The Reuters report sheds light on the notable disparities between the EU's green aspirations and the ongoing financial support for fossil-fuel vehicles. Experts argue that such subsidies are counterproductive to climate objectives, which aim to curtail emissions and promote greener alternatives.

Italy provides 16 billion Euros in subsidies for fossil-fuel company cars, followed by Germany, which provides 13.7 billion Euros, the study by consultancy Environmental Resources Management (ERM), released on Monday, showed. France and Poland provided 6.4 billion Euros and 6.1 billion Euros annually respectively.

As nations strive to meet their climate targets, the justification for these subsidies becomes increasingly difficult to explain. Many argue that instead of bolstering fossil-fuel vehicles, funds should be redirected towards sustainable initiatives that promote electric vehicles and enhance public transport. The transition to renewables is imperative in meeting the EU's ambitious climate goals, yet this financial support seems to deter progress.

Furthermore, the study indicates that these subsidies are not only economically burdensome but also socially inequitable. The financial support primarily benefits higher-income individuals and corporations that can afford company cars, leaving low-income workers and the general populace to feel the adverse effects of air pollution and climate change. As such, the call for re-evaluating these subsidies has garnered momentum among both environmentalists and policymakers.

To address this issue, there is an urgent need for EU member states to reassess their priorities and shift funding towards initiatives that genuinely benefit the environment and society as a whole. Although the current subsidies may provide short-term economic relief for certain sectors, the long-term implications for climate change and public health are too significant to ignore.

As discussions surrounding the EU's climate policies continue to evolve, this report serves as a critical reminder of the challenges that lie ahead in refocusing on economic interests with environmental responsibilities. The future of transportation in the EU depends on making thoughtful choices that align with sustainable development and climate justice.

Hence, the broader implications of such subsidies on climate policy and social equity in Europe should not be overlooked by the authorities. By shedding light on the spending habits of the largest EU nations, it becomes clear that a complete shift is essential if the EU is to fulfil its environmental promises.

The European Union's (EU's) five biggest members spend 42 billion euros ($45.60 billion) annually subsidizing fossil-fuel company cars, according to a study commissioned by environmental group Transport & Environment (T&E), which called for more subsidies for EVs instead.

The European Union's (EU's) five biggest members spend 42 billion euros ($45.60 billion) annually subsidizing fossil-fuel company cars, according to a study commissioned by environmental group Transport & Environment (T&E), which called for more subsidies for EVs instead. This substantial expenditure raises significant concerns regarding the EU's commitments to reducing carbon emissions and transitioning towards sustainable transport solutions according to a report by Reuters. The Reuters report sheds light on the notable disparities between the EU's green aspirations and the ongoing financial support for fossil-fuel vehicles. Experts argue that such subsidies are counterproductive to climate objectives, which aim to curtail emissions and promote greener alternatives. Italy provides 16 billion Euros in subsidies for fossil-fuel company cars, followed by Germany, which provides 13.7 billion Euros, the study by consultancy Environmental Resources Management (ERM), released on Monday, showed. France and Poland provided 6.4 billion Euros and 6.1 billion Euros annually respectively. As nations strive to meet their climate targets, the justification for these subsidies becomes increasingly difficult to explain. Many argue that instead of bolstering fossil-fuel vehicles, funds should be redirected towards sustainable initiatives that promote electric vehicles and enhance public transport. The transition to renewables is imperative in meeting the EU's ambitious climate goals, yet this financial support seems to deter progress. Furthermore, the study indicates that these subsidies are not only economically burdensome but also socially inequitable. The financial support primarily benefits higher-income individuals and corporations that can afford company cars, leaving low-income workers and the general populace to feel the adverse effects of air pollution and climate change. As such, the call for re-evaluating these subsidies has garnered momentum among both environmentalists and policymakers. To address this issue, there is an urgent need for EU member states to reassess their priorities and shift funding towards initiatives that genuinely benefit the environment and society as a whole. Although the current subsidies may provide short-term economic relief for certain sectors, the long-term implications for climate change and public health are too significant to ignore. As discussions surrounding the EU's climate policies continue to evolve, this report serves as a critical reminder of the challenges that lie ahead in refocusing on economic interests with environmental responsibilities. The future of transportation in the EU depends on making thoughtful choices that align with sustainable development and climate justice. Hence, the broader implications of such subsidies on climate policy and social equity in Europe should not be overlooked by the authorities. By shedding light on the spending habits of the largest EU nations, it becomes clear that a complete shift is essential if the EU is to fulfil its environmental promises.

Leading EU countries spend $45 billion annually on fossil-fuel car subsidies

The European Central Bank (ECB) is preparing to implement its third reduction in interest rates this year during its upcoming meeting on Thursday. Officials have indicated that inflationary pressures are subsiding more swiftly than anticipated. As of Monday morning, financial markets are expecting not only an additional cut of 25 basis points in October but also a subsequent decrease to 3 per cent during the final meeting of the year in December as detailed in a report by CNBC.&nbsp;

While economists do not foresee the ECB officially altering its guidance this week, they believe that President Christine Lagarde is unlikely to adjust expectations for a quicker pace of rate reductions. Recent data shows that inflation in the eurozone eased to 1.8 per cent in September, falling below the central bank's target of 2 per cent. Core inflation, which excludes more volatile elements like energy and food, reached a two-and-a-half-year low of 2.7 per cent.<o:p></o:p>

These figures have generally continued to decline even after the ECB reduced rates by 25 basis points in both June and September, lowering the key deposit facility rate from a peak of 4 per cent to 3.5 per cent. As of Monday, money markets reflect expectations for another 25-basis-point decrease in the October meeting, followed by a cut to 3 per cent at the December gathering.<o:p></o:p>

The build-up of expectations for more aggressive monetary easing has occurred since the ECB's meeting on September 12, fueled by dovish remarks from officials and lower-than-expected inflation figures from various eurozone nations, including Germany. Bank Governor Francois Villeroy de Galhau stated last week that an October rate reduction is "very likely" and suggested that it "won't be the last."<o:p></o:p>

Villeroy remarked on radio station France Info, "Victory against inflation is in sight," while acknowledging that some fluctuations and increases in the headline rate might occur. ECB President Christine Lagarde informed EU parliamentarians late last month that recent developments have bolstered the central bank's confidence that inflation will return to target in a timely manner, indicating that this would be considered in the October meeting.<o:p></o:p>

Analysts at Citi characterised this statement as a shift from Lagarde's prior messaging on September 12, which indicated a more cautious approach to rate cuts due to inflation risks. Even Joachim Nagel, noted as a hawkish figure within the ECB and head of Germany's Bundesbank, expressed earlier this month that current inflation trends are good news and that he is open to discussing another reduction.<o:p></o:p>

The anticipation of consecutive rate cuts has also been fuelled by ongoing sluggishness in economic activity across the eurozone, alongside the U.S. Federal Reserve's decision on September 18 to proceed with a 50-basis-point rate cut. Barclays strategists noted in a Sunday update that "softer activity and faster inflation have an immediate impact on both ECB communication and markets."<o:p></o:p>

The composite purchasing managers' index, which gauges activity in both services and manufacturing, indicates stagnation in the third quarter following modest growth of 0.1 per cent in the second quarter. A preliminary reading for the third quarter is expected to be released on October 30.<o:p></o:p>

According to Allen-Reynolds, Economics' chief eurozone economist, tight monetary policy is hindering growth, exacerbated by structural challenges such as declining German industrial competitiveness. He predicts that the ECB will reduce rates during this week's meeting and in subsequent sessions until reaching a deposit rate of 2.5 per cent. This outlook is supported by a cooling labour market and slower wage growth expected to lower services inflation in coming months.<o:p></o:p>

Last month, the ECB revised its annual growth forecast for the eurozone, now projecting a GDP increase of 0.8 per cent, down from a previous estimate of 0.9 per cent.<o:p></o:p>

Economists at Bank of America Global Research expressed in a Sunday note that they expect the ECB to lower rates this week without making significant changes to their guidance. They stated that "in view of that trajectory to reach 1 per cent by 2025 further down to 0.5 per cent by end-2025."<o:p></o:p>

However, they believe the ECB is unlikely to communicate such a trajectory explicitly. The approach of assessing each meeting based on data will likely remain in place, with possible verbal indications of growing confidence that inflation is on track to meet targets.<o:p></o:p>

Berenberg Chief Economist Holger Schmieding suggested that Lagarde may not modify market expectations for a December cut during her upcoming press conference, thus solidifying current pricing. He also anticipated that the ECB might have to further downgrade its growth outlook for 2024 when it releases new staff projections in December.<o:p></o:p>

Schmieding cautioned that the central bank risks overreacting and implementing monetary easing too quickly. He noted that once euro area growth normalises next year as expected by the ECB, wage inflation will likely rebound, allowing companies to transfer higher costs to consumers. He concluded that if the ECB lowers the deposit rate well below 2 per cent in 2025, it will have to raise it back to 3 per cent late 2026 or early 2027.<o:p></o:p>

The European Central Bank (ECB) is preparing to implement its third reduction in interest rates this year during its upcoming meeting on Thursday. Officials have indicated that inflationary pressures are subsiding more swiftly than anticipated.

