Landmark EU tech rules holding back innovation, Google says

a day ago

Alphabet's Google will on Tuesday warn EU antitrust regulators and its critics that landmark European Union rules aimed at reining in Big Tech are hampering innovation to the detriment of European users and businesses.The US tech giant will also urge regulators to give more detailed guidance to help it comply with the rules, and ask its critics to provide evidence of costs and benefits to prove their case.Google is under pressure to address charges under the EU's Digital Markets Act that it favours its own services such as Google Shopping, Google Hotels and Google Flights over rivals. The charges may result in fines of as much as 10% of its global annual revenue.Earlier this month, Google proposed more changes to its search results to better showcase rival products, but critics say these still do not ensure a level playing field."We remain genuinely concerned about real world consequences of the DMA, which are leading to worse online products and experiences for Europeans," Google's lawyer Clare Kelly will tell a workshop organised by the European Commission to give Google critics the opportunity to seek clarifications.She will say changes implemented by Google to date after discussions with the Commission and its critics have resulted in European users paying more for travel tickets as they cannot directly access airline sites, according to a copy of her speech seen by Reuters.Kelly will also say European airlines, hotels and restaurants have reported up to a 30% loss in direct booking traffic, while users have complained about clunky workarounds.Google's other lawyer, Oliver Bethell, will ask regulators to spell out in detail what the company needs to do, and critics to come up with hard evidence."If we can understand precisely what compliance looks like, not just in theory, but taking account of on the ground experience, we can launch compliant services quickly and confidently across the EEA," he will say.The EEA is the 27 EU countries, Iceland, Liechtenstein and Norway."We need help identifying the areas where we should focus. That means bringing real evidence of costs and benefits that we can take account of with the Commission," Bethell said.The day-long workshop starts at 0700 GMT.

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Sterling nudges lower but still near multi-year highs, looking past UK politics

Mint

41 minutes ago

Mint

Sterling nudges lower but still near multi-year highs, looking past UK politics

LONDON, - The pound eased a touch against the dollar on Wednesday but held near its near-four-year top hit the previous day, one of the many beneficiaries of the greenback's recent weakness. Investors by and large looked through political drama in Britain where Prime Minister Kier Starmer suffered the largest parliamentary rebellion of his premiership even as he was forced to back down on key parts of a benefit-cutting package. Markets this week were more focused on hints from Bank of England governor Andrew Bailey on Tuesday that the central bank could change the BoE's quantitative tightening process - the pace of which, analysts say, has been weighing on longer dated government bonds known as gilts. "The gilt market did not react negatively to the news from the Commons, at least partly thanks to Bank of England Governor Andrew Bailey hinting at a potentially slowing quantitative tightening to give some relief to back-end liquidity. That may have helped shield sterling, too," said Francesco Pesole, currency analyst at ING, in a note. Sterling was last down 0.35% on the dollar, largely moving in line with peers, as the dollar's recent decline paused for breath. The pound hit $1.3787 on Tuesday, its highest since autumn 2021. Other European currencies such as the euro and Swiss franc are also at their strongest in years. Sterling was also a touch weaker on the euro, which was up 0.15% at 85.98 pence, an over two-month high. There is little British economic data expected for the rest of the day, though policy maker Alan Taylor will speak at the ECB's central bank conference at Sintra, Portugal. Taylor voted for a rate cut at the central bank's last meeting in June, when the rate-setting monetary policy committee voted to keep rates steady. Market pricing indicates a good chance of a BoE rate cut at their meeting next month, though it is not yet fully priced in. This article was generated from an automated news agency feed without modifications to text.

