2025-10-08 12:12
BRUSSELS, Oct 8 (Reuters) - EU lawmakers voted on Wednesday to ban the use of the term "veggie-burger" and limit food descriptions such as steak, escalope and sausage to products containing meat, part of a proposed EU law to protect farmers. Lawmakers at the European Parliament voted by 355 to 247 in favour of an amendment to a regulation designed to give farmers a stronger negotiating position so that powerful companies in the food supply chain do not impose unfavourable conditions. Sign up here. The text of the final regulation will follow negotiations between representatives of the Parliament, EU governments and the Commission, with the Parliament backing a ban of terms such as "veggie-burger" or "vegan sausage". Its meat-only list also includes "hamburger", "egg yolk" and "egg white". The EU has already defined dairy items milk, butter, cream, yoghurt and cheese as "products secreted by mammary glands", meaning that what might otherwise be called oat milk is instead generally referred to as oat drink. EU lawmakers in 2020 voted against a proposal to ban the use of meat-related terms for plant-based alternatives. https://www.reuters.com/business/eu-lawmakers-push-ban-term-veggie-burger-2025-10-08/
2025-10-08 12:08
Oct 8 (Reuters) - Shares in European steelmakers rose on Wednesday after the European Commission proposed cutting tariff-free steel import quotas by almost half as part of a plan to preserve viable steelmaking in the European Union. "We interpret the EU’s new safeguarding proposals as positive across the full spectrum of EU Carbon steel producers," analysts from J.P. Morgan said in a note to investors, adding that they expected this to have positive consequences for EU steel prices through 2026. Sign up here. European steelmaker shares were among the top gainers in Europe on Wednesday, with Aperam (APAM.AS) , opens new tab, ArcelorMittal (MT.LU) , opens new tab, Thyssenkrupp (TKAG.DE) , opens new tab and SSAB (SSABa.ST) , opens new tab rising between 3.1% and 4.4% as of 0940 GMT. Due to rising imports and U.S. tariffs, EU steel producers are operating at only 67% of their capacity. The new measures, in line with those reported by Reuters last week, are designed to push that up towards 80%. 'GAME-CHANGER' FOR EU STEELMAKERS "The announcement has the potential to be the largest game-changer since the companies were forced to spend billions on decarbonisation with highly uncertain return prospects," Deutsche Bank analysts said in a research note. Aperam said on Wednesday it welcomed the new measures. ArcelorMittal said on Tuesday it was "relieved" by the proposal. Thyssenkrupp and stainless steelmaker Outokumpu (OUT1V.HE) , opens new tab also said in written statements they welcomed the plan. "The Commission has clearly recognized that the European steel industry and its associated value chains are in serious danger without effective trade protection," said Dennis Grimm, the CEO of Thyssenkrupp's Steel Europe division. Some 5.5 million jobs in Germany are directly or indirectly tied to the steel industry, according to data from steel association Wirtschaftsvereinigung Stahl. CONCERNS AMONG TRADE PARTNERS Analysts at J.P. Morgan said the proposed import quota cuts could reduce steel imports into the EU by 8 metric tons, positively affecting local steel producers' pricing power. But European carmakers, who source about 90% of their direct steel purchases in the EU, have concerns about the inflationary impact tighter restrictions would have on steel imports, the European Automobile Manufacturers' Association (ACEA) said on Wednesday. South Korea’s Industry Ministry said in a statement that the plan was expected to have a significant impact on steel exports to the EU, which is South Korean steelmakers' second-largest export market. British industry group UK Steel also warned the EU proposals threatened thousands of jobs across the country. https://www.reuters.com/business/european-steelmakers-shares-rise-eu-plan-cut-steel-import-quotas-2025-10-08/
2025-10-08 11:51
Iraq and Exxon sign non-binding deal Includes development, export upgrades, profit-sharing -sources SOMO to secure Asian storage capacity with Exxon BAGHDAD, Oct 8 (Reuters) - Exxon Mobil (XOM.N) , opens new tab signed an agreement with Iraq on Wednesday to help it develop its large Majnoon oilfield and expand its oil export infrastructure, marking a return to the country two years after leaving. OPEC's second largest producer is looking to draw back Western oil majors and increase output constrained by years of war, corruption and sectarian tensions. Sign up here. Iraqi Prime Minister Mohammed Shia al-Sudani announced that a deal was signed with Exxon but included few details. It will involve a profit-sharing agreement covering crude oil and refined products and plans to upgrade Iraqi oil export infrastructure in the south, according to four sources with knowledge of the matter. Iraq's state oil company SOMO will also sign an agreement with Exxon to secure storage capacity in the Asian market, the sources said. SOMO and Exxon did not immediately respond to Reuters requests for comment. Iraqi state news agency INA reported in September that SOMO was in advanced talks with Exxon over a possible agreement to secure storage capacity in Singapore using tanks owned by the U.S. oil major. In the past two years, Iraq has signed agreements with oil majors that had previously left, including Chevron (CVX.N) , opens new tab, France's TotalEnergies (TTEF.PA) , opens new tab and the UK's BP (BP.L) , opens new tab. Exxon was one of the first Western oil firms to enter Iraq to develop oil fields after the U.S. invasion in 2003. But it left the West Qurna project due to what sources described as poor returns. It also tried to develop fields in Iraq's semi-autonomous region of Kurdistan despite Baghdad's ire but also left those projects due to what sources said were poor exploration results. After exiting Iraq's giant West Qurna 1 oilfield, Exxon transferred its remaining stake and operatorship to PetroChina (601857.SS) , opens new tab, which became the lead contractor. In September, Iraq’s federal government reached an agreement with the Kurdistan Regional Government (KRG) and international oil companies to resume crude exports through Turkey that were suspended in 2023. That is expected to eventually return up to 230,000 barrels per day to international markets at a time when OPEC+ oil-producing countries are boosting output to gain market share. https://www.reuters.com/business/energy/iraq-exxon-sign-majnoon-oil-field-agreement-wednesday-sources-say-2025-10-08/
