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☆ 'Heated' and 'really ugly': Europe fails to thrash out details on gas price cap as talks turn sour
▼ + stars: | 2022-11-25 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

EU energy ministers fail to agree on a cap for natural gas prices. BRUSSELS — European energy ministers failed to reach a compromise over a cap on natural gas prices after "heated," "ugly" and "tough" discussions. However, the divergences are so acute in Brussels that energy ministers have not managed to find a compromise and instead have convened a new emergency meeting for mid-December. The same official said the conversations were "very tough" because of a "fake price cap." The cap would also only kick in when prices are 58 euros ($60.46) higher than a global LNG (liquefied natural gas) reference price for 10 consecutive trading days within a two-week period.

☆ Europe's gas price cap leaves some nations dismayed, saying it's far too high
▼ + stars: | 2022-11-23 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Several EU member states are not happy with the bloc's proposed cap on natural gas prices — at 275 euros per megawatt hour — which aims to prevent sky-high costs for consumers. Introducing a cap on gas prices has been one of the more controversial measures for Europe amid an acute energy crisis following Russia's invasion of Ukraine. "So [a] price cap at 275 euro is not a price cap, nobody can, can stand buying gas at this expensive price for a long time. We surely believe that the price cap below 200 euro, between 150 and 200 euro would be more realistic," he added. EU energy ministers are due to meet Thursday to debate the price cap proposal.

[1/3] FILEPHOTO: Executive Chairman of the Walt Disney Company, Bob Iger arrives at the world premiere for the film 'The King's Man' at Leicester Square in London, Britain December 6, 2021. In his 15 years as Disney chief executive, Iger postponed his retirement four times, sidelining would-be successors. read more Part of his mandate, according to Disney, is to work with the board to develop a successor to lead the company. Chapek was among a shortlist of internal candidates vying for Iger's job, according to a source familiar with discussions. Another seen as a top contender was Kevin Mayer, Disney's longtime head of strategic planning who had shepherded the successful launch of Disney+, according to sources.

☆ Inside Bob Iger's return to Disney: A senior executive's outreach to the former chief followed months of complaints to the board about CEO Bob Chapek
▼ + stars: | 2022-11-21 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +6 min

Bob Iger is returning to Disney as CEO, ending the rocky tenure of his successor, Bob Chapek. This person said the board realized its chief executive simply wasn't up to the job after the high-level company executives shared their frustrations. "Bob Iger is one of the top executives of the last decade. Daniel and a handful of other top executives are expected to find out their fate in the next 24 hours, said the senior Disney Insider. "I'm really happy pleased that Bob Iger has accepted this has decided to come back at a critical time for the company," the senior Disney insider said.

☆ Elon Musk's idea for paid Twitter verification is 'completely flawed,' EU competition chief says
▼ + stars: | 2022-11-16 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

BRUSSELS — Elon Musk's idea for a subscription model to pay for Twitter's sought-after blue check is "completely flawed," Europe's competition chief told CNBC Wednesday. "If you have imposter accounts, of course, I think your business model is fundamentally flawed," Margrethe Vestager, executive vice president of the European Commission, told CNBC at an event in Brussels, Belgium. I think that business model simply is completely flawed," she added. New Twitter CEO and sole director Elon Musk said Tuesday that the service would be relaunched on Nov. 29. Vestager, herself, said she remembers when she obtained the blue check mark.

☆ Euro zone predicted to have a deep recession and a difficult, slow recovery
▼ + stars: | 2022-11-16 | by ( Silvia Amaro | ) www.cnbc.com time to read: +4 min

The euro zone economy is heading towards a recession, according to several economists. Daniel Roland | Afp | Getty ImagesThe euro zone is expected to plunge into recession in the coming months with economists warning "it will not be shallow." The 19-member zone that shares the euro currency has been under significant pressure since Russia's unprovoked invasion of Ukraine in February. Speaking earlier this month, ECB President Christine Lagarde highlighted that "the risk of recession has increased." Gas storageEven if the euro zone emerges out of recession in the first quarter of next year, economists say the subsequent months will still be hard.

