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Scholz set off on the one-day trip, which unusually will not include a press delegation, late on Thursday. His visit comes days after Biden's security adviser, Jake Sullivan, said that Biden only sent Abrams tanks to Ukraine because Scholz made it a pre-condition for sending German Leopards. Berlin has insisted that Biden came to see it was necessary and so the decision was consensual. "The Biden administration will use the Scholz visit to try to shift Germany’s balance in the direction of stronger pushback." Scholz and Biden would discuss ongoing support for Ukraine, the upcoming NATO summit, and cooperation on the challenges posed by China and cooperation in the Indo-Pacific, U.S. officials said.

☆ European banks, asset managers study halving stocks settlement time
▼ + stars: | 2023-03-02 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Mar 2 (Reuters) - Banks and asset managers have set up a new task-force to study whether Europe should keep up with Wall Street by halving the time it takes to settle share trades. Halving settlement in Europe would mean banks and asset managers having to reconfigure their IT systems at a cost. Last September, AFME poured cold water on an idea that would require agreement between the European Union, Britain and Switzerland to avoid fragmenting share trading. The task-force will look at whether Europe should adopt T+1 -- and if so, when -- in a bid to shape regulatory thinking. Given heavy transatlantic share trading, firms in Europe will have to make some changes to reflect the U.S. move in any case.

☆ Hungary starts process to ratify Finland, Sweden NATO bid
▼ + stars: | 2023-03-01 | by ( Gergely Szakacs | ) www.reuters.com time to read: +3 min

[1/4] A general view as the Hungarian parliament starts debating the ratification of Finland and Sweden's NATO membership in Budapest, Hungary, March 1, 2023. Sweden and Finland applied last year to join the transatlantic defence pact after Russia's invasion of Ukraine. With Hungary's ratification process stranded in parliament since July, nationalist Prime Minister Viktor Orban aired concerns about Sweden and Finland's NATO membership for the first time last Friday. "Finland and Sweden's NATO membership serves our foreign policy, security and economic interests and it also strengthens NATO." Finnish Foreign Minister Pekka Haavisto said on Tuesday Hungary intended to send a parliamentary delegation to Finland on or around March 9 to discuss the Nordic nation's bid for accession to NATO.

☆ Norse Atlantic adds new US destinations from UK's Gatwick as demand surges
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 28 (Reuters) - Norway-based airline Norse Atlantic (NORSE.OL) said it will add Los Angeles, San Francisco, Washington, D.C., and Boston to its summer schedule from London Gatwick airport this year, as it seeks to benefit from the post-pandemic boom in travel. Passenger demand for travel has surged over the last 12 months and is expected to recover to pre-pandemic levels on most routes in 2023. Norse said it would fly daily to Los Angeles from Gatwick from June 30 with economy return fares from 430 pounds including taxes. When it adds the new destinations later in the summer, it will serve more U.S. cities than any other airline flying from Gatwick, Britain's second-biggest airport. Gatwick's transatlantic connections suffered during the pandemic following the failure of Norwegian and after Virgin Atlantic stopped flying from Gatwick and focused on its operations at Britain's biggest airport, Heathrow.

☆ The US Air Force is finally getting rid of its A-10s, and its focus may be straying from the Warthog's unique mission
▼ + stars: | 2023-02-28 | by ( Constantine Atlamazoglou | ) www.businessinsider.com time to read: +8 min

Those retirements would shrink the Air Force's A-10 fleet to 260 aircraft, and Air Force leaders plan to continue decommissioning A-10s in the years ahead. Not so closeUS Air Force joint terminal attack controllers during a close air support training with an A-10 in Nevada in September 2011. Michael HolzworthCurrent and former Air Force officials have said that the F-35 would take over the A-10's mission after the Warthog left the fleet. So it will perform the mission very differently," said Kendall, who is now the Air Force's top civilian official. Those skills "are perishable," Boeding added, "and the stakes are too high to not train dedicated crews (ground and air) in purpose build close air support aircraft."

☆ A post-Erdogan Turkey could come in from the cold
▼ + stars: | 2023-02-27 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

The six-party coalition challenging the ruling AK Party plans to stamp out inflation, which official figures put at 58%. The six-party coalition should probably do this pre-emptively to gain extra economic credibility, though it seems unlikely to do so. These have soared following Putin’s invasion of Ukraine, as some Western goods now go to Russia via Turkey. Nathalie Tocci, a former special adviser to two EU foreign policy supremos, shares this view. But it is not too early to think about how to bring Turkey in from the cold if he loses.

