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Brent crude futures fell 89 cents, or 0.9%, to $97.26 a barrel by 0034 GMT after settling 1.5% lower on Friday. read moreRegister now for FREE unlimited access to Reuters.com Register"The official data suggests that oil demand is weakening as domestic logistics and consumer demand are deterred by the record high oil pump prices," said Heron Lin, an economist at Moody's Analytics. Oil prices rebounded more than 3% last week after a damaged oil pipeline component disrupted output at several offshore Gulf of Mexico platforms and as investors pared back expectations for interest rate increases in the United States. The rig count, an early indicator of future output, has been slow to grow with oil production only seen recovering from pandemic-related cuts next year. Global oil markets remained supported by tight supplies in the run-up to EU sanctions on Russian crude oil and refined product supplies this winter.

Persons: Stringer, Heron Lin, Amin Nasser, Nasser, Baker Hughes, Florence Tan, Kenneth Maxwell Our Organizations: REUTERS, Saudi Aramco, Brent, . West Texas, Moody's Analytics, United States, Producers, European Union, Thomson Locations: Karamay, Xinjiang Uigur Autonomous, Saudi, Gulf, Mexico, SINGAPORE, China, Saudi Aramco, Saudi Arabian, United, Louisiana, Iran, United States

☆ Saudi Arabia's Kingdom Holdings invested over $500 million in Russian energy companies around the time Russia invaded Ukraine
▼ + stars: | 2022-08-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Kingdom Holdings invested in Russia's Gazprom, Rosneft, and Lukoil from February to March this year. Saudi Arabia's sovereign wealth fund owns 17% of Kingdom Holdings. Kingdom Holdings, one of Saudi Arabia's highest profile companies, is mostly owned by Prince Alwaleed bin Talal. Kingdom Holdings posted details of the transactions into Russian energy companies Gazprom, Rosneft, and Lukoil on Twitter on Sunday. The tweets show the company invested 1.37 billion Saudi riyals, or $365 million, in Gazprom and 196 million riyals in Rosneft in February 2022.

Persons: Prince Alwaleed bin Talal, Abdulaziz bin Salman Organizations: Kingdom Holdings, Gazprom, Rosneft, Saudi, Service, Privacy, Saudi Arabia's Kingdom Holding Company, Twitter, European Union, Russia, OPEC Locations: Ukraine, Saudi, Gazprom, Rosneft, Lukoil, Saudi Arabia, Russia, Riyadh

☆ Ukraine Scrapes to Pay Its Soldiers as Western Funds Slow to Arrive
▼ + stars: | 2022-08-13 | by ( Marcus Walker | ) www.wsj.com time to read: 1 min

KYIV, Ukraine—Ukraine’s defense against Russia’s invasion is gradually strengthening as its army grows and more Western weapons arrive. Sergii Marchenko’s problem is how to pay for it all. The Ukrainian finance minister is struggling with a yawning gap between the cost of the war and depressed tax revenues in an economy battered by the invasion. Ukraine’s Western supporters—particularly the European Union—are sending promised financial help only slowly.

Persons: — Organizations: European Union Locations: KYIV, Ukraine, Ukrainian

☆ Moscow warns of end to Russia-U.S. relations if assets seized - TASS
▼ + stars: | 2022-08-13 | by ( ) www.reuters.com time to read: +2 min

Russia's relations with the West have deteriorated sharply since Moscow sent tens of thousands of troops into Ukraine on Feb. 24, calling it a "special military operation". It was not immediately clear which assets he was referring to. read moreThe U.S. Department of Justice was seeking broader authority from Congress to seize Russian oligarchs' assets as a means to pressure Moscow over its actions in Ukraine, a prosecutor said in July. Darchiev also said that Russia warned the United States that diplomatic ties would be badly damaged and could even be broken if Russia is declared a state sponsor of terrorism. Register now for FREE unlimited access to Reuters.com RegisterReporting by Reuters; Editing by Alison Williams, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Josep Borrell, Alexander Darchiev, Vladimir Putin, Biden, Darchiev, Viktor Bout, Brittney Griner, Marine Paul Whelan, Alison Williams, Kirsten Donovan Organizations: TASS, North American Department, European Union, U.S . Department of Justice, Marine, Reuters, Thomson Locations: Russia, Ukraine MOSCOW, United States, Washington, Moscow, Ukraine, Kyiv, Russian

