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☆ Upbeat earnings help FTSE 100 rebound from last week's selloff
▼ + stars: | 2023-02-27 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies Bunzl, Associated British Foods up after resultsRolls-Royce top of FTSE 100 after price target raiseFTSE 100 up 0.8%, FTSE 250 adds 0.4%Feb 27 (Reuters) - The UK's FTSE 100 rose on Monday after upbeat earnings reports from Associated British Foods and Bunzl helped pull the index up from last week's battering on worries about high U.S. interest rates. The blue-chip FTSE 100 (.FTSE) rose 0.8%, after recording its worst weekly performance so far this year as hotter-than-expected U.S. consumer spending data on Friday sparked a selloff on both sides of the Atlantic. Primark owner Associated British Foods (ABF.L) climbed 1.3% after raising its outlook for the full year 2022-23 for the clothing retailer. The FTSE 100 has had a stellar start to the year so far, rising 6.4% as strong earnings and a steady rise in commodity prices helped the index outperform major global peers, outweighing a gloomy economic outlook. The more domestically-inclined FTSE 250 midcap index (.FTMC) rose 0.4%, with a near 16% slump in shares of Dechra Pharmaceuticals(DPH.L) capping gains.

☆ China's EU ambassador says EU leaders may visit China by mid-2023
▼ + stars: | 2023-02-26 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Feb 26 (Reuters) - Chinese ambassador to the European Union Fu Cong said European Commission President Ursula von der Leyen and European Council President Charles Michel may visit China in the first half of 2023, China's state-backed Global Times reported. Preparations for the visit by the EU's top two officials are under way and "very frequent high-level mutual visits" between the EU and China are expected to begin soon, Fu said in an interview published on Friday. The two sides have taken divergent positions on the year-long war in Ukraine, with EU diplomats criticising China's refusal to describe the conflict as an invasion or to call for a Russian withdrawal from Ukrainian territory. Fu said in the interview that EU anger with China over Ukraine was "very irrational" and that China did not want the issue to affect the development of ties with the bloc. Reporting by Eduardo Baptista; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ EU's von der Leyen to travel to UK for Northern Ireland Brexit talks
▼ + stars: | 2023-02-26 | by ( ) www.reuters.com time to read: +1 min

LONDON, Feb 26 (Reuters) - The leaders of Britain and the European Union will hold face-to-face talks in London on Monday as they seek to finalise a new deal for Northern Ireland's post-Brexit trading arrangements, the two sides said on Sunday. "President of the European Commission Ursula von der Leyen and Prime Minister of the United Kingdom Rishi Sunak agreed to continue their work in person towards shared, practical solutions for the range of complex challenges around the Protocol on Ireland and Northern Ireland," the joint statement said. "President von der Leyen will therefore meet with the prime minister in the UK tomorrow." London and Brussels have been engaged in talks for months to ease trading frictions in the British province but the test will be whether the changes will satisfy some Brexit supporters in the governing Conservative Party or the biggest unionist party in Northern Ireland. Reporting by William James; writing by Kate Holton, editing by Elizabeth PiperOur Standards: The Thomson Reuters Trust Principles.

☆ UK and EU leaders to meet Monday to finalise Northern Ireland deal
▼ + stars: | 2023-02-26 | by ( ) www.reuters.com time to read: +3 min

"The Prime Minister wants to ensure any deal fixes the practical problems on the ground, ensures trade flows freely within the whole of the UK, safeguards Northern Ireland’s place in our Union and returns sovereignty to the people of Northern Ireland," a statement from Sunak's office said. SOVEREIGNTY CONCERNSAs part of its exit agreement, Britain signed an accord with Brussels known as the Northern Ireland protocol to avoid imposing politically contentious checks along the 500-kilometre (310-mile) land border with Ireland. But the protocol effectively created a border for some goods moving from Britain because it kept Northern Ireland in the EU's single market for goods. That also left Northern Ireland subject to some EU rules even though it was not a member of the bloc. Perceptions that the protocol erodes Northern Ireland's place in the UK have sparked anger among many in pro-British communities.

