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Own up and pay lower fines, cartel members told
- Neelie Kroes, the European commissioner for competition proposed on Friday (26 October) that companies should receive lower fines if they own up to participating in cartels. The aim is to free up resources in the Commission, to permit faster handling of cases. The Commission said that the system would not allow plea bargaining and that the existing leniency scheme, which rewards whistleblowers, would not be affected.
Steelmakers target cheap imports
- EU steelmakers lodged a complaint with the European Commission on Friday, alleging dumping of steel imports from China, Taiwan and South Korea. The complaint covered two cases, one on stainless cold-rolled steel from all three countries and one on galvanised steel from China. A second complaint will be filed next week against Chinese exporters of wire rods.
EU and Russia sign steel accord
- The EU and Russia signed an agreement on Friday aimed at boosting trade in steel products. The agreement increases EU quotas on flat steel and long steel products. New quotas will cover the coming year. Russia is the second most important source of imported steel products for Europe after China.
Tax reward for energy efficient goods
- EU finance ministers are to discuss value-added tax reductions for energy efficient goods at a forthcoming meeting in Brussels (13 November). The initiative was proposed by France and the UK last week in a letter to the European Commission. Member states would have to agree unanimously on cuts. On Thursday (25 October), French President Nicolas Sarkozy (right) announced that France wants to undergo a green revolution.
Europe will avoid recession, says Almunia
- Joaquín Almunia, the European commissioner for economic and monetary affair, expressed confidence that Europe would avoid a recession despite slower growth in the US. But he said that international exchange rates should be adjusted to reflect reality. "The people who have to take some measures are the countries whose exchange rates do not reflect fundamentals," he said in an apparent reference to China.
Mattel recalls more toys
- Toymaker Mattel informed the Commission last week (24 October) that it is recalling 12,000 toys in the UK and Ireland as part of a global recall of 55,000 products. Excessive levels of lead paint had been found in the products, part of the Go Diego Go Animal Rescue Boat range. The recall is Mattel’s fourth in the last six months.
EU finance ministers are coming under increased pressure to agree at their next meeting in Brussels (13 November) on funding plans for the stalled satellite navigation system Galileo.
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