☆ With Western Funds Slow to Arrive, Ukraine Scrapes to Pay Its Soldiers
▼ + stars: | 2022-08-12 | by ( Marcus Walker | ) www.wsj.com time to read: 1 min

Persons: — Organizations: European Union Locations: KYIV, Ukraine, Ukrainian

☆ The war in Ukraine has likely sent Russia's economy back to 2018 — but it's still a smaller contraction than experts expected
▼ + stars: | 2022-08-12 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

It's sent the country's economy back to 2018. Russia's central bank estimated Russia's economy to have shrank 4.3% in the second quarter of the year. Russia's economy was worth $1.66 trillion in 2018 and $1.78 trillion in 2021, according to the World Bank. Although Russia's economy was under stress in the second quarter, the contraction was far less than expected. Bloomberg Economics' Isakov said he expected Russia's economy to shrink another two percentage points in 2023 due to the ban.

Persons: It's, —, Alexander Isakov, Isakov Organizations: Bloomberg Economics, Service, Bloomberg, World Bank, Yale University, Bank of, International Energy Agency, Russia, European Union, Yale, EU Locations: Russia, Ukraine, Russia's, Bank of Russia, European, Germany, Italy, India, China

☆ EU, South Korea say U.S. plan for EV tax breaks may breach WTO rules
▼ + stars: | 2022-08-12 | by ( ) www.cnbc.com time to read: +1 min

A Tesla, Inc. electric vehicle charges at a supercharger location in Hawthorne, California, on August 9, 2022. The European Union and South Korea have raised concerns about proposed U.S. tax credits for purchases of electric vehicles, saying they may discriminate against foreign-made vehicles and breach World Trade Organization rules. The European Union and South Korea have raised concerns about proposed U.S. tax credits for purchases of electric vehicles, saying they may discriminate against foreign-made vehicles and breach World Trade Organization (WTO) rules. The ban on tax credits for vehicles assembled outside of North America would take effect as soon as President Joe Biden signs the legislation. Garcia Ferrer told a news briefing the EU agreed with Washington that tax credits are an important incentive to drive demand for EVs and promote the transition to sustainable transport and a reduction in greenhouse gas emissions.

Persons: Joe Biden, Miriam Garcia Ferrer, " Garcia Ferrer Organizations: Inc, European Union, Trade Organization, U.S . Senate, Sunday, European, WTO, EVs Locations: Hawthorne , California, South Korea, North America, China, Washington

☆ A Greek Scandal Reverberates as Eavesdropping Expands in Europe
▼ + stars: | 2022-08-12 | by ( Jason Horowitz | Niki Kitsantonis | ) www.nytimes.com time to read: +1 min

So much so, the European Union is regularly checking devices. Investigations into spyware should now “involve a check of the phones of all politicians and top level officials,” Sophie in ’t Veld, the chairwoman of the European Parliament’s special committee on spyware, wrote on Twitter on Tuesday. “To get a full picture of the spying activity by governments.”Greece has now vaulted to the top of the worry list. Allies of Mr. Mitsotakis, a staunch defender of Ukraine, have argued that the scandal is not just a threat to Greek stability, but to the common cause against Russia. While he stressed he was not blaming Russia for the hacking, he added that Russia had exerted influence in Greece before, “So if they did it in the past.

Persons: ” Sophie, “, Mitsotakis, Putin, ”, Adonis Georgiadis Organizations: European Union, Twitter, Democracy Locations: Europe, ’, Greece, Ukraine, Russia, Turkey

Schroders (SDR.L) last month set up side pockets for Russian assets in its Luxembourg-domiciled emerging Europe fund, which has total assets of more than 200 million euros ($207 million), the company said. UNDER WATERIncreased interest in side-pockets for stranded Russian assets coincides with expectations that some U.S. and European banks and trading firms will begin trading in Russian government bonds. Russian assets could not trade and were generally marked down to zero. "These (Russian) assets could be under water for 20 years," he said. The fund's assets under management (AUM) has more than halved since the invasion, however, according to Morningstar data.

