Latest news with #JuliaPayne
Hindustan Times
08-07-2025
- Business
- Hindustan Times
EU to set up Critical Chemical Alliance to secure supply chains
* EU to set up Critical Chemical Alliance to secure supply chains Critical Chemical Alliance to tackle supply chain dependencies and distortions * EU chemical production faces competition from cheaper U.S. and Chinese rivals * Commission to expand state aid and simplify rules for chemicals industry By Julia Payne BRUSSELS, - The European Commission will work with EU member states and the chemicals sector to support production of chemicals identified as critical for Europe's industrial supply chains, the EU executive said on Tuesday. It said it will establish later this year a Critical Chemical Alliance, bringing together the Commission, member states, and various stakeholders as part of a wider plan to revive Europe's chemicals industry The chemical alliance will "identify critical production sites needing policy support and tackle trade issues like supply chain dependencies and distortions," the Commission said in a statement. The move mirrors another alliance set up to identify metals and minerals key for the energy transition. The EU then set targets for mining, processing and recycling of 17 strategic materials. Chemicals are a fundamental input for nearly all industries from textiles and defence to tech and account for 1.2 million direct jobs in the EU. However, chemical production plunged during the COVID-19 pandemic and it has not fully recovered in the face of competition with U.S. and Chinese rivals that benefit from significantly cheaper energy and production costs. Commission officials said more than 20 chemical sites have closed over the last two years, with petrochemicals and ammonia "under severe pressure". "First and foremost, there is the issue of sovereignty: keeping our steam crackers," European Commission Executive Vice President and industry commissioner Stephane Sejourne told reporters. Steam crackers, a unit in petrochemical plants, produce building block chemicals ethylene and propylene, which are used in everything from plastic food packaging and rubber to car headlights and fleece hoodies. The EU has around 40 steam crackers. On Monday, chemicals giant Dow said it planned to shut two plants in Germany and one in Britain over the next two years. Sejourne told reporters the alliance would evaluate the bloc's dependence on imports in the context of the importance of the molecule. "We are 80% dependent on foreign imports for methanol, for example, and if we look at the critical production sites, we need to safeguard and retain European sovereignty... Work will be done to identify these molecules, and the plan proposes to move forward on a kind of Critical Molecules Act." Further, the Commission will include chemicals in future trade agreements and strengthen surveillance of chemical imports. The Commission has already opened 18 trade defence investigations into different molecules since 2024. To compensate for high energy prices, the Commission will expand state aid, speed up permitting and provide energy guarantees from EU funds. The Commission will also include EU-content criteria in public procurement for chemicals, an effort being promoted across EU industries, Sejourne said. Finally, the Commission will present its sixth simplification package, known as an omnibus, for the chemicals industry. The omnibus, due to be proposed before the year end, will simplify rules on labelling of dangerous chemicals as well as revise rules around cosmetics and fertilizers adding up to savings of 363 million euros a year. This article was generated from an automated news agency feed without modifications to text.
Yahoo
04-07-2025
- Business
- Yahoo
US trade deal eludes Europe days out from Trump's deadline, sources say
By Philip Blenkinsop and Julia Payne BRUSSELS (Reuters) -European Union negotiators have failed so far to achieve a breakthrough in trade negotiations with the Trump administration and may now seek to extend the status quo to avoid tariff hikes, five EU diplomats briefed on the talks said on Friday. The EU had already dropped hopes of a locking in a comprehensive trade agreement ahead of Trump's July 9 deadline, but following the Washington talks it was not clear if it would even secure a lighter agreement in principle. The Commission told EU envoys on Friday afternoon that it believed the United States was willing to "pause" the current tariffs in place for partners with which it reached an initial agreement, with possible tariff relief later. Without a preliminary agreement, broad U.S. tariffs on most imports would rise from their current 10% to the rate set out by Trump on April 2. In the EU's case that would be 20%. Two of the EU diplomats who spoke to Reuters said the Commission appeared to be pushing more for the first option, to extend the status quo, and then seek to negotiate further. U.S. Treasury Scott Bessent said on Thursday negotiations were set to continue into the weekend. The EU currently faces 50% tariffs on steel and aluminium exports to the United States, 25% tariffs on cars and car parts and the 10% levy on most other products. The EU has agreed a package of 21 billion euros ($24.7 billion) of countermeasures, but not put them into force. The bloc is also looking into a second package, originally envisaged at 95 billion euros. That has now been whittled down to 72 billion euros after lobbying from various EU members, two of the diplomats said. ($1 = 0.8490 euros) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-07-2025
- Business
- Yahoo
EU raises import quotas for Ukrainian wheat and sugar, EU official says
By Julia Payne BRUSSELS (Reuters) -The European Union has increased its import quota for Ukrainian wheat to 1.3 million metric tons from 1 million tons as part of a revised free-trade agreement, a senior EU official said on Friday. The EU and Ukraine reached an initial trade deal at the end of June. The EU had temporarily waived duties and quotas on Ukraine's agricultural products in June 2022 after Russia's full-scale invasion and resulting threat to its traditional Black Sea shipping lanes. The revised agreement includes 40 goods and still needs to be adopted by a qualified majority of member states. As part of the deal, the EU also increased its import quota for Ukrainian sugar to 100,000 tons from 20,000 tons and its barley import quota to 450,000 tons from 350,000 tons. The import quota on poultry was also increased to 120,000 tons from 90,000 tons.
