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Business news and information from the European Union

EUR 128m EU funding for coronavirus research projects

The EU Commission announced EUR 128 million of EU funding Tuesday for 23 new research projects involving 347 research teams from 40 countries in response to the ongoing coronavirus pandemic.

EU pledges further EUR 30m to support Lebanon

At Monday's international conference on aid for Lebanon, the EU Commission pledged new funding worth EUR 30m to help address the immediate needs of those affected by the deadly explosion in Beirut.

EU curbs Cambodia's trade access over human rights

Some of Cambodia's typical export products to the EU, such as garments, footwear and travel goods became subject to EU customs duties as of Wednesday over increased concern about human rights.

EU-Vietnam trade agreement enters into force

EU exports to Vietnam are taxed less as of 1 August, when the EU-Vietnam trade agreement entered into force, a deal that will ultimately scrap duties on 99 pre cent of all goods traded between the two sides.

Google's proposed Fitbit buy under full EU investigation

The EU Commission opened Tuesday an in-depth investigation to assess the proposed acquisition of Fitbit by Google over the amount of data Google could use for personalisation of the ads it serves.

EU agrees new rules on excise duties for alcohol

The EU Council agreed new rules governing excise duties on alcohol Thursday, paving the way for an improved business environment and for reduced costs for small alcohol-producing businesses.

Brussels secures EU access to COVID-19 drug Remdesivir

The European Commission signed a contract with pharmaceutical company Gilead Tuesday to secure treatment doses of Veklury, the brand name for Remdesivir, for EU Member States and the UK.

EU looks to improve trade & investment relations with China

At a high-level virtual meeting Tuesday, the EU called on China to engage in trade reform and to remove barriers impeding access to the Chinese market for EU exporters and European investors.

EU complies with WTO Airbus rulings, wants US tariffs lifted

The governments of France and Spain agreed with Airbus Friday to modify the terms of a 'repayable launch investment' granted by them for development of the A350 aircraft to reflect market conditions.

Brussels to ease capital markets rules to aid business recovery

A Capital Markets Recovery Package, outlined by the EU Commission Friday, amends the Prospectus Regulation, MiFID II and securitisation rules to help businesses to raise capital on public markets.

Marathon EU summit secures EUR 750 bn recovery fund

Following a marathon four-day summit, EU leaders agreed Tuesday a EUR 750 billion recovery fund for Europe, and a long-term budget to help the EU rebuild after the pandemic and support green investment.

Green transition fund should be performance-related: EU auditors

A proposal amending the EU's Just Transition Fund needs to establish a clearer link to EU climate and environmental goals, says an Opinion published Wednesday by the EU's Court of Auditors.

EU-US Data Protection Shield inadequate, EU Court rules

The Court of Justice of the EU decided Thursday to invalidate the EU-US Privacy Shield on grounds of an inadequate levels of protection given to European consumer data transferred to the United States.

Poland: "overwhelming evidence" of rule of law breaches, say MEPs

After Poland's right-wing presidency retained power last weekend, an EU Parliament committee accused it Thursday of backsliding on democracy, the rule of law and fundamental rights.

EU Court annuls decision on Apple's tax payback

The EU's General Court annulled Wednesday a 2016 Commission decision to make Apple pay Ireland some EUR 13 billion in back taxes in compensation for what Brussels said had been illegal state aid.

EU tax package seeks to crack down on tax fraud

A new Tax Package unveiled by the EU Commission Wednesday looks to intensify the fight against tax abuse and curb unfair tax competition in order to boost Europe's economic recovery and long-term growth.

Restrict aid to companies with links to tax havens, says Brussels

The European Commission recommended Tuesday that EU Member States do not grant financial support to companies with links to countries that are on the EU's list of non-cooperative tax jurisdictions.

Germany home to 19% of Europe's fastest-growing companies: study

Germany has the most fast-growing companies in Europe, with a total of 191 companies, followed by Italy (190) and the UK (173), a study of the fastest-growing companies in Europe and the US found Tuesday.

MEPs give green light to major road transport reform

The European Parliament agreed major reform of the road transport Thursday, when MEPs backed revised rules to improve driver working conditions and stop distortion of competition in road transport.

Dieselgate: VW can be sued in EU states where cars sold

German car manufacturer Volkswagen could be sued for damages in the courts of EU member states' where their cars are resold with manipulated car emissions data, the EU's top court ruled Thursday.

EU hydrogen strategy to bolster green recovery

The European Commission unveiled EU strategies for energy system integration and hydrogen Wednesday, saying they will pave the way towards a more efficient and interconnected energy sector.

Toys continue to top EU list of dangerous products

The EU's latest report on its alert system to prevent the selling of dangerous products, published Tuesday, flagged up a record number of dangerous products in 2019, with toys and cars heading the list.

Lockdown to provoke "deep recession" in EU this year

Europe's economy will experience a deep recession this year due to the coronavirus pandemic, according to the European Union's summer economic forecast, published Tuesday by the EU Commission.

Brussels presents new employment agenda

The European Commission outlined a package Wednesday to give improve opportunities for young people in a post-Covid Europe to develop their potential and thrive in green and digital transitions.

EUR 1bn fund for innovative clean technology projects: 1st call

The European Commission launched Friday the first call for proposals under the EU Innovation Fund, one of the world's largest programmes for the demonstration of innovative low-carbon technologies.