☆ G-20 nations to condemn Russia's Ukraine invasion as Foreign Minister Lavrov watches on
▼ + stars: | 2022-11-15 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

NUSA DUA, INDONESIA - NOVEMBER 15: Minister of Foreign Affairs of the Russian Federation Sergey Lavrov arrives at the formal welcome ceremony to mark the beginning of the G20 Summit on November 15, 2022 in Nusa Dua, Indonesia. (Photo by Leon Neal/Getty Images,)G-20 nations on Tuesday will issue a joint statement condemning Russia's invasion of Ukraine, saying "today's era must not be of war." The communique has been agreed upon by the highest public servants of all the G-20 nations and is expected to be approved by the heads of state later on Tuesday. At the time of writing, it was unclear whether China was among the nations condemning Russia's war in Ukraine. The joint statement Tuesday also said "the peaceful resolution of conflicts, efforts to address crises, as well as diplomacy and dialogue, are vital.

☆ Colombia's Petro: Ending war on drugs could bring peace to country in matter of months
▼ + stars: | 2022-11-14 | by ( Silvia Amaro | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailColombia's Petro: Ending war on drugs could bring peace to country in matter of monthsColombian President Gustavo Petro at the Paris Peace Forum discusses the United States' role in democratic elections in Venezuela as well as the policy failures of the war on drugs.

☆ Peak inflation in Europe 'is almost within reach,' European Central Bank member says
▼ + stars: | 2022-11-10 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Peak inflation "is almost within reach" in the euro zone, a European Central Bank Governing Council member told CNBC Thursday. These numbers have, however, moved rapidly higher with headline inflation hitting a historic high of 10.7% last month. He cautioned, however, that there are a lot of uncertainties and that the central bank remains data dependent. The European Central Bank is publishing new economic forecasts in mid-December when it gathers for another rate decision. Back in September, the central bank forecast an annual inflation rate of 8.1% this year and of 5.5% for 2023.

☆ Europe shows a united front against Biden's Inflation Reduction Act, says it threatens industry
▼ + stars: | 2022-11-09 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

The sweeping U.S. legislation, which was approved by U.S. lawmakers in August and includes a record $369 billion in spending on climate and energy policies, was discussed by the 27 EU finance ministers on Tuesday. The same official added that "there is a political consensus (among the 27 ministers) that this plan threatens the European industry." The EU has listed at least nine points in the U.S. Inflation Reduction Act that could be in breach of international trade rules. We don't want to see any kind of decision that could harm this level playing field. "The level playing field is at the core of the trade relationship between the two continents and we don't want to see any kind of decision that could harm this level playing field," he said.

☆ We are concerned about the consequences of the Inflation Reduction Act: Christian Lindner
▼ + stars: | 2022-11-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe are concerned about the consequences of the Inflation Reduction Act: Christian Lindner"We are concerned about the consequences due to the Inflation Reduction Act," Christian Lindner, the German finance minister, told CNBC's Silvia Amaro, saying, "our common approach should be that value partners should stay preferred trade partners," he said.

☆ Debt rules in Europe are changing. And that could have big repercussions in the bond markets
▼ + stars: | 2022-11-04 | by ( Silvia Amaro | ) www.cnbc.com time to read: +6 min

The euro zone is to discuss changing its fiscal rules - a task that could have market repercussions. Bloomberg | Bloomberg | Getty ImagesThe euro zone will soon reveal changes to its fiscal rules — a move that could have significant repercussions for government borrowing costs and the region's bond markets. At the same time, Germany and the Netherlands would blame the European Commission for not enforcing the rules with fines. "Interest burden on large public debt to GDP ratios is set to increase significantly in the years ahead. This means that in a optimal scenario, the fiscal rules will be changed from 2024 onward.