The European Central Bank (ECB) is preparing to implement its third reduction in interest rates this year during its upcoming meeting on Thursday. Officials have indicated that inflationary pressures are subsiding more swiftly than anticipated. As of Monday morning, financial markets are expecting not only an additional cut of 25 basis points in October but also a subsequent decrease to 3 per cent during the final meeting of the year in December as detailed in a report by CNBC. While economists do not foresee the ECB officially altering its guidance this week, they believe that President Christine Lagarde is unlikely to adjust expectations for a quicker pace of rate reductions. Recent data shows that inflation in the eurozone eased to 1.8 per cent in September, falling below the central bank's target of 2 per cent. Core inflation, which excludes more volatile elements like energy and food, reached a two-and-a-half-year low of 2.7 per cent. These figures have generally continued to decline even after the ECB reduced rates by 25 basis points in both June and September, lowering the key deposit facility rate from a peak of 4 per cent to 3.5 per cent. As of Monday, money markets reflect expectations for another 25-basis-point decrease in the October meeting, followed by a cut to 3 per cent at the December gathering. The build-up of expectations for more aggressive monetary easing has occurred since the ECB's meeting on September 12, fueled by dovish remarks from officials and lower-than-expected inflation figures from various eurozone nations, including Germany. Bank Governor Francois Villeroy de Galhau stated last week that an October rate reduction is "very likely" and suggested that it "won't be the last." Villeroy remarked on radio station France Info, "Victory against inflation is in sight," while acknowledging that some fluctuations and increases in the headline rate might occur. ECB President Christine Lagarde informed EU parliamentarians late last month that recent developments have bolstered the central bank's confidence that inflation will return to target in a timely manner, indicating that this would be considered in the October meeting. Analysts at Citi characterised this statement as a shift from Lagarde's prior messaging on September 12, which indicated a more cautious approach to rate cuts due to inflation risks. Even Joachim Nagel, noted as a hawkish figure within the ECB and head of Germany's Bundesbank, expressed earlier this month that current inflation trends are good news and that he is open to discussing another reduction. The anticipation of consecutive rate cuts has also been fuelled by ongoing sluggishness in economic activity across the eurozone, alongside the U.S. Federal Reserve's decision on September 18 to proceed with a 50-basis-point rate cut. Barclays strategists noted in a Sunday update that "softer activity and faster inflation have an immediate impact on both ECB communication and markets." The composite purchasing managers' index, which gauges activity in both services and manufacturing, indicates stagnation in the third quarter following modest growth of 0.1 per cent in the second quarter. A preliminary reading for the third quarter is expected to be released on October 30. According to Allen-Reynolds, Economics' chief eurozone economist, tight monetary policy is hindering growth, exacerbated by structural challenges such as declining German industrial competitiveness. He predicts that the ECB will reduce rates during this week's meeting and in subsequent sessions until reaching a deposit rate of 2.5 per cent. This outlook is supported by a cooling labour market and slower wage growth expected to lower services inflation in coming months. Last month, the ECB revised its annual growth forecast for the eurozone, now projecting a GDP increase of 0.8 per cent, down from a previous estimate of 0.9 per cent. Economists at Bank of America Global Research expressed in a Sunday note that they expect the ECB to lower rates this week without making significant changes to their guidance. They stated that "in view of that trajectory to reach 1 per cent by 2025 further down to 0.5 per cent by end-2025." However, they believe the ECB is unlikely to communicate such a trajectory explicitly. The approach of assessing each meeting based on data will likely remain in place, with possible verbal indications of growing confidence that inflation is on track to meet targets. Berenberg Chief Economist Holger Schmieding suggested that Lagarde may not modify market expectations for a December cut during her upcoming press conference, thus solidifying current pricing. He also anticipated that the ECB might have to further downgrade its growth outlook for 2024 when it releases new staff projections in December. Schmieding cautioned that the central bank risks overreacting and implementing monetary easing too quickly. He noted that once euro area growth normalises next year as expected by the ECB, wage inflation will likely rebound, allowing companies to transfer higher costs to consumers. He concluded that if the ECB lowers the deposit rate well below 2 per cent in 2025, it will have to raise it back to 3 per cent late 2026 or early 2027.

European central bank set for third interest rate cut of the year

Major bodies representing footballers and football clubs in Europe on Monday filed a complaint to the European Commission accusing FIFA of abusing its position over changes to the international match calendar and tournament expansions.

Football's world governing body "holds conflicting roles as governing body and competition organiser, which give rise to a conflict of interest," FIFPro Europe, the European Leagues body and Spain's La Liga said in a statement.

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The bodies presented their complaint at a press conference in Brussels, saying that FIFA's "imposition of decisions on the international calendar is an abuse of dominance and violates EU law".

FIFPro is the global players' union while European Leagues brings together more than one thousand clubs from 33 countries around Europe.

Its member leagues include the English Premier League, as well as the leagues in Italy, Germany and France, but not La Liga, which joined the complaint separately.

Citing recent European court rulings related to the breakaway Super League and the Lassana Diarra case, the bodies said FIFA's rules and conduct "harm the economic interests of national leagues, and the health and safety of players in European football".

"A legal challenge before the European Commission has become a necessary course of action to safeguard the European football sector," they added.

FIFA has been accused of a failure to consult over recent changes to the calendar, such as the introduction of a 32-team Club World Cup.

The first edition of the expanded Club World Cup will take place in the United States in June and July next year and 12 European clubs are due to feature.

Many of the continent's leading players will therefore be obliged to participate at a time when they would otherwise have been afforded a long close-season break, a year ahead of the expanded 48-team World Cup in North America.

A recent FIFPro report accused football's governing bodies of putting players' health at risk amid a constantly growing calendar, while some leading players have evoked the possibility of going on strike to protest against the increasing demands being made of them.

Representatives of domestic leagues, meanwhile, have voiced concerns that their competitions will suffer the most as top players will inevitably miss more domestic matches in order to rest, damaging their brands.

FIFA has previously hit back at criticism and accused leagues of acting with "commercial self-interest (and) hypocrisy".

"Those leagues apparently prefer a calendar filled with friendlies and summer tours, often involving extensive global travel," the body said in July after it first emerged that legal action was planned.

Disclaimer:&nbsp;This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Major bodies representing footballers and football clubs in Europe on Monday filed a complaint to the European Commission accusing FIFA of abusing its position over changes to the international match calendar and tournament expansions.

Major bodies representing footballers and football clubs in Europe on Monday filed a complaint to the European Commission accusing FIFA of abusing its position over changes to the international match calendar and tournament expansions. Football's world governing body "holds conflicting roles as governing body and competition organiser, which give rise to a conflict of interest," FIFPro Europe, the European Leagues body and Spain's La Liga said in a statement. Also Read: Australian star Nick Kyrgios vows to 'shut up' doubters with December comeback The bodies presented their complaint at a press conference in Brussels, saying that FIFA's "imposition of decisions on the international calendar is an abuse of dominance and violates EU law". FIFPro is the global players' union while European Leagues brings together more than one thousand clubs from 33 countries around Europe. Its member leagues include the English Premier League, as well as the leagues in Italy, Germany and France, but not La Liga, which joined the complaint separately. Citing recent European court rulings related to the breakaway Super League and the Lassana Diarra case, the bodies said FIFA's rules and conduct "harm the economic interests of national leagues, and the health and safety of players in European football". "A legal challenge before the European Commission has become a necessary course of action to safeguard the European football sector," they added. FIFA has been accused of a failure to consult over recent changes to the calendar, such as the introduction of a 32-team Club World Cup. The first edition of the expanded Club World Cup will take place in the United States in June and July next year and 12 European clubs are due to feature. Many of the continent's leading players will therefore be obliged to participate at a time when they would otherwise have been afforded a long close-season break, a year ahead of the expanded 48-team World Cup in North America. A recent FIFPro report accused football's governing bodies of putting players' health at risk amid a constantly growing calendar, while some leading players have evoked the possibility of going on strike to protest against the increasing demands being made of them. Representatives of domestic leagues, meanwhile, have voiced concerns that their competitions will suffer the most as top players will inevitably miss more domestic matches in order to rest, damaging their brands. FIFA has previously hit back at criticism and accused leagues of acting with "commercial self-interest (and) hypocrisy". "Those leagues apparently prefer a calendar filled with friendlies and summer tours, often involving extensive global travel," the body said in July after it first emerged that legal action was planned. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Football players and clubs unions file complaint against FIFA to EU over calendar dispute

China must "adapt its behaviour" to solve an escalating tariff row with Europe, EU chief Charles Michel told AFP Friday, warning of the dangers of the dispute escalating into a full-blown trade war.

The European Council president met Chinese Premier Li Qiang on the margins of a Southeast Asian summit in Laos as Beijing and the European Union impose tit-for-tat penalties on each other's imports in a row about subsidies and protectionism.

Michel said in an interview with AFP that after his "frank and candid" talks with Li, he hoped a deal could be struck in the coming days or weeks -- but he warned that getting there would be tough.

"I have the impression that the door is not closed, but it's a very difficult situation, it's very challenging," he said.

Also Read |&nbsp;<a href="https://www.wionews.com/world/what-is-nihon-hidankyo-group-nobel-peace-prize-winner-for-efforts-to-achieve-world-free-of-nuclear-weapons-766633">Nobel Peace Prize winner 2024: What is Nihon Hidankyo group?</a>

"We count on China to adapt its behaviour and to understand that we have to rebalance the economic relationships for more fairness, for fair competition, for a more level playing field."

China and the 27-member bloc are vehemently at odds over Beijing's generous subsidies for its industries, which Brussels says unfairly undercut European competitors.

Brussels has decided to impose swingeing new tariffs of up to 35.3 per cent on imports of Chinese-made electric cars.

A furious Beijing has responded with new tariffs on EU-made brandy, alarming French producers, while Brussels is also investigating Chinese subsidies for solar panels and wind turbines.

China is also tangled in a bitter, wide-ranging trade dispute with the United States, with Washington announcing sharp tariff hikes targeting $18 billion of Chinese goods including electric vehicles, EV batteries and solar cells.

Beijing reacted angrily to Michel's remarks Friday, condemning what it called the EU's "lose-lose" approach to the dispute.

"The EU should clearly recognise that imposing additional tariffs will not solve any problems," foreign ministry spokeswoman Mao Ning said, urging the bloc to "take concrete actions and work together with China to seek solutions through discussions".

<h2>- Defend EU interests -</h2>

With the global economy rattled by conflict in Ukraine and fresh turmoil in the Middle East, Michel said it was better for all to avoid a trade war.

But he insisted the EU would no longer be "naive" about massive government subsidies, though he offered some hope the two sides would find a way out of the row.

"I still hope that it will be possible in the days to come, in the weeks to come, to make an agreement to find some solutions," he said.

"But we have very strong and legitimate interests and it is the responsibility of the European Union to defend our people, to defend our citizens."

