The European Commission has confirmed that it will continue with its plan to impose tariffs on electric cars exported between the UK and EU starting next year. This is due to the "rules of origin" requirement that mandates EVs traded across the English Channel to have 60% of their battery and 45% of their parts sourced from the EU or UK or face a 10% tariff. A senior Commission official, Richard Szostak, recently informed parliamentarians from the UK and EU that the bloc's battery investment has significantly declined, making the tariffs necessary to encourage domestic production. In 2022, the EU's share of global investment in battery production shrank from 41% to only 2% after the US offered substantial subsidies through its Inflation Reduction Act. Starting in 2024, car manufacturers in the UK will need to have 22% of their sales come from zero-emission vehicles, which means they may need to import EVs from the continent to meet this requirement. If EU carmakers

  According to India's top trade official, talks with the UK regarding a trade agreement are progressing well, despite obstacles related to temporary work visas and the opening up industries like automotive and spirits. The Commerce and Industry Minister, Piyush Goyal, explained that India is seeking transition periods or greater market access in specific sectors due to its economy, which is slightly larger than the UK's and expected to outgrow it in the coming decades. If a trade deal is reached, it would be one of the most significant agreements for Britain since leaving the EU, and it would also be necessary for India, which surpassed the UK as the fifth-largest economy last year. Goyal stated that India aims to increase its economy from $3.5tn to $35tn by 2047, the country's centenary of independence. According to officials and diplomats in India, talks about a proposed trade deal may be finished by early September, just in time for the G20 summit in New Delhi. Nigel Hu

  According to anonymous sources, the Bank of England is considering reforming its deposit guarantee scheme. The move comes in response to concerns that the current system may not be sufficient to protect customers in case of a bank failure. The Financial Services Compensation Scheme guarantees deposits up to £85,000 per person per institution. However, some experts have raised concerns that this may not be enough to prevent a run on banks in a significant financial crisis. As a result, the Bank of England is reportedly considering several options for reforming the scheme, including increasing protection and introducing more stringent bank regulations. A final decision on any changes will be made later this year. One option the Bank of England considers is increasing the protection offered by the deposit guarantee scheme. This could involve raising the maximum amount guaranteed per person or extending coverage to more types of deposits. Another possibility is to introduce more stringen

Germany has taken a bold step towards renewable energy by shutting down its last nuclear power plant. The decision was met with objections from Bayern, but the German government remained firm. This move is part of Germany's commitment to transitioning to sustainable energy sources and reducing its carbon footprint. While some argue that nuclear energy is a cleaner alternative to fossil fuels, the potential risks associated with it far outweigh any benefits. Germany prioritises the safety and well-being of its citizens and the environment by eliminating nuclear power plants. The country has already made significant progress in developing renewable energy sources such as wind and solar power, and this latest action only reinforces its dedication to a sustainable future. In addition to shutting down nuclear power plants, Germany has implemented several policies and initiatives to promote renewable energy. One such policy is the Renewable Energy Sources Act (EEG), which was first intro

  Patrick Racz, the inventor known as "Tap Man," is seeking damages from Apple, Alphabet, Samsung, and Amazon for using his patented file-sharing and payment technology without permission. Racz claims that these companies have profited from his invention without appropriately compensating him. The lawsuit seeks billions of dollars in damages and could have significant implications for the tech industry. If Racz succeeds in his case, it could set a precedent for other inventors to seek compensation from large tech companies for using their patented technologies without permission. However, if he fails, it could reinforce the idea that patent litigation is often costly and challenging to win against powerful corporations. The lawsuit filed by Racz highlights the ongoing debate over patent laws and their impact on innovation in the tech industry. Some argue that patents are necessary to protect inventors' intellectual property and encourage innovation, while others claim tha

Kun­shan, a county 50km from Shang­hai in China’s Jiangsu province, used to boast wages up to 30 per cent higher than in less-developed interior areas, thanks to the thou­sands of con­tract man­u­fac­tur­ers that assembled crit­ical com­pon­ents there. With almost 1mn people, Kun­shan has 1,529 export-focused man­u­fac­tur­ers from Taiwan alone and is known as China’s wealthiest county. Kun­shan’s mal­aise reflects the chal­lenges faced by China’s export-led eco­nomy as it emerges from three years of pan­demic restric­tions and as poli­cy­makers struggle to find another growth engine to off­set a decline in for­eign trade. The Biden admin­is­tra­tion has sought to secure sup­ply chains of crit­ical elec­tron­ics, such as those assembled in Kun­shan, on national secur­ity grounds, press­ing Amer­ican com­pan­ies and those of its allies to reshore oper­a­tions and restrict trade with China. «Kun­shan owes its rise to prom­in­ence to the influx of Taiwanese man­u­fac­tur­ers,» said Dan Wa