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Spain is providing a EUR 10.6 bn relief package to aid victims of catastrophic floods that struck Valencia and surrounding areas, claiming 217 lives and leaving hundreds unaccounted for, Bloomberg reports. The financial package, one of the largest in Spanish peacetime, includes direct grants for informal labor and businesses, state-backed loans, and funds for local government rebuilding efforts.
The flood damage bill is steep: Damages caused by the floods are estimated at EUR 10 bn, and lenders have a loan exposure of over EUR 20 bn, Reuters reported, citing businesses and banks’ representatives.
China pushes ahead with its EVs tariff complaint at WTO: China said it is advancing its complaint against the EU at the World Trade Organization (WTO) over its recent imposition of anti-subsidy tariffs on Chinese-made EVs, the Associated Press reports. China contends that the EU’s actions are “protectionist” and violate WTO rules.
REMEMBER: China lodged a complaint with the WTO over the EU’s decision to impose anti-subsidy duties on Chinese EVs. China’s Ministry of Commerce stated that the EU’s provisional conclusion lacks both factual and legal foundation and that the decision severely violates WTO rules and undermines global cooperation on climate change. China’s EVs maker SAIC Motor also recently said it would file a lawsuit in the European Union’s Court of Justice to contest the EU’s decision to raise tariffs on Chinese-made EVs to as high as 45.3%.