UK shares mixed as investors assess corporate news, dealmaking

Mint

42 minutes ago

Mint

UK shares mixed as investors assess corporate news, dealmaking

(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window) FTSE 100 adds 0.3%. FTSE 250 falls 0.5% Spectris rises after accepting improved takeover offer from KKR Bytes Technology slumps after profit warning Greggs falls after saying profits could dip National Grid slips with failures leading to Heathrow fire London's blue-chip stock index edged higher and the midcap index fell on Wednesday as investors assessed a mixed bag of corporate news, including a media report that AstraZeneca is moving its listing to the U.S. The blue-chip FTSE 100 added 0.2% while the domestically focussed midcap index fell 0.5% by 0930 GMT. FTSE's most valuable company AstraZeneca is considering moving its listing to the U.S., the Times reported on Thursday, citing multiple sources. 'The CEO seems frustrated at the lack of financial support to open new laboratories and manufacturing facilities in Europe and might see a full U.S. stock listing as a stepping stone to receiving better treatment Stateside," said Dan Coatsworth, investment analyst at AJ Bell. The UK stock market has lost out on major initial public offerings in recent months including money transfer firm Wise and online fast fashion retailer Shein, with Brexit-related challenges pressuring UK market valuations. Gains on Wednesday were led by industrial metals and mining stocks tracking higher metal prices. Glencore rose 3.2% and Ferrexpo and Antofagasta were both up 2.3%. Oil and gas companies gained 1.6%, with heavyweights BP and Shell adding 2.2% and 1% each. Among individual stocks, Spectris gained 4.6% after the firm agreed to a debt-inclusive 4.7 billion pounds ($6.46 billion) offer from KKR over Advent's rival offer. Bytes Technology slumped 26% to the bottom of the midcap after warning of lower operating profit for the first half of 2026. British fast food chain Greggs fell 14.1% on saying its annual operating profit could dip as a heatwave in the UK discouraged customers from eating out. Restaurant chain operator SSP Group climbed to the top of the midcap index, rising almost 8% after filing for Indian IPO of airport lounge operator Travel Food Services. (Reporting by Twesha Dikshit; Editing by Sahal Muhammed)

Northeast Asia sends the most jet fuel to Europe in nearly a year in June, ET Infra

Time of India

43 minutes ago

Time of India

Northeast Asia sends the most jet fuel to Europe in nearly a year in June, ET Infra

Advt Advt Traders shipped the most jet fuel from Northeast Asia to Europe in almost a year in June, driven by lower freight rates, ample regional supply, and concerns over potential supply disruptions from the Middle East, according to ship tracking data and trade 350,000 metric tons (2.8 million barrels) of aviation fuel were shipped from South Korea and China to Europe in June, Kpler data showed. Trader estimates suggest total bookings for the month could reach up to 465,000 shipments are expected to slightly ease Asia's jet fuel oversupply and help stabilise prices in the near term, according to tankers were chartered in June by major players including Vitol, BP, Aramco Trading, Gunvor, and Unipec — the trading arm of Asia's largest refiner, Sinopec, Kpler data showed. Vitol and Saudi Aramco declined to comment, while Gunvor, Unipec, and BP did not immediately respond to fuel exports from Northeast Asia rose in June as refiners ramped up production following maintenance and as profit margins — or "product cracks" — improved, said Ivan Mathews, head of APAC analysis at weak spot demand from regional importers, traders diverted spot cargoes westward to capitalise on stronger margins and lower shipping costs, two Singapore-based trade sources said.'These flows were purely opportunistic, spurred by geopolitical tensions that sent Northwest Europe cracks surging, while freight rates on modern newbuild vessels remained attractive enough to justify the move,' said Zameer Yusof , senior lead research analyst at jet fuel prices in Northwest Europe remained $60 to $80 per ton higher than in Asia through most of June, LSEG data showed. Demand in Europe typically spikes during the summer travel season — Eurocontrol data showed June flight numbers were up 5.2 per cent year-on-year and 7.8 per cent over Middle East conflict also contributed to rising European jet fuel prices. Meanwhile, the cost to ship 90,000 tons of jet fuel on LR2 tankers fell to a one-month low of $40 to $45 per ton for bookings made before the Iran-Israel conflict began on June least four new LR2 tankers have been booked to carry jet fuel from East to West for June and July, according to two shipping sources. Shipbroking sources noted that maiden voyages on new vessels often come at lower freight rates, as owners seek to build tracking history and analysts don't expect the recent exports to lift Asian jet fuel prices significantly.'Asia remains chronically net long jet/kero by around 625 kbd in June and July, and Europe-bound flows won't make a meaningful dent in that surplus,' said Kpler's alone is targeting jet/kero exports exceeding 2 million tons per month, he added. In May, China exported 1.92 million tons of jet fuel — a 20 per cent increase year-on-year.