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Schneider wins
- French group Schneider Electric won a partial victory yesterday (11 July) at the European Court of First Instance (ECFI) in its damages claim for losses caused by the European Commission’s decision to block its merger with Legrand in 2001. The court ruled that the company, which claimed €1.66 billion in damages, should be compensated for two-thirds of its losses, which must now be independently assessed.
Diamond deals
- The ECFI yesterday annulled a Commission decision preventing the Russian diamond company Alrosa from supplying the South African company De Beers. Under the terms of an agreement notified to the Commission in 2002, De Beers was to buy diamonds worth $800 million from Alrosa every year. The court said that Alrosa had a "right to be heard on individual commitments proposed by De Beers in the proceedings".
Ryanair challenge
- Ryanair announced on Tuesday (10 July) that it would be launching a legal challenge at the ECFI against the Commission for failing to tackle ‘illegal subsidies’ granted to Lufthansa, Air France, Alitalia and Olympic Airways. Three years ago, the Commission ruled that Ryanair had received unlawful aid for its use of Charleroi airport in Belgium. Separately, Ryanair is challenging the Commission’s decision to block a merger with Aer Lingus.
MEPs want post delay
- MEPs voted yesterday to delay plans to liberalise EU postal markets by two years. The Commission had originally proposed a 2009 deadline for liberalisation of the market for letters weighing below 50 grammes. The new deadline of 2011 would be extended by a further two years to 2013 for new member states, Greece and Luxembourg. The Portuguese presidency of the EU is keen to seal a deal on the proposals by the end of the year.
Insurance overhaul
- Internal Market Commissioner Charlie McCreevy unveiled on Tuesday plans to overhaul EU insurance law to improve consumer protection, modernise supervision, deepen market integration and increase the international competitiveness of European insurers. Under the Solvency II regime, which replaces 14 existing directives, insurers will be required to assess and manage risks more effectively.
Eurozone plea
- French President Nicolas Sarkozy told a meeting of eurozone finance ministers on Monday (9 July) that he needed more time to bring the budget back into balance. Joaquín Almunia, the European commissioner for monetary affairs, said that Sarkozy will present a new long-term plan for deficit reductions in September aiming for the original deadline of 2010.
Europe’s small- and medium-sized enterprises are pushing the Portuguese presidency of the EU to heed their calls for more targeted policies.
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