Beijing's new brandy tariffs of up to 38.1 per cent -- officially an anti-dumping measure to protect domestic spirit producers -- were due to take effect on Friday.

Also Read |&nbsp;<a href="https://www.wionews.com/technology/watch-elon-musk-reveals-optimus-gen-2-humanoid-robots-at-tesla-event-and-they-can-dance-too-766615">Watch: Elon Musk reveals Optimus Gen 2 humanoid robots at Tesla event, and they can dance too!</a>

China imported more brandy than any other spirit in 2022, most of it from France, and French cognac makers earlier this week pleaded for an end to the spat.

The EU has said it will challenge the "unfounded" measures at the World Trade Organization.

In a glimmer of hope for easing of international trade tensions, China on Thursday agreed to end a ban on the lucrative trade in Australian lobster.

Beijing banned rock lobster imports in 2020 as part of a raft of punitive measures imposed after Canberra cracked down on Chinese foreign influence operations and blocked tech giant Huawei from running Australia's 5G network.

Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

China must "adapt its behaviour" to solve an escalating tariff row with Europe, EU chief Charles Michel told AFP Friday, warning of the dangers of the dispute escalating into a full-blown trade war.

China must "adapt its behaviour" to solve an escalating tariff row with Europe, EU chief Charles Michel told AFP Friday, warning of the dangers of the dispute escalating into a full-blown trade war. The European Council president met Chinese Premier Li Qiang on the margins of a Southeast Asian summit in Laos as Beijing and the European Union impose tit-for-tat penalties on each other's imports in a row about subsidies and protectionism. Michel said in an interview with AFP that after his "frank and candid" talks with Li, he hoped a deal could be struck in the coming days or weeks -- but he warned that getting there would be tough. "I have the impression that the door is not closed, but it's a very difficult situation, it's very challenging," he said. Also Read | Nobel Peace Prize winner 2024: What is Nihon Hidankyo group? "We count on China to adapt its behaviour and to understand that we have to rebalance the economic relationships for more fairness, for fair competition, for a more level playing field." China and the 27-member bloc are vehemently at odds over Beijing's generous subsidies for its industries, which Brussels says unfairly undercut European competitors. Brussels has decided to impose swingeing new tariffs of up to 35.3 per cent on imports of Chinese-made electric cars. A furious Beijing has responded with new tariffs on EU-made brandy, alarming French producers, while Brussels is also investigating Chinese subsidies for solar panels and wind turbines. China is also tangled in a bitter, wide-ranging trade dispute with the United States, with Washington announcing sharp tariff hikes targeting $18 billion of Chinese goods including electric vehicles, EV batteries and solar cells. Beijing reacted angrily to Michel's remarks Friday, condemning what it called the EU's "lose-lose" approach to the dispute. "The EU should clearly recognise that imposing additional tariffs will not solve any problems," foreign ministry spokeswoman Mao Ning said, urging the bloc to "take concrete actions and work together with China to seek solutions through discussions". - Defend EU interests - With the global economy rattled by conflict in Ukraine and fresh turmoil in the Middle East, Michel said it was better for all to avoid a trade war. But he insisted the EU would no longer be "naive" about massive government subsidies, though he offered some hope the two sides would find a way out of the row. "I still hope that it will be possible in the days to come, in the weeks to come, to make an agreement to find some solutions," he said. "But we have very strong and legitimate interests and it is the responsibility of the European Union to defend our people, to defend our citizens." Beijing's new brandy tariffs of up to 38.1 per cent -- officially an anti-dumping measure to protect domestic spirit producers -- were due to take effect on Friday. Also Read | Watch: Elon Musk reveals Optimus Gen 2 humanoid robots at Tesla event, and they can dance too! China imported more brandy than any other spirit in 2022, most of it from France, and French cognac makers earlier this week pleaded for an end to the spat. The EU has said it will challenge the "unfounded" measures at the World Trade Organization. In a glimmer of hope for easing of international trade tensions, China on Thursday agreed to end a ban on the lucrative trade in Australian lobster. Beijing banned rock lobster imports in 2020 as part of a raft of punitive measures imposed after Canberra cracked down on Chinese foreign influence operations and blocked tech giant Huawei from running Australia's 5G network. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

EU chief says China must 'adapt its behaviour' to solve tariff row with Europe

The EU-funded project PAIR is reportedly working on developing two advanced technologies aimed at preventing the spillover of new pandemics. Even four years after the COVID-19 pandemic struck in 2020, the world has not been able to completely recover. Notably, all the pandemics over the last 120 years have been caused by RNA respiratory viruses. These viruses most often originate in animals and then jump to humans, especially under favourable conditions.

Under PAIR, the two technologies being developed are PANPOC and PANRISK.

The initiatives and technologies will first be introduced and tested in five European nations: Denmark, France, Latvia, Italy, and Spain. The EU will also issue new guidelines for a European One Health genomic-informed surveillance and outbreak response once the feedback from these nations is registered.

<h2>More about PANPOC</h2>

This device is made up of an integrated heater and optical detection systems. The device uses a real-time fluorescence-based detection system, which can be used for both clinical diagnostics (human samples) and veterinary surveillance.

The technology will enable health and veterinary authorities, clinical end-users, and primary care providers to detect RNA respiratory viruses with high accuracy.

Also read:&nbsp;<a data-ved="2ahUKEwjZ79GIn4OJAxW_8DQHHYRAG50QxfQBKAB6BAgJEAE" href="https://www.wionews.com/science/scientists-reveal-mars-battery-that-can-operate-for-months-on-a-single-charge-765918" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/science/scientists-reveal-mars-battery-that-can-operate-for-months-on-a-single-charge-765918&amp;ved=2ahUKEwjZ79GIn4OJAxW_8DQHHYRAG50QxfQBKAB6BAgJEAE">Scientists reveal Mars battery that can operate for months on a single charge</a>

The device has been developed using the Loop-mediated isothermal Amplification (LAMP) technology. It operates at a constant temperature, making the overall detection process simpler and cost-effective.

It also comes with a simple design, so operators don’t need to have special skills to run the device. After it’s fully developed, this system will allow the simultaneous analysis of 16 different samples for 3-4 different agents (target viruses) and provide a Point-of-Care that will deliver reliable results on-site in less than one hour while eliminating transport time to a central laboratory.

The PAIR initiative thus offers a promising solution in helping authorities better prepare for more health crises and pandemic scenarios.

The EU-funded project PAIR is reportedly working on developing two advanced technologies aimed at preventing the spillover of new pandemics. Even four years after the COVID-19 pandemic struck in 2020, the world has not been able to completely recover.

The EU-funded project PAIR is reportedly working on developing two advanced technologies aimed at preventing the spillover of new pandemics. Even four years after the COVID-19 pandemic struck in 2020, the world has not been able to completely recover. Notably, all the pandemics over the last 120 years have been caused by RNA respiratory viruses. These viruses most often originate in animals and then jump to humans, especially under favourable conditions. Under PAIR, the two technologies being developed are PANPOC and PANRISK. The initiatives and technologies will first be introduced and tested in five European nations: Denmark, France, Latvia, Italy, and Spain. The EU will also issue new guidelines for a European One Health genomic-informed surveillance and outbreak response once the feedback from these nations is registered. More about PANPOC This device is made up of an integrated heater and optical detection systems. The device uses a real-time fluorescence-based detection system, which can be used for both clinical diagnostics (human samples) and veterinary surveillance. The technology will enable health and veterinary authorities, clinical end-users, and primary care providers to detect RNA respiratory viruses with high accuracy. Also read: Scientists reveal Mars battery that can operate for months on a single charge The device has been developed using the Loop-mediated isothermal Amplification (LAMP) technology. It operates at a constant temperature, making the overall detection process simpler and cost-effective. It also comes with a simple design, so operators don’t need to have special skills to run the device. After it’s fully developed, this system will allow the simultaneous analysis of 16 different samples for 3-4 different agents (target viruses) and provide a Point-of-Care that will deliver reliable results on-site in less than one hour while eliminating transport time to a central laboratory. The PAIR initiative thus offers a promising solution in helping authorities better prepare for more health crises and pandemic scenarios.

EU’s PAIR project: Advanced technology to help detect viruses before pandemic outbreak

The European Union voted on Friday to impose tariffs up to 45 per cent on Chinese-made electric vehicles, in a decision likely to ratchet up tensions with Beijing, according to a report by CNBC.

Now, the European Commission, the bloc's executive arm, can act to enforce the duties that would last for five years. Ten member states have reportedly supported the measure. Germany and four others voted against it, and 12 abstained.

This follows an investigation that concluded China was unfairly subsidising its industry. Beijing rejects this accusation and has threatened it with retaliatory tariffs on European sectors such as dairy, brandy, pork, and automobiles.

The bloc is working to diversify away from the country after former European Central Bank President Mario Draghi sounded a warning that "China's state-sponsored competition" threatens the EU and leaves it at risk of blackmail. Last year, the EU traded with China €739 billion ($815 billion) in volume, and there was disagreement within the bloc about acting on the tariffs.

The EU and China are in negotiations, seeking an alternative to the tariffs. Both sides are weighing the options of whether it is possible to be able to conclude an agreement regarding a system for controlling prices and volumes of exports instead of the duties.

The European Commission now declares that any alternative has to meet strict criteria such as not violating World Trade Organization regulations, adjustments for the adverse effects of Chinese subsidies, and something the EU can monitor effectively for compliance.

For instance, the new tariff rates placed on electric vehicle manufacturers exported from China might be up to 35 per cent. Added to this is the new rate, which will be added on top of the existing 10 per cent rate.

The Chinese EV manufacturers will have to decide either to absorb these tariffs or raise prices, especially at a time when slowing demand in the country is already cutting into their profit margins. The very possibility of tariffs has led some Chinese automobile manufacturers to consider the establishment of manufacturing units in Europe, which may help them bypass the duties.

The additional tariffs already held the pace of Chinese carmakers' momentum in Europe, whose sales went down 48 per cent in August to an 18-month low. The region remains a desirable destination for Chinese manufacturers since its EV sales volumes remain relatively high and pricing is stronger than other export markets.