☆ EU adopts fresh sanctions to raise pressure on Moscow
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +3 min

"We now have the most far-reaching sanctions ever - depleting Russia's war arsenal and biting deep into its economy," European Commission chief Ursula von der Leyen said on Twitter, adding the bloc was turning up the pressure on those trying to circumvent EU sanctions. EU foreign policy chief Josep Borrell warned the bloc would continue to pile more sanctions on Moscow. It also imposes tighter export restrictions on another 96 entities for supporting Russia's military and industrial complex, including for the first time seven Iranian entities manufacturing military drones used by Moscow. We expect decisive steps against (Russia's state-owned nuclear energy company) Rosatom & Russian nuclear industry, more pressure on military & banking," Zelenskiy tweeted. "We expect further intensification of pressure and restrictions, especially in the area of the nuclear industry and the activities of Rosatom," Shmyhal said in tweet.

☆ NATO and EU react reservedly to Chinese ceasefire proposal for Ukraine
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

[1/2] NATO Secretary General Jens Stoltenberg attends a news conference during a NATO defence ministers' meeting at the Alliance's headquarters in Brussels, Belgium February 15, 2023. REUTERS/Johanna Geron/File PhotoTALLINN, Feb 24 (Reuters) - NATO Secretary-General Jens Stoltenberg on Friday reacted reservedly to a Chinese proposal for a ceasefire in Ukraine, saying Beijing did not have a lot of credibility as a mediator. European Commission President Ursula von der Leyen said China had not shared a peace plan but some principles. "So we will look at the principles, of course, but we will look at them against the backdrop that China has taken sides," she added. Reporting by Bart Meijer and Reuters TV, writing by Sabine SieboldOur Standards: The Thomson Reuters Trust Principles.

☆ Biden's IRA is the U.S. playing 'catch-up' after Trump, UK minister says
▼ + stars: | 2023-02-24 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

The U.K.'s Finance Minister Jeremy Hunt has said that the U.S. President Joe Biden's Inflation Reduction Act is a bid to play 'catch up' on clean energy investment. "We have to recognize that the United States is coming to this from behind," told CNBC's Tanvir Gill at the G-20 meeting in Bengaluru, India. Trump was highly vocal in his denial of climate change during his time in office, frequently rejecting warnings from climate scientists and famously withdrawing the U.S. from the Paris Climate Agreement within his first months in the job. "We will make sure that the U.K. continues to be a very attractive place for all clean energy investments, but we'll do it in a different way, our own way," he said. "We are very proud of the progress we have made, and we will continue to blaze a trail," he added.

☆ Putin's war in Ukraine brought chaos and change to the global energy market. These 4 charts show how the conflict transformed the oil and gas landscape.
▼ + stars: | 2023-02-24 | by ( George Glover | Zinya Salfiti | ) www.businessinsider.com time to read: +6 min

These four charts show how the war has changed global energy markets over the past year. Here are four charts that capture the most striking changes that took hold in oil and gas markets over the past year. Russia has found other oil buyersBut Russia has still managed to find other buyers for its oil. India too has aggressively ramped up its purchases of Russian oil and now imports 1.2 million barrels each day, according to Vortexa. "The natural gas market has become even more global as demand for liquefied natural gas continues to rise," said Ole Hansen, head of commodity strategy at Saxo Bank.

The comments by Wang Yi further clouded the prospects of a meeting between Wang and U.S. Secretary of State Antony Blinken at the sidelines of the gathering. "To have dispatched an advanced fighter jet to shoot down a balloon with a missile, such behaviour is unbelievable, almost hysterical," said Wang. "There are so many balloons all over the world, and various countries have them, so is the United States going to shoot all of them down?," he said. The balloon spat had prompted Blinken to postpone a planned visit to Beijing. China is as a permanent member of the UN Security Council obligated to use its influence to secure world peace."

[1/2] A Ukrainian serviceman rides inside a truck with artillery shells, amid Russia's attack on Ukraine, near a frontline in Zaporizhzhia region, Ukraine January 5, 2023. EU foreign ministers are expected to discuss the idea of joint procurement of 155-millimetre artillery shells – badly needed by Kyiv – at a meeting in Brussels on Monday. DEPLETED STOCKPILESA joint procurement effort would aim to replenish the stockpiles of Kyiv's allies, badly depleted after a year of supplying munitions to help Ukraine fight Russia's invasion. NATO Secretary-General Jens Stoltenberg said this week Ukraine was using up artillery shells faster than its allies could currently produce them. Diplomats and officials did not put a figure on how much the EU might spend on joint procurement.

☆ European Commission president says she is 'disappointed' over Switzerland’s decision to rule out confiscating Russian assets
▼ + stars: | 2023-02-18 | 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 EmailEuropean Commission president says she is 'disappointed' over Switzerland’s decision to rule out confiscating Russian assetsEuropean Commission President Ursula von der Leyen tells CNBC's Hadley Gamble that she is "disappointed” over Switzerland’s decision to rule out confiscating Russian assets.

