trade
Australia has called on the European Union to delay new deforestation regulation due to concerns regarding its impact on trade, Agriculture Minister Murray Watt said on Tuesday. The new EU regulation, set to come into force on December 30, would see a ban on the import of products such as coffee, wood and beef if forests have been cleared for their production after 2020. The aim of the import ban is to significantly reduce deforestation of rainforests worldwide, including in the Amazon region in South America. Watt said he had contacted the EU commissioner for the environment to outline Austra...
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US Secretary of State Antony Blinken addressed points of difference with China regarding unfair trading practices in talks on Thursday with Shanghai Party Secretary Chen Jining, US press reports said. Blinken pressed "Chinese officials on a wide range of issues, including its support for Russia, cheap Chinese exports that US officials say threaten American jobs, and Chinese ships' aggressive manoeuvres in the South China Sea," the New York Times reported, citing a senior State Department official. The Chinese Foreign Ministry emphasized that China had always implemented economic and trade coop...
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Leaders of German automotive giant Volkswagen (VW) are expecting the next two years in the highly competitive Chinese car market to be difficult, but don't fear challenges from rival Chinese carmakers in the European market. Chinese carmakers will eventually need to invest in European production plants to build vehicles locally instead of shipping huge numbers of finished vehicles by ocean, Ralf Brandstätter, head of VW's China business, said on Wednesday in Beijing ahead of a major auto show in the Chinese capital. That would also put Chinese competitors on more equal footing with European ri...
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German automotive giant Volkswagen (VW) is expecting the next two years in the highly competitive Chinese car market to be difficult. "In April, we saw another round of price reductions coming, so this fierce competition will hold on for the next few years," VW board member Ralf Brandstätter said in Beijing ahead of a major upcoming motor show due to open next week. Many manufacturers of purely electric cars have significantly damaged their profit margins in recent years, he said, "so this leads to a consolidation of the market." He suggested that companies with lower sales volumes, below 100,...
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The German government has hardly authorized any war weapons exports to Israel since the beginning of the year, according to newly released information. From the beginning of the year to April 10, the German government authorized deliveries of war weapons worth €32,449 ($34,600), the Economy Ministry said in response to a question from Bundestag member Sevim Dağdelen from the Sahra Wagenknecht Alliance (BSW). In addition, deliveries of other military equipment worth €10.03 million were authorized. Israel received €326.5 million worth of arms exports from Germany this year - around 10 times as m...
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The name of the notorious Colombian drug lord Pablo Escobar may not be registered as a trademark for goods or services in the EU. The EU General Court in Luxembourg ruled on Wednesday that the name is associated with drug trafficking, crime and human suffering, and should not be given protection under intellectual property laws. The Escobar company, based in Puerto Rico, wanted to register the term "Pablo Escobar" as a trademark at the EU Intellectual Property Office (EUIPO) as protection for a wide range of goods and services. The office rejected the application on the grounds that it would b...
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Politically uncertain times are a bad omen for the export-dependent German economy and a study recommends that companies adapt their strategy. According to the Prognos Institute, an economic research and consulting firm, the German export industry should prepare itself for a permanent weakening of globalization. A revitalization of multilateral global cooperation in economic policy is unlikely, write the foreign trade experts at the consultancy firm. "Europe and especially Germany have benefited from globalization and the prevailing economic order for decades. At the moment, however, it looks ...
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Politically uncertain times are a bad omen for the export-dependent German economy and a study recommends that companies adapt their strategy. According to the Prognos Institute, an economic research and consulting firm, the German export industry should prepare itself for a permanent weakening of globalization. A revitalization of multilateral global cooperation in economic policy is unlikely, write the foreign trade experts at the consultancy firm. "Europe and especially Germany have benefited from globalization and the prevailing economic order for decades. At the moment, however, it looks ...
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US Treasury Secretary Janet Yellen has warned companies in China against exporting products to Russia that could be used for Moscow's war against Ukraine. "I stressed that companies, including those in [China], must not provide material support for Russia’s war and that they will face significant consequences if they do," she said on Monday in Beijing at the end of her trip to China. Yellen said all banks that transfer money to Russia in order to supply the Russian defence industry with military or other goods are at risk of US sanctions, too. The US has already rolled out a raft of sanctions ...
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US Treasury Secretary Janet Yellen has warned companies in China against exporting products to Russia that could be used for Moscow's war against Ukraine. "I stressed that companies, including those in [China], must not provide material support for Russia’s war and that they will face significant consequences if they do," she said on Monday in Beijing at the end of her trip to China. Yellen said all banks that transfer money to Russia in order to supply the Russian defence industry with military or other goods are at risk of US sanctions, too. The US has already rolled out a raft of sanctions ...
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