EUbusiness Week 560 top stories: Race to fix Greek debt relief gathers pace; EU signs orders for new Galileo space satellites; EU opens antitrust probe against Samsung; WTO approves two-year trade waiver for Pakistan; Russia halts animal imports from parts of EU over virus; Eurozone consumer confidence ends 10-month drop
This Week’s Top Stories
1. Race to fix Greek debt relief gathers pace
2. EU signs orders for new Galileo space satellites
3. EU opens antitrust probe against Samsung
4. WTO approves two-year trade waiver for Pakistan
5. Russia halts animal imports from parts of EU over virus
6. Eurozone consumer confidence ends 10-month drop
Publisher’s Note
The European Commission provoked much reaction this week by prohibiting the proposed merger between Deutsche Börse and NYSE Euronext, on the basis of the EU Merger Regulation.
Competition Commissioner Joaquin Almunia insisted the decision was made purely with regard to underlying European economic fundamentals. The two companies were the only real competitors in the market in European financial derivatives, of which the combined company would control 90 per cent.
Deutsche Börse and NYSE have now cancelled their merger, and said the announcement was a “dark day” for Europe and the EU was “out of touch with reality”. The Commission, however, believes it had no alternative.
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Regards,
Nick Prag
Publisher, EUbusiness
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1. Race to fix Greek debt relief gathers pace
Officials took the first steps Tuesday in a high-pressure bid to wrap up a massive debt relief deal for Greece within a week. Pressure to accelerate action and reach a deal has also risen with experts predicting that Portugal may need its own restructuring or second bailout later this year.
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2. EU signs orders for new Galileo space satellites
The EU on Thursday signed contracts with German and French engineering firms to build and launch another eight satellites for Europe’s Galileo geopositioning system.
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3. EU opens antitrust probe against Samsung
European regulators have opened an antitrust probe against Samsung Electronics to determine whether the South Korean group has distorted competition in European mobile device markets.
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4. WTO approves two-year trade waiver for Pakistan
The World Trade Organization has approved a waiver allowing 75 Pakistani products duty free access to European markets for two years to help textile exports after devastating floods in 2010.
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5. Russia halts animal imports from parts of EU over virus
Russia is suspending live-animal imports from parts of Europe over fears of a newly discovered virus that causes birth defects in sheep, goat and cattle.
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6. Eurozone consumer confidence ends 10-month drop
Consumer and business confidence in the 17-nation eurozone improved slightly in January, halting a 10-month decline, official data showed on Monday.
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EUROPEAN CASE LAW
Adrian Nastase: former Romanian prime minister Adrian Nastase has been sentenced by the Supreme Court to a two-year jail term for corruption at the end of a trial closely monitored by the European Union.
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Latest Court of Justice judgements
EU Law Firms
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Inside the EU Institutions
Council Watch
Trade: European Union leaders gave their backing on Monday to calls from Germany and Britain to pursue ambitious talks on a free-trade deal with the United States.
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With friends like these: British PM in Europe balancing act
Ireland mulls if referendum needed for EU fiscal pact
Council …
Commission Watch
Egypt: the EU called Thursday for an external probe to be conducted into an eruption of violence in Egypt that claimed 74 lives at a football match and sparked new anger against the country’s military rulers.
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EU urges UN to act on Syria ‘without further delay’
Commission …
Euro-Parliament Watch
Farage outburst: Eurosceptic British MEP Nigel Farage stormed out of the European Parliament Wednesday after its German chairman cut him off in mid-flight for comparing Berlin’s ideas for Greece to Nazi control.
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In plenary this week, MEPs largely welcomed the new fiscal pact but said more was needed on growth; urged Member States to stop harbouring dictators’ assets; and called on the Commission to table legislation allowing limited liability companies to migrate anywhere within the EU.
Parliament …
EU diary
1-3 Feb, Competitiveness Council informal
9 Feb, ECB Governing council meeting
10 Feb, Education, Youth, Culture and Sport Council
14 Feb, Transport, Telecommunications & Energy Council
17 Feb, Employment, Social, Health & Consumer Council
The Week Ahead
Long-term diary
RESOURCES
EU Law Firms
Summaries of EU Legislation
EU Decision-Making
Treaties of the European Union
Key EU Legal Terms
Other news on EUbusiness this week
Spain unveils EUR 50bn bank sector clean-up 2-Feb
Greece seeks backup oil supply against Iran embargo 2-Feb
EU mulling lighter lending rules for banks: report 2-Feb
Eurozone inflation steady at 2.7% in January 1-Feb
Eurozone manufacturing turns as German output expands 1-Feb
