EU prepared to accept flat 10% US tariff with conditions, Handelsblatt reports

June 16 (Reuters) - Brussels negotiators hope that offering to accept U.S. tariffs of 10% across all of the European Union's exports into the United States will avert any higher duties on cars, drugs and electronics, newspaper Handelsblatt reported on Monday.
Citing high-ranking EU negotiators, the paper said the EU is ready to cut its tariffs on U.S.-made vehicles, and to possibly change technical or legal hurdles to make it easier for U.S. manufacturers to sell their cars in Europe.

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15 minutes ago

• Reuters

ESMA head says EU lacks unified view on regulator's expanded powers

PARIS, June 23 (Reuters) - Efforts to grant the European Securities and Markets Authority greater supervisory powers face resistance from some EU members, its chair Verena Ross told Reuters, underscoring the challenges in unifying Europe's fragmented capital markets. "It's clear that when it comes to supervision and also some of the other measures, there's not a unified view that is definitely the way to go," said ESMA's Ross. "It's quite hard to predict where we will come out," she said in an interview in Paris, while remaining confident about broad support for the EU's package of measures to harmonize financial markets. The European Commission's Savings and Investment Union (SIU) package is the latest iteration of plans to deepen capital markets across Europe, which have been discussed for a decade, but which have made little progress. Announced in March, the SIU seeks to use trillions of euros in private savings held in bank accounts to fund technological and industrial development. As part of this initiative, ESMA could gain powers to directly oversee large cross-border financial firms, including crypto companies. Currently, Paris-based ESMA's direct oversight is limited to rating agencies and central counterparties. While EU leaders have voiced support for strengthening ESMA, progress has been slow due to key EU members' reluctance to give up control of their national financial rules. The head of France's financial regulator told Bloomberg, opens new tab in March that she would be willing to relinquish some national authority, while Luxembourg's prime minister wrote in the Financial Times, opens new tab "a decentralised European supervisory system leverages national authorities' expertise and avoids unnecessary bureaucracy." The rollout of the EU's landmark crypto regulation, MiCA, has raised concerns about inconsistent approaches among national regulators and whether they can effectively supervise complex cross-border financial firms. France's financial regulator last month warned that ESMA's lack of direct authority could lead to a "regulatory race to the bottom". Regulators across the bloc are divided over the speed and rigour of other countries' approvals. Ross acknowledged that individual countries were moving at different speeds on MiCA due to varying levels of pre-existing crypto regulation. But Ross added that "some have argued that rather than having 27 national supervisors responsible, let's just make ESMA responsible for it," a move that would make supervision more effective. ESMA has also been warning about excessive leverage, opens new tab in parts of fund management, some of which remains opaque. The regulator plans to collect information from market participants to address any lack of transparency. The regulator welcomed comparisons between ESMA and the U.S. Securities and Exchange Commission (SEC) but pointed out key differences. "I always find it very flattering if people talk about the European SEC. I personally have not used this term," Ross said. "We are not the U.S. - Europe is different, and we are talking here about natural steps to potentially move some of the direct supervision responsibility to the EU level, but in a very narrow and selected way."

Daily Mail​

18 minutes ago

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Top Liverpool star is 'DISAPPOINTED' with club's contract offer and 'rejects' it - as fears mount that he could 'do a Trent Alexander-Arnold'

Liverpool risk losing Ibrahima Konate on a free next summer after the defender reportedly rejected their initial contract extension offer. Konate is said to be 'disappointed' with Liverpool's proposal because he wants a higher basic wage. The France international, 26, was a bastion of their Premier League title triumph under Arne Slot but only has a year remaining on his deal. There are fears that he could run down his contract and leave for free, as Trent Alexander-Arnold almost did before sporting director Richard Hughes squeezed a £10million fee out of Real Madrid. His camp are pushing for an improved basic wage after Liverpool structured their offer with too many performance-based bonuses, according to The Guardian. Liverpool are known to be stubborn negotiators but did get renewals over the line for Mohamed Salah and Virgil van Dijk last season, with Fenway Sports Group relenting on their habit of denying extensions for players over 30. Konate quickly established himself as a favourite under Slot and started all bar two of the Premier League games that he was eligible for. So impeding was his form for Jarell Quansah that the youngster has has opted to leave Anfield, agreeing a £35million move to Bayer Leverkusen at the weekend. Real Madrid are interested in Konate while Atletico Madrid have apparently made Andy Robertson one of their top targets, so Liverpool's defence may look drastically different in a year's time to what it did last season. Liverpool hope to re-open talks with Konate this summer but do not want to overpay. As Mail Sport reported last week, Liverpool have joined the race for Crystal Palace captain Marc Guehi. He is heading into the last deal of his deal at Selhurst Park and Palace's bargaining power is weaker than it was a year ago, when they turned down a £65m offer from Newcastle. Jarrad Branthwaite has also been considered by the Anfield hierarchy but signing a player from city rivals Everton would be tricky. Joe Gomez is also still at Liverpool and Arne Slot likes his leadership qualities though he missed a chunk of last season through injury. Liverpool are not pushing him towards the exit door.

The Independent

20 minutes ago

• The Independent

Up 15% in one day: London Stock Exchange set for another £3.8bn loss as Spectris accepts huge bid

Yet another firm looks set to end its London Stock Exchange listing, with specialist equipment business Spectris recommending to shareholders to accept a £3.8bn takeover bid. A cash offer from a private equity firm, Advent International, is for £37.63 per share. Spectris' share price at the close of Friday's session was around £33.48, sparking an immediate jump of 15 per cent when markets reopened on Monday morning - by far the FTSE All-Share's biggest riser on the day. Even so, the price could yet move even higher. While Advent's bid has been accepted, another American investment firm KKR has signalled an intent to potentially make another offer, while the actual change in share price is even bigger when widening the timeline. Spectris makes and tests technologies and instruments for use across many industrial sectors. But falling sales and profits meant the share price fell from above £41 in 2021, to around £25 for most of the second half of 2024. Add in trade tariff uncertainty and shares could be bought below £20 as recently as late May, but the first takeover approaches being made public quickly put a rocket under the price, which has now soared 89 per cent since then. Andrew Heath, CEO of Spectris, said the offer recognised 'our strong growth prospect'. Should the deal go through it would be another 2025 departure for the LSE to chalk up. Alphawave is set for a £1.8bn takeover from Qualcomm, Oxford Ionics has agreed to a £0.8bn takeover by US rival IonQ and financial services firm Wise are intent on shifting their listing from UK to US - that latter being a £10bn departure. They are unlikely to be the last moves made in the sphere either, with valuations continually lower on the LSE than the same firms might expect to see in the if taken private, as AJ Bell's investment director Russ Mould pointed out. 'The fact we've got two bid battles in Spectris and Assura just goes to show how the UK stock market continues to be on sale. If investors don't recognise the good value opportunities on offer, trade buyers or private equity firms will keep swooping on targets and pick them off one by one,' he said.