☆ Hungary signals fresh delay in Finland, Sweden NATO approval
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +2 min

Sweden and Finland applied last year to join the transatlantic defence pact after Russia's full-scale invasion of Ukraine. But all 30 NATO members need to back the applications and Sweden has faced objections from Turkey for harbouring what Ankara considers to be members of terrorist groups. With Hungary's ratification process stranded in parliament since July, Orban aired concerns about Sweden and Finland's NATO membership for the first time on Friday. A legislative agenda published on parliament's website this week showed a final vote on the NATO bids could take place in the week of March 6. "Parliament will put this on the agenda on Monday and start debating the legislation next week," Gulyas told a news conference.

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☆ Rising tensions with Russia have NATO militaries worried about the revival of a Cold War-era submarine threat
▼ + stars: | 2023-02-16 | by ( Constantine Atlamazoglou | ) www.businessinsider.com time to read: +9 min

A top concern is that those subs could be used to attack or interfere with undersea cables and pipelines. Ander Gillenea/AFP/Getty ImagesConcern about Russia's expanding underwater capabilities and the danger they pose to critical underwater infrastructure has risen since Russia seized Crimea in 2014. Since then, Russian submarines have deployed more often and for longer and their activity close to critical undersea infrastructure has increased. Recent Russian submarine activity does suggest an increasing focus on being able to get into the Atlantic and closer to the US East Coast. At a Senate hearing in February 2020, the head of US European Command was asked if US forces have "sufficient visibility" on Russian submarines in the Atlantic.

☆ The most dangerous cruise routes, ports, and destinations are in parts of the world where conditions are unpredictable — and help is nowhere nearby, travel analysts say
▼ + stars: | 2023-02-16 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +10 min

But some cruise destinations and routes are prone to dangerous conditions and risky activity. These are some of the most dangerous cruise locations around the world. AntarcticaThe world's southernmost continent is among the most beautiful — and dangerous — cruise destinations, according to Chiron and Klein. Cruise passengers during a lifeboat drill in the Northwest Passage near Nunavut, Canada. National Park Service via APCruise lines avoid dangerous portsWhile rough seas and high winds can make ocean travel dangerous, uncertainties on land pose their own risks for visitors.

[1/2] U.S. Vice President Kamala Harris is welcomed at Munich's airport by Bavarian state premier Markus Soeder before heading to the venue of this year's Security Conference in Munich, Germany, February 16, 2023. German Chancellor Olaf Scholz, French President Emmanuel Macron and U.S. Vice President Kamala Harris are among many top officials attending the Munich Security Conference, a major annual global gathering focused on defence and diplomacy. As Russian troops massed on Ukraine's borders, Western leaders in Munich urged President Vladimir Putin not to invade and warned of dire consequences if he did so. Delegates will also discuss the far-reaching global impact of the war, on issues ranging from energy supply to food prices. This year, Russian leaders will be notable by their absence.

The British lender reported a pretax profit for 2022 of 7 billion pounds ($8.5 billion), down from 8.2 billion pounds the year before and just below the 7.2 billion pounds average analyst forecast, as compiled by the bank. Profits before tax in that division also tumbled by 23% to around 5 billion pounds. In its annual report also published on Wednesday, Barclays said it had docked top executives' pay by a combined 1 million pounds to reflect the regulatory misteps. Barclays' results were further marred by 1.2 billion pounds in credit impairment charges as Britain's economy continued to slow. ($1 = 0.8239 pounds)Reporting By Lawrence White and Iain Withers, editing by Sinead CruiseOur Standards: The Thomson Reuters Trust Principles.

☆ EU leaders agree targeted, temporary support for green industry
▼ + stars: | 2023-02-10 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +2 min

BRUSSELS, Feb 10 (Reuters) - European Union leaders agreed on Friday they should allow "targeted, temporary and proportionate" support to ensure Europe's future as a manufacturing base for green tech products and counter U.S. and Chinese competition. The European Commission has proposed loosening rules on state aid for investments in renewable energy, decarbonising industry, hydrogen or zero-emission vehicles, partly in response to the U.S. Inflation Reduction Act (IRA). EU leaders have expressed concern that local content requirements of much of the $369 billion of subsidies in the IRA have will encourage companies to abandon Europe for the United States. The International Energy Agency estimates the global market for mass-produced clean energy technologies will triple to $650 billion a year by 2030. Commission President Ursula von der Leyen said they would be presented before the next time EU leaders meet on March 22-23.

