Latest news with #MinistryoftheEconomy
Miami Herald
26-06-2025
- Automotive
- Miami Herald
Why Tesla Faces Crackdown $58K Daily Fine Over Its Marketing
The French Ministry of the Economy has threatened to hit Tesla with a $58,000 daily fine if the automaker doesn't end what the department considers deceptive commercial practices. France is the latest country to take issue with the Tesla Full Self-Driving (FSD) feature's name since the software isn't fully autonomous or operating at Level 5 autonomy. The ministry's investigation began in 2023 following reports to France's consumer complaint service SignalConso. In addition to ruling that Tesla was responsible for misleading business practices regarding the fully autonomous driving capacity of its vehicles and the availability of certain options and trade-in offers, the department viewed Tesla as not specifying the date, deadline, or location for car deliveries, not detailing if a purchase was made on credit, and having customers make payments before the withdrawal period enjoyed by the consumer when they finance their purchase with an assigned credit ended, according to Electrek. Additionally, Tesla was described as not providing receipts when customers made partial cash payments and not rightfully refunding within the deadlines for orders. Tesla has four months to comply with the ministry's order before fines begin. In April, China began cracking down on Tesla's FSD marketing with new rules banning car companies from using words like "self-driving," "autonomous driving," "smart driving," and "advanced smart driving." Instead, China's government recommended automakers describe features like FSD as "combined assisted driving." This regulation arrived after Tesla had already changed FSD's name in China to "Intelligent Assisted Driving" following its China launch, implying the transition occurred as the investigation unfolded. While Tesla doesn't face any federal ban on its FSD terminology in the U.S., California lawmakers banned the company from using the marketing terminology in 2022. An excerpt from California's law reads: "A manufacturer or dealer shall not name any partial driving automation feature, or describe any partial driving automation feature in marketing materials, using language that implies or would otherwise lead a reasonable person to believe, that the feature allows the vehicle to function as an autonomous vehicle, as defined in Section 38750, or otherwise has functionality not actually included in the feature," according to Autobody News. FSD is also hitting roadblocks in Stockholm, Sweden, as the city's officials have rejected Tesla's request to test the tech in its streets. Stockholm's traffic department cited safety risks to its citizens and infrastructure and "heavy pressure from other ongoing innovation tests," Teslarati reports. In Australia, an ongoing lawsuit filed in February accuses Tesla of overpromising on self-driving features while flagging other issues like instances of phantom braking. Tesla's regulatory scrutiny from France is part of a global trend targeting the automaker's sales practices. The $58,000 fine Tesla faces from France's Ministry of the Economy, China's new guidelines, and California's ban show how consumer protection is becoming more critical as daily driving functions become increasingly automated and confusion about their capabilities grows. However, Tesla's recent sales struggles could impact its decision to play ball in hopes of maintaining accessibility to major global markets. Copyright 2025 The Arena Group, Inc. All Rights Reserved.
Finextra
27-05-2025
- Business
- Finextra
Luxembourg-based fintech Financial Navigator secures €1.1 million in funding
Luxembourg-based fintech Financial Navigator has secured new funding under the 'Young Innovative Enterprise' scheme from the Ministry of the Economy, with support from Luxinnovation, marking a major milestone in its growth journey. 0 The company's total funding in this round, backed by both public institutions and private investors, exceeds €1.1 million, representing a leap forward in its expansion. 'This is a significant milestone and a strong validation of our vision,' says Dr. Jürgen Wolff, Founder and CEO of Financial Navigator. 'With this support, we will expand our team, deepen our product capabilities, and further scale our go-to-market efforts. We are proud to contribute to Luxembourg's position as a hub for financial innovation.' The funding will play a key role in accelerating Financial Navigator's mission to modernize treasury and finance operations for mid-sized enterprises and the fund industry in Luxembourg. Known for its flexible and modular platform, the Luxembourg-based fintech empowers CFOs and finance teams with real-time cash and liquidity visibility, automation of payment processes, and seamless bank and ERP integrations. The Young Innovative Enterprise scheme is part of the aids for Research, Development and Innovation projects, managed by the Luxembourg Ministry of the Economy. It is designed to support promising young companies based in Luxembourg. Matching private investment with public support, this aid provides a critical boost to firms with scalable business models and strong innovation potential. The company, officially operated under the name A352, is headquartered at the LHoFT (Luxembourg House of Financial Technology), the country's leading incubator for financial innovation. Nasir Zubairi, CEO of the LHoFT, commented: 'Financial Navigator is a prime example of the kind of fintech Luxembourg is proud to foster: bold, fast-moving, and customer-focused. This development is not just a win for the team, but for the broader ecosystem. We're excited to see what comes next.' As Financial Navigator transitions from early success to sustained growth, the team is actively hiring across development, product, and commercial roles to meet increasing client demand. With this new financial backing, the company is well-positioned to solidify its role as a leading player in the European treasury tech space.
