EUROPEAN COMMISSION
Gas prices in the US are nearly half of Europe's: Why are American drivers paying so much less?
American motorists are currently paying much less for fuel compared to drivers in the European Union. The average petrol price in the EU is almost double that of the US, highlighting significant market differences. Higher taxation in Europe contributes to this price discrepancy, making it important for consumers to understand. Diesel costs also reflect a noticeable difference, though the gap is smaller than for petrol.
EU and India conclude negotiations on association to Horizon Europe to push innovation ties
India and the European Commission have completed negotiations for India’s association with Horizon Europe. The agreement is expected to enhance scientific cooperation between Europe and India significantly. Researchers from India will gain access to Horizon Europe funding and can lead joint projects addressing pressing global challenges. This association aims to facilitate collaboration in various fields, including health, climate, and energy.
EU charges TikTok over harmful algorithmic 'rabbit hole' effects
EU tech regulators charged social media platform TikTok on Friday with breaching the bloc's online content rules due to the so-called "rabbit hole" effect of its recommender system, which attracts users' attention to a constant stream of
India, Israel vote against Pak-backed UN arms control resolution: Sources dismiss voting coordination
India has voiced its opposition to a Pakistan-led UN resolution on regional arms control, asserting that arms control transcends regional boundaries. With approximately 180 nations endorsing it, both India and Israel stood alone in dissent. India reiterated its long-standing position on arms control as a matter of principle, while a few other countries, including the U.S., shared hesitations about the resolution.
Reliance’s FY28 growth story rests on 5 triggers. New energy is just one
In the upcoming years, Reliance Industries is set to thrive, propelled by five strategic business initiatives. The focus remains on robust growth in the oil-to-chemicals sector, pivotal for ongoing profitability. Transitioning from investments to growth, Reliance Retail is primed for success, while Jio is expected to benefit from improved pricing strategies.
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Russian attacks disrupt power in Kyiv, while the death toll in a stricken village rises to 40
Russian attacks disrupted power and water supplies in Kyiv and surrounding areas, while Ukraine reported a rising death toll from a strike on a village in Zaporizhzhia. President Volodymyr Zelenskyy said 40 people had been killed in Komyshuvakha, with dozens more feared buried under rubble. Meanwhile, diplomatic talks on postwar security and reconstruction were planned in Brussels.
Tesla misled South Korean customers about automated-driving tech, consumer group alleges
Tesla has marketed Full Self-Driving (Supervised) software to prospective buyers in South Korea for years, often collecting lump-sum payments of 9.043 million won ($6,726).
Tesla misled South Korean customers about automated-driving tech, consumer group alleges
Tesla is facing a consumer complaint in South Korea over allegedly misleading customers by selling its Full Self-Driving (FSD) software to buyers whose vehicles cannot legally use it. The software, which was sold for a one-time payment of 9.043 million won ($6,726), is compatible with only about 20% of Tesla cars registered in the country, mainly US-made models.
COP31: EU FTA on horizon, but India won't budge on CBAM
India's environment minister Bhupender Yadav reaffirmed the country's opposition to trade-linked barriers at COP31. The upcoming negotiations will focus on the EU's Carbon Border Adjustment Mechanism affecting various Indian sectors. Participation in carbon markets should remain voluntary, according to Yadav. Additionally, India emphasizes the importance of climate finance from developed nations.
Meta halts new business terms after backlash over data scraping and AI use
Meta has postponed the rollout of new terms affecting its business accounts due to significant backlash. Critics claimed these changes could lead to unauthorized data scraping and unfair competition against news publishers. A Norwegian court granted an injunction on the terms, highlighting concerns over Meta's market dominance. The U.K. competition authority has also initiated an investigation into these new business conditions.
OpenAI’s India user base doubles; Rapido GOV quadruples
Happy Tuesday! India has become ChatGPT’s largest market globally, with its user base doubling. This and more in today’s ETtech Morning Dispatch.
Fridge cyberattacks highlight growing cybersecurity threats, EU says
A recent cyberattack on fridges at supermarkets across various EU countries shows just how much digital threats can mess with our daily lives. It's a reminder that as we rely more on technology, we're also more vulnerable to these kinds of attacks. It really makes you think about how safe our everyday items are!
India, EU discuss FTA implementation ahead of December signing
In an effort to advance their free trade agreement, India and the European Union held pivotal discussions led by Commerce Secretary Rajesh Agarwal, who visited Brussels for dialogues with prominent EU officials. Central to the talks were customs cooperation and trade facilitation, deemed critical for the agreement's efficacy. Additionally, industry stakeholders from the diamond sector were engaged to harness opportunities within India's expanding market.
India, EU discuss FTA implementation, customs cooperation and market access in Brussels
India and the European Union engaged in discussions regarding the implementation of their Free Trade Agreement. Commerce Secretary Rajesh Agrawal held meetings with various senior European Commission officials in Brussels, focusing on market access and customs procedures. The FTA is expected to eliminate tariffs on the majority of exports from both regions. Both parties are working towards the proposed signing and full ratification of the agreement.
Out of Europe? India's steel MSMEs battle data gaps, rising cost and EU's carbon wall
Smaller Indian steel exporters say they are struggling to obtain emissions data from raw-material suppliers and bear the cost of carbon accounting and verification under the EU’s carbon border rules.
Is the world preparing for war? Why US, UK, Japan and Europe are ringing emergency alarm bells
World War 3 coming? Is the world preparing for war? The governments across the world in the US, UK, Japan and Europe are strengthening emergency preparedness amid rising geopolitical tensions, cyber threats and fears of conflict. Here's what their plans mean and whether the world is preparing for war.
How Australia built world’s biggest battery-powered ferry
The electric ferry China Zorrilla has launched its operations between Buenos Aires and Uruguay, marking a significant milestone in eco-friendly maritime transport. This initiative showcases advancements in battery technology aimed at curbing environmental impact.
NYSE bets on all-or-nothing options as event driven trading gains traction
NYSE is preparing to launch binary return options that will let investors make all-or-nothing bets on whether stocks and ETFs finish above or below set prices. The exchange is also seeking approval for KPI options linked to company earnings metrics, expanding the range of event-driven trading products available to investors.
Europe needs to better prepare for warmer temperatures: European Union
The European Union on Tuesday warned of the need to better prepare for a feared 3C rise in global warming as it unveiled new rules to force member states to act. The EU remains committed to limit global warming to 1.5C, but European climate chief Wopke Hoekstra warned "it would be unwise not to prepare for the scenarios" during a press conference.
Cognizant signs five-year large deal with Europe's EBRD
While the financial terms were not disclosed, two people privy to the matter told ET that the deal was estimated to be in the range of $100-150 million, generating annual revenue of $26-40 million for Cognizant. “The deal is a new one,” one of them said.
FTA with India will be a game changer in supply chain management: EU ambassador to India
EU ambassador to India Jean-Eric Paquet further said, "We are creating an economic space across India and the European internal market. That is what is being established, creating a long-term perspective and reliability for economic operators, which will obviously build on very significant trade already."
Greece passes social media ban for children under 15
In a significant move towards online safety, Greece's parliament has enacted a law banning social media usage for children under 15, set to take effect on January 1, 2027. Prime Minister Kyriakos Mitsotakis highlighted the importance of implementing age verification methods to safeguard minors. This initiative, in collaboration with six other EU countries and the European Commission, aims to assist parents in controlling their children's social media habits.
Retired basketball star Kevin Garnett's former Malibu property up for grabs for $48 million
Kevin Garnett's former Malibu property has been listed on the market for $48 million. The NBA star originally commissioned the Malibu mansion but sold it before it was completed. The six-bedroom house has been finished by Swiss architect Roger Kurath. The 11,000 square feet property overlooks the Pacific Ocean. It is located at 27715 Pacific Coast Highway, Malibu, California.
Euro zone consumer confidence falls to -17.9 in October
The European Commission said a flash estimate showed euro zone consumer morale decreased to -17.9 this month from a revised -16.8 in September.
Booking.com targeted in EU investigation into phishing scams, fraudulent listings
The Commission, which is the EU tech and competition enforcer, said it opened an investigation following a preliminary probe and after analysing risk assessment reports submitted by Booking.com this year and the previous three years.
Europe’s last penicillin plant faces a bitter fight against China’s cheaper drugs
The Sandoz penicillin plant in Kundl, Austria, is under threat from cheaper Chinese antibiotic production. European healthcare programs benefit from the lower prices, which could jeopardize self-sufficiency. China's share of the EU penicillins market has rapidly increased in recent years. European policymakers are becoming increasingly concerned about reliance on China for essential medicines. The current dynamics highlight the significant trade challenges facing European pharmaceutical manufacturers.
India’s $100 billion European Free Trade Association cheque is slow to clear as Vietnam joins the club
Vietnam recently signed a free trade agreement with the European Free Trade Association, expanding its trade network. This agreement comes as India's interaction with EFTA continues to evolve, with potential impacts on competition. Both countries aim to enhance exports to these markets despite different timelines of agreement enactment.
Global Market: Eurozone banking crisis fears return as government borrowing costs surge
Rising euro zone borrowing costs have renewed fears of a sovereign debt crisis, particularly in France. European banks’ stronger capital buffers, diversified bond holdings and tighter regulation offer protection, but prolonged market volatility could increase funding costs, weaken profitability and revive investor concerns over banks’ exposure to government debt.
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