EU unveils plan to cut emissions 55% by 2030, wave fossil fuels goodbye

EU unveils plan to cut emissions 55% by 2030, wave fossil fuels goodbye

The European Commission tabled a root-and-branch review of the EU’s energy and climate laws on Wednesday, aiming to cut carbon emissions by 55% before the end of the decade and initiate a decisive break away from fossil fuels. At the centre of the reform is a review of the bloc’s carbon market, the emissions trading scheme (EU ETS), which puts a price on each tonne of CO2 emitted by around 10,000 installations in the power sector, the manufacturing industry, as well as intra-EU flights. As part of a broad package…

Read More

France launches investigation into Pegasus spying allegations

France launches investigation into Pegasus spying allegations

The French government said on Thursday (22 July) that it had launched an investigation into allegations that Morocco mounted surveillance of President Emmanuel Macron’s mobile phone using the Israeli Pegasus software. “The President of the Republic is following this Pegasus file as closely as possible,” with “an exceptional defence council,” government spokesperson Gabriel Attal told broadcaster France Inter. “A number of cell phones, politicians, journalists have been targeted, and this investigation does not say whether these phones were all actually infected, whether data was removed from them. So that’s what…

Read More

Cyprus warns citizens to reject Turkey’s calls for property claims

Cyprus warns citizens to reject Turkey’s calls for property claims

The National Council of Cyprus has called on Greek Cypriots to avoid appealing to a commission established by the pseudo-state occupied by Turkey in northern Cyprus in order to take back their properties, saying this would pose severe threats for national security. Turkish President Recep Tayyip Erdoğan on 20 July paid a visit to Varosha, a resort fenced off by the Turkish army immediately after the invasion of Cyprus in 1974. The Greek Cypriots who fled from Varosha were not allowed to return and with public entry prohibited, it has…

Read More

ECB will allow inflation to exceed 2% for a ‘transitory period’

ECB will allow inflation to exceed 2% for a ‘transitory period’

Speaking after the first meeting of the Governing Council since the ECB presented its strategic review, President of the ECB Christine Lagarde announced that inflation may exceed the 2% target for a “transitory period”, but stabilise at 2% in the medium term. The strategic review has adopted what is called a symmetric inflation target of two per cent over the medium term. In the past, the central bank for the eurozone took a position that the target should never be overshot. The new flexibility which has received unanimous support, is…

Read More

New EU fund aims to cushion social impact of climate policies

New EU fund aims to cushion social impact of climate policies

The European Commission will launch a fund to alleviate the societal cost of expanding the EU carbon market – the emissions trading scheme (ETS) – to buildings and road transport, according to a leaked draft seen by EURACTV. The EU executive is due to announce a new package of climate legislation on Wednesday, aiming to bring the EU in line with its new 2030 objective of cutting emissions by 55% compared to 1990 levels. The legislative package includes a planned extension of the EU ETS to heating and transport fuels…

Read More

EU to detail future relationship with Gibraltar next week

EU to detail future relationship with Gibraltar next week

The European Commission will next week put forward a mandate to negotiate a post-Brexit relationship with Gibraltar that would bring Frontex agents to its territory to avoid a hard border with Spain. Gibraltar is a British overseas territory located at the southern tip of Spain. Madrid and London reached a preliminary agreement on 31 December 2020, hours before the UK left the European Union, to keep the Gibraltar land border open. The goal – by keeping Gibraltar in the EU’s passport-free Schengen area – was to avoid a hard border…

Read More

Slovenia rocked by Iran-related money laundering scandal

Slovenia rocked by Iran-related money laundering scandal

Slovenia’s state prosecutor has opened a preliminary investigation into claims that the country’s biggest state-owned bank, Nova Ljubljanska Banka (NLB), may have laundered nearly €1bn from Iran between 2008 and 2010, breaking an international embargo and failing to enforce rules on the financing of terrorism. Slovenian media reported in July that 40-50 transactions took place every day from NLB bank to more than 30,000 accounts around the world, including some clearly held in fake names, such as Donald Duck and Mickey Mouse. The allegations were not further elaborated until the…

Read More

UBP takes over Danske Bank International

UBP takes over Danske Bank International

Swiss bank Union Bancaire Privée (UBP) has announced the acquisition of Danske Bank’s wealth management business in Luxembourg, operating under the name Danske Bank International (DBI). Established in Luxembourg since 1976, DBI specialises in international private banking activities with almost a thousand clients in some sixty countries. Its client base consists mainly of wealthy private clients from the Nordic countries–mainly Denmark–residing abroad, particularly in Europe. It currently employs 70 people. Union Bancaire Privée (UBP) is one of the leading private banks in Switzerland. This family-owned bank specialises in wealth management…

Read More

EU kicks off covid travel pass, WHO issues infection warning

EU kicks off covid travel pass, WHO issues infection warning

An EU-wide covid certificate programme, intended to help boost summer travel, started operating on Thursday, but a recent spike in infection numbers could reduce the number of tourists who use it. “The aim of the EU Digital Covid Certificate is to facilitate safe and free movement in the EU during the covid-19 pandemic,” the European Commission stated on 1 July. Digital covid certificate The scheme lets EU residents download a QR code to their smartphone which proves they have been vaccinated in their home country, recovered from covid or have recently tested…

Read More

130 countries agree to global tax reform

130 countries agree to global tax reform

The world’s leading economies have struck a deal to revamp multinational corporate taxation that aims to dampen international tax rate competition. 130 nations and territories, including Luxembourg, have signed up to an OECD plan that requires multinational firms to pay a minimum tax rate of 15% worldwide, the OECD said on 1 July. The OECD, an international economic policy forum, estimated that this would raise $150bn in fresh tax revenue annually. The agreement would also “re-allocate some taxing rights” from companies’ home countries to the markets where they do business,…

Read More