The Star
19-05-2025
- Business
- The Star
Interview: Slovenia seeks deeper engagement through China-CEEC Expo: official
LJUBLJANA, May 19 (Xinhua) -- Slovenia will present itself as a "green, creative, and smart" economy at the upcoming 4th China-CEEC Expo & International Consumer Goods Fair in Ningbo, China, Matevz Frangez, state secretary at Slovenia's Ministry of the Economy, Tourism and Sport, has told Xinhua. Frangez will lead a high-level Slovenian delegation, including 25 companies across sectors such as high-tech, food and beverage, smart manufacturing, port logistics, and tourism, with a unified goal: to deepen engagement with China's dynamic market. Slovenia is the Guest of Honor at the Ningbo fair scheduled for May 22-25. "Slovenia boasts fast-growing AI and blockchain industries and excels in smart manufacturing and robotics," Frangez noted. "Our country is the seventh most roboticized economy in the world, supported by our robust innovation ecosystem and research infrastructure." On China-Slovenia partnership, a key highlight is Chinese appliance giant Hisense's acquisition of Slovenian brand Gorenje, followed by the establishment of its Global Innovation Center in Slovenia. There are significant opportunities for collaboration between Slovenia and China in such fields as automotive, pharmaceuticals, food and wine, tourism and sports, and port logistics, he noted. "Slovenia is not only the perfect entry point for China into the European market, but also a crucial hub for Chinese goods being exported back to Europe," he said. Port Koper is Slovenia's largest seaport located on the northern Adriatic Sea. It offers efficient overland access to numerous European countries, serving as a key transit point for Central and Eastern European inland countries and providing the shortest maritime route from the Far East to Central Europe via the Suez Canal. In the automotive industry, Slovenia is actively exploring partnerships with Chinese electric vehicle manufacturers and is open to host Chinese EV production facilities. Leading Slovenian pharmaceutical firm Krka has a joint venture in China, Ningbo Krka Menovo Pharmaceutical Ltd, while China's Boten (Porton) PharmaTech has set up an R&D center in Slovenia. In addition, Frangez highlighted Slovenia's cultural and natural appeal, describing it as a boutique travel destination with rich culinary traditions, outdoor experiences, and a deep-rooted commitment to sustainability. "Slovenia is the only country in the world with 'LOVE' in its name," he said with a smile. "It's more than a slogan. It reflects our love for nature, innovation, and people." As global uncertainties reshape the economic landscape, Frangez voiced confidence in the resilience and potential of China-Slovenia relations. "Slovenia supports clear and strong rules of the international trade and the need to reform WTO, so that it will be able to meet the challenges of changed and globalized world," he said. He stressed that Slovenia is one of the EU countries that has publicly opposed imposing tariffs on Chinese EVs, and reaffirmed Slovenia's desire to build long-term, trust-based partnerships with China. "This is not just about market access. It's about sustainable and mutually beneficial development," he said. "We can be an interesting and reliable partner and a European anchorage of large countries like China."