☆ Watch CNBC’s full interview with European Commission President Ursula von der Leyen
▼ + stars: | 2023-02-18 | 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 EmailWatch CNBC’s full interview with European Commission President Ursula von der LeyenUrsula von der Leyen, president of the European Commission, tells CNBC's Hadley Gamble that she is "disappointed" over Switzerland’s decision to rule out confiscating Russian assets, adding it is "unthinkable" that Moscow will not contribute towards Ukraine reconstruction efforts.

☆ 'We have nothing to hide': Ukraine's foreign minister dismisses allegations of corruption
▼ + stars: | 2023-02-18 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Ukrainian Minister of Foreign Affairs Dmytro Kuleba has dismissed concerns that his country is allegedly mishandling the Western funding routed to support Kyiv's defense against Russia. "We are absolutely clean when it comes to the use of resources provided to us by our partners. It comes after a crack-down on potential corruption by the government of Ukrainian President Volodymyr Zelenskyy in recent weeks, as some Western officials worry about the transparency and allocation of billions of dollars in foreign aid funds. We are absolutely, absolutely open and transparent on that. Several European countries have now agreed to send tank vehicles to Ukraine, although this falls short of meeting Ukrainian President Volodomyr Zelenskyy's appeals for fighter jets.

☆ EU aims to team up with defence industry to speed up ammunition output
▼ + stars: | 2023-02-18 | by ( ) www.reuters.com time to read: +1 min

MUNICH, Feb 18 (Reuters) - The European Union aims to join forces with the bloc's defence industry to speed up and scale up the production of ammunition badly needed on the battlefield in Ukraine and to replenish military stocks at home, its chief said on Saturday. "We could think of, for example, advanced purchase agreements that give the defence industry the possibility to invest in production lines now to be faster and to increase the amount they can deliver," she said. Von der Leyen underlined that the bloc could not wait for months and years to be able to replenish its own military stocks or send munitions such as 155mm artillery shells to Ukraine. "It is now the time, really, to speed up the production, and to scale up the production of standardized products that Ukraine needs desperately, for example standardized ammunition," she said. Reporting by Sabine Siebold; editing by Matthias WilliamsOur Standards: The Thomson Reuters Trust Principles.

The talks follow weeks of media speculation that a deal was close with the EU to revise the Northern Ireland protocol, which was agreed when Britain left the bloc three years ago. Speaking earlier in Munich, Sunak said a new deal was "by no means done," adding that Brussels and London had an understanding of how the problems could be resolved. "We're working through them (the issues) hard and we will work through them intensely with the EU, but we are by no means done." Sunak reassured the audience at the conference that Britain wanted to have a positive relationship with the bloc. Reporting by Muvija M and Kate Holton; Editing by Jane Merriman and David HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ 'Unthinkable' that Russia does not pay for Ukraine's reconstruction, EU chief says
▼ + stars: | 2023-02-18 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

European Commission President Ursula von der Leyen has dubbed it 'unthinkable' that Russia not pay for Ukraine's reconstruction. European Commission President Ursula von der Leyen said Saturday it would be "unthinkable" for Russia not to pay for Ukraine's reconstruction. The EU chief told CNBC that she was "disappointed" by a decision that Swiss authorities took last week against using seized Russian assets to assist with Ukraine's post-war reconstruction. "It's unthinkable that, in the very end, the international community will reconstruct Ukraine, and Russia does not contribute. Von der Leyen described the ruling as putting business interests ahead of political justice.

[1/2] A Ukrainian serviceman rides inside a truck with artillery shells, amid Russia's attack on Ukraine, near a frontline in Zaporizhzhia region, Ukraine January 5, 2023. EU foreign ministers are expected to discuss the idea of joint procurement of 155-millimetre artillery shells – badly needed by Kyiv – at a meeting in Brussels on Monday. DEPLETED STOCKPILESA joint procurement effort would aim to replenish the stockpiles of Kyiv's allies, badly depleted after a year of supplying munitions to help Ukraine fight Russia's invasion. NATO Secretary-General Jens Stoltenberg said this week Ukraine was using up artillery shells faster than its allies could currently produce them. Diplomats and officials did not specify how much the EU might spend on joint procurement.