Persons: Hannah McKay, OFAC, Patrick Kehoe, Lionpoint, Schroders, CSSF, PIMCO, Julian Brown, Eversheds Sutherland, Macfarlanes, Carolyn Cohn, Huw Jones, Sinead Cruise, Elaine Hardcastle Organizations: REUTERS, Austria's Erste, Reuters, European Union, Treasury's, Foreign Assets, Fund, Morningstar, BlackRock, Central Bank of Ireland, Authority, Thomson Locations: The City, London, Britain, Ukraine, Luxembourg, Europe, watchdogs, European, Dublin, U.S, Russia, Danske, Grand

☆ Italy's right pledges tax cuts, immigration curbs, welfare reform
▼ + stars: | 2022-08-12 | by ( Gavin Jones | ) www.reuters.com time to read: +4 min

REUTERS/Guglielmo MangiapaneROME, Aug 12 (Reuters) - Italy's conservative bloc will cut taxes, crack down on immigration and scrap the current system of welfare benefits if it wins next month's election as expected, the group said in a joint manifesto. Tax cuts are a traditional rallying cry for the Italian right, which argues that the boost to economic growth will offset any reduction in revenues. The bloc also promises to increase minimum pensions and increase scope for early retirement. The programme promises an overhaul of the welfare system, increasing free nursery schools and child benefits but scrapping the "citizens income" poverty relief scheme introduced in 2019. On foreign policy, the conservative bloc pledges its "full adherence to the process of European integration," and to "respect the commitments made to NATO," including increased defence spending.

Persons: Silvio Berlusconi, Matteo Salvini, Giorgia Meloni, Guglielmo Mangiapane ROME, Giorgia, Matteo Salvini's, Italy's, Salvini, Berlusconi, Vladimir Putin, Gavin Jones, Ros Russell Organizations: Forza Italia, Brothers, REUTERS, Matteo Salvini's League, European Union, EU, NATO, League, Thomson Locations: Italian, Italy, Rome, Ukraine

☆ 'Accidents can happen at European nuclear plants too,' Russian ex-president says
▼ + stars: | 2022-08-12 | by ( ) www.reuters.com time to read: +2 min

LONDON, Aug 12 (Reuters) - Russian ex-president Dmitry Medvedev issued a veiled threat on Friday to Ukraine's Western allies who have accused Russia of creating the risk of a nuclear catastrophe by stationing forces around the Ukrainian Zaporizhzhia power station. Ukraine has accused Russia of firing at Ukrainian towns from the site in the knowledge that Ukrainian forces could not risk returning fire. Let's not forget that the European Union also has nuclear power plants. The U.N.'s International Atomic Energy Agency has said the shelling of Zaporizhzhia, Europe's biggest nuclear power station, could cause a nuclear disaster, but has been unable to arrange the conditions for an inspection. Russian-appointed officials said Ukraine had shelled the plant twice, disrupting a shift change, Russia's state-owned TASS news agency said.

Persons: Dmitry Medvedev, That's, Medvedev, Antonio Guterres, Leonid Slutsky Organizations: Russia's Security, European Union, Atomic Energy Agency, TASS, Reuters, Thomson Locations: Russian, Russia, Ukrainian, Ukraine, Moscow, Kyiv, Zaporizhzhia, U.N

"It's impossible to tell whether this reflects a smaller than usual hit from the Jubilee, or evidence that the economy has considerable underlying momentum," said Samuel Tombs, economist from consultancy Pantheon Macroeconomics. The economy was estimated to be 0.9% above its pre-COVID pandemic level in February 2020 but consumer-facing services output was 4.9% below. Soldiers parade outside Buckingham Palace during the Platinum Jubilee Pageant, marking the end of the celebrations for the Platinum Jubilee of Britain's Queen Elizabeth, in London, Britain, June 5. read moreFor the second quarter as a whole, the ONS said the economy contracted by 0.1%, compared with forecasts for a 0.3% drop. Britain has lagged behind the United States, Italy and France in recovering from the COVID-19 pandemic, comparing second quarter economic output against late 2019.

