FINWIRES · TerminalLIVE
FINWIRES

EU Backs Sweden's $1.5 Billion Biofuels Aid Scheme Extension to 2032

-- The European Union has approved a multi-year extension of a Swedish tax relief program to boost the use of sustainable biofuels in transport, the European Commission said on Thursday.

The decision allows Sweden to extend its state aid scheme through Dec. 31, 2032, providing about 1.3 billion euros ($1.53 billion) to incentivize the shift away from fossil fuels.

Under the initiative, which launched in 2003, pure and high-blended sustainable biofuels qualify for tax reductions that, in some cases, amount to a total exemption from both carbon dioxide and energy taxes.

"The scheme continues to be necessary and appropriate to stimulate the production and consumption of pure and high-blended sustainable biofuels," the Commission said in a statement.

The Commission said it assessed the measure under EU state aid rules, particularly the bloc's 2022 guidelines on climate, environmental protection and energy. It also found that the measure would not unduly distort competition within the EU's single market.

Related Articles

Asia

Shakti Pumps (India) Invests INR100 Million in EV Mobility Unit

Shakti Pumps (India) (NSE:SHAKTIPUMP, BOM:531431) said it has invested 100 million Indian rupees in its wholly owned subsidiary Shakti EV Mobility by subscribing to 10 million equity shares, according to a Tuesday filing to the Indian stock exchanges.Shares of the company rose 1% in Wednesday's trade.With this, Shakti Pumps' total investment in the EV mobility unit has increased to 650 million Indian rupees, the filing said.The investment is aimed at supporting business expansion of the subsidiary, it added.

$BOM:531431$NSE:SHAKTIPUMP
Asia

Challenger's Fiscal 2026 Q3 Update Missed Consensus Across Key Life Metrics, Jarden Says

Challenger's (ASX:CGF) fiscal 2026 third-quarter update missed consensus across key Life metrics, with FM outflows significantly worse than expected, driven by institutional equity mandate attrition in both Australian and global equities, according to a Tuesday note by Jarden.The firm's redemption of all CGFPC notes on May 25 simplifies the capital structure, reduces the AT1 coupon burden, and is earnings-per-share accretive.Jarden sees balanced risk/reward for Challenger in the future, with catalysts including capital management flexibility from the Australian Prudential Regulation Authority reform, as well as expanding retirement partnerships across superfunds.It lowered its fiscal 2026 sales forecast to reflect weaker institutional fixed-term sales, partially offset by higher retail annuity sales as partnerships come online.The investment firm retained its neutral rating on Challenger and raised the price target to AU$8.70 per share from AU$8.60 per share.

$ASX:CGF
Asia

Proya Cosmetics 2025 Profit Down 4%, Revenue Slips 2%

Proya Cosmetics (SHA:603605) posted 2025 attributable net profit of 1.50 billion yuan, down 3.5% from 1.55 billion yuan the previous year.Earnings per share slid to 3.80 yuan from 3.92 yuan, according to a Wednesday filing with the Shanghai bourse.Operating revenue declined 1.7% year over year to 10.6 billion yuan from 10.8 billion yuan.Shares of the cosmetics maker were up over 1% in recent trade.

$SHA:603605