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European Union

EU tells Hungary to change procurement, cites ‘systemic’ fraud
World

EU tells Hungary to change procurement, cites ‘systemic’ fraud

  • The European Commission is mandated with managing the 750-billion-euro scheme and has already told several EU states their proposals for spending their part of the funds must be improved.
  • Competition in public procurement is insufficient in practice," said the document, adding that that was linked to "systemic irregularities".
Published 08 Feb, 2021 05:38pm
EU to Hungary: change procurement to bar ‘systemic’ fraud from recovery stimulus
World

EU to Hungary: change procurement to bar ‘systemic’ fraud from recovery stimulus

  • The European Commission is mandated with managing the 750-billion-euro scheme and has already told several EU states their proposals for spending their part of the funds must be improved.
  • The document called specifically for improved data transparency and accessibility, arguing that that would lead to a fairer and more open procurement process.
Published 08 Feb, 2021 05:14pm
Denmark approves renewable energy island in the North Sea
Markets

Denmark approves renewable energy island in the North Sea

  • The move came as the European Union unveiled plans to transform its electricity system to rely mostly on renewable energy within a decade and increase its offshore wind energy capacity 25-fold by 2050.
  • "This is truly a great moment for Denmark and for the global green transition," Energy Minister Dan Jorgensen told a press briefing.
Published 04 Feb, 2021 07:57pm
Dollar stands tall as euro zone outlook darkens
Markets

Dollar stands tall as euro zone outlook darkens

  • Those concerns were amplified after retail sales in Germany, Europe's biggest economy, plunged by more than forecast in December, according to data on Monday.
  • Against the dollar, the euro was trading at $1.2078, just above an early December low of $1.2056 the day before.
Published 02 Feb, 2021 05:47pm
London Stock Exchange completes Refinitiv deal
Markets

London Stock Exchange completes Refinitiv deal

  • Brussels is reviewing whether to grant long-term clearing access, but in the meantime is piling pressure on euro zone banks to shift their derivatives clearing business from the LSE to rivals like Eurex on the continent.
Published 29 Jan, 2021 02:44pm