BRUSSELS—The European Union will distribute 500 million euros ($550 million) to help farmers and allow them to grow crops on fallow land to mitigate food price spikes and potential shortages resulting from Russia’s war in Ukraine. Published on Wednesday, the proposals by the EU’s executive European Commission also include assistance to Ukraine to help its…
EU Loosens State Aid Rules for Companies Affected by Sanctions on Russia
BRUSSELS—EU companies affected by sanctions imposed on Russia can get up to 400,000 euros ($440,360) in state support and compensation up to 30 percent of energy costs under looser EU state aid rules, the European Commission said on Wednesday. From airlines to carmakers to tourism businesses, thousands of companies across the 27-country bloc have reported…
Europe Divided on Russian Oil and Gas Sanctions
March 22, 2022
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The European Union’s foreign ministers remained divided on Monday on whether to sanction Russia’s energy sector over its invasion of Ukraine. The EU has so far imposed four rounds of sanctions against Russia, targeting banks and oligarchs, while banning Russian aircraft from EU airspace and halting technology exports. Russian energy imports, on which Europe is…
Britain Aligns With EU on Basel Bank Capital Rules
March 21, 2022
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LONDON—The Bank of England said on Monday that it planned to implement a final set of post-financial crisis capital requirements for banks from January 2025, bringing Britain in line with the European Union in a move that banks will welcome. Tough bank capital reforms were agreed at the global level after banks were bailed out…
Lawmaker Group Asks EU to Withdraw Green Investment Label for Gas
BRUSSELS—Around 100 European Union lawmakers asked Brussels on Wednesday to withdraw plans to label energy investments in gas as green, saying this undermined Europe’s push to reduce reliance on Russian fossil fuels. Even before Russia invaded Ukraine, EU countries and lawmakers were divided over the European Commission’s plan to label gas and nuclear investments as…
EU to Subsidise Household Fuel Prices Surging Amid Ukraine Crisis
BRUSSELS—EU finance ministers agreed on Tuesday to subsidise household fuel prices and offer support to companies hit by surging energy prices as a result of Russia’s invasion of Ukraine, French Finance Minister Bruno le Maire said. “This war in Ukraine is leading to a sharp increase in the price of commodities, particularly gas and food….
Amazon Wins EU Antitrust Nod for $8.5 Billion MGM Deal
BRUSSELS—Amazon on Tuesday gained unconditional EU antitrust approval for its proposed $8.5 billion acquisition of U.S. movie studio MGM to help it to compete with streaming rivals Netflix and Disney+. The European Commission said the deal would not pose competition concerns in Europe, confirming a Reuters story on March 9. The EU competition enforcer said…
Germany to Buy F-35 Fighter Jets From US Amid Ukraine Crisis
The German government will purchase several dozen F-35 fighter jets from the United States amid the Russia–Ukraine conflict, said a government minister this week. “After looking thoroughly into all available options, I decided to initiate the purchase of F-35 aircraft as replacement for the Tornado in the role of nuclear sharing,” Defense Minister Christine Lambrecht…
Euro Zone to Tighten Fiscal Policy in 2023, But Ready to Reverse Amid Ukraine War
BRUSSELS—Euro zone finance ministers agreed on Monday to tighten fiscal policy a little next year after three years of pumping billions into the economy due to the coronavirus pandemic, but also to be ready with more cash should the war in Ukraine make it necessary. “The fundamentals of the euro area economy are strong,” the…
Google, Meta Face EU, UK Probes Into Ad Bidding Agreement
March 12, 2022
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BRUSSELS—British and European regulators threatened to crack down on Google and Facebook parent Meta over an agreement for online display advertising services, saying Friday that the deal may breach rules on fair competition. The fresh scrutiny in Europe, which has pioneering efforts to rein in big technology companies, strikes at the heart of Google’s business—the…
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