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EU Approves Major Tariffs on Chinese Electric Vehicle Imports to Protect Industry

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EU Approves Major Tariffs on Chinese Electric Vehicle Imports to Protect Industry

The European Union has approved significant tariffs on electric vehicle (EV) imports from China, following a majority vote among member states. The new tariffs, set to rise from the current 10% to as high as 45% over the next five years, aim to shield Europe’s car industry from what EU lawmakers argue are unfair subsidies given to Chinese carmakers by the Chinese government.

The decision has sparked concerns about potential price increases for EV buyers in Europe, as well as fears of a trade war between Brussels and Beijing. China has strongly condemned the tariffs, labeling them as protectionist measures.

The vote, held on Friday, follows an EU investigation that led to import duties being imposed on major Chinese EV manufacturers such as SAIC, BYD, and Geely. These tariffs were calculated based on the level of state aid each company is believed to have received.

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While the move has caused division among EU member states, it was ultimately supported by countries like France, Italy, the Netherlands, and Poland, which believe the tariffs are necessary to protect European manufacturers. Germany, whose economy is closely tied to exports to China, opposed the decision, and many other countries abstained from the vote.

Critics, including German automaker Volkswagen, argue that the tariffs are the “wrong approach” and could have unintended consequences for the European automotive sector.

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Samsung India Workers End Month-Long Strike Following Agreement on Key Demands

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Samsung India Workers End Month-Long Strike Following Agreement on Key Demands

After more than a month of protests, workers at Samsung Electronics’ factory in Tamil Nadu, India, have called off their strike. Around 1,500 workers at the Chennai plant had participated in the strike, pressing for better wages, improved working conditions, and recognition of their newly-formed union, the Samsung India Labour Welfare Union (SILWU).

While Samsung has not yet formally recognized the union, the company has agreed to engage with workers on other demands, including wage increases, medical insurance, and better facilities. The strike, one of the largest faced by the South Korean tech giant in recent years, posed potential challenges to India’s efforts to position itself as a leading alternative to China for manufacturing.

The decision to end the strike followed a meeting between the workers, represented by the Centre of Indian Trade Unions (CITU), and Tamil Nadu labor officials. E. Muthukumar, a labor activist, confirmed that workers would resume their jobs immediately, with the issue of union registration to be decided in court.

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Tamil Nadu’s Minister for Industries, TRB Rajaa, assured that Samsung would not retaliate against workers who participated in the strike. Samsung echoed this sentiment, stating that it welcomed the resolution and would continue working closely with its employees to improve the factory’s working environment.

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Boeing Seeks $35 Billion as Worker Strike Enters Second Month

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Boeing Seeks $35 Billion as Worker Strike Enters Second Month

Boeing is pursuing up to $35 billion in fresh funding from investors and banks as it grapples with the costly impact of a prolonged strike involving thousands of its workers. As the walkout enters its second month, the aviation giant has announced plans to raise up to $25 billion through stock and debt offerings, alongside securing a $10 billion loan agreement with major banks to bolster its liquidity.

The strike, led by more than 30,000 Boeing workers, has already prompted the company to consider layoffs of around 17,000 employees, with redundancy notices expected in mid-November. Negotiations to end the labor dispute collapsed last week after Boeing withdrew an offer that included a 30% pay increase spread over four years.

In response to the ongoing unrest, the workers’ union, the International Association of Machinists and Aerospace Workers (IAM), held a rally in Seattle on Tuesday, calling for a fair resolution. Despite the tension, Boeing’s shares rose by 2.2% following the funding announcement.

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Boeing’s financial moves come on the heels of its recent announcement to cut its workforce by 10% and expectations of posting a loss in the final quarter of the year. Acting U.S. Labor Secretary Julie Su has met with representatives from both Boeing and the IAM, while top Washington state Congressional Democrats have urged both sides to intensify efforts to find a mutually beneficial solution.

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Hoax Bomb Threats Disrupt Indian Airlines, Triggering Panic and Delays

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Hoax Bomb Threats Disrupt Indian Airlines, Triggering Panic and Delays

A surge of hoax bomb threats has caused chaos for Indian airlines, affecting at least 10 flights over the past 48 hours. These threats, directed at multiple airlines including Air India, IndiGo, SpiceJet, and Akasa Air, have led to significant flight delays, diversions, and heightened security measures.

On Tuesday, Singapore’s Air Force scrambled two fighter jets to escort an Air India Express flight away from populated areas following a bomb threat. The flight, traveling from Madurai, India, to Singapore, eventually landed safely at Changi Airport. In another incident earlier that day, an Air India flight from Delhi to Chicago was forced to land in Canada as a precautionary measure.

While hoax bomb threats are not uncommon in India, the sudden spike in incidents since Monday remains unexplained. Authorities, including India’s Directorate General of Civil Aviation and Bureau of Civil Aviation Security, have not yet commented on the situation. In addition to Tuesday’s incidents, three international flights departing from Mumbai were disrupted on Monday due to threats posted on X (formerly Twitter), leading to the detention of a teenager in connection with the posts.

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The threats have resulted in significant disruptions, including evacuations, security sweeps, and the involvement of bomb disposal units and international security agencies. These measures, though essential for passenger safety, have incurred substantial costs for airlines and security agencies. Air India has indicated that it is cooperating with authorities and considering legal action to recover damages caused by the disruptions.

Singapore’s Defence Minister confirmed that the fighter jets escorted the Air India Express flight safely, while passengers from the Chicago-bound flight were transferred to their destination by a Canadian Air Force plane. The timeline for the clearance of the grounded Air India plane in Canada remains unclear.

The hoaxes have not only caused logistical complications but also highlighted the challenges and costs involved in responding to such threats, especially when they require international collaboration. The aviation industry is now on high alert as authorities work to identify and hold accountable those responsible for the threats.

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