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☆ War in Ukraine Tips Power Balance Inside EU
▼ + stars: | 2023-02-03 | by ( Laurence Norman | ) www.wsj.com time to read: 1 min

KYIV, Ukraine—When Russia seized Crimea from Ukraine in 2014 and intervened in the country’s east, France and Germany led Europe’s response and officials in Brussels played a side role. Today the positions have flipped, placing the European Commission, the EU’s executive body, in a central leadership role. The EU’s new muscle was evident Thursday when commission President Ursula von der Leyen brought 15 EU commissioners to Kyiv. The commission is overseeing billions of euros of economic aid to Ukraine, funneling military assistance to its military and planning its postwar reconstruction.

☆ Air raid sirens sound across Ukraine as EU summit begins
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +1 min

KYIV, Feb 3 (Reuters) - Air raid alerts sounded in Kyiv and across Ukraine on Friday as a summit of European Union and Ukrainian leaders was due to begin in the country's capital. Ukraine President Volodymyr Zelenskiy was hosting top European Union officials, who were visiting Kyiv with promises to support Ukraine "as long as it takes" but denying the country at war with Russia a quick path to joining the Western bloc. Zelenskiy was hosting EU chairman Charles Michel and the bloc's chief executive, Ursula von der Leyen, ahead of the one-year anniversary of Moscow's invasion that has devastated cities, killed tens of thousands of people, forced millions from their homes and shaken global food and energy supplies. "The EU will support Ukraine and the Ukrainian people against Russia's ongoing war of aggression for as long as it takes," the three leaders will say in a joint statement, a draft of which was seen by Reuters in advance. Reporting by Max Hunder and Gabriela Baczynska, Editing by Timothy Heritage and Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ There's a buzz about green hydrogen. But pink, produced using nuclear, may have a huge role to play too
▼ + stars: | 2023-02-03 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +7 min

In this article EDF-FRNG.-GBTSLA Follow your favorite stocks CREATE FREE ACCOUNTBoth pink and blue have been used to differentiate between different methods of hydrogen production. Indeed, according to a Sept. 2022 tracking report from the International Energy Agency, low-emission hydrogen production in 2021 accounted for less than 1% of global hydrogen production. These include green hydrogen, which refers to hydrogen produced using renewables and electrolysis, with an electric current splitting water into oxygen and hydrogen. "But splitting water takes energy, so what pink hydrogen is about is splitting water using energy that has come from nuclear." This needed "supportive policies which encourage investment in early hydrogen production projects and encourage users to switch from fossil fuels to low carbon hydrogen."

☆ Biden's IRA has left Europe blind-sided. And playing catchup could lead to 2 big mistakes
▼ + stars: | 2023-02-02 | by ( Silvia Amaro | ) www.cnbc.com time to read: +5 min

"U.S. legislation doesn't pass overnight," Emre Peker, director at the consultancy group Eurasia, told CNBC, adding that the EU could have acted faster. Luisa Santos, deputy director at BusinessEurope, a group of business federations, told CNBC that "it is still a bit early to say who will invest where." watch nowBelgian Prime Minister Alexander de Croo told CNBC that more state aid "is not a good answer." Several other experts have also raised concerns about easing state aid rules. Slow to respondIn addition to challenges with state aid relaxation, timing is also a risk.

[1/6] Ukraine's President Volodymyr Zelenskiy, Prime Minister Denys Shmyhal and European Commission President Ursula von der Leyen attend an EU summit, as Russia's attack on Ukraine continues, in Kyiv, Ukraine February 2, 2023. The United States and its Western allies stepped up pledges to deliver more weapons to Ukraine in January. Authorities were investigating senior military officials in two separate cases of suspected corruption, officials said on Thursday. EASTERN BATTLEGROUNDThe EU-Ukraine summit coincides with an intensification of Russian pressure on Ukrainian forces in eastern battlegrounds but also in the northeast and south. The refrain from Ukraine officials and military analysts is that the Russians are exploiting the main resource they have - superiority in manpower.

