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☆ Europe's relationship with China reaches critical juncture after Xi-Putin meeting
▼ + stars: | 2023-04-05 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

European officials are traveling to China in the hope of persuading Beijing to denounce Russia's invasion of Ukraine and cool its recent kinship with the Kremlin. The 27-member bloc walks a tightrope, looking to develop economic ties with China but also reaffirming a close political and cultural relationship with the United States. Spain's Prime Minister Pedro Sanchez met China's President Xi Jinping last week. Europe's top foreign affairs diplomat, Josep Borrell, is heading to China next week. In a visit to Moscow in March, China's leader Xi Jinping referred to his Russian counterpart as a dear friend.

☆ Companies Get Another Year for Some International Sustainability Disclosures
▼ + stars: | 2023-04-04 | by ( Dieter Holger | ) www.wsj.com time to read: +4 min

The International Sustainability Standards Board voted Tuesday to give companies an extra year to disclose sustainability metrics unrelated to climate issues to investors under its soon-to-be-finalized standards. The ISSB is part of the International Financial Reporting Standards Foundation, whose accounting rules are followed in more than 140 countries. The February vote also would have had companies disclose non-climate sustainability metrics as soon as 2025. ISSB staff recommended the one-year delay after companies said reporting all sustainability information at once would be too burdensome. Some ISSB members on Tuesday said a delay would give companies more time to prepare better disclosures and understand investor expectations.

Macron last visited China in 2019 while it will be von der Leyen's first trip since becoming European Commission president that year. However, some analysts said ostentatious deal-signing would appear opportunistic at a time of heightened frictions between the United States and China. "Both (Macron and von der Leyen) have not only business in mind but also Ukraine," said Joerg Wuttke, president of the EU Chamber of Commerce in China. Macron and von der Leyen are expected to echo the message that Xi should also talk to Ukrainian President Volodymyr Zelenskiy. China and EU decoupling will only serve U.S. interests, but make both China and Europe suffer," it said.

☆ Morning Bid: Markets brush off OPEC as factories stall
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +5 min

A look at the day ahead in U.S. and global markets from Mike DolanRelatively calm world markets have brushed off OPEC's latest twist and focussed more squarely on stalled global manufacturing and edgy U.S.-China relations. Crude oil prices held much of Monday's pop higher on the surprise weekend production cut by the Organization of Petroleum Exporting Countries. But Brent crude remains below levels seen just before the Silicon Valley Bank bust last month and is still tracking year-on-year declines of 20%. Strikingly, both short and long-term inflation expectations embedded in the Treasury markets , have barely budged since the OPEC news. McCarthy, the third-most-senior U.S. leader after the president and vice president, is due to host a meeting in California on Wednesday with Tsai.

☆ Factbox: Economic reliance on China that EU wants to 'rebalance'
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +3 min

[1/2] European Commission President Ursula von der Leyen leaves after an EU summit at the European Council building in Brussels, Belgium March 24, 2023. Von der Leyen said the bloc could not decouple from China, but needed to reduce risk and "rebalance" economic ties. China is the EU's third largest outside market for its cars, and some 15% of EU car exports head there. Chinese EV exports to the bloc shot up to 6.9 billion euros in 2022 from less than 800 million euros in 2020. CLEAN TECHThe EU imports 80% of its solar panels from China, importing 21 billion euros worth in 2022.

LOS ANGELES, April 4 (Reuters) - China, Taiwan, and the United States all share a common interest in ensuring this week's California stopover by Taiwan's president gets the focus each thinks it deserves, but without setting off a new crisis. It is sure to elicit a forceful reaction from Beijing, which considers Taiwan part of its territory. McCarthy, as House speaker, is third in line to the U.S. leadership and he has said publicly that he does not rule out a future visit to Taiwan. Xu Xueyuan, charge d'affaires at China's Washington embassy, said last week that McCarthy meeting Tsai "could lead to another serious confrontation in the China-U.S. With an eye the Taiwan election, China invited former Taiwanese President Ma Ying-jeou of the KMT party for a visit coinciding with Tsai's U.S. stopovers.

☆ Philippine leader cheers EC move as job losses for 50,000 seafarers averted
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +1 min

MANILA, April 2 (Reuters) - Philippine President Ferdinand Marcos Jr on Sunday welcomed the European Commission's (EC) decision to continue recognising certificates issued by his country for Filipino seafarers, saying it averted job losses for roughly 50,000 sailors. The EC had warned in 2021 it would withdraw its recognition of Filipino seafarers' certificates unless serious measures were taken, including compliance with the International Convention on Standards of Training, Certification and Watchkeeping for seafarers. Marcos had met with EC President Ursula von der Leyen in December, when he attended the ASEAN-EU summit in Brussels, to discuss the 15-year-old issue involving Filipino seafarers. The EC said it intends to provide the Philippines with technical assistance to further improve its education, training and certification system for seafarers. Reporting by Enrico Dela Cruz; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

"It's a very prestigious thing to host the first visit abroad of the King of England, it doesn't happen every day. "Our message will be clear: There may be a temptation to get closer to Russia, but do not cross that line," a senior French diplomat said. They need a good relationship with Europe so will not want to play on Macron's internal problems," another French diplomat said. Analysts say China's deteriorating relationship with the U.S. gives Europe a bit more leverage, with the EU's vast single market becoming more crucial for China. Reporting by Michel Rose, John Irish in Paris and Laurie Chen in Beijing; Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

☆ EU's von der Leyen is in the running to be new NATO head -The Sun
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

March 31 (Reuters) - European Commission President Ursula von der Leyen is in the running to be the new head of NATO, The Sun newspaper reported on Friday, citing a diplomatic source. A number of NATO member states have suggested von der Leyen would take over the alliance this October, the report said. The Sun report, citing UK sources, also said Britain would likely veto von der Leyen, who was the former German defense minister, citing her poor track record in charge of Germany's Armed Forces. German newspaper Welt am Sonntag has reported that Spain's Prime Minister Pedro Sanchez and Britain's Defence Secretary Ben Wallace were among the leading candidates to succeed Stoltenberg. Reporting by Maria Ponnezhath in Bengaluru Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ In Beijing, Spanish PM urges Xi to speak with Ukraine's Zelenskiy
▼ + stars: | 2023-03-31 | by ( Eduardo Baptista | ) www.reuters.com time to read: +4 min

Sanchez told a news conference in Beijing he had informed Xi, who visited Moscow on March 20-21, that Spain supported the proposals made by Ukrainian President Volodymyr Zelenskiy. They include a demand to restore Ukraine's territory to the status quo before Russia's 2014 annexation of Crimea. "I transmitted our concern over the illegal invasion of Ukraine," Sanchez said, adding that he "encouraged Xi to talk to President Zelenskiy". Last month, Beijing put forward its own 12-point peace plan and called for a comprehensive ceasefire in the conflict. Sanchez urged China to seek a more balanced economic relationship with Spain and called for greater transparency.

☆ China Wants to Be at Center of New World Order, Top EU Official Says
▼ + stars: | 2023-03-30 | by ( Laurence Norman | Kim Mackrael | ) www.wsj.com time to read: 1 min

European Commission President Ursula von der Leyen says Beijing’s actions over the war in Ukraine will be a determining factor for EU-China ties. BRUSSELS—China is seeking a new international order with Beijing as the dominant player, and the European Union must be more assertive in defending its security and economic interests, including possible EU-wide controls on outbound investment, the bloc’s top official said Thursday. In a speech Thursday ahead of her trip to China alongside French President Emmanuel Macron , set to take place next week, European Commission President Ursula von der Leyen said the EU must continue engaging with Beijing but needs a strategy for “de-risking” its relationship and dependencies on China.

☆ EU must cut risks in ties with 'hardening' China - EU chief
▼ + stars: | 2023-03-30 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +3 min

Given China's economic size and global influence, the European Union's management of this relationship would be a determining factor for EU economic prosperity and security, she said. "How China continues to interact with Putin's war will be a determining factor for EU-China relations going forward," von der Leyen said in a speech in Brussels. Von der Leyen said it was not viable to decouple from China, but it was vital to focus on reducing the risks posed to Europe. The EU, von der Leyen said, already had a range of measures to counter economic distortions and protect its security interests, but the bloc should also look at the high-tech it shared with a changing China. Since 2019, the European Union has officially regarded China as a partner, economic competitor and systemic rival.

☆ How Ukraine's closest allies turned the tide on sending advanced tanks, and could do the same for military jets
▼ + stars: | 2023-03-28 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +10 min

Their success, an expert told Insider, shows how Europe's balance of power has shifted eastwards since Russia's invasion in February 2022. Sergei Grits/APEstonian Foreign Minister Urmas Reinsalu told Insider that Ukraine's allies had been "too slow" when deciding to send weapons to Ukraine. AP Photo/Martin Meissner, FileReinsalu, Estonia's foreign minister, told Insider that he had repeatedly engaged with his German counterpart about the decision. Kallas and Šimonytė, the two prime ministers, both told Insider that they support Ukraine getting military jets. "Ordinarily, on less critical matters, peer pressure happens but the public sees very little of it or none of it," he told Insider.