Persons: Samuel Tombs, Queen Elizabeth, Frank Augstein, Nadhim Zahawi, Pantheon, Andy Bruce, William James, Farouq Suleiman, Kate Holton, Toby Chopra Organizations: Britain, National Statistics, REUTERS Finance, Bank of, Institute of Chartered Accountants, European Union, Thomson Locations: Ukraine, Buckingham, London, Britain, Bank of England, United States, Italy, France, Germany, England, Wales

☆ China sanctions Lithuanian deputy minister for visiting Taiwan
▼ + stars: | 2022-08-12 | by ( Yew Lun Tian | ) www.reuters.com time to read: +2 min

BEIJING, Aug 12 (Reuters) - China's foreign ministry said on Friday it had imposed sanctions on Lithuanian Deputy Transport and Communications Minister Agne Vaiciukeviciute for visiting Taiwan, the latest development in a simmering diplomaticrow with the European Union country. The foreign ministry said Beijing would also suspend engagement with Vaiciukeviciute's ministry and cooperation on transportation with Lithuania, a small Baltic republic. Register now for FREE unlimited access to Reuters.com RegisterChina claims self-ruled Taiwan as its territory and is against foreign politicians visiting the island. Vaiciukeviciute visited Taiwan days after U.S. House Speaker Nancy Pelosi. In response to Pelosi's visit, China launched massive military drills around Taiwan, slapped sanctions on Pelosi and trade restrictions with Taiwan.

Persons: Agne Vaiciukeviciute, Vaiciukeviciute's, Vaiciukeviciute, Nancy Pelosi, Pelosi, Neliupsiene, Yew Lun Tian, Augustas, Mark Heinrich Our Organizations: Lithuanian, Transport, Communications, European Union, Lithuania's Ministry of Transport, Reuters.com, China, Twitter, LT Transport, TW, U.S, World Trade Organization, Lithuania, WTO, Thomson Locations: BEIJING, Taiwan, Beijing, Lithuania, Baltic, Lithuania's, China, Taipei, Vilnius

☆ Zelenskiy: EU should not be a "supermarket" for rich Russians
▼ + stars: | 2022-08-12 | by ( ) www.reuters.com time to read: +2 min

Ukraine's President Volodymyr Zelenskiy attends a joint news briefing with Dutch Prime Minister Mark Rutte (not seen), as Russia's attack on Ukraine continues, in Kyiv, Ukraine July 11, 2022. REUTERS/Valentyn Ogirenko/File PhotoAug 12 (Reuters) - Ukrainian President Volodymyr Zelenskiy issued a fresh call on Friday for European Union states to ban visas for Russian nationals to keep the bloc from becoming a "supermarket" open to anyone with the means to enter. Zelenskiy said his proposal did not apply to Russians who needed help for risking their freedom or their lives by resisting Kremlin leader Vladimir Putin's policies. Register now for FREE unlimited access to Reuters.com Register"Secondly, we must not destroy the very idea of Europe - our common European values. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ronald Popeski, editing by David Ljunggren and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Volodymyr Zelenskiy, Mark Rutte, Valentyn, Zelenskiy, Vladimir Putin's, Dmitry Peskov, Ronald Popeski, David Ljunggren, Sandra Maler Organizations: Dutch, REUTERS, European Union, Washington Post, Thomson Locations: Ukraine, Kyiv, Europe, Soviet Baltic, Czech Republic, Finland, Russia

REUTERS/Benoit TessierWASHINGTON, Aug 12 (Reuters) - Audi of America, Kia Corp (000270.KS) and Porsche said on Friday that buyers of its electric vehicles will lose access to federal tax credits of up to $7,500 once President Joe Biden signs a $430 billion climate, health and tax measure. The Volkswagen AG (VOWG_p.DE) unit said only the Audi plug-in hybrid electric will retain its existing federal credit through the rest of the year. The bill makes any electric vehicles assembled outside North America ineligible for tax credits, which has brought criticism from the European Union, South Korea and many automakers. Kia urged dealers to reach out to customers on waiting lists to enter into contracts before Biden signs the bill. VW-owned Porsche said on Friday that buyers of its electric Taycan and plug-in hybrid Cayenne and Panamera vehicles will also immediately lose eligibility once the legislation is signed.

