World Bulletin/News Desk
France called on the European Commission on Friday to monitor imports of South Korean-made cars, taking the first step towards triggering a safeguard clause in a free-trade deal that could lead to duties being reimposed.
Since the trade pact came into force in July 2011, France has seen imports of South Korean cars surge while its own carmakers have lost domestic market share to the likes of Hyundai and affiliate Kia, leaving them saddled with massive overcapacity.
France's biggest carmaker, PSA Peugeot Citroen announced plans to close a plant near Paris and cut 8,000 jobs, leaving outspoken Industry Minister Arnaud Montebourg battling to limit the damage and avoid further closures.
Montebourg, who has in the past openly supported protectionism, said last week that imports of small diesel cars had risen 1,000 percent in a year, which he said warranted monitoring and possibly restrictions.
"The surveillance of vehicle trade flows aims to shed light on the extent of bilateral imbalances," the industry ministry said in a statement.
"It makes importers have to obtain a permit from the European Commission before all imports," he added. That allows the European Union's executive arm to determine if imports are indeed strong enough to trigger the safeguard clause.
One of the most ambitious trade pacts the EU has negotiated, the agreement with South Korea includes a safeguard clause which allows the EU to re-impose duties if producers in sensitive industries such as cars are hit by a particularly strong surge in imports.
The pact has long been a major source of concern for European carmakers, with the ACEA industry lobby sounding the alarm about "asymmetrical trade flow relations".
EU Trade Commissioner Karel De Gucht says trade with South Korea benefits Europe overall, pointing to data showing EU exports to the country climbing 16 percent in 2011 from 2010 to 32.4 billion euros ($39.40 billion). That compares to 24.7 billion euros in 2007.
Turkey deems Iranian gas too expensive compared with other suppliers like Russia and Azerbaijan, an assertion rejected by Tehran.
Satoshi Nakamoto, a name known to legions of bitcoin traders, practitioners and boosters around the world, appeared to lose his anonymity on Thursday after Newsweek published a story that said he lived in Temple City, California, just east of Los Angeles.
BP's exploration and production sharing agreement with Libya covers onshore acreage in Ghadames, near the border between Libya, Algeria and Tunisia, and offshore acreage in the central Sirte basin
There are discussions at high levels within the U.S. government on how to use U.S. natural gas resources
The judicial sources said on Thursday that prosecutors suspected the companies of working together on campaigns to favour Lucentis, including promoting it to local doctors
Scotland's Energy Minister Fergus Ewing offered to meet Shell to discuss the future of the oil and gas industry if Scotland votes to end its 307-year tie with England
European Commission President said that from a purely financial standpoint the crisis in Ukraine should not have much impact on the euro zone but there was potential for far greater instability
The rouble-traded MICEX lost 1.9 percent on the news to trade at 1,322.2 points. It had earlier traded in positive territory.
If tensions eventually escalate into economic sanctions, the single biggest point of vulnerability for the Gulf would probably be the Dolphin Energy pipeline carrying about 2 billion cubic feet of gas per day from Qatar to the UAE and Oman
The former Soviet republic is strategically important to Moscow as the main gas transit route to the European Union, Russia's biggest customer
Iran will soon receive a second installment of previously frozen assets which are being returned to it under an interim nuclear agreement with world powers
Economic growth jumped to 5.2 percent in the last quarter, but Romania remains the second poorest country in the European Union
Brent crude prices decreased by 1.8 percent, more than US$2 per barrel on Wednesday.
The southeast European country sets out to achieve price stability by increasing the share of private entities in its state dominated energy sector.
Premier Li Keqiang also said at the start of the China's annual parliamentary session, that the country's 2014 growth target will be kept at 7.5 percent, inflation at 3.5 percent and broad M2 money supply growth at 13 percent.
Japan has struggled to define its approach to bitcoin since the collapse of Mt. Gox, which filed for bankruptcy protection in Tokyo on Friday, saying it had lost bitcoins and cash worth some half a billion dollars due to hacker attacks on what it said was its lax computer system security.