China currently dominates the supply chain for many of the entries on Europe's list of "strategic" metals. By which time not more than 65% of any strategic metal's consumption will be able to come from a single third country. Europe has no strategic metal inventory, unlike the United States, China and South Korea. Given such a humble starting point, it seems unlikely EU strategic metal reserves are going to come any time soon, if they come at all. What started as a response to China's dominance of critical metals supply has been accelerated by Russia's invasion of Ukraine.

☆ EU's EIB to break 4-year Turkey lending ban with earthquake aid
▼ + stars: | 2023-03-20 | by ( Marc Jones | ) www.reuters.com time to read: +2 min

LONDON, March 20 (Reuters) - The European Union's lending arm, the European Investment Bank, is to provide 500 million euros ($540 mln) for Turkey's post-earthquake rebuilding efforts, suspending an almost-total ban on financing for Turkey. The EIB stopped virtually all lending in Turkey after a row over oil and gas drilling off Cyprus nearly four years ago. But the severity of last month's quake, which killed nearly 56,000 people in Turkey and neighbouring Syria, has prompted it to make an exception. Turkey is set to hold pivotal presidential and parliamentary elections on May 14 and EU members are wary of a resumption of EIB lending being seen as an indirect backing of incumbent president Tayyip Erdogan's re-election campaign. The EIB lent around 2 billion euros a year in Turkey between 2009 and 2016 before the concerns about Ankara's domestic crackdown first saw the bank scale back its lending in the country.

☆ Biden’s ‘Go It Alone’ Trade Deals Draw Warnings From Congress
▼ + stars: | 2023-03-19 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

European Commission President Ursula von der Leyen and President Biden met in March to negotiate a new free-trade deal on minerals. WASHINGTON—The Biden administration is accelerating its efforts to pursue trade agreements that bypass Congress as it seeks to counter China, but the moves have sparked a fight with lawmakers that threatens to upend the president’s trade strategy at a critical point of rising global competition. Tensions have boiled over in recent days amid the administration’s push to forge a free-trade deal on critical minerals to resolve a dispute with the European Union over electric-vehicle subsidies, the latest in a string of such pacts that skirt congressional approval.

☆ In show of unity, NATO and EU heads visit North Sea gas platform
▼ + stars: | 2023-03-17 | by ( Nora Buli | ) www.reuters.com time to read: +3 min

[1/3] Norway Prime Minister Jonas Gahr Stoere, European Commission President Ursula von der Leyen, NATO Secretary-General Jens Stoltenberg and Equinor CEO Anders Opedal visit the Troll A gas platform in the North Sea, Norway March 17, 2023. Ole Berg-Rusten /NTB/via REUTERSTROLL A PLATFORM, North Sea, March 17 (Reuters) - The heads of NATO and the European Commission flew on Friday to a North Sea platform to discuss the security of supplies and infrastructure, a visit underlining Norway's importance for gas shipments since Russia's invasion of Ukraine. The Troll A platform extracts gas from Norway's biggest gas field. After a drop in Russian flows, the Nordic country last year became the largest gas supplier to the EU. The field accounts for one third of daily Norwegian gas exports to Europe.

☆ Equinor sees "a lot of interest" in long-term gas deals, CEO says
▼ + stars: | 2023-03-17 | by ( Nora Buli | ) www.reuters.com time to read: +1 min

Companies Equinor ASA FollowBERGEN, Norway, March 17 (Reuters) - Equinor (EQNR.OL) has seen significant interest among gas buyers in Europe for entering into long-term supply contracts lasting between three and 10 years, the Norwegian company's CEO told Reuters on Friday. "Long-term contracts for us means three to 10 years and we see that there is a lot of interest for long-term contracts at the moment," Equinor CEO Anders Opedal told Reuters. The visit underlines the importance of the relationship between the European Union and non-EU Norway when it comes to energy, Opedal said. "It shows how important it is that we focus both on security of supply and the security on the installations," he said. Troll alone supplies 11% of all gas consumed in the EU, according to Equinor.