☆ Goldman Sachs expects European natural gas prices to tumble 30% in the coming months
▼ + stars: | 2022-11-02 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

European gas prices are expected to drop to 85 euros megawatt hour in the coming months, said Goldman SachsGoldman Sachs predicts that European natural gas prices would drop by about 30% in the coming months as nations gain a temporary upper hand on supply issues. The Dutch Title Transfer Facility (TTF) is Europe's main benchmark for natural gas prices. It traded at around 120 euros per megawatt hour on Tuesday. But Goldman Sachs expects this benchmark to fall to 85 euros per megawatt hour in the first quarter of 2023, according to a research note published last week. Indeed, the latest data compiled by industry group Gas Infrastructure Europe shows storage levels in Europe are sitting at 94%.

☆ Euro zone inflation hits record high of 10.7% as growth slows sharply
▼ + stars: | 2022-10-31 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

Inflation in the euro zone remains extremely high. Euro zone inflation rose above the 10% level in the month of October, highlighting the severity of the cost-of-living crisis in the region and adding more pressure on the European Central Bank. Preliminary data on Monday from Europe's statistics office showed headline inflation came in at an annual 10.7% last month. Speaking at a subsequent press conference, ECB President Christine Lagarde said the likelihood of a recession in the euro zone had intensified. The currency has been weaker against the greenback and that's also something the ECB has been concerned about with concerns that this will push up inflation in the euro zone even further.

The Dutch Title Transfer Facility (TTF) is Europe's main benchmark for natural gas prices. In addition, intraday European gas prices even went negative at the start of the week — meaning that holders of natural gas paid buyers to take the cargo off their hands. Nikoline Bromander, analyst at consultancy Rystad Energy, said high output from wind power and political agreement within the EU on cooperative measures to reduce gas prices and consumption have contributed to lowering gas prices. Before Russia's invasion of Ukraine, the EU was obtaining about 40% of all its natural gas from Moscow. Several experts have warned that Europe's high storage levels were to a large extent achieved with Russian gas.

☆ ECB hikes rates by 75 basis points and scales back support for European banks
▼ + stars: | 2022-10-27 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

The European Central Bank announced Thursday a 75-basis-point interest rate hike — its third consecutive increase this year — while also scaling back support for European banks. These are a tool that provides European banks with attractive borrowing conditions, designed to incentivize lending to the real economy. However, because the ECB has been increasing rates faster than expected in the face of soaring inflation, European lenders are benefiting from both TLTROs and higher interest rates. This will see the cost of lending for banks rise significantly under the scheme. Further details on the new conditions for European banks will be published at 2:45 p.m. London time.

☆ France and Germany's relationship questioned as Scholz goes alone on policy
▼ + stars: | 2022-10-26 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

Officials have denied problems in the Franco-German relationship, but Chancellor Scholz's focus on domestic politics is upsetting some lawmakers in Europe. Fresh tensions between France and Germany are challenging their relationship at a time when their unity is critical for broader European policy in tackling the energy crisis. The leaders of the two nations will meet in Paris on Wednesday, but this encounter almost got canceled. He added that the action of German Chancellor Olaf Scholz is "creating the deepest divides within the Union." France and Germany are the two largest economies in the European Union and two of the founding nations of this political grouping.

☆ Deutsche Bank logs ninth straight quarter of profit with big earnings beat
▼ + stars: | 2022-10-26 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

In this article .BBKA Follow your favorite stocks CREATE FREE ACCOUNTwatch nowDeutsche Bank on Wednesday crushed market expectations for the third quarter, amid higher interest rates and turbulent market trading. The bank reported a net income of 1.115 billion euros ($1.11 billion) for the quarter. Here are other highlights for the quarter: Revenues rose 15% from a year ago, and hit 6.92 billion euros. As a result, additional contingent risk fell to 0.2 billion euros, from the 0.6 billion euros at the end of the second quarter. Higher interest rates for longer?

