Latest news with #TeresaRibera
Euronews
a day ago
- Politics
- Euronews
WATCH: Will EU Commission buckle to France on green targets?
After Thursday's European Council summit in Brussels French President Emmanuel Macron called for the European Commission to slam the brakes on publishing ambitious climate targets for 2040. Today live in the studio on Euronews' morning show Europe Today we'll be quizzing Teresa Ribera, the European Commission's powerful Executive Vice-President for a Clean, Just and Competitive Transition. She's been tasked with presenting those 2040 targets on Wednesday next week - so is she now prepared to listen to the French president and take them off the agenda? Watch Euronews' Meabh McMahon quiz Ribera live at 8am. We'll bring you up to speed with all the other developments at the summit on Thursday, where - with the clock ticking down on a deadline for the EU to reach a deal with US on tariffs - differences emerged over how to negotiate the deal. Follow live on Euronews at 8am.
Yahoo
2 days ago
- Business
- Yahoo
EU competition chief says tech rules off the table in US trade talks
Amid reports that the EU is considering watering down a signature tech-competition law as part of a tariff deal with the US, the bloc's top competition official has stated that bartering with the EU's antitrust laws is off the table. "Of course not," Teresa Ribera said in an interview with Bloomberg TV when asked whether changes to the Digital Markets Act (DMA) are part of EU-US tariff negotiations. "We do not challenge the US on how they adopt regulations. I think we deserve respect in the same way." Her comments come amid speculation that the EU, which had so far been resolute in its refusal to negotiate its tech laws despite intense pressure from the US, had changed course. A week ago, the Wall Street Journal reported that a draft "agreement on reciprocal trade" had been circulated by the US Trade Representative's office. While the text reportedly did not address US President Donald Trump's tariffs specifically, it touched on long-standing pressure points between the US and the EU, such as the DMA, carbon-based border tariffs, shipbuilding measures and more. The draft suggests that both parties would enter into a dialogue over the DMA and work to exempt US companies. The DMA only applies to 'gatekeeper' companies, which the EU defines as "large digital platforms providing any of a pre-defined set of digital services". A company's economic position, intermediary power and longevity in the market all factor into whether it is deemed a gatekeeper. Out of the seven gatekeeper companies, five of these are American, meaning that an exemption for US companies would essentially neutralise the regulation. The EU currently has multiple open investigations, most of them having to do with antitrust practices, against Apple, Meta and Google. It recently fined Apple €500m ($585m) and €200m for antitrust breaches, risking provoking a US response. Time is running out for the EU to reach a tariff deal as the deadline for Trump's 90-day extension of his 'reciprocal' tariffs looms on 9 July. If the two sides don't reach a deal, tariffs on almost all EU exports would rise to 50%. At the time of writing, European leaders are considering whether to accept a quick trade agreement with the US that is more favourable to Washington, or hold off in the hope of a better deal, Reuters reported. "EU competition chief says tech rules off the table in US trade talks" was originally created and published by Investment Monitor, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 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
Time of India
2 days ago
- Business
- Time of India
Mars' acquisition of Pringles' maker triggers EU alarms
AI- Generative Image The European Union has launched an antitrust investigation into Mars' acquisition of Pringles' maker Kellanova, it announced on Wednesday, citing concerns of market price hikes. In a preliminary assessment, the European Commission said the multibillion-dollar deal between the two US-based snack makers would increase Mars' bargaining power against EU retailers. Announced last August, the $35.9 billion (roughly €31 billion) deal was meant to bring two new billion-dollar brands, Pringles and Cheez-It, into Mars' fold. Why is the EU concerned about the acquisition? The EU said alarmed retailers across the 27-nation bloc reached out, expressing concerns regarding Mars' increased bargaining power should the deal go through. "By acquiring Kellanova, Mars will add several very popular brands of potato chips and cereals to its already broad and strong product portfolio," EU competition chief Teresa Ribera said. Aside from Pringles, Kellanova also produces Kellogg's cereals. Citing inflation and high food prices across the continent, Ribera stressed the importance of ensuring "this acquisition does not further drive up the cost of shopping baskets." She added that the EU's in-depth investigation will assess the deal's impact on the price of products sold by both companies. Mars, which also makes popular snacks including M&Ms and Snickers, defended the acquisition, saying it would "deliver more choice and innovation to consumers." "We are disappointed yet remain optimistic that this investigation will be positively resolved," the company said in a statement, adding that it was cooperating with the investigation.
Bloomberg
2 days ago
- Business
- Bloomberg
EU's Ribera Won't Trade Big Tech Rules to Placate Trump
The European Union 's crackdown on Apple Inc., Meta Platforms Inc., and Alphabet Inc. 's Google isn't a bargaining chip in trade negotiations with US President Donald Trump, according to Teresa Ribera, the EU's competition chief. In an interview, Ribera rejected suggestions that enforcement of the landmark Digital Markets Act — slammed by Trump as an unfair tax on Silicon Valley — could be sacrificed as part of a deal to dodge punitive EU tariffs pitched by the White House.
Int'l Business Times
3 days ago
- Business
- Int'l Business Times
EU Probes Mars Takeover Of Pringles Maker Kellanova
The European Union said Wednesday that it had opened an antitrust investigation into Mars's multibillion-dollar acquisition of the snack food business Kellanova over concerns it would lead to higher prices for consumers. The European Commission said a preliminary assessment indicated the deal would increase the bargaining power of Mars, the maker of M&M's and Snickers, against retailers in the 27-nation bloc. "By acquiring Kellanova, Mars will add several very popular brands of potato chips and cereals to its already broad and strong product portfolio," EU competition chief Teresa Ribera said. "As inflation-hit food prices remain high across Europe, it is essential to ensure that this acquisition does not further drive up the cost of shopping baskets," she said. The in-depth investigation will assess the deal's impact on the price of products sold by the two companies, she added. Mars said it was cooperating with the probe and remained confident that the acquisition would "deliver more choice and innovation to consumers". "We are disappointed yet remain optimistic that this investigation will be positively resolved," the company said in a statement. The US Federal Trade Commission meanwhile approved the merger on Wednesday saying it posed no violation of antitrust law in the United States. However, the FTC noted in a statement that "in other countries, Mars and Kellanova offer different products than they do in the United States," arguing that the effects on the market could be different. "Our job is to determine whether there is a violation of American law that we can prove in court. And once we've concluded there is not, our job is to get out of the way," said Daniel Guarnera, director of the FTC's Bureau of Competition. Mars's $35.9 billion (31 billion euro) all-cash purchase of US-based Kellanova -- whose snacks include Pringles and Pop-Tarts -- was announced in August last year. At the time, Mars, which is also headquartered in the United States, said the acquisition would bring two new billion-dollar brands, Pringles and Cheez-It, into its snacks portfolio. The combined grouping aims to meet demand in fast-growing markets including Africa and Latin America, it added. But the EU said several retailers across the bloc had raised concerns about Mars's increased bargaining power, should it be able to add Kellanova's "must-have brands" to its portfolio. "As a result, retailers could be forced to accept higher prices, in order to avoid not being able to offer the products of Mars and Kellanova," the commission said, adding that its decision would be published by October 31.