2025-10-08 11:32
EU considering phase-out of Russian oil and gas by January 2028 Ambassadors agree to forward proposal to ministers - diplomats Ministers' meeting planned for October 20 BRUSSELS, Oct 8 (Reuters) - European Union countries' ambassadors on Wednesday agreed to move ahead with the bloc's plan to end Russian oil and gas imports by 2028, EU diplomats said, clearing the law's first political hurdle before governments vote on it later this month. The EU is negotiating legal proposals to phase out Russian oil and gas by January 2028, attempting to deprive the Kremlin of revenues to fund its war in Ukraine. Sign up here. In a closed-door meeting on Wednesday, EU ambassadors agreed to forward the proposed law to their ministers for approval at a meeting on October 20, three diplomats told Reuters. NEARLY ALL EU COUNTRIES SIGNAL SUPPORT The diplomats said nearly all EU countries had signalled support for the plans, suggesting it will easily pass - despite criticism from Hungary and Slovakia, whose governments want to maintain close ties with Russia. Negotiations are ongoing on technical changes ahead of the October 20 vote. One outstanding issue is whether liquefied natural gas exports to Europe must be both pre-authorised before delivery and have their origin checked by customs authorities when they arrive at EU ports, to ensure they are not Russian. France and Italy have said they support the overall plan, but want shipments to either be pre-authorised - if authorities can enforce this fast enough - or instead checked by authorities upon arrival in the EU, to enforce the ban, EU diplomats said. Italy's EU representation and France's energy ministry did not immediately respond to requests for comment. If approved, the law would end Europe's decades-old reliance on Russian oil and gas - phasing out Russian gas imports under new contracts from January 2026, then existing short-term contracts from June 2026, and long-term contracts in January 2028. Countries including Hungary, France and Belgium still import Russian gas - which accounts for 12% of EU gas imports, down from 45% before Russia's 2022 full-scale invasion of Ukraine. The law would oblige Hungary and Slovakia - the two countries still importing Russian oil - to set national plans to halt these imports by 2028. A "qualified majority" of EU member states - meaning at least 55% of them - must approve the plans. Once that happens, EU countries and lawmakers will negotiate the final law. Separately, the EU is also negotiating a new package of sanctions against Russia to ban LNG one year earlier, in January 2027. https://www.reuters.com/sustainability/climate-energy/eus-plan-phase-out-russian-energy-clears-first-political-hurdle-2025-10-08/
2025-10-08 11:21
MUMBAI, Oct 8 (Reuters) - Three new Bollywood films will be made in Britain from next year, Prime Minister Keir Starmer announced during a trip to India on Wednesday. Yash Raj, India's leading film production and distribution company, will bring major productions to Britain from early 2026 after an eight-year break from filming in the country, the government said, expecting 3,000 jobs to be created as a result. Sign up here. "Bollywood is back in Britain, and it's bringing jobs, investment and opportunity, all while showcasing the UK as a world-class destination for global filmmaking," Starmer said in a statement. "This is exactly the kind of partnership our trade deal with India is destined to unlock." https://www.reuters.com/world/india/three-bollywood-films-be-made-uk-2026-pm-says-2025-10-08/
2025-10-08 11:19
BRUSSELS, Oct 8 (Reuters) - Europe's plastics industry faces plant closures at an accelerated rate and falling further behind global rivals in recycling without urgent action, sector lobby group Plastics Europe said on Wednesday. The group said the European Union should recognise plastics was a strategically vital industry given its importance to sectors such as defence, car-making and agriculture. Sign up here. It needs to act now to address crippling energy costs, climate-related taxes and high feedstock prices, as well as the impact of U.S. tariffs, Plastics Europe said. Rob Ingram, CEO of INEOS Olefins and Polymers Europe and a Plastics Europe steering board member, said the EU's plastics industry was at a "cliff edge" and struggling to be competitive. "There's a lot of debate to be had as to what is the right direction," he said. "The first ask has to be: don't let it get worse while you're thinking about it," he said, calling for the EU to pause planned reductions of free carbon emission allocations. European production volumes inched up 0.4% in 2024 after a record 7.6% contraction in 2023, but turnover fell 13% last year and Europe's global market share dropped to 12%, it said. By contrast, global plastics production increased 4.1% in 2024, with Asia making well over half and China just over a third of the world's plastics. Europe's past leadership in recycled plastics was also being eclipsed, with EU production flat in 2024 and Chinese production now nearly double Europe's. Europe's plastics industry needs to cover the release of global-warming gases created in production by buying emission allowances. U.S. producers, already with a clear advantage in energy and input costs, would be able under the U.S.-EU deal to export to the EU market at zero duties, while shipments the other way would be hit by 15% import tariffs. https://www.reuters.com/sustainability/eu-plastics-sector-says-closures-will-accelerate-without-swift-action-2025-10-08/