Persons: Benoit Tessier WASHINGTON, Joe Biden, Biden, Kia, David Shepardson, Jonathan Oatis, Matthew Lewis Organizations: Audi, Viva Technology, Porte de, REUTERS, America, Kia Corp, Porsche, Volkswagen AG, U.S . House, North America, European Union, Reuters.com, Kia, Biden, VW, The Alliance, Automotive Innovation, General Motors Co, Toyota Motor Corp, Ford Motor, Thomson Locations: Porte, Paris, France, South Korea, Cayenne, Washington

☆ Sierra Leone president says protests aimed to overthrow the government
▼ + stars: | 2022-08-12 | by ( Umaru Fofana | ) www.reuters.com time to read: +2 min

Sierra Leone's President Julius Maada Bio arrives for the first day of a European Union- African Union summit at the European Council building in Brussels, Belgium, February 17, 2022. John Thys/REUTERSFREETOWN, Aug 12 (Reuters) - Sierra Leone's president, Julius Maada Bio, said on Friday that this week's anti-government protests, which led to the deaths of six police officers and at least 21 civilians, were an attempt to overthrow the government. read more"This was not a protest against the high cost of living occasioned by the ongoing global economic crisis," Maada Bio said in an address to the nation. He said he heard some noise in his neighbourhood on Wednesday and joined in with the crowds, shouting that Maada Bio must go, until the police came. Unrest is highly unusual for Sierra Leone, especially in the West African country's capital Freetown.

Persons: Julius Maada, John Thys, Sierra, Solomon Forna, Umaru Fofana, Anait Miridzhanian, Nellie Peyton, Cooper Inveen, Alessandra Prentice, Sandra Maler, Marguerita Choy Organizations: Sierra, European, Sierra Leone's, Reuters, World Bank, Thomson Locations: European Union, Brussels, Belgium, FREETOWN, Freetown, Sierra Leone's, Sierra Leone, African, Ukraine

PARIS, Aug 11 (Reuters) - The head of the European Space Agency (ESA) has warned economic damage from heatwaves and drought could dwarf Europe's energy crisis as he called for urgent action to tackle climate change. "Today, we are very concerned about the energy crisis, and rightly so. But this crisis is very small compared to the impact of climate change, which is of a much bigger magnitude and really has to be tackled extremely fast," he said. "It is drought, fires, intensity of storms, everything coupled together, which are the visible signs of climate change." There is no doubt in my mind that this is caused by climate change," Aschbacher told Reuters.

Persons: Josef Aschbacher, Aschbacher, ESA's Copernicus, It's, Copernicus, Tim Hepher, Joey Roulette, Mark Potter Organizations: Copernicus, European Space Agency, Handout, REUTERS, ESA, Farnborough, Reuters, Typhoons, European Union, Sentinel, Copernicus Sentinel, EU, Europe, Thomson Locations: Italy, PARIS, France, Spain, Salt, Italy's, Britain, England, Austrian, Paris, Europe

U.S. August corn yield and CBOT movesU.S. August soybean yield and CBOT movesACREAGESignificant planting delays prompted USDA’s statistics service (NASS) to resurvey acreage in the Dakotas and Minnesota, and those results will factor in to Friday’s numbers. On average, the trade pegs harvested soybean acres at 87.7 million, which implies planting assumptions around 88.6 million acres versus 88.3 million reported on June 30. Corn acres were as expected on June 30, and analysts see harvested area slightly lower at 81.8 million acres versus 81.9 million previously. read moreAbout 1.7 million tonnes of Ukrainian grain were shipped in July compared with previous monthly maximums in excess of 5 million tonnes. Consultancy IKAR on Monday placed the crop at 95 million tonnes versus 90.5 million a month earlier, which is well above the top exporter’s record harvest from two years ago of 85.4 million tonnes.