☆ Hydrogen is elemental to U.S.-EU green compromise
▼ + stars: | 2023-02-10 | by ( Rebecca Christie | ) www.reuters.com time to read: +4 min

BRUSSELS, Feb 10 (Reuters Breakingviews) - Heated trade tensions could cool if the United States and the European Union make concessions on hydrogen. Right now, 99% of the near 100 million tonnes of annual commercial hydrogen output comes from old-fashioned fossil fuel energy sources. By 2030, the International Energy Agency envisages over 175 million tonnes of global production, with 35% coming from green hydrogen. Both Europe and the United States understand the role green hydrogen can play in decarbonising tricky areas like heavy industry and steelmaking. Yet Europe needs to import the same amount again as the 10 million tonnes it aims to produce domestically by 2030.

The fragile state of the American economy and the euro zone’s surprise resilience could leave the European Central Bank as the lone hawk among major rate-setting institutions. Investors can benefit from the split by favouring the euro and European equities. Yields on 10-year U.S government bonds have dropped by 17 basis points to 3.62%, while equivalent German sovereign debt yields 2.29% – 15 basis points less than at the start of the year. By November it could be down to 150 basis points. On Feb. 2 the European Central Bank increased its key rate by 50 basis points to 2.5%, its fifth successive hike.

☆ When a weather balloon went rogue almost 25 years ago, fighter jets fired 1,000 rounds at it and couldn't bring it down
▼ + stars: | 2023-02-03 | by ( Chris Panella | ) www.businessinsider.com time to read: +4 min

About 25 years ago, a rogue weather balloon wouldn't come down after over 1,000 rounds were fired at it. Balloons, like the suspected Chinese "spy balloon" over the US, don't always pop or explode when shot. Two Royal Canadian Air Force CF-18 fighter aircraft spotted the balloon over Newfoundland and fired more than 1,000 rounds at it. The balloon, BBC reported, also survived encounters with British and American aircraft. According to BBC reports from the time of the incident, the 300-ft helium balloon prompted air traffic controllers to divert and delay transatlantic flights.

☆ Big Oil mega-deals would put investors on the spot
▼ + stars: | 2023-02-02 | by ( George Hay | ) www.reuters.com time to read: +5 min

So are Shell (SHEL.L), BP (BP.L) and TotalEnergies (TTEF.PA), but investors value U.S. oil majors way higher than European ones. $473 billion Exxon and $331 billion Chevron trade at 6 times expected EBITDA for 2023, twice the average of $210 billion Shell, $154 billion Total and $109 billion BP. One reason why is that as oil prices have soared, American drillers look more attractive than European ones that are also pressing into potentially lower-return renewable energy. Imagine Chevron or Exxon acquired BP for $170 billion, factoring in a 30% premium to its market capitalisation, plus debt. Any cross-border deal would see Chevron’s Mike Wirth or Exxon’s Darren Woods take a big bet on continuing high oil prices, and also attract political heat.

☆ Explainer: Why the U.S. Inflation Reduction Act has rattled Europe
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +4 min

BRUSSELS, Feb 1 (Reuters) - The European Commission presented its Green Deal Industrial Plan on Wednesday in response to the U.S. Inflation Reduction Act (IRA), with increased levels of state aid to help Europe compete as a manufacturing hub for clean tech products. The Treasury is set to provide guidelines in March for electric vehicles bought by consumers, but there appears less room for manoeuvre. The European Commission and the White House have set up a high-level task force to discuss the issue. France has led calls for Europe to respond with state support of its own for European companies, including through a "buy European act" and large-scale subsidies. Longer term, the European Commission says it will propose a European Sovereignty Fund, but it is unclear how it will operate and how it will be funded.

BERLIN/FRANKFURT, Feb 1 (Reuters) - U.S. chipmaker Wolfspeed (WOLF.N) will build a $3-billion chip plant and a research and development centre in Germany, it said on Wednesday, expecting to start construction within months provided it receives subsidy approval from the European Union. Automotive supplier ZF (ZFF.UL) will invest $185 million for a stake in the chip fab and will take a majority stake in the research centre, the companies said. Wolfspeed expects to receive 20% of the investment amount in subsidies, Chief Executive Gregg Lowe told German newspaper Handelsblatt. Volkswagen, Europe's top carmaker, earlier this month warned that the chip squeeze meant 2023 would remain volatile and challenging, but expected supplies to improve. The company announced in September a new plant in the United States due for completion in 2030.

