EU proposes loosening rules on AI gigafactories in green rollback

The European Union has decided to shorten the exclusivity period for new drugs, allowing cheaper generics to enter the market a year earlier than previously allowed. This move aims to reduce healthcare costs and increase access to medications for patients across the EU.

The European Union is moving to outvote Hungary in a bid to immobilize Russian sovereign assets ahead of an upcoming summit, a strategy aimed at circumventing Hungarian Prime Minister Viktor Orbán's opposition. This decision reflects the EU's urgency to address the financial implications of the ongoing conflict with Russia.

Germany is positioning itself to actively participate in the race for the presidency of the European Central Bank (ECB), a role that has never been held by a German national. This ambition comes amid significant economic challenges facing the country, which has recently been labeled the 'sick man of Europe.'

On Tuesday, the stock market closed lower, with the Dow and S&P 500 both experiencing declines, while the Nasdaq Composite managed a slight increase of 0.1%. The S&P 500 ended the day down 0.09%, reflecting a reversal from earlier gains as concerns about economic conditions persisted. This downturn follows a mixed performance in recent trading sessions, where optimism had been buoyed by strong earnings from tech companies like Nvidia.

Ford Motor has partnered with Stellantis as U.S. automakers express concerns over the European auto industry's future, particularly ahead of the European Commission's upcoming climate proposal. This collaboration aims to strengthen their position against challenges posed by regulatory pressures and competition from global markets, especially from China.

Meta has announced a policy change allowing users in the EU to opt out of personalized ads on Facebook and Instagram, a move aimed at complying with new digital regulations set by Brussels following a significant fine imposed on the company. This decision reflects Meta's efforts to align with evolving regulatory standards in the European market.

Thirteen Labour MPs voted in favor of initiating discussions on the UK potentially rejoining the EU customs union, as part of a bill proposed by the Liberal Democrats. The vote resulted in a tie, with 100 MPs supporting and 100 opposing the measure, highlighting a divided stance on this issue within Parliament.

German exports saw a slight increase in October, driven primarily by strong demand for goods within the European Union, which helped mitigate the slowdown in exports to the United States due to tariffs. This development highlights the resilience of Germany's export sector amidst external challenges.