Persons: Price, Karen Braun, Matthew Lewis Organizations: U.S . Department, Agriculture, Traders, Dakotas, European Union, Reuters, Thomson Locations: NAPERVILLE, Ill, Europe, Chicago, Minnesota, Ukraine, France, Romania

☆ Russia says Swiss 'no longer neutral', can't act as go-between with Ukraine
▼ + stars: | 2022-08-11 | by ( ) www.reuters.com time to read: +1 min

Summary This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine. MOSCOW, Aug 11 (Reuters) - Russia said on Thursday it had turned down a Swiss offer to represent Ukrainian interests in Russia and Moscow's interests in Ukraine because it no longer considers Switzerland a neutral country. "The Swiss were indeed interested in our opinion on the possible representation of Ukraine's interests in Russia and Russia's in Ukraine," Nechayev told reporters. Neutral Switzerland has mirrored nearly all the sanctions that the European Union imposed on Russia over its military intervention in Ukraine. Swiss media previously reported that the main objective of the Swiss proposal would be to allow Ukrainians living in Russia to receive consular services from the Swiss embassy in Moscow.

Persons: Ivan Nechayev, Nechayev, Kevin Liffey Organizations: Foreign, Russia, European Union, Reuters, Thomson Locations: Russia, Ukraine, MOSCOW, Switzerland, Russia's, Bern, Swiss, Moscow

☆ Russia's oil production is far higher than expected this year as it reroutes supplies to Asia, IEA says
▼ + stars: | 2022-08-11 | by ( Harry Robertson | ) www.businessinsider.com time to read: +3 min

Russian oil production has remained much stronger than expected since the invasion of Ukraine, the IEA said Thursday. In March, the IEA said Russian production was likely to drop by as much as 3 million barrels a day from April. JPMorgan analysts said in a note to clients last month that the expected drop in Russian production "never happened." However, the European Union is phasing out imports of Russian oil and aims to cut 90% of its purchases by the end of the year. The IEA said the embargo means more than 2 million barrels a day of Russian oil and oil products will need to find a new home.

Persons: —, Vladimir Putin's, Natasha Kaneva Organizations: Service, Russia, International Energy Agency, IEA, JPMorgan, European Union Locations: Ukraine, Russia, Europe, India, China, Asia, Paris, US, Japan, Korea, Türkiye

☆ Reality will tame next Italy PM’s spending plans
▼ + stars: | 2022-08-11 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

MILAN, Aug 11 (Reuters Breakingviews) - Italy’s likely next government has some big spending plans. A coalition of rightist parties looks poised to win general elections in September, making Giorgia Meloni of the nationalist Brothers of Italy party prime minister. An alliance including Brothers of Italy, the anti-immigration League and ex-premier Silvio Berlusconi’s Forza Italia would command 49% of votes, opinion polls show, well ahead of its divided political rivals. A rightist government coalition that includes the nationalist Brothers of Italy party, the anti-immigration League and Silvio Berlusconi’s Forza Italia would command 49% of votes, according to an Aug. 9 opinion poll by pollsters Quorum and YouGov. The Brothers of Italy party, which has roots in post-war neo-fascism and is led by Giorgia Meloni, is Italy’s most popular party with support of 24%.

Persons: Mario Draghi’s, Silvio Berlusconi’s, Massimo Baldini, Meloni, Siena, jitters, Giorgia Meloni, Mario Draghi, Neil Unmack, Streisand Neto Organizations: MILAN, Reuters, Brothers, League, Silvio Berlusconi’s Forza Italia, European Commission, ITA, European Central Bank, pollsters, European Union, NATO, Thomson Locations: Union, Brothers of Italy, Ukraine, Brussels, Italy

Register now for FREE unlimited access to Reuters.com Register"It's an ogre, a monster," said Gregory Allione from the French firefighters body FNSPF said. Heatwaves, floods and crumbling glaciers in recent weeks have heightened concerns over climate change and the increasing frequency and intensity of extreme weather across the globe. CLIMATE CHANGE RISKSWith successive heatwaves baking Europe this summer, bringing record temperatures and unprecedented droughts, renewed focus has been placed on climate change risks to farming, industry and livelihoods. In Spain, electrical storms triggered new wildfires and hundreds of people were evacuated from the path of one blaze in the province of Caceres. Macron's office said extra fire-fighting aircraft were arriving from Greece and Sweden, while Germany, Austria, Romania and Poland were all deploying firefighters to help tackle wildfires in France.