The share of electric vehicles sold in the EU that were manufactured in China has risen from around 3 per cent to over 20 per cent in the last three years. About 8 per cent of that share is held by Chinese brands, as international companies that export from China, including Tesla Inc., take up the rest.

However, the move will have a "minor impact" on Chinese manufacturers, according to Kevin Lau, analyst at Daiwa Securities. The region accounts for a very small part of their overall sales, he said. BYD Co., Zhejiang Geely Holding Group Co., and SAIC Motor Corp. reported between 1 per cent to 3 per cent share of total sales in the first four months of this year, based on Lau's estimates.

While Brussels works to level the playing field for European companies, German car-makers are worried about revenge that will only heap more misery onto their biggest market globally. Mercedes-Benz Group AG and BMW AG pushed Berlin into speaking out against the higher tariffs and compelled the EU to negotiate with Beijing.

More than likely, the most direct impact of a trade conflict would be on German carmakers like Volkswagen AG, Mercedes, and BMW, as China accounted for almost one-third of their auto sales in 2023.

The European Union voted on Friday to impose tariffs up to 45 per cent on Chinese-made electric vehicles, in a decision likely to ratchet up tensions with Beijing, according to a report by CNBC.

The European Union voted on Friday to impose tariffs up to 45 per cent on Chinese-made electric vehicles, in a decision likely to ratchet up tensions with Beijing, according to a report by CNBC. Now, the European Commission, the bloc's executive arm, can act to enforce the duties that would last for five years. Ten member states have reportedly supported the measure. Germany and four others voted against it, and 12 abstained. This follows an investigation that concluded China was unfairly subsidising its industry. Beijing rejects this accusation and has threatened it with retaliatory tariffs on European sectors such as dairy, brandy, pork, and automobiles. The bloc is working to diversify away from the country after former European Central Bank President Mario Draghi sounded a warning that "China's state-sponsored competition" threatens the EU and leaves it at risk of blackmail. Last year, the EU traded with China €739 billion ($815 billion) in volume, and there was disagreement within the bloc about acting on the tariffs. The EU and China are in negotiations, seeking an alternative to the tariffs. Both sides are weighing the options of whether it is possible to be able to conclude an agreement regarding a system for controlling prices and volumes of exports instead of the duties. The European Commission now declares that any alternative has to meet strict criteria such as not violating World Trade Organization regulations, adjustments for the adverse effects of Chinese subsidies, and something the EU can monitor effectively for compliance. For instance, the new tariff rates placed on electric vehicle manufacturers exported from China might be up to 35 per cent. Added to this is the new rate, which will be added on top of the existing 10 per cent rate. The Chinese EV manufacturers will have to decide either to absorb these tariffs or raise prices, especially at a time when slowing demand in the country is already cutting into their profit margins. The very possibility of tariffs has led some Chinese automobile manufacturers to consider the establishment of manufacturing units in Europe, which may help them bypass the duties. The additional tariffs already held the pace of Chinese carmakers' momentum in Europe, whose sales went down 48 per cent in August to an 18-month low. The region remains a desirable destination for Chinese manufacturers since its EV sales volumes remain relatively high and pricing is stronger than other export markets. The share of electric vehicles sold in the EU that were manufactured in China has risen from around 3 per cent to over 20 per cent in the last three years. About 8 per cent of that share is held by Chinese brands, as international companies that export from China, including Tesla Inc., take up the rest. However, the move will have a "minor impact" on Chinese manufacturers, according to Kevin Lau, analyst at Daiwa Securities. The region accounts for a very small part of their overall sales, he said. BYD Co., Zhejiang Geely Holding Group Co., and SAIC Motor Corp. reported between 1 per cent to 3 per cent share of total sales in the first four months of this year, based on Lau's estimates. While Brussels works to level the playing field for European companies, German car-makers are worried about revenge that will only heap more misery onto their biggest market globally. Mercedes-Benz Group AG and BMW AG pushed Berlin into speaking out against the higher tariffs and compelled the EU to negotiate with Beijing. More than likely, the most direct impact of a trade conflict would be on German carmakers like Volkswagen AG, Mercedes, and BMW, as China accounted for almost one-third of their auto sales in 2023.

EU hikes tariffs on Chinese electric vehicles to 45%

Hungary is embroiled in a legal battle with the European Union. The block has taken its member nation to court over the country's law on foreign influence. The Union has referred Hungary to the European court of justice accusing the country's leadership of passing a law that allegedly aims to silent government opponents. Watch in for more details!

EU Accuses Hungary Of Passing Law Violating Fundamental Rights

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The European Union is keen that Indian investors invest in Eurobonds, and for that, the EU commissioner for Budget and Administration, Johannes Hahn, is currently in India.&nbsp;

Speaking to our correspondent Sidhant Sibal, the commissioner (minister), explained, "Our intention is, and that's why I'm here, that investors from India engage themselves in Europe, to get an attractive bond. Which is safe, triple A rated, which is sustainable, which is successful."&nbsp;The commissioner will be in Delhi&nbsp;and Mumbai, and will meet top Indian government&nbsp;officials and ministers.&nbsp;

As part of Euro bonds, the focus is also on EU Green Bonds, which are designed to raise funds for environmentally friendly projects within the European Union.&nbsp;

<a href="https://www.wionews.com/world/not-a-trade-barrier-with-india-eu-official-clarifies-cbams-environmental-focus-737192">Also read:&nbsp;'Not a trade barrier with India': EU official clarifies CBAM's environmental focus</a>

The commissioner pointed out, "We have committed ourselves to spend at least 30 per cent&nbsp;of our budget for the green transition, and this is the reason why we have so far issued 65 billion euros as green bonds."&nbsp;He also spoke on India-EU FTA and the current situation in west Asia. Full interview

WION: What is the key focus during India visit?

Commissioner Johannes Hahn: First and most prominent one is to further strengthen our already very strong ties between India and Europe, and in particular, to promote our European Union bonds, a new instrument to finance the recovery and resilience of the European economy after the pandemic. So far, we have raised more than 500 billion euros, and out of this, 65 for so-called Green bonds. And our intention is, and that's why I'm here, that investors from India engage themselves in Europe, to get an attractive bond. Which is safe, triple A rated, which is sustainable, which is successful, and at the same time supporting Europe in the way that Europe can be even more engaged in India and in general, it's about the European single market, where India has a very strong interest. India-Europe, we are the strongest trade partners.&nbsp;

WION: Sir, you mentioned euro bonds. If you can elaborate on euro bonds, why should an Indian investor look towards Euro bonds as a place to invest?

Commissioner Johannes Hahn: Well, if it's about bonds, what we can offer is a bond which is very safe, triple rated, guaranteed, not only by the European budget, but also by the European member states. It's therefore extremely safe. It's sustainable because we focus also on the green transition. So it's about addressing the effects of climate change, which is our common goal, India and Europe. And finally, if you are interested in diversifying your portfolio, to have bonds in your portfolio being dominated in Euro, it's additionally an element which should be taken into consideration.&nbsp;

WION: So element of the Euro bond is the green bond, if you can talk about your ambition on the green bonds.&nbsp;

Commissioner Johannes Hahn: Well, as I said, green transition is and the financing of the effects of climate change, to be more clean, to be more sustainable, is one of our top priorities of the current European commissioners, also the future one, and that's why we have committed ourselves to spend at least 30% of our budget for the green transition, and this is the reason why we have so far issued 65 billion euro as green bonds, and finally, it will be around 200 billion. And with that, we are financing green projects in Europe, we have introduced a very transparent, very easily understandable, very updated dashboard where you can see for which purposes the money is used.

WION: In terms of helping India in terms of green transition. If you can talk about that, India has its own ambitions when it comes to green transition, we have been an important player when it comes to initiatives like the International Solar Alliance...

Commissioner Johannes Hahn: Well, we share the same goals. And I believe, by the way, that Europe and India could be in the forefront of the discussions between the West and the South, because at the end, it's about common challenges. And I think common ideas which have to be implemented in projects. And this is why, for instance, we have provided, only recently, a big round of 1 billion euro for the production of green hydrogen here in India. This is a kind of seed financing, and once this is up and running, it can be rolled out, and it could be a very attractive business case. We are also investing in Smart City solutions, where, due to the use of digital devices, IT programmes, artificial intelligence, for instance, we can reduce CO2 emissions. We have also invested in water management, water treatment, and these are areas where we believe India is very interested, and the response is a very positive one. And for instance, also big cities, metros, trains.

Watch |&nbsp;'Not a trade bEU Official clarifies CBAM's environmental focus, stresses positive trade ties with Indiarrier with India': EU official clarifies CBAM's environmental focus

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WION: Your assessment of India-EU FTA?

Commissioner Johannes Hahn: I don't have the crystal ball. All these negotiations are always comprehensive. It takes time, everybody has specific interests, but I'm confident we have a lot of experiences. India has a lot of experience in this kind of agreements, and I'm very confident. Also, Prime Minister Modi has expressed that we should re-energize the negotiations. And the thing it's time wise, a good coincidence that in India, but also in Europe, a new cycle, new parliamentary cycle, which gives us the leeway to negotiate substantially, profoundly, and I'm confident at the end of the day, we will have a very comprehensive FTA, an ambitious one, because at the end it's something where two big economies working closely together to the mutual benefit of all our citizens.&nbsp;

WION: EU's position on the situation in West Asia?

Commissioner Johannes Hahn: First, it's our neighborhood. So we are extremely concerned, and that's why we urge all parties to refrain from further escalations, to move towards the ceasefire. And of course, it's also about releasing hostages.&nbsp;

The European Union is keen that Indian investors invest in Eurobonds, and for that, the EU commissioner for Budget and Administration, Johannes Hahn, is currently in India.

