Starting December 1, Indian solar companies may face increased costs for key photovoltaic products due to a reduction in Chinese export rebates from 13% to 9%. This change could raise solar module prices by 0.02-0.03 yuan per watt, impacting project costs for developers who previously benefited from lower import prices. The Chinese government"s move aims to address overcapacity in the sector, which has led to bankruptcies and consolidations among manufacturers.
India"s commerce ministry is set to collaborate with the UK to resolve outstanding issues as negotiations for a Free Trade Agreement (FTA) are scheduled to resume in 2025. The talks, paused since March 2024 due to elections, aim to build on previous progress and expedite the trade deal. Prime Minister Modi and UK counterpart Keir Starmer discussed the FTA"s potential to enhance jobs and economic growth during a recent G20 Summit meeting.
Rising trade tensions are increasing risks to the euro-area economy, according to the European Central Bank. The latest Financial Stability Review highlights a shift in macroeconomic concerns from high inflation to fears of weaker growth, compounded by geopolitical uncertainty affecting the 20-nation bloc.
The cryptocurrency market has recently surged, with a global market cap exceeding $3.1 trillion, marking a 2.8% increase in just one day. Amid ongoing conflict, Ukraine is intensifying efforts to combat financial crimes related to cryptocurrencies, training officials in Vienna. Meanwhile, the Russian Ruble has plummeted to a 17-month low against the dollar due to economic pressures from the war.
A potential Trump victory could have mixed effects on Europe, with increased military spending, tariffs, and geopolitical uncertainty leading to a projected 1% GDP reduction. While some view this as a catalyst for European unity and defense autonomy, others fear it may embolden far-right populism and strain transatlantic relations.
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