EU watchdogs raid Temu’s Dublin HQ in foreign subsidy investigation

Google is reportedly facing a significant fine from the European Union next year for allegedly favoring its own services over competitors, a move that underscores ongoing scrutiny of the tech giant's market practices. This potential penalty reflects the EU's commitment to enforcing competition laws in the digital sector.

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 Commission has proposed to exempt AI gigafactories and datacentres from mandatory environmental impact assessments, marking a significant shift in EU environmental policy aimed at accelerating critical project approvals. This proposal is part of a broader initiative to dismantle existing green regulations, which has raised concerns among environmental advocates.

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.