The European Union is keen that Indian investors invest in Eurobonds, and for that, the EU commissioner for Budget and Administration, Johannes Hahn, is currently in India. Speaking to our correspondent Sidhant Sibal, the commissioner (minister), explained, "Our intention is, and that's why I'm here, that investors from India engage themselves in Europe, to get an attractive bond. Which is safe, triple A rated, which is sustainable, which is successful." The commissioner will be in Delhi and Mumbai, and will meet top Indian government officials and ministers. As part of Euro bonds, the focus is also on EU Green Bonds, which are designed to raise funds for environmentally friendly projects within the European Union. Also read: 'Not a trade barrier with India': EU official clarifies CBAM's environmental focus The commissioner pointed out, "We have committed ourselves to spend at least 30 per cent of our budget for the green transition, and this is the reason why we have so far issued 65 billion euros as green bonds." He also spoke on India-EU FTA and the current situation in west Asia. Full interview WION: What is the key focus during India visit? Commissioner Johannes Hahn: First and most prominent one is to further strengthen our already very strong ties between India and Europe, and in particular, to promote our European Union bonds, a new instrument to finance the recovery and resilience of the European economy after the pandemic. So far, we have raised more than 500 billion euros, and out of this, 65 for so-called Green bonds. And our intention is, and that's why I'm here, that investors from India engage themselves in Europe, to get an attractive bond. Which is safe, triple A rated, which is sustainable, which is successful, and at the same time supporting Europe in the way that Europe can be even more engaged in India and in general, it's about the European single market, where India has a very strong interest. India-Europe, we are the strongest trade partners. WION: Sir, you mentioned euro bonds. If you can elaborate on euro bonds, why should an Indian investor look towards Euro bonds as a place to invest? Commissioner Johannes Hahn: Well, if it's about bonds, what we can offer is a bond which is very safe, triple rated, guaranteed, not only by the European budget, but also by the European member states. It's therefore extremely safe. It's sustainable because we focus also on the green transition. So it's about addressing the effects of climate change, which is our common goal, India and Europe. And finally, if you are interested in diversifying your portfolio, to have bonds in your portfolio being dominated in Euro, it's additionally an element which should be taken into consideration. WION: So element of the Euro bond is the green bond, if you can talk about your ambition on the green bonds. Commissioner Johannes Hahn: Well, as I said, green transition is and the financing of the effects of climate change, to be more clean, to be more sustainable, is one of our top priorities of the current European commissioners, also the future one, and that's why we have committed ourselves to spend at least 30% of our budget for the green transition, and this is the reason why we have so far issued 65 billion euro as green bonds, and finally, it will be around 200 billion. And with that, we are financing green projects in Europe, we have introduced a very transparent, very easily understandable, very updated dashboard where you can see for which purposes the money is used. WION: In terms of helping India in terms of green transition. If you can talk about that, India has its own ambitions when it comes to green transition, we have been an important player when it comes to initiatives like the International Solar Alliance... Commissioner Johannes Hahn: Well, we share the same goals. And I believe, by the way, that Europe and India could be in the forefront of the discussions between the West and the South, because at the end, it's about common challenges. And I think common ideas which have to be implemented in projects. And this is why, for instance, we have provided, only recently, a big round of 1 billion euro for the production of green hydrogen here in India. This is a kind of seed financing, and once this is up and running, it can be rolled out, and it could be a very attractive business case. We are also investing in Smart City solutions, where, due to the use of digital devices, IT programmes, artificial intelligence, for instance, we can reduce CO2 emissions. We have also invested in water management, water treatment, and these are areas where we believe India is very interested, and the response is a very positive one. And for instance, also big cities, metros, trains. Watch | 'Not a trade bEU Official clarifies CBAM's environmental focus, stresses positive trade ties with Indiarrier with India': EU official clarifies CBAM's environmental focus × WION: Your assessment of India-EU FTA? Commissioner Johannes Hahn: I don't have the crystal ball. All these negotiations are always comprehensive. It takes time, everybody has specific interests, but I'm confident we have a lot of experiences. India has a lot of experience in this kind of agreements, and I'm very confident. Also, Prime Minister Modi has expressed that we should re-energize the negotiations. And the thing it's time wise, a good coincidence that in India, but also in Europe, a new cycle, new parliamentary cycle, which gives us the leeway to negotiate substantially, profoundly, and I'm confident at the end of the day, we will have a very comprehensive FTA, an ambitious one, because at the end it's something where two big economies working closely together to the mutual benefit of all our citizens. WION: EU's position on the situation in West Asia? Commissioner Johannes Hahn: First, it's our neighborhood. So we are extremely concerned, and that's why we urge all parties to refrain from further escalations, to move towards the ceasefire. And of course, it's also about releasing hostages.

EU commissioner invites Indian investors to buy Euro bonds, hopeful on FTA

After the EU member states vote on proposed tariffs this Friday, sources indicate that the European Commission will maintain discussions with China concerning EV imports. This decision is linked to an investigation into EVs made in China that seeks to eliminate subsidies.

The tariff proposal has been forwarded by the EU Commission to its 27 member entities urging approval of the rates from September. The expected ballot will establish whether these final import taxes are enacted for five years. If the votes are positive the EU’s regular 10% car import tax would rise with the tariffs.

A recital accompanying the tariff proposal shows that talks with China have not yet resolved the issue regarding the claimed subsidies. The statement reveals that talks based on finding common ground are foreseen to continue even if the outcome from voting is unfavorable. The Commission has no comment on the status of the ongoing talks.

China’s Ministry of Commerce reported that talks are in progress concerning a price-commitment plan to steer clear of tariffs. The possible framework might include setting minimum import costs and regulating volumes which earlier suggestions from Chinese companies faced rejection by the Commission.

Tariff proposals differ widely; like 7.8% on Tesla vehicles from China compared to 35.3% on those from companies such as SAIC who have not assisted the Commission review.&nbsp;

On Friday the vote needs 15 European countries to oppose the tariffs with 65% EU population representation for non-enactment. By October 30th the EU must finalize its findings regarding the anti-subsidy matter.

Should the tariffs be set in stone companies must pay the provisional duties installed in July that they can afford using their bank guarantee.

After the EU member states vote on proposed tariffs this Friday, sources indicate that the European Commission will maintain discussions with China concerning EV imports.

After the EU member states vote on proposed tariffs this Friday, sources indicate that the European Commission will maintain discussions with China concerning EV imports. This decision is linked to an investigation into EVs made in China that seeks to eliminate subsidies. The tariff proposal has been forwarded by the EU Commission to its 27 member entities urging approval of the rates from September. The expected ballot will establish whether these final import taxes are enacted for five years. If the votes are positive the EU’s regular 10% car import tax would rise with the tariffs. A recital accompanying the tariff proposal shows that talks with China have not yet resolved the issue regarding the claimed subsidies. The statement reveals that talks based on finding common ground are foreseen to continue even if the outcome from voting is unfavorable. The Commission has no comment on the status of the ongoing talks. China’s Ministry of Commerce reported that talks are in progress concerning a price-commitment plan to steer clear of tariffs. The possible framework might include setting minimum import costs and regulating volumes which earlier suggestions from Chinese companies faced rejection by the Commission. Tariff proposals differ widely; like 7.8% on Tesla vehicles from China compared to 35.3% on those from companies such as SAIC who have not assisted the Commission review. On Friday the vote needs 15 European countries to oppose the tariffs with 65% EU population representation for non-enactment. By October 30th the EU must finalize its findings regarding the anti-subsidy matter. Should the tariffs be set in stone companies must pay the provisional duties installed in July that they can afford using their bank guarantee.

EU to pursue ongoing negotiations with China on electric vehicle tariffs

The US has informed the European union (EU) that it will contribute 20 billion dollars to a huge assistance package led by the group of seven for Ukraine. The condition, though, set by the US is that the bloc needs to tweak its Russian sanctions regime as planned to make it more predictable. Watch to know more.

US, EU Eye Russian Assets for Aid to Ukraine

The European Union has pledged to loan Ukraine up to 35 billion euros ($39bn) as part of a plan by the Group of Seven (G7) nations to raise $50bn through profits from frozen Russian state assets.

Russia-Ukraine war: EU announces $39 billion loan for Ukraine

Russia-Ukraine war: EU loan backed by windfall profits from immobilised Russian assets

Media reports show the first scheduled discussions between the international monetary fund (IMF) and Russia since the beginning of Moscow's invasion of Ukraine have been postponed indefinitely. This is due to opposition from governments within the European union.

IMF halts Russia review after EU nations criticise plan

Transport &amp; Environment (T&amp;E), a prominent campaign group, has released new projections for the market share of battery-electric vehicles (BEVs) in the European Union. According to their analysis, BEVs are expected to capture between 20 per cent and 24 per cent of the total market by 2025. This forecast is primarily attributed to the anticipated reduction in selling prices for electric vehicles.

&nbsp;

The current landscape of EV sales in the EU has shown a slowdown in recent months. In the first half of the year, EVs accounted for only 14 per cent of the market share. This deceleration can be partially attributed to the inconsistent policies regarding green incentives across different EU member states. EU regulators have imposed substantial tariffs on Chinese cars in an effort to protect the European automotive industry.

&nbsp;

Germany, which represents the largest EV market within the European Union, took action in September by introducing new incentives aimed at accelerating the transition to green transportation. This move is expected to have a significant impact on the overall EV adoption rate in the region.

&nbsp;

T&amp;E has revised its earlier forecast from June, which had predicted a 21 per cent market share for EVs next year. The organisation now anticipates a resurgence in sales, based on several factors. One key consideration in their updated projections is the expected introduction of seven new fully-electric models priced under 25,000 euros (USD 27,835.00) in 2024 and 2025. These affordable models are predicted to capture 10 per cent to 15 per cent of the BEV market next year, making electric vehicles more accessible to a broader range of consumers.

&nbsp;

In terms of environmental impact, T&amp;E estimates that BEVs will play a crucial role in helping carmakers meet EU emissions targets next year. The organisation projects that BEVs will contribute approximately 60 per cent of the required carbon dioxide (CO2) reduction. Hybrid vehicles are expected to account for an additional 20 per cent of emission reductions, further supporting the industry's efforts to comply with regulatory standards.

&nbsp;

However, the European automotive industry is facing challenges on multiple fronts. A decline in EV demand, coupled with increased competition from more affordable Chinese competitors, has led some European manufacturers to call for legislative action.