☆ Markets look for answers from the European Central Bank as it preps for a jumbo rate hike
▼ + stars: | 2022-10-26 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

While the European Central Bank is largely expected to announce another rate hike Thursday, market players are seemingly more concentrated on two other policy tools as the region edges toward a recession. The central bank has been contemplating inflation being at record highs but an economy that is slowing, with many economists predicting a recession before the end of the year. Amid this context, the ECB is widely seen raising rates by 75 basis points later this week. This would be the second consecutive jumbo hike and the third increase this year. Given the inflationary pressures — the September inflation rate came in at 10% — analysts are pricing in at least another 50 basis point hike in December.

☆ Swiss bank UBS posts 24% profit slide but beats analyst expectations
▼ + stars: | 2022-10-25 | by ( Silvia Amaro | ) www.cnbc.com time to read: 1 min

UBS on Tuesday reported a net income of $1.7 billion for the third quarter of this year, slightly above analyst expectations, with the Swiss bank citing a challenging environment. Analysts had expected a net profit of $1.64 billion, according to Refinitiv data. UBS had reported a net income of $2.3 billion a year ago. The Swiss lender had missed expectations in the last quarter when it posted a net profit of $2.108 billion. Shares of UBS are down about 8% so far this year.

☆ Fears of a severe recession deepen as European business activity slows on surging energy costs
▼ + stars: | 2022-10-24 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Business sentiment in the euro area dropped once again ahead of an ECB meeting where President Christine Lagarde is expected to raise rates again. European business activity took another hit in the month of October, reporting the steepest output loss since April 2013 excluding pandemic lockdowns. Firms have been under pressure due to higher inflation, particularly coming from energy costs and wage pressures. Manufacturing activity led the losses, but services output also dropped for a third consecutive month. In terms of national breakdown, business activity in Germany came in at 44.1, versus 45.7 in the previous month.

☆ EU leaders give political backing to gas price cap — but details yet to be hammered out
▼ + stars: | 2022-10-21 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

BRUSSELS — The European Union on Friday moved one step closer to establishing a cap on gas prices after several months of discussions, with Germany now conceding that the idea "makes sense." The EU has been battling against an unprecedented energy shock stemming from Russia's invasion of Ukraine. However, action thus far to curb gas prices has come mostly from national governments rather than at the EU-wide level. One of the biggest stumbling blocks had been over whether to impose a cap on gas prices, with Germany and a few others wary of potential market repercussions from this policy. Before their gathering started, expectations to see the 27 leaders coming together on a price cap were very low.

☆ EU leaders support a cap on gas prices but details have yet to be worked out
▼ + stars: | 2022-10-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEU leaders support a cap on gas prices but details have yet to be worked outCNBC's Silvia Amaro reports from Brussels on how the EU is a step closer to establishing a cap on gas prices.

☆ EU could impose sanctions on Iran in a few days over alleged drone supplies to Russia, sources say
▼ + stars: | 2022-10-18 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Ukraine has blamed Iran for providing Russia with drones, which have been used to attack Kyiv in recent days. The European Union could impose new sanctions on Iran "in a matter of days" following further investigations into whether it helped Russia in its war in Ukraine, two sources told CNBC Tuesday. Ukraine has blamed Tehran for providing Russia with drones, which have been used to attack Kyiv in recent days. According to the Kyiv City State Administration, 28 drones have been used to attack the Ukrainian capital, with five of them contributing to explosions in the city on Monday. The U.S. has also said that Iranian drones were used in attacks in Kyiv on that same day.

☆ The EU wants to limit spiking gas prices after 'excessive' moves this summer
▼ + stars: | 2022-10-18 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

The EU is working on new measures to mitigate gas prices. The European Commission, the executive arm of the EU, proposed Tuesday setting a limit on daily gas trading levels. European natural gas prices were trading around 120 euros per megawatt hour Tuesday. A second EU official also told reporters that the commission wants to do "something meaningful, but not harmful" to the market. The EU used to import about 40% of its natural gas from Russia; that number is now at around 7%.

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