Energy ministers from European Union countries will on Wednesday (September 22) discuss the soaring price of gas and electricity across Europe, as some governments draw up measures to protect their consumers. Benchmark European power prices have rocketed this year, more than trebling in Spain and elsewhere, partly because gas prices have been driven up by…
Regulators Not up to Speed on Banks’ Digital Marketplaces, EU Watchdog Says
September 21, 2021
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LONDON—Regulators have little understanding of risks from banks creating digital marketplaces with tech companies and a framework is needed to spot potential contagion if things go wrong, the European Union’s banking watchdog said on Tuesday. The European Banking Authority’s warning is the latest sign that financial regulators are starting to pay more attention to Big…
Germany Warns of Lost US Trust Over Australia Deal as France Wins EU Support
September 21, 2021
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BRUSSELS—Germany joined France on Tuesday in berating the United States for negotiating a security pact in secret with Australia and Britain that cost Paris a lucrative defence deal, while the EU’s top official said such behaviour was unacceptable. In a concrete signal of the bloc’s outrage, EU ambassadors postponed preparations for an inaugural trade and…
Australian Trade Minister Seeks French Meeting, Confident Subs Row Won’t Derail EU Talks
September 20, 2021
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CANBERRA—Australian Trade Minister Dan Tehan said on Monday he will seek a meeting with his French counterpart to ease tensions over Canberra’s decision to scrap a $40 billion submarine deal. Australia last week said it would end the deal with France’s Naval Group to build a fleet of conventional submarines and would instead build at…
Supply Fears Lead EU Vaccine Industry to Seek Home Comforts
FRANKFURT—European companies playing key supporting roles in COVID-19 vaccine manufacturing are working to move production and supply chains closer to their customers to guard against trade restrictions that have interrupted supplies during the pandemic. Germany’s Merck KGaA, whose Life Science unit is one of the world’s largest makers of bioreactor gear and supplies, told Reuters…
After Australia Arms Deal Flop, EU Launches Indo-Pacific Plan
BRUSSELS—The European Union set out a formal strategy on Thursday to boost its presence in the Indo-Pacific and counter China’s rising power, pledging to seek a trade deal with Taiwan and to deploy more ships to keep open sea routes. The EU’s foreign policy chief Josep Borrell insisted the strategy was also open to China,…
EU Okays ITA, Orders Alitalia to Repay 900 Million Euros Illegal State Aid
BRUSSELS—EU competition regulators on Friday gave the green light to Alitalia’s successor Italia Trasporto Aereo (ITA) and also ordered the Italian flag carrier to repay 900 million euros ($1.1 billion) in illegal state aid. The European Commission said a 1.35 billion euro capital injection by Italy into ITA over the next three years is in…
EU Ministers Want EU Budget Rules to Support Investment, Realistic Debt Cuts
BRDO, Slovenia—European Union finance ministers said on Friday that changes to EU budget rules, now under review, should support investment in the post-pandemic economy and allow for a more realistic path in cutting huge public debt. Finance ministers from the 27-nation bloc will begin discussions during a two-day meeting in the Slovenian town of Brdo…
The US Should Support a Stronger EU to Defend Against China
Commentary The failure to build democracy in Afghanistan, and the resulting withdrawal of U.S. forces, is causing concern in Europe about how much the continent can rely on its long-time ally, the United States. When push comes to shove—such as Ukraine when Putin invaded, Taiwan, which the United States does not recognize as a state,…
Illumina in EU Antitrust Sights Over Premature $8 Billion Grail Deal
BRUSSELS—U.S. life sciences company Illumina could face a hefty fine for completing its $8 billion cash-and-stock takeover of cancer detection test maker Grail without first securing EU antitrust approval. Illumina closed the Grail takeover on Wednesday and said it would hold the company separate while waiting for the European Commission to decide whether to clear…
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