Specifically, they are urging EU lawmakers to activate a crisis clause that would postpone their CO2 targets by two years, providing them with more time to adapt to the changing market conditions.

The shifting landscape has already prompted several major automakers to reassess their electrification strategies. Companies such as Stellantis, Toyota, Renault, and Mercedes-Benz have all announced adjustments to their electrification targets, scaling back their initial ambitions in response to market realities and challenges.

T&amp;E strongly opposes any attempts to weaken or delay the 2025-2030 emission targets. The organization emphasises the importance of maintaining robust national policies to support the electrification of the automotive sector. They argue that protecting underperforming automakers will only serve to diminish their competitiveness in the long run. T&amp;E asserts that the current dominance of Chinese EV manufacturers in the market demonstrates the risks of shielding less progressive European automakers from competition.

Transport & Environment (T&E), a prominent campaign group, has released new projections for the market share of battery-electric vehicles (BEVs) in the European Union.

Transport & Environment (T&E), a prominent campaign group, has released new projections for the market share of battery-electric vehicles (BEVs) in the European Union. According to their analysis, BEVs are expected to capture between 20 per cent and 24 per cent of the total market by 2025. This forecast is primarily attributed to the anticipated reduction in selling prices for electric vehicles. The current landscape of EV sales in the EU has shown a slowdown in recent months. In the first half of the year, EVs accounted for only 14 per cent of the market share. This deceleration can be partially attributed to the inconsistent policies regarding green incentives across different EU member states. EU regulators have imposed substantial tariffs on Chinese cars in an effort to protect the European automotive industry. Germany, which represents the largest EV market within the European Union, took action in September by introducing new incentives aimed at accelerating the transition to green transportation. This move is expected to have a significant impact on the overall EV adoption rate in the region. T&E has revised its earlier forecast from June, which had predicted a 21 per cent market share for EVs next year. The organisation now anticipates a resurgence in sales, based on several factors. One key consideration in their updated projections is the expected introduction of seven new fully-electric models priced under 25,000 euros (USD 27,835.00) in 2024 and 2025. These affordable models are predicted to capture 10 per cent to 15 per cent of the BEV market next year, making electric vehicles more accessible to a broader range of consumers. In terms of environmental impact, T&E estimates that BEVs will play a crucial role in helping carmakers meet EU emissions targets next year. The organisation projects that BEVs will contribute approximately 60 per cent of the required carbon dioxide (CO2) reduction. Hybrid vehicles are expected to account for an additional 20 per cent of emission reductions, further supporting the industry's efforts to comply with regulatory standards. However, the European automotive industry is facing challenges on multiple fronts. A decline in EV demand, coupled with increased competition from more affordable Chinese competitors, has led some European manufacturers to call for legislative action. Specifically, they are urging EU lawmakers to activate a crisis clause that would postpone their CO2 targets by two years, providing them with more time to adapt to the changing market conditions. The shifting landscape has already prompted several major automakers to reassess their electrification strategies. Companies such as Stellantis, Toyota, Renault, and Mercedes-Benz have all announced adjustments to their electrification targets, scaling back their initial ambitions in response to market realities and challenges. T&E strongly opposes any attempts to weaken or delay the 2025-2030 emission targets. The organization emphasises the importance of maintaining robust national policies to support the electrification of the automotive sector. They argue that protecting underperforming automakers will only serve to diminish their competitiveness in the long run. T&E asserts that the current dominance of Chinese EV manufacturers in the market demonstrates the risks of shielding less progressive European automakers from competition.

EVs have potential to reach 24 per cent EU car market share by 2025

The European Commission has announced that the deadline for Chinese electric vehicle (EV) manufacturers to submit price commitments as a means of avoiding potential tariffs has elapsed, with no further opportunity to revise their offers following their universal rejection.

&nbsp;

The Commission, currently engaged in an anti-subsidy investigation targeting Chinese-manufactured EVs, disclosed that several EV exporters had put forward price undertakings. These undertakings represent a commitment from exporters to adhere to minimum import prices, effectively counterbalancing subsidies.

&nbsp;

A spokesperson for the Commission clarified on Monday that the cutoff date for submitting such proposals was August 24, emphasising that the regulations governing this type of investigation preclude the possibility of presenting new price undertakings beyond this deadline.

&nbsp;

While reiterating its openness to finding a resolution, the EU executive stressed that any solution must fully comply with World Trade Organisation (WTO) regulations and effectively counteract the identified subsidies.

&nbsp;

The Commission's spokesperson revealed that all price undertakings from Chinese automakers were received precisely on the August 24th deadline. This timing left no room for resubmissions after the initial offers were rejected. The spokesperson pointed out that Chinese automakers had ample time - several weeks - prior to the deadline to propose these price undertakings. Had they done so earlier, it would have allowed for meaningful discussions on the subject.

&nbsp;

In response to the situation, the Commission has proposed implementing final tariffs of up to 35.3 per cent on EVs produced in China. These would be applied in addition to the EU's standard 10 per cent import duty on cars.

&nbsp;

The EU's 27 member states are scheduled to vote on the proposed final duties on September 25.&nbsp;If approved, these tariffs will take effect by the end of October, unless a qualified majority opposes the levies. This qualified majority requires 15 EU members representing 65 per cent of the EU population to vote against the measures.

&nbsp;

While achieving such a majority is typically challenging, the politically charged nature of this issue, coupled with China's threats of retaliatory measures targeting pork, dairy products, and brandy, could potentially sway some EU nations.

The European Commission has announced that the deadline for Chinese electric vehicle (EV) manufacturers to submit price commitments as a means of avoiding potential tariffs has elapsed, with no further opportunity to revise their offers following their universal rejection.

The European Commission has announced that the deadline for Chinese electric vehicle (EV) manufacturers to submit price commitments as a means of avoiding potential tariffs has elapsed, with no further opportunity to revise their offers following their universal rejection. The Commission, currently engaged in an anti-subsidy investigation targeting Chinese-manufactured EVs, disclosed that several EV exporters had put forward price undertakings. These undertakings represent a commitment from exporters to adhere to minimum import prices, effectively counterbalancing subsidies. A spokesperson for the Commission clarified on Monday that the cutoff date for submitting such proposals was August 24, emphasising that the regulations governing this type of investigation preclude the possibility of presenting new price undertakings beyond this deadline. While reiterating its openness to finding a resolution, the EU executive stressed that any solution must fully comply with World Trade Organisation (WTO) regulations and effectively counteract the identified subsidies. The Commission's spokesperson revealed that all price undertakings from Chinese automakers were received precisely on the August 24th deadline. This timing left no room for resubmissions after the initial offers were rejected. The spokesperson pointed out that Chinese automakers had ample time - several weeks - prior to the deadline to propose these price undertakings. Had they done so earlier, it would have allowed for meaningful discussions on the subject. In response to the situation, the Commission has proposed implementing final tariffs of up to 35.3 per cent on EVs produced in China. These would be applied in addition to the EU's standard 10 per cent import duty on cars. The EU's 27 member states are scheduled to vote on the proposed final duties on September 25. If approved, these tariffs will take effect by the end of October, unless a qualified majority opposes the levies. This qualified majority requires 15 EU members representing 65 per cent of the EU population to vote against the measures. While achieving such a majority is typically challenging, the politically charged nature of this issue, coupled with China's threats of retaliatory measures targeting pork, dairy products, and brandy, could potentially sway some EU nations.

Deadline for Chinese EV price offers expire, says EU

The European Commission has disclosed that it received proposals from Chinese electric vehicle (EV) manufacturers for minimum import prices into the European Union, a strategy aimed at avoiding potential tariffs. However, the Commission has rejected all of these offers.

This development comes in the context of an ongoing anti-subsidy investigation being conducted by the Commission into EVs manufactured in China. The Commission explained that several EV exporters had submitted what are known as "price undertakings." These undertakings represent commitments from exporters to adhere to minimum import prices as a means of counterbalancing subsidies they may have received.

A spokesperson for the Commission elaborated on the evaluation process&nbsp;said, "Our review focused on whether the offers would eliminate the injurious effects of subsidies and could be effectively monitored and enforced. The Commission has concluded that none of the offers met these requirements."

While the Commission refrained from divulging specific details of the offers, they emphasised that each proposal underwent a thorough review to ensure compliance with both World Trade Organization (WTO) and EU anti-subsidy regulations.

Despite rejecting the current proposals, the Commission maintains an openness to negotiated solutions. The spokesperson clarified, "The Commission remains open to a negotiated solution, but it must fully comply with WTO rules and fully remedy the injurious effects of subsidies identified."&nbsp;

The timing of these developments is significant, as EU trade chief Valdis Dombrovskis is scheduled to meet with Chinese Commerce Minister Wang Wentao in the coming week. This meeting could potentially serve as a platform for further dialogue on the issue.

Meanwhile, the Commission is on the brink of proposing substantial final tariffs on EVs manufactured in China. These proposed duties could reach up to 35.3 per cent, which would be applied in addition to the EU's standard 10 per cent&nbsp;import duty on cars. This potential cumulative tariff of over 45 per cent&nbsp;represents a significant barrier for Chinese EV manufacturers seeking to enter or expand in the European market.

The implementation of these final duties is subject to a voting process within the EU. For the tariffs to be blocked, a qualified majority of EU members would need to vote against them. Specifically, this would require 15 out of the 27 EU member states, representing at least 65 per cent&nbsp;of the EU's population, to oppose the levies. Barring such opposition, the new tariffs are set to be implemented by the end of October.

The European Commission has disclosed that it received proposals from Chinese electric vehicle (EV) manufacturers for minimum import prices into the European Union, a strategy aimed at avoiding potential tariffs.

