About two-thirds of the added costs are being picked up by the two government entities, with the other one-third going to the privately funded organizing committee.

German prosecutors probe EY auditors over Wirecard collapse

Dec 7, 2020

EY said on Friday that “it is not aware of any indications of criminal behaviour by its auditors at Wirecard. EY has supported the investigations of the responsible authorities from the outset and will continue to do so in full.”

Wirecard collapsed into insolvency in June after EY, its auditor for more than a decade, was unable to confirm the existence of 1.9 billion euros ($2.3 billion) purportedly held in offshore trustee accounts.

New EU-U.S. data transfer pact? Not any time soon, says EU privacy watchdog

Dec 7, 2020

The European Union is also trying to devise different ways to manage its data transfers with the rest of the world after the CJEU said privacy watchdogs must halt or prohibit transfers outside the EU if other countries cannot assure that the data will be protected.
More than 5,000 companies had signed up to the Privacy Shield set up in 2016 when the Luxembourg-based EU Court of Justice (CJEU) scrapped it in July this year, disrupting their businesses and exposing them to the risk of privacy lawsuits.

EU climate deal unlikely without breakthrough on budget, envoy says

Dec 7, 2020

The climate and budget issues are interlinked.The EU has agreed that hundreds of billions of euros from its 1.8-billion-euro budget and attached COVID-19 recovery fund will be spent on helping countries cut greenhouse gas emissions.

The European Commission wants the EU to commit to cut net emissions at least 55% by 2030, from 1990 levels. The bloc’s current 2030 target is a 40% emissions cut.

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