Persons: Stephane Mahe, Emmanuel Macron, Gregory Allione, FNSPF, Josef Aschbacher, Aschbacher, Gaetano Russo, Russo, Serra, Macron, Firefighters, We're, we're, Jean, Louis Dartiailh, Richard Lough Organizations: REUTERS, France ESA, European Space Agency, European Union, Reuters, Estrela, Radio Classique, Thomson Locations: Hostens, Gironde, France, HOSTENS, Spain, Portugal, Europe, Britain, Russia, Ukraine, Swiss, Germany, Palermo, Sicily, England, Wales, Caceres, Greece, Sweden, Austria, Romania, Poland, Belin

☆ EU says U.S. plan for EV tax breaks discriminatory, may breach WTO rules
▼ + stars: | 2022-08-11 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, Aug 11 (Reuters) - The European Union said on Thursday it was "deeply concerned" about proposed tax credits for purchases of electric vehicles in the United States because they would be biased against foreign producers and may breach World Trade Organization (WTO) rules. Under a provision of the $430 billion climate and energy bill that was passed by the Senate on Sunday, U.S. buyers of zero-emissions electric vehicles (EVs) would be eligible for tax credits worth several thousand dollars. However, domestic content conditions would apply to the tax breaks to push the EV industry away from reliance on China and spur local investment in battery minerals and manufacturing. Garcia Ferrer told a news briefing the EU agreed with Washington that tax credits are an important incentive to drive demand for EVs and promote the transition to sustainable transport and a reduction in greenhouse gas emissions. "So we continue to urge the United States to remove these discriminatory elements from the bill and ensure that it is fully compliant with the WTO."

Persons: Miriam Garcia Ferrer, " Garcia Ferrer, Joe Biden, John Chalmers, Mark Potter Organizations: European Union, Trade Organization, Senate, Sunday, European, WTO, EVs, White House, Thomson Locations: BRUSSELS, United States, U.S, China, Washington

☆ Spain asks EMA to allow 'dose-sparing' for monkeypox vaccine
▼ + stars: | 2022-08-11 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Susana VeraMADRID, Aug 11 (Reuters) - Spain has asked the European Medicines Agency (EMA) for permission to give more people a smaller dose of monkeypox vaccine, an approach known as "dose-sparing" to distribute limited supplies as far as possible, the health ministry said. The country has the world's second-largest number of monkeypox infections outside the areas where it is endemic. Supplies of Jynneos, the only vaccine approved for the prevention of monkeypox, produced by Denmark-headquartered drugmaker Bavarian Nordic (BAVA.CO), are scarce. The dose-sparing approach has been tried with other vaccines, but evidence is limited on whether it could work for monkeypox. More than 30,000 cases and 12 deaths have been reported worldwide after the World Health Organization declared monkeypox a global health emergency on July 24.

Persons: Susana Vera MADRID, Christina Thykjaer, Andrei Khalip, Barbara Lewis Organizations: La Paz Hospital, REUTERS, European Medicines Agency, Health Ministry, Supplies, Jynneos, European Union, monkeypox, World Health Organization, Thomson Locations: Madrid, Spain, United States, Denmark, Bavarian

☆ Explainer: Britain and regulators square up over post-Brexit financial reform
▼ + stars: | 2022-08-11 | by ( Huw Jones | ) www.reuters.com time to read: +5 min

Liz Truss, the front-runner to become Britain's next prime minister, would give ministers "call-in" powers under the bill to override financial regulators such as the Bank of England, the Financial Times reported. Brexit means Britain can write its own financial rules instead of having to apply those agreed in Brussels. The bill already contains a provision allowing ministers to direct regulators to review a rule, but stopping short of an override. Solvency II are capital rules for insurers inherited from the EU and reforming them has become a test of how far Britain will use "Brexit freedoms" to set its own financial rules. Amanda Blanc, CEO of insurer Aviva, says the BoE proposals so far don't release enough capital and Britain should "get on with it".

Persons: Henry Nicholls LONDON, Liz Truss, Boris Johnson, Andrew Bailey, BoE, Amanda Blanc, Huw Jones, Sinead Cruise, David Evans Organizations: REUTERS, European Union, Bank of England, Financial Times, London, Financial Services, Financial, Authority, FCA, Industry, Aviva, Thomson Locations: London, Britain, Brussels, New York, Amsterdam, Paris, Australia, Singapore, Hong Kong

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