Yahoo
12-06-2025
- Business
- Yahoo
Most G7 members ready to lower Russian oil price cap without US
By Julia Payne and John Irish BRUSSELS/PARIS (Reuters) -Most countries in the Group of Seven nations are prepared to go it alone and lower the G7 price cap on Russian oil even if U.S. President Donald Trump decides to opt out, four sources familiar with the matter said. G7 country leaders are due to meet on June 15-17 in Canada where they will discuss the price cap first agreed in late 2022. The cap was designed to allow Russian oil to be sold to third countries using Western insurance services provided the price was no more than $60 a barrel. The European Union and Britain have been pushing to lower the price for weeks after a fall in global oil prices made the current $60 cap nearly irrelevant. The sources, who declined to be named, said the EU and Britain are ready to lead the charge and go it alone, backed by the other European G7 countries and Canada. They said it is still unclear what the U.S. will decide, though the Europeans are pushing for a united decision at the meeting. Japan's position also remains uncertain, they said. "There is a push among European countries to reduce the oil price cap to $45 from $60. There are positive signals from Canada, Britain and possibly the Japanese. We will use the G7 to try to get the U.S. on board," one of the sources said. The White House had no immediate comment. During the G7 finance ministers meeting in the Canadian Rockies last month, U.S. Treasury Secretary Scott Bessent remained unconvinced there was a need to lower the cap, according to sources. However some U.S. Senators may endorse the idea, including Lindsay Graham, who in recent weeks told reporters he supports lowering the cap. Graham is pushing a hard-hitting new set of Russia sanctions that could impose steep tariffs on buyers of Russian oil. The Canadian foreign ministry was not immediately available for comment. The EU has proposed lowering the price to $45 a barrel in its latest 18th package of sanctions. The package must have unanimity from member states in order for it to be adopted, which could take several weeks. Russia's largest export grade, Urals, trades at around a $10 a barrel discount to the Dated Brent benchmark out of Baltic ports. Brent futures have been trading below $70 a barrel since early April. Sources said Washington's buy-in was not essential to lower the cap owing to Britain's dominance in global shipping insurance, and the EU's influence on the Western rules-abiding tanker fleet. The U.S., however, does matter when it comes to dollar-denominated payments for oil and its banking system. The EU and its Western allies have been progressively cracking down on Russia's shadow fleet of tankers and related actors, which work to circumvent the cap. The pressure has started to hurt Moscow's revenues and Western allies hope this will push more of the oil trade back under the cap. Russia's state-owned oil producer Rosneft reported a 14.4% slump in profits last year.
Yahoo
20-05-2025
- Business
- Yahoo
Factbox-What's in the EU's new Russia sanctions
By Julia Payne BRUSSELS (Reuters) -The European Union adopted on Tuesday its 17th package of sanctions against Russia over its full-scale invasion of Ukraine in 2022. The package hits 75 entities with full-fledged sanctions that include asset freezes and financing bans, bringing the total listing to over 2,400 entities and individuals. EU countries also adopted three other sets of measures to tackle chemical weapons, human rights abuses and hybrid threats. Here are the key details: SHADOW FLEET, OIL * 189 shadow fleet vessels added to list, including 183 oil tankers. The vessels help Moscow keep its crude exports flowing, circumventing Western sanctions. * EU now lists 342 Russian shadow fleet vessels, including tankers and vessels moving military equipment * New listings include major Russia oil company Surgutneftegaz and Russian shipping firm Insurance Joint Stock Company 'VSK' * Eiger Shipping DMCC, the Dubai shipping arm of Russian oil trader Litasco. Litasco is the trading arm of Russia's No. 2 oil producer Lukoil * Four companies involved in managing Russia's shadow fleet: two in the United Arab Emirates, one in Turkey and one in Hong Kong MILITARY INDUSTRIAL COMPLEX * EU lists six companies in China: three for providing high-tech machine tools and three for supplying critical components, including for drones * One company in Belarus that exports military equipment to Russia and an Israeli firm involved in sanctions circumvention and supplying products for Russia's military * One Russian gold mining entity Petropavlovsk * 31 entities will face stricter export restrictions on dual-use goods and technology, with 13 from outside Russia and the EU: six in Turkey, three in Vietnam, two in UAE, one in Uzbekistan and one in Serbia HYBRID THREATS REGIME * EU adds 27 entities and individuals to its hybrid threat sanctions framework for facilitating violence in the EU, Ukraine and Africa * These include a Turkish media entity and an individual for involvement in German demonstrations * A British web-hosting entity involved in cyberattacks and two Moldovan nationals * Individuals linked to activities in Africa including a Russian news agency and an NGO in Central African Republic * Sets up new legal basis for future sanctions relating to fleets that aim to hit infrastructure (undersea cables, airports and servers), financial enablers and propaganda outlets CHEMICALS AND HUMAN RIGHTS REGIMES * Three listings in Russia for production of riot control gas used in the battlefield * 28 listings for human rights, including individuals involved in politically motivated trials * The human rights listing includes 20 judges and prosecutors involved in the cases against Russian opposition leader Alexei Navalny who died last year
