Argentina and the UK once fought a war over the Falkland Islands. Now, the multibillion-dollar Sea Lion oil project has reignited old tensions, with Buenos Aires seeking to put a stop to the plans.

California federal judge rules the labeling was not misleading

Jeremy Clarkson has said there is no reason to set up a business in Andy Burnham’s Britain as he made a surprise appearance at the Conservative Party conference.

The post Clarkson: Why Would Anyone Start a Business in Burnham’s Britain? appeared first on The Daily Sceptic.

The euro has fallen to a 17-month low against the dollar. That will make inflation worse in the EU, where political worries and concern over French debt are already troubling investors. Is a fiscal crisis at hand?

The co-pilot accused of attacking the captain on an Israel-bound flight with an axe had been barred from flying on his country's airline because of concerns about extremist views.

The co-pilot accused of attacking the captain on an Israel-bound flight with an axe had been barred from flying on his country's airline because of concerns about extremist views.

The U.S. airline chose Amazon Leo over Starlink and will begin installing the service on 500 aircraft in 2028

Asset managers are alleged to have artificially inflated the value of their funds. Turkish authorities have made multiple arrests, and a leading AKP lawmaker has resigned.

In 2023, the International Energy Agency predicted that by 2028 the world’s oil companies would produce more oil than people wanted to buy. Prices responded to that and similar projections of slowing oil demand, dropping too low to attract investment for new wells and refineries. No forecast anticipated that the Strait of Hormuz, the main […]

The post Oil and gas industry expected surplus – but war brought shortage appeared first on Asia Times.

Donald Trump thinks the name artificial intelligence sounds "fake" and has ordered US agencies to use "Super Intelligence" instead. Yet, tech firms and researchers have little reason to play along.

Over the past six years, COVID, two wars and Donald Trump's tariffs have shaken world trade. With globalization already stalling, is this a temporary shock or the start of a great reversal?

Volkswagen has spent years trying to build a European battery business strong enough to carry its electric-car ambitions. Its latest deal pulls a Chinese partner deeper into that effort. On September 28, Germany’s Volkswagen and China’s Gotion High-Tech agreed to deepen a partnership that began in 2020. Gotion plans to invest about 1.1 billion euros […]

The post Volkswagen-Gotion deal shows hard limits of China de-risking appeared first on Asia Times.

Trucks, farms and industry are powered with diesel. Now prices are soaring due to refinery disruptions, supply shortages and geopolitical tensions. A potential US export ban could make Europe's diesel crunch even worse.

SAN FRANCISCO (AP) — OpenAI disclosed Friday that its artificial intelligence agents had interacted with several U.S. government websites in unexpected ways.

SAN FRANCISCO (AP) — OpenAI disclosed Friday that its artificial intelligence agents had interacted with several U.S. government websites in unexpected ways.

Beijing is locking the gates to stop expertise and capital in strategic industries from fleeing. The country accused of industrial-scale intellectual property theft now fears the West will take its own.

Germany's gas storage sites are far less full than in recent years. Officials say supplies are secure, but analysts warn that a cold winter or import disruptions could push prices higher. So how secure is the supply?

German carmakers want employees to work 40 hours instead of the current 35 without extra pay, arguing it would improve competitiveness. Unions strongly oppose the proposal and view it as an attack on workers' rights.

The European Commission wants to cut the EU’s public procurement rulebook from around 900 pages to 200, in a sweeping reform that aims to simplify tendering while giving governments greater scope to favour European economic and security interests, writes Catherine Feore.

Executive Vice-President Stéphane Séjourné held up the existing body of rules alongside its much slimmer replacement, to illustrate his point. 

“These here are the European rules which currently govern public procurement in Europe: 900 pages,” he said. “And this is what we are proposing today… down to 200 pages.”

The proposed Public Procurement Act would replace three EU procurement directives with a single regulation, with a view to simplifying procurement provisions spread across 26 sectoral laws and cutting the number of procedures from five to three.

The Commission estimates the changes could save businesses and public authorities €650 million a year in administrative costs.

The reform matters because of Europe’s massive purchasing power involved. EU public procurement exceeds €2.5 trillion annually, around 15% of EU GDP, covering everything from trains and hospitals to energy infrastructure, schools and IT systems.

From lowest price to strategic purchasing

The proposal is not just about cutting red tape. Brussels wants governments to use their purchasing power more strategically.

The Best Price-Quality Ratio would become the standard method for awarding contracts, with quality normally accounting for at least 30% of the assessment and 50% for labour-intensive contracts. Authorities could consider environmental and social performance, innovation, security and resilience alongside price.

The commitment to a so-called European preference has been tempered by the EU’s international commitments, but access can be restricted when a country doesn’t reciprocate market access. Restrictions could also be imposed where reliance on foreign suppliers creates security-of-supply dependencies or threatens EU economic security.

“European public money should, wherever possible, create jobs, investment and opportunities in Europe rather than filling the order books of our competitors,” Séjourné said.

Five procurement procedures would become three: open, dynamic and innovation procedures. Each would allow negotiation between buyers and bidders.

The Commission also plans an integrated EU digital procurement marketplace connecting national e-procurement platforms. A company registered through one connected system should be able to bid elsewhere in Europe without repeatedly submitting the same documentation. This is intended to reduce bureaucracy and tackle one of the current system's weaknesses: too little competition, particularly from SMEs and companies bidding across borders.

National, regional and local priorities may appreciate this flexibility in theory, but constrained budgets often mean that price will remain the bottom line for many. This legislation offers greater freedom in determining needs, but it remains to be seen what its impact will be.

PHOTO CREDIT: European Commission Executive Vice-President Stéphane Séjourné says the rules reduced from 900 pages to 200 pages © European Union

According to notification, new prices will be applicable on September 3.

The post Govt surges petrol price by Rs.2.29, diesel by Rs.1.11 per liter appeared first on BOL News.