The European Commission has disclosed that it received proposals from Chinese electric vehicle (EV) manufacturers for minimum import prices into the European Union, a strategy aimed at avoiding potential tariffs. However, the Commission has rejected all of these offers. This development comes in the context of an ongoing anti-subsidy investigation being conducted by the Commission into EVs manufactured in China. The Commission explained that several EV exporters had submitted what are known as "price undertakings." These undertakings represent commitments from exporters to adhere to minimum import prices as a means of counterbalancing subsidies they may have received. A spokesperson for the Commission elaborated on the evaluation process said, "Our review focused on whether the offers would eliminate the injurious effects of subsidies and could be effectively monitored and enforced. The Commission has concluded that none of the offers met these requirements." While the Commission refrained from divulging specific details of the offers, they emphasised that each proposal underwent a thorough review to ensure compliance with both World Trade Organization (WTO) and EU anti-subsidy regulations. Despite rejecting the current proposals, the Commission maintains an openness to negotiated solutions. The spokesperson clarified, "The Commission remains open to a negotiated solution, but it must fully comply with WTO rules and fully remedy the injurious effects of subsidies identified." The timing of these developments is significant, as EU trade chief Valdis Dombrovskis is scheduled to meet with Chinese Commerce Minister Wang Wentao in the coming week. This meeting could potentially serve as a platform for further dialogue on the issue. Meanwhile, the Commission is on the brink of proposing substantial final tariffs on EVs manufactured in China. These proposed duties could reach up to 35.3 per cent, which would be applied in addition to the EU's standard 10 per cent import duty on cars. This potential cumulative tariff of over 45 per cent represents a significant barrier for Chinese EV manufacturers seeking to enter or expand in the European market. The implementation of these final duties is subject to a voting process within the EU. For the tariffs to be blocked, a qualified majority of EU members would need to vote against them. Specifically, this would require 15 out of the 27 EU member states, representing at least 65 per cent of the EU's population, to oppose the levies. Barring such opposition, the new tariffs are set to be implemented by the end of October.

EU declines minimum price proposals from Chinese EV exporters

Negotiators from the European Union and South America finished two days of negotiations on trade, reporting "significant progress" on the contentious issues holding up the long-anticipated EU-Mercosur accord, according to two sources close to the negotiations.

Sources say that it now looks likely that negotiations on this issue may be concluded positively before the end of the year. The meeting marked the first face-to-face talks since April.

"The round of negotiations went very well. There was significant progress in the areas of the environment and government procurement," said a source at the Brazilian foreign ministry, where the talks were held.

"A new round of negotiations should take place in a few weeks," the official added.

Eleven governments of the EU, in a letter to President of the European Commission Ursula von der Leyen this week, asked for a swift conclusion of the 25-year-in-the-making trade deal.

"It is now urgent to secure the progress reached so far and close the negotiations," the letter seen by Reuters said. "We believe that all elements are in place to allow for a rapid conclusion of negotiations by the end of 2024," the prime ministers of Germany, Spain, Portugal, Sweden, Denmark, Finland, Croatia, Estonia, Latvia, Luxembourg and the Czech Republic wrote.

Mercosur groups Brazil, Argentina, Uruguay, Paraguay, and more recently Bolivia, in a market that is a much-wanted destination for EU manufacturing exporters, although European farmers, notably in France, fear the competition it would bring.

The deal was concluded in 2019, but its ratification has been held up by EU demands for commitments on Amazon deforestation and climate change.

In January, during protests by French farmers, French President Emmanuel Macron again reiterated his hostility toward the deal, citing environmental concerns and what he described as unfair competition faced by farmers.&nbsp;

The main French farmers' union, the FNSEA, said on Friday that it was against reopening negotiations because the EU-Mercosur deal would heighten competition for beef, poultry, rice, sugar, and ethanol producers.

"European agriculture should not be sacrificed in order to conclude international trade accords. On the contrary, agriculture should be protected and considered one of the main strategic European sectors," the union said in a statement.

With the European election over, now is the time to finalise the deal, the 11 prime ministers said in their letter.

"The agreement will create a free trade area encompassing more than 700 million people, creating enormous opportunities for European businesses and workers in markets which have been relatively closed up until now," the letter said.

Negotiators from the European Union and South America finished two days of negotiations on trade, reporting "significant progress" on the contentious issues holding up the long-anticipated EU-Mercosur accord, according to two sources close to the negotiations.

Negotiators from the European Union and South America finished two days of negotiations on trade, reporting "significant progress" on the contentious issues holding up the long-anticipated EU-Mercosur accord, according to two sources close to the negotiations. Sources say that it now looks likely that negotiations on this issue may be concluded positively before the end of the year. The meeting marked the first face-to-face talks since April. "The round of negotiations went very well. There was significant progress in the areas of the environment and government procurement," said a source at the Brazilian foreign ministry, where the talks were held. "A new round of negotiations should take place in a few weeks," the official added. Eleven governments of the EU, in a letter to President of the European Commission Ursula von der Leyen this week, asked for a swift conclusion of the 25-year-in-the-making trade deal. "It is now urgent to secure the progress reached so far and close the negotiations," the letter seen by Reuters said. "We believe that all elements are in place to allow for a rapid conclusion of negotiations by the end of 2024," the prime ministers of Germany, Spain, Portugal, Sweden, Denmark, Finland, Croatia, Estonia, Latvia, Luxembourg and the Czech Republic wrote. Mercosur groups Brazil, Argentina, Uruguay, Paraguay, and more recently Bolivia, in a market that is a much-wanted destination for EU manufacturing exporters, although European farmers, notably in France, fear the competition it would bring. The deal was concluded in 2019, but its ratification has been held up by EU demands for commitments on Amazon deforestation and climate change. In January, during protests by French farmers, French President Emmanuel Macron again reiterated his hostility toward the deal, citing environmental concerns and what he described as unfair competition faced by farmers. The main French farmers' union, the FNSEA, said on Friday that it was against reopening negotiations because the EU-Mercosur deal would heighten competition for beef, poultry, rice, sugar, and ethanol producers. "European agriculture should not be sacrificed in order to conclude international trade accords. On the contrary, agriculture should be protected and considered one of the main strategic European sectors," the union said in a statement. With the European election over, now is the time to finalise the deal, the 11 prime ministers said in their letter. "The agreement will create a free trade area encompassing more than 700 million people, creating enormous opportunities for European businesses and workers in markets which have been relatively closed up until now," the letter said.

Sources indicate progress in EU-Mercosur trade negotiations on contentious issues

The United States, Britain,&nbsp;European Union members, and other countries, including Andorra, Georgia, Iceland, Norway, the Republic of Moldova, San Marino, and Israel,&nbsp; signed the first legally binding international AI treaty on Thursday, the Council of Europe human rights organisation said.

The AI Convention, which has been in the works for years and was adopted in May after discussions between 57 countries, addresses the risks AI may pose while promoting responsible innovation.

"This Convention is a major step to ensuring that these new technologies can be harnessed without eroding our oldest values, like human rights and the rule of law," Britain's justice minister, Shabana Mahmood, said in a statement.

The AI Convention mainly focuses on the protection of the human rights of people affected by AI systems and is separate from the EU AI Act, which entered into force last month.

Council of Europe Secretary General&nbsp;Marija Pejčinović Burić said: “We must ensure that the rise of AI upholds our standards, rather than undermining them. The Framework Convention is designed to ensure just that. It is a strong and balanced text - the result of the open and inclusive approach by which it was drafted and which ensured that it benefits from multiple and expert perspectives. The Framework Convention is an open treaty with a potentially global reach. I hope that these will be the first of many signatures and that they will be followed quickly by ratifications, so that the treaty can enter into force as soon as possible.”

The treaty provides a legal framework covering the entire lifecycle of AI systems. It aims to&nbsp; promote&nbsp;AI progress and innovation, while managing the risks it may pose to human rights, democracy,&nbsp;and the rule of law.&nbsp;

<a href="https://www.wionews.com/world/european-parliament-passes-first-of-its-kind-artificial-intelligence-law-699840">Also read:&nbsp;European Parliament passes first-of-its-kind artificial intelligence law</a>

The EU's AI Act entails comprehensive regulations on the development, deployment, and use of AI systems within the EU internal market.

The Council of Europe, founded in 1949, is an international organization distinct from the EU with a mandate to safeguard human rights; 46 countries are members, including all the 27 EU member states.

An ad hoc committee in 2019 started examining the feasibility of an AI framework convention and a Committee on Artificial Intelligence was formed in 2022, which drafted and negotiated the text.

Watch |&nbsp;EU achieves agreement on landmark AI rules, becomes first major power to enact AI laws

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The signatories can choose to adopt or maintain legislative, administrative or other measures to give effect to the provisions.

Francesca Fanucci, a legal expert at ECNL (European Center for Not-for-Profit Law Stichting) who contributed to the treaty's drafting process alongside other civil society groups, told Reuters the agreement had been "watered down" into a broad set of principles.

"The formulation of principles and obligations in this convention is so overbroad and fraught with caveats that it raises serious questions about their legal certainty and effective enforceability," she said.

Fanucci highlighted exemptions on AI systems used for national security purposes, and limited scrutiny of private companies versus the public sector, as flaws. "This double standard is disappointing," she added.

The UK government said it would work with regulators, the devolved administrations, and local authorities to ensure it can appropriately implement its new requirements.

Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION&nbsp;audience.

The United States, Britain, European Union members, and other countries, including Andorra, Georgia, Iceland, Norway, the Republic of Moldova, San Marino, and Israel, signed the first legally binding international AI treaty on Thursday, the Council of Europe human rights organisation said.

