The EU has raised protests with the US, fearing that Washington’s latest green energy package is freezing European businesses out of the world’s richest market.
Brussels made a number of demands for changes in a submission to the US administration last week and the showdown will top the agenda at a meeting of EU finance ministers on Tuesday.
European Commission Executive Vice President Valdis Dombrovskis said that European finance and economy ministers would discuss Washington’s “discriminatory” green energy incentives amid heightened fears of an economic contraction gripping the continent this winter.
Approved by US politicians in August, the Inflation Reduction Act invests hundreds of billions of dollars into fighting climate change and includes a $10 billion investment tax credit for clean energy products such as electric vehicles.
The Inflation Reduction Act has provoked fury in Europe, where countries like France and Germany fear that it would block non-US electric vehicles from its markets and further weaken the competitiveness of European companies that are already suffering from sky-high energy prices.
The European Commission on Friday sent a document to the US Treasury detailing its preliminary views on the act, which it said contains “problematic elements”. The document is expected to be published soon on the US Treasury’s website.
The commission called on the US to remove “all discriminatory content and production requirements affecting the EU and its economic operators and products” and ensure “that the level and structure of subsidisation does not create adverse effects on the EU”.
The document also asked the US to ensure that EU companies were treated “no less favourably than other trading partners of [the] US” and to build “transparency provisions into subsidies to be granted through tax credits and other programmes” under the Inflation Reduction Act.
The commission’s spokeswoman for trade and agriculture, Miriam Garcia Ferrer, told The National that the EU reserves the right to complement its views at a later stage. She said that the EU hoped to find “constructive and amicable solutions”.
Negotiations are continuing within an EU-US task force which met for the first time last Friday. Ms Garcia Ferrer described the task force as a “clear, senior-level commitment by the US to address the serious concerns raised by the EU” related to the act.
But some European countries have taken a more aggressive stance than the commission, with France’s Energy and Finance Minister Bruno Le Maire calling for a formal complaint at the World Trade Organisation.
“Europe must defend its interests. No one will give it any favours, neither China nor the US,” he said in an interview to several European media outlets published on Monday.
Quoted by French newspaper Les Echos, Mr Le Maire said that he expected a “firm” reaction from the European Commission, including for example “European preferential schemes”.
Mr Le Maire claimed that the Inflation Reduction Act discouraged international companies that were previously interested in working in Europe and that they are considering moving to the US instead.
The value of subsidies offered by the US administration is in certain cases four to 10 times higher than the maximum authorised by the commission, Mr Le Maire said.
“In France, our preliminary estimates show that €10 billion [$9.9 million] in investments and thousands of jobs are at stake,” he said.
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Zayed Sustainability Prize
Company Profile
Company name: Fine Diner
Started: March, 2020
Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka
Based: Dubai
Industry: Technology and food delivery
Initial investment: Dh75,000
Investor: Dtec Startupbootcamp
Future plan: Looking to raise $400,000
Total sales: Over 1,000 deliveries in three months
UAE currency: the story behind the money in your pockets
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
THE SPECS
Engine: 3.5-litre supercharged V6
Power: 416hp at 7,000rpm
Torque: 410Nm at 3,500rpm
Transmission: 6-speed manual
Fuel consumption: 10.2 l/100km
Price: Dh375,000
On sale: now
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 268hp at 5,600rpm
Torque: 380Nm at 4,800rpm
Transmission: CVT auto
Fuel consumption: 9.5L/100km
On sale: now
Price: from Dh195,000
UAE currency: the story behind the money in your pockets
Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
COMPANY%20PROFILE
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More from Neighbourhood Watch
THE SPECS
Engine: 4.0L twin-turbo V8
Gearbox: eight-speed automatic
Power: 571hp at 6,000rpm
Torque: 800Nm from 2,000-4,500rpm
Fuel economy, combined: 11.4L/100km
Price, base: from Dh571,000
On sale: this week
Need to know
Unlike other mobile wallets and payment apps, a unique feature of eWallet is that there is no need to have a bank account, credit or debit card to do digital payments.
Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
