Crypto News: Brussels Edition: Antitrust audition

Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union.

A Spanish socialist with an appetite for tackling the world's biggest polluters is on course to become the EU's next antitrust chief at a moment in which the bloc is confronting some of the world's most powerful companies and tussling with the US and China for industrial supremacy. Teresa Ribera's approval isn't a lock, and she'll face some tough questions about Spain's response to last month's floods in Valencia when she meets with European parliamentarians later this evening. But if she makes it through, she'll be tasked with enforcing the bloc's new digital competition rules against the likes of Apple and Google — and Trump-friendly X — and furthering the legacy of predecessor Margrethe Vestager. Six executive vice president nominees will face hearings today.

— Samuel Stolton and Kevin Whitelaw

Bloomberg Green at COP29: Against the backdrop of the United Nations Climate Change Conference, we're convening the foremost leaders in business, finance, policy, academia and at NGOs for candid conversations focused on creating solutions to support the goals set forth at the climate summit. Join us in Baku, Azerbaijan, on Nov. 13. Learn more.

In Neutral | The EU isn't seeing much real headway in talks with China over electric vehicles tariffs, we're told, despite some chatter about progress in recent discussions. Officials currently see little prospect of a deal given all the outstanding obstacles.

Way Behind | This year's COP29 conference in Baku comes as carbon dioxide emissions hit a new record last year. That means the world faces a steeper, far costlier and more disruptive journey to reach net zero by 2050. And that was before the reelection of Donald Trump, who has vowed to take the US out of the Paris agreement for the second time.

Bond Futures | Intercontinental Exchange plans to launch a futures contract for EU bonds next month, which could eventually boost trading volumes in the bloc's securities. It's a welcome development for the EU, which has touted a futures market as a way of boosting trading in debt.

Oil Swap | A cargo of Russian oil appears to have been transferred between tankers near a Spanish exclave in north Africa, restoring a clandestine practice that Madrid thought it had ended last summer. The practice, which may be aimed at circumventing a G-7 oil price cap, can help buyers separate themselves from their cargo purchases.

Flood Aid | With Valencia still reeling from devastating floods, Spanish Prime Minister Pedro Sanchez is putting forth new economic relief measures for victims. A €3.8 billion package, which includes funding for debris removal and income support, adds to €10.6 billion in earlier aid. Sanchez has been combatting accusations that his government has been slow to respond to the disaster.

Key Departure | Struggling battery maker Northvolt said board member Sven Fuhrmann, who represents its biggest shareholder Volkswagen, is stepping down. The move creates fresh uncertainty for the Swedish company, which is negotiating a short-term funding package to help it weather a cash crunch.

Trial Confession | A former Deutsche Boerse employee confessed he secretly traded on non-public information the Frankfurt stock exchange received from listed companies over a period of three and a half years. The former staffer made this admission on his first day of trial for insider trading, saying that he used his wife's name to execute trades.

Radio Waves | Retailers desperate to combat shoplifting are now turning garments into anti-theft devices. Zara owner Inditex has been in talks with a small Spanish technology company, Myruns, and telecom operator Telefónica about a system in which radio-emitting threads are weaved into clothing.

Hungary's government pledged to further reduce its burgeoning budget deficit in a draft plan presented to parliament today. The cabinet is targeting a shortfall of 3.7% of gross domestic product, following this year's 4.5% goal. The plan faces significant risks, including limited budget reserves and uncertainty about the government's ability to tap into EU funds that remain largely frozen.

All times CET

9 a.m. European Parliament holds confirmation hearings for Estonia's Kaja Kallas and Italy's Raffaele Fitto
1 p.m. NATO chief Mark Rutte and French President Emmanuel Marcon make statements at meeting in Paris
2:30 p.m. European Parliament holds confirmation hearings for France's Stephane Sejourne and Romania's Roxana Mînzatu
6:30 p.m. European Parliament holds confirmation hearings for Spain's Ribera and Finland's Henna Virkkunen