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The EU will not ban Chinese telecom giant Huawei in Europe, a top official said on Tuesday, despite intense pressure from Washington to shun the company over spying fears. The European Commission, the EU's executive arm, will officially unveil its recommendations on Wednesday, but commissioner Thierry Breton told MEPs that Brussels will choose tight scrutiny over any blanket ban. "It is not a question of discrimination it is a question of laying down rules. They will be strict, they will be demanding and of course we will welcome in Europe all operators who are willing to apply them," he said. Here you can also read Budget2020 News

Tougher emissions rules will hit Daimler's profits in 2020 and 2021, prompting the German carmaker to seek more than 1 billion euros ($1.1 billion) in savings from cutting staff costs at its Mercedes-Benz business by the end of 2022, it said on Thursday. Daimler shares were down 2.3% in early trading at 52.17 euros, the biggest decline on Germany's DAX blue-chip index, which was down 0.3%. Management positions will be cut by around 10%, and company said it would also seek more than 300 million euros from cutting personnel costs - plus another 250 million euros in fixed costs - at its trucks business. Daimler said it needed to sell more electric vehicles to meet tougher European Union rules which force carmakers to cut carbon dioxide emissions from cars by 37.5% by 2030 compared with 2021 levels, and following a 40% cut between 2007 and 2021. The company said it expected to achieve a return on sales from operating activities at Mercedes-Benz Cars & Vans of at le...