The United States, Britain, European Union members, and other countries, including Andorra, Georgia, Iceland, Norway, the Republic of Moldova, San Marino, and Israel, signed the first legally binding international AI treaty on Thursday, the Council of Europe human rights organisation said. The AI Convention, which has been in the works for years and was adopted in May after discussions between 57 countries, addresses the risks AI may pose while promoting responsible innovation. "This Convention is a major step to ensuring that these new technologies can be harnessed without eroding our oldest values, like human rights and the rule of law," Britain's justice minister, Shabana Mahmood, said in a statement. The AI Convention mainly focuses on the protection of the human rights of people affected by AI systems and is separate from the EU AI Act, which entered into force last month. Council of Europe Secretary General Marija Pejčinović Burić said: “We must ensure that the rise of AI upholds our standards, rather than undermining them. The Framework Convention is designed to ensure just that. It is a strong and balanced text - the result of the open and inclusive approach by which it was drafted and which ensured that it benefits from multiple and expert perspectives. The Framework Convention is an open treaty with a potentially global reach. I hope that these will be the first of many signatures and that they will be followed quickly by ratifications, so that the treaty can enter into force as soon as possible.” The treaty provides a legal framework covering the entire lifecycle of AI systems. It aims to promote AI progress and innovation, while managing the risks it may pose to human rights, democracy, and the rule of law. Also read: European Parliament passes first-of-its-kind artificial intelligence law The EU's AI Act entails comprehensive regulations on the development, deployment, and use of AI systems within the EU internal market. The Council of Europe, founded in 1949, is an international organization distinct from the EU with a mandate to safeguard human rights; 46 countries are members, including all the 27 EU member states. An ad hoc committee in 2019 started examining the feasibility of an AI framework convention and a Committee on Artificial Intelligence was formed in 2022, which drafted and negotiated the text. Watch | EU achieves agreement on landmark AI rules, becomes first major power to enact AI laws × The signatories can choose to adopt or maintain legislative, administrative or other measures to give effect to the provisions. Francesca Fanucci, a legal expert at ECNL (European Center for Not-for-Profit Law Stichting) who contributed to the treaty's drafting process alongside other civil society groups, told Reuters the agreement had been "watered down" into a broad set of principles. "The formulation of principles and obligations in this convention is so overbroad and fraught with caveats that it raises serious questions about their legal certainty and effective enforceability," she said. Fanucci highlighted exemptions on AI systems used for national security purposes, and limited scrutiny of private companies versus the public sector, as flaws. "This double standard is disappointing," she added. The UK government said it would work with regulators, the devolved administrations, and local authorities to ensure it can appropriately implement its new requirements. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

US, Britain, EU, other nations sign first legally binding international treaty on AI

Northern Greece is facing a significant water crisis due to prolonged drought conditions exacerbated by successive heatwaves this summer. Like other areas, it has experienced below-average rainfall for up to three years and drought spots on the map of the region have expanded.

Water crisis arises in Greece due to prolonged drought conditions

The China Association of Automobile Manufacturers (CAAM) has firmly voiced its opposition to the revised draft proposal from the European Union regarding punitive tariffs for Chinese-made electric vehicles, as reported by the Chinese state broadcaster CCTV on Wednesday.

&nbsp;

According to the CCTV report, the association stated that the decision on these tariffs poses "enormous risks and uncertainty" for China's operations and investments within the European Union.

&nbsp;

The European Commission published the draft findings of its high-profile investigation into alleged subsidies for imports of Chinese-made electric vehicles on Tuesday. This investigation included some revisions to the proposed punitive tariffs.

&nbsp;

The Commission, which is responsible for setting the EU's trade policy, still believes that Chinese EV production has benefited from extensive subsidies. As a result, it has proposed duties of up to 36.3 per cent&nbsp;on auto companies, which is a slight decrease from the maximum initial planned duty of 37.6 per cent&nbsp;set in July.

&nbsp;

CAAM has told CCTV that these high tariffs have "damaged the confidence of Chinese enterprises operating in and investing in Europe." The association further stated that this will have a "serious adverse impact on driving the development of the EU automotive industry, increasing local employment opportunities in the EU, and achieving green and sustainable development."

&nbsp;

Overall, the China Association of Automobile Manufacturers has expressed its strong opposition to the European Union's revised draft proposal on punitive tariffs for Chinese-made electric vehicles, citing concerns over the risks, uncertainty, and potential negative impacts on China's operations and investments in the EU, as well as the development of the European automotive industry and its green initiatives.&nbsp;

The China Association of Automobile Manufacturers (CAAM) has firmly voiced its opposition to the revised draft proposal from the European Union regarding punitive tariffs for Chinese-made electric vehicles, as reported by the Chinese state broadcaster CCTV on Wednesday.

The China Association of Automobile Manufacturers (CAAM) has firmly voiced its opposition to the revised draft proposal from the European Union regarding punitive tariffs for Chinese-made electric vehicles, as reported by the Chinese state broadcaster CCTV on Wednesday. According to the CCTV report, the association stated that the decision on these tariffs poses "enormous risks and uncertainty" for China's operations and investments within the European Union. The European Commission published the draft findings of its high-profile investigation into alleged subsidies for imports of Chinese-made electric vehicles on Tuesday. This investigation included some revisions to the proposed punitive tariffs. The Commission, which is responsible for setting the EU's trade policy, still believes that Chinese EV production has benefited from extensive subsidies. As a result, it has proposed duties of up to 36.3 per cent on auto companies, which is a slight decrease from the maximum initial planned duty of 37.6 per cent set in July. CAAM has told CCTV that these high tariffs have "damaged the confidence of Chinese enterprises operating in and investing in Europe." The association further stated that this will have a "serious adverse impact on driving the development of the EU automotive industry, increasing local employment opportunities in the EU, and achieving green and sustainable development." Overall, the China Association of Automobile Manufacturers has expressed its strong opposition to the European Union's revised draft proposal on punitive tariffs for Chinese-made electric vehicles, citing concerns over the risks, uncertainty, and potential negative impacts on China's operations and investments in the EU, as well as the development of the European automotive industry and its green initiatives.

EU draft on tariffs for Chinese EVs brings 'enormous risks,' says China auto body

A woman's body was found early Tuesday inside a burned-out Athens factory. It is believed to be the first reported death from a the wildfire. The inferno has forced thousands to flee their homes, leaving a trail of destruction in its wake.

Greece Wildfires: Greece deploys armed forces to battle blazes

Firefighters in Greece are working to contain a major and fast-spreading wildfire that broke out near Athens on Sunday, which has damaged buildings and produced flames more than 80 feet tall. Watch in for more details!

Greece wildfires: Race to save Athens, Greece seeks EU help to fight wildfires

A brief respite from record-breaking heat in July hasn't changed the alarming trajectory: 2024 is increasingly poised to be the hottest year in history, according to the EU's climate service.

The Copernicus Climate Change Service (C3S) stated last month was the second warmest on record books going back to 1940, only slightly cooler than July 2023.

Between June 2023 and June 2024, every month eclipsed its own temperature record for the time of the year.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/science/when-venus-shook-scientists-make-stunning-discovery-on-earths-twin-planet-748049">When Venus shook: Scientists make stunning discovery on Earth's twin planet</a>

"The streak of record temperatures has come to a close, but by the slimmest of margins," said Samantha Burgess, deputy director of C3S.

Notably, last month the global average temperature was 16.91 degrees Celsius, only 0.04C below July 2023, according to C3S's monthly bulletin.&nbsp;

But "the overall situation hasn't changed, climate crisis is deepening," said Burgess.

"The devastating effects of climate change started well before 2023 and will continue until global greenhouse gas emissions reach net zero," she further said.

As recorded from January to July global temperatures were 0.70C above the 1991-2020 average.&nbsp;

This irregularity would need to drop considerably for the remaining year for 2024 not to be hotter than 2023 -- "making it increasingly likely that 2024 is going to be the warmest year on record", said C3S.&nbsp;

It may be mentioned here, July 2024 was 1.48C warmer than the estimated average temperatures for the month during the period 1850-1900, before the world started to swiftly burn fossil fuels.

This has resulted in unbearable heat for hundreds of millions of people.

Also read:&nbsp;<a href="https://www.wionews.com/science/earth-had-several-tiny-hidden-moons-billions-of-years-ago-study-suggests-747875">Earth had several tiny hidden moons billions of years ago, study suggests</a>

C3S researchers found that while the switch from El Niño to La Niña was underway, ocean air temperatures in many parts of the world continued to be exceptionally high.

On Wednesday, World Meteorological Organization Secretary-General Celeste Saulo reflected on a year of "widespread, intense and extended heatwaves". &nbsp;

"This is becoming too hot to handle," she said.

(With inputs from agencies)

<o:p></o:p>

A brief respite from record-breaking heat in July hasn't changed the alarming trajectory: 2024 is increasingly poised to be the hottest year in history, according to the EU's climate service.

A brief respite from record-breaking heat in July hasn't changed the alarming trajectory: 2024 is increasingly poised to be the hottest year in history, according to the EU's climate service. The Copernicus Climate Change Service (C3S) stated last month was the second warmest on record books going back to 1940, only slightly cooler than July 2023. Between June 2023 and June 2024, every month eclipsed its own temperature record for the time of the year. Also read: When Venus shook: Scientists make stunning discovery on Earth's twin planet "The streak of record temperatures has come to a close, but by the slimmest of margins," said Samantha Burgess, deputy director of C3S. Notably, last month the global average temperature was 16.91 degrees Celsius, only 0.04C below July 2023, according to C3S's monthly bulletin. But "the overall situation hasn't changed, climate crisis is deepening," said Burgess. "The devastating effects of climate change started well before 2023 and will continue until global greenhouse gas emissions reach net zero," she further said. As recorded from January to July global temperatures were 0.70C above the 1991-2020 average. This irregularity would need to drop considerably for the remaining year for 2024 not to be hotter than 2023 -- "making it increasingly likely that 2024 is going to be the warmest year on record", said C3S. It may be mentioned here, July 2024 was 1.48C warmer than the estimated average temperatures for the month during the period 1850-1900, before the world started to swiftly burn fossil fuels. This has resulted in unbearable heat for hundreds of millions of people. Also read: Earth had several tiny hidden moons billions of years ago, study suggests C3S researchers found that while the switch from El Niño to La Niña was underway, ocean air temperatures in many parts of the world continued to be exceptionally high. On Wednesday, World Meteorological Organization Secretary-General Celeste Saulo reflected on a year of "widespread, intense and extended heatwaves". "This is becoming too hot to handle," she said. (With inputs from agencies)

EU warns 2024 could be record-breaking hot year

Here are the updates from the world of tech.

What to expect after European Union's AI law comes into force?

Europe's medicines watchdog on Friday rejected a request to market a new Alzheimer's disease treatment, saying the risks of the medicine's side effects, including potential brain bleeding, outweighed the benefits. Watch in for more details!

European medicines watchdog rejects new Alzheimer's drug

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