☆ 'Farewell to a wonderful beast': Branson's homage to Boeing 747
▼ + stars: | 2023-02-01 | by ( Tim Hepher | ) www.reuters.com time to read: +2 min

[1/4] A rocket containing a payload of small satellites sits under the wing of "Cosmic Girl", a converted Boeing 747, at Cornwall Spaceport in Newquay, Britain, January 3, 2023 ahead of the first orbital launch from western Europe being planned by Virgin Orbit. REUTERS/Tim HepherPARIS, Jan 31 (Reuters) - British billionaire entrepreneur Richard Branson, who was inspired to start an airline with a single Boeing 747 after getting stuck on a delayed flight, paid tribute to the Queen of the Skies on Tuesday as Boeing delivered its final jumbo jet. "It gave America and Boeing the leadership role in aviation," said Branson, the son of a flight attendant who founded Virgin Atlantic in 1984 after cold-calling Boeing as a successful record publisher to ask about a second-hand 747. Branson's latest aerospace venture, Virgin Orbit, aims to launch satellites from a rocket released from under the wing of a 747 dubbed Cosmic Girl, formerly part of the same airline. "So farewell to a wonderful beast."

☆ Europe unveils $270 billion response to US green subsidies
▼ + stars: | 2023-02-01 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Stung by the Biden administration’s huge green subsidy program, the European Union unveiled plans for its own “Green Deal” Wednesday to cut red tape and deliver tax breaks. The proposals, which will be debated by EU leaders next week, would make €250 billion ($272 billion) available from existing EU funds for the greening of industry, including offering tax breaks to businesses investing in net-zero technologies. EU leaders are worried that tax breaks for American companies, which amount to $270 billion, will disadvantage European firms and lure them to the United States. In a document detailing its new green industry plan, the European Commission also fingered China, saying it has provided green subsidies at a level twice as high as those in the European Union, relative to GDP. “Europe and its partners must do more to combat the effect of such unfair subsidies and prolonged market distortion,” it added.

☆ Ryanair is making record profits as booming demand sends airfares soaring
▼ + stars: | 2023-01-30 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

The low-cost European carrier told customers in an earnings statement on Monday to “book early” before cheaper tickets sell out. It reported record profit for the three months to December 31, increasing airfares by 14% compared to their pre-pandemic level. Passenger numbers for the quarter through December climbed to a record 38.4 million. Fares for the quarter were higher than in 2019 “because of a very strong Christmas and New Year period,” according to O’Leary. It expects that number to grow to 185 million passengers over the 12 months to March 2024.

☆ A decade of quiet preparations helped Ukraine turn the tables on Russia's bigger, better-armed military, experts say
▼ + stars: | 2023-01-29 | by ( Constantine Atlamazoglou | ) www.businessinsider.com time to read: +10 min

Following Russia's 2014 attack, Ukraine's military set out to improve and modernize its forces. In the years that followed, Ukraine's military underwent a period of preparation that helped it blunt the full-scale invasion that Russia launched in February 2022. Training for artillery troops was also intensified. However, Russia's tanks still outnumbered Ukraine's nearly four to one when the invasion started. Prior to 2022, Ukraine's military had struggled to retain troops, but high turnover during those years meant Ukraine had a large pool of civilians with military training.

☆ For the 2nd year in a row, Iran is sailing its biggest warship around the world to show off its growing navy
▼ + stars: | 2023-01-27 | by ( Constantine Atlamazoglou | ) www.businessinsider.com time to read: +7 min

Iranian warships left Iran in September on what one official said was a journey around the world. Visiting far off landsIranian navy Makran near the Strait of Hormuz in May 2021. They have repeatedly seized Iranian arms shipments bound for Yemen and have often had tense encounters with Iranian warships. Iran has also started an indigenous shipbuilding program to grow its navy, which is designed to defend the Persian Gulf. "Yet the focus of Iran will continue to be the Persian Gulf, the Gulf of Oman, and the Indian ocean.

☆ As fighting rages in Ukraine, the US is sending drones to keep an eye on another tense corner of Europe
▼ + stars: | 2023-01-25 | by ( Constantine Atlamazoglou | ) www.businessinsider.com time to read: +7 min

US Air Force MQ-9 Reaper drones deployed to Greece during the final weeks of 2022. Operating from Larissa air base, the drones will keep an eye NATO's borders in southeastern Europe. The deployment comes as NATO grapples with the war in Ukraine and with tensions between Turkey and Greece. Predator in the skiesUS Air Force airmen do pre-flight checks on an MQ-9 at Andersen Air Force Base in Guam in May. A US Air Force F-15C at Larissa Air Base in May 2021.

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