The European Union on Tuesday signed a provisional agreement that mandates a uniform charging cord for smartphones and other devices across the 27-nation bloc.
The move is part of a wider effort to make products sold in the EU more sustainable and cut down on electronic waste.
The new rules will take effect in autumn 2024 and mean EU consumers will only need to use a common USB Type-C cable for small and medium-sized chargeable, portable electronic devices.
“European consumers were frustrated with multiple chargers piling up within their homes,” Alex Agius Saliba, the European Parliament’s lead negotiator, said at a press briefing in Brussels.
“Now, they will be able to go with a single charger for all portable electronics, which is an important step to increase consumer convenience."
Devices covered include mobile phones, tablets, e-readers, earbuds, digital cameras, headphones and headsets, hand-held video game consoles, keyboards and mice, portable speakers and navigation devices. Laptops also are covered but manufacturers will have extra time to comply.
The change will only be applicable to devices sold in the European single market, which consists of 30 countries. However, like the EU’s strict privacy regulations, they could end up becoming a de facto standard for the rest of the world.
While many electronics companies have started building USB-C sockets into their devices, Apple has to date resisted.
The iPhone maker did not respond to an AP request for comment but has previously expressed concern that a single port mandate would limit innovation and hurt consumers.
The company’s iPhone come with its own lightning charging port, though newer models include cables that can be plugged into a USB-C socket.
The EU rules also outline standards for fast-charging technology and give consumers the right to choose whether to buy new devices with or without a charger, which the EU estimates will save consumers €250 million ($266m) a year.
Reducing electronic waste is another goal. The EU estimates disposed or unused chargers account for 11,000 tonnes of e-waste in Europe every year.
Mr Saliba said that, according to the European Commission’s impact assessment: “One in every three chargers that is bundled with these products is never opened from its original packaging.”
The EU spent more than a decade trying to cajole the electronics industry into adopting a common charging standard, an effort that whittled different plugs down to a handful until the commission, which is the bloc’s executive arm, forced the issue with draft legislation last September.
The European Parliament and European Council are expected to give formal approval to the agreement after the summer break.
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How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
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List of alleged parties
May 15 2020: PM and Carrie attend 'work meeting' with at
least 17 staff members
May 20 2020: PM and Carrie attend 'bring your own booze'
party
Nov 27 2020: PM gives speech at leaving do for his staff
Dec 10 2020: Staff party held by then-education secretary
Gavin Williamson
Dec 13 2020: PM and Carrie throw a flat party
Dec 14 2020: London mayor candidate Shaun Bailey holds staff party at Conservative
Party headquarters
Dec 15 2020: PM takes part in a staff quiz
Dec 18 2020: Downing Street Christmas party
SUCCESSION%20SEASON%204%20EPISODE%201
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams