EU clears Spanish plan for green cars
BRUSSELS, BELGIUM - A plan by Spain to grant interest rate subsidies for green cars has won approval from the European Commission, the European Union executive said.
"This (measure) will allow important investments for the future low carbon economy which could have been put on hold due to the financial and economic crisis," Competition Commissioner Neelie Kroes said in a statement.
Under the temporary scheme, Spanish authorities may provide subsidized loans until the end of 2009 with a maximum term of two years to the car and car component industry for investments in products that meet EU environmental product standards.
Last month, the Spanish government approved a 4 billion euro ($5.3 billion) package to support its auto industry after layoffs and stoppages at plants. The Commission had already said this scheme and another car aid plan from Italy did not breach EU state aid or internal-market rules.
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LONDON - The oil-price crash of March 2020 will probably not last long. As in 2014, when the oil price dropped below $50 from $110 in a few weeks, this one will trigger a temporary collapse of the US shale industry. Unless the coronavirus outbreak causes Armageddon, cheap oil will also support policymakers’ efforts to help the global economy.
But there will be at least one important and lasting difference this time round — and it has major market and geopolitical implications.
The oil price crash is a foretaste of where the whole energy sector was going anyway — and that is…