☆ EU and US green arms race misses bigger picture
▼ + stars: | 2023-03-16 | by ( Rebecca Christie | ) www.reuters.com time to read: +6 min

BRUSSELS, March 16 (Reuters Breakingviews) - The European Union’s pushback on aggressive U.S. green production incentives is taking shape. In pushing back against Washington’s green industrial aid, Europe has a case for deploying trade and state-aid means in the short term to support its green industries. An expensive green arms race with its allies would be the wrong road to go down. The European Union on March 9 announced that it would loosen state aid rules up until 2025 to give member states more scope on green technology subsidies. Other responses to the 2022 U.S. Inflation Reduction Act, which includes $369 billion in green technology subsidies, are in the works.

President Biden meets with European Commission President Ursula von der Leyen at the White House in Washington last Friday. The Group of Seven advanced democracies want to keep the price cap on Russian crude at $60 a barrel, according to people familiar with the matter, thwarting hopes in some European capitals of tightening the Western sanctions this month. European Commission officials warned the bloc’s member states about the G-7 position, saying that President Biden had told European Commission President Ursula von der Leyen in the Oval Office of the White House last week there was no appetite in Washington for adjusting the oil sanctions, according to the people familiar with the matter.

☆ Exclusive: TSMC's Germany chip plant talks hone in on govt subsidies -sources
▼ + stars: | 2023-03-15 | by ( Ben Blanchard | ) www.reuters.com time to read: +3 min

TSMC said in December that there was "no concrete plan" to build a chip factory in Germany. Saxony officials discussed the EU Chips Act with EU Commission President Ursula von der Leyen on March 6 in Brussels, according to the state government. Germany's economy ministry said it could not comment on individual company plans, but noted the federal government was willing to support and promote semiconductor production projects under the European Chips Act. TSMC's German factory, if is goes ahead, will likely produce less advanced chips, especially those used in the auto industry, the first person said. "These are the kinds of chips German industry needs," the person added.

☆ EU power rejig may only solve tomorrow’s problem
▼ + stars: | 2023-03-14 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

That would have risked stifling green electricity production, which is cheaper, by culling the profit margin producers by design enjoy in the EU structure. To make Europe less dependent on volatile fossil fuel prices requires installing more green energy power. The approach is not as market-friendly as fixed-price, subsidy-free power purchase agreements, which last year only made up 1% of total power generation. The risk of a resurgence of the European energy crisis, however, is all skewed to the near term. PPAs currently only cover 1% of total European Union electricity generation, according to data provider Independent Commodity Intelligence Services.

☆ Critical-Mineral Diplomacy Needs to Focus on Supply, Not Demand
▼ + stars: | 2023-03-13 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

Diplomacy has a role to play in creating non-Chinese supply chains for renewable energy—but not this kind of diplomacy. Politicians are talking a lot about critical minerals: metals, such as lithium and rare earths, that today are turned into valuable manufacturing inputs mainly in China, and that in the future will be needed in much greater quantities for things like electric vehicles and wind turbines. On Friday, the subject played a starring role in a meeting between U.S. President Joe Biden and European Commission President Ursula von der Leyen . This week, the European Union will launch a Critical Raw Materials Act to improve its green-energy security.

☆ U.S., EU Try to Defuse Subsidies Dispute to Focus on Russia and China
▼ + stars: | 2023-03-10 | by ( Andrew Duehren | Kim Mackrael | ) www.wsj.com time to read: 1 min

WASHINGTON—President Biden and European Commission President Ursula von der Leyen will meet Friday as the U.S. and Europe try to move beyond a spat over subsidies for clean-energy technology and preserve a trans-Atlantic relationship that had strengthened following Russia’s invasion of Ukraine. Since Congress passed the climate and healthcare law called the Inflation Reduction Act last year, European officials have loudly complained about provisions that they fear disadvantage their own industries. They have taken aim at U.S. subsidies for electric vehicles that impose new requirements on the source of the materials used in the vehicles, as well as a wider range of tax incentives that officials believe could draw investment out of Europe and into the U.S.

☆ Morning Bid: Bond blows batter banks as SVB cracks
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +5 min

SVB may be an unusual case in point - given its exposure to both last year's attrition in the tech sector, related startups and bond markets. Major U.S. banks were also hit, with Wells Fargo (WFC.N) down 6%, JPMorgan (JPM.N) down 5.4%, Bank of America (BAC.N) 6% lower and Citigroup (C.N) 4% lower. In currency markets, the dollar held the line on Friday in its lonely easy monetary policy stance. The BOJ held off making changes to its controversial bond yield cap policy, leaving all options open ahead of a leadership transition in April. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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