☆ Britain's Sunak touts EU protocol progress in Northern Ireland, no deal yet
▼ + stars: | 2023-02-17 | by ( Amanda Ferguson | ) www.reuters.com time to read: +5 min

After weeks of intense London-Brussels talks, momentum has been building towards a deal to revise the Northern Ireland Protocol - the arrangements agreed to avoid a hard border with EU member Ireland when Britain exited the EU in 2020. "I had positive conversations with political parties in Northern Ireland," Prime Minister Rishi Sunak told reporters. In Belfast, Sunak focused his attention on the Democratic Unionist Party, whose opposition to the protocol must be overcome to make any deal work. The other political parties that met Sunak on Friday said detail from the prime minister on a potential deal was "scant". Sinn Fein, the former political wing of the militant Irish Republican Army that wants Northern Ireland to split from the UK and unite with Ireland, became the province's largest party for the first time at elections last year.

☆ In EU car data tussle, insurers and others brace for delays, disappointment
▼ + stars: | 2023-02-16 | by ( Nick Carey | ) www.reuters.com time to read: +4 min

Companies in Europe and beyond are vying for control of the crown jewels of the connected car era, namely car manufacturers' data covering everything from driving habits, to fuel consumption and tyre wear which can be used to target cash-generating services. Although the EU is currently haggling over the Data Act, a draft law governing the use of consumer and corporate data, insurers and others are pushing for auto sector-specific regulation. A proposal is expected soon after the European Commission launched a consultation last year. Ten industry groups also wrote to European Commission President Ursula von der Leyen in January urging an end to "repeated delays". A spokesperson for the European Automobile Manufacturers Association (ACEA) said the Data Act would guarantee fair access to car data, so "additional legislation on access to in-vehicle data is unlikely to achieve more".

London CNN —The European Union is setting up a working group to examine whether frozen Russian assets can be used to rebuild Ukraine. The statement added that part of this work would involve obtaining a “clearer picture” of where Russian state-owned assets are located and their value. “In principle, it is clear-cut: Russia must pay for the reconstruction of Ukraine,” Swedish Prime Minister Ulf Kristersson said. A senior EU official estimated earlier this month that the European Union and Western allies had frozen more than $300 billion in Russian central bank assets that could potentially be used to rebuild Ukraine. The European Union is also working on a tenth package of sanctions against Russia.

☆ Russian banks and invasion leaders in focus as EU debates new sanctions
▼ + stars: | 2023-02-15 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +3 min

[1/2] Russia's President Vladimir Putin and European Commission President Ursula von der Leyen meet on sideline of the Libya summit in Berlin, Germany January 19, 2020. "We will impose sanctions on a number of politicians and military leaders," the head of EU executive European Commission, Ursula von der Leyen, said last week after a summit with Ukrainian President Volodymyr Zelenskiy. "We will target (Russian President Vladimir) Putin's propagandists because their lies are poisoning the public space in Russia and abroad." This will further starve Russia's military machine and continue to shake the foundation of its economy," she said. The Commission also put forward further restrictions on European joint ventures with Russia and Russian nationals sitting on boards in Europe, they added.

☆ Moscow's decades-old gas ties with Europe lie in ruins
▼ + stars: | 2023-02-14 | by ( Vladimir Soldatkin | ) www.reuters.com time to read: +10 min

Washington has long criticised Germany's policy of reliance on Russian energy, which until last year, Berlin had said was a means to improve relations. In October, he mooted an idea of a gas hub in Turkey to divert the Russian gas flows from the Baltic Sea and North-West Europe. The 20-year supply deal is worth about $30 billion in current gas prices. In Europe, gas prices hit record levels and international oil prices shortly after the special military operation began spiked close to their all-time high. Domestic gas prices are regulated by the government and there have been discussions about liberalising the gas market, a sensitive issue for Russian households.

☆ 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.

☆ Zelenskyy completes a tricky charm offensive in Europe as Ukraine prepares for next phase of war
▼ + stars: | 2023-02-10 | by ( Silvia Amaro | ) www.cnbc.com time to read: +5 min

Volodymyr Zelenskyy, Ukraine's president, visited the European headquarters in Brussels, Belgium, on Thursday, Feb. 9, 2023. Weapons, weapons, weaponsZelenskyy was direct in his message to European leaders asking for long-range artillery and ammunition, air defense systems, missiles, fighter jets and battle tanks. He pressured EU leaders to start the process this year. He has a sharp focus and is committed to the Ukrainian cause — he is a very sensible man," one EU official said regarding the Ukrainian president. The official working for a Nordic nation said: "Seeing him in person made [an] impact after a year of video addresses."

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