☆ Ukraine war live updates: Race to find survivors after deadly Kramatorsk attack; Russia preparing for offensive in Donbas
▼ + stars: | 2023-02-02 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +2 min

Ukraine's President Volodymyr Zelenskyy said Tuesday that Kyiv is preparing new reforms as it prepares for a summit with top EU officials at the end of the week. "We are preparing new reforms in Ukraine. "This week will be a week of European integration in every sense of the word," Zelenskyy said. Ukraine applied to join the 27-member political and economic bloc last year, just days after Russia invaded last February, and wants its application fast-tracked. Ukrainian Prime Minister Denys Shmyhal said earlier this week that Kyiv hopes it can join the EU within two years.

[1/2] Local residents remove debris from a house of their neighbour damaged by a Russian military strike, amid Russia's attack on Ukraine, in the town of Hlevakha, outside Kyiv, Ukraine January 26, 2023. "It is a very strong signal that we are in Kyiv during the war. Instead of committing to dates, EU officials have listed multiple conditions to join from political and economic stability to adopting EU laws from climate to social to health standards. Ukraine underlined its determination to meet the necessary requirements in order to start accession negotiations as soon as possible," according to the document. Ukraine's calls for long-range rockets or fighter jets will equally be left unanswered by the EU this week.

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.

☆ Wolfspeed to build $3-bln EV chip plant in Germany
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +3 min

BERLIN/FRANKFURT, Feb 1 (Reuters) - U.S. chipmaker Wolfspeed (WOLF.N) will build a $3-billion chip plant in Germany, with automotive supplier ZF (ZFF.UL) investing $185 million for an equity stake, company officials said on Wednesday, confirming an earlier Reuters report. ZF's share of the factory's chip output will be defined by a separate contractual agreement, the companies said. "This is an important sign that Germany continues to be attractive even in difficult circumstances for high-tech investments," he said. "Amid the concerns that the U.S. wants to divert investments from Europe with its Inflation Reduction Act, we're showing that a U.S. firm wants to invest in Germany," a German government source said. The company announced in September a new plant in the United States due for completion in 2030.

"Major economies are rightly stepping up investment in net zero industries," von der Leyen told a news conference. And we want to be an important part of this net-zero industry that we need globally," von der Leyen said. RESISTANCEThe European Commission is hoping member states will back its plan at a Feb.9-10 summit but it faces a hot debate. Solar sector industry group SolarPower Europe said it was concerned by what it called a "lack of focus" on specific technologies in the EU plan. The bloc is heavily reliant on China for rare earths and lithium, which are vital materials for the green transition.

☆ Wolfspeed to announce EV chip plant in Germany, sources say
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +3 min

BERLIN/FRANKFURT, Feb 1 (Reuters) - German chip supplier ZF Friedrichshafen (ZFF.UL) and U.S. chipmaker Wolfspeed (WOLF.N) will announce plans on Wednesday to build an electric vehicle chip plant in the Saarland region, according to three sources close to the matter. "This is an important sign that Germany continues to be attractive even in difficult circumstances for high-tech investments," he said. "Amid the concerns that the U.S. wants to divert investments from Europe with its Inflation Reduction Act, we're showing that a U.S. firm wants to invest in Germany," a German government source said. 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. Wolfspeed specialises in silicon carbide chips, which have been gaining traction with electric car makers as they can handle high voltages and are more power efficient.

The plan is partly a response to multi-billion-dollar support programmes of China and the United States, including the latter's Inflation Reduction Act. Many EU leaders are concerned that the local content requirements of its $369 billion of green subsidies will encourage companies to relocate, making the United States a leader in green tech at Europe's expense. RESISTANCEThe European Commission is hoping member states will back its plan at a Feb.9-10 summit but huge chunks are likely to be hotly debated among member states. There is also clear opposition from some EU members to previous suggestions that the plan could entail further joint borrowing. The bloc is heavily reliant on China for rare earths and lithium, which are vital materials for the green transition.

The plan is partly a response to multi-billion-dollar support programmes of China and the United States, including the latter's Inflation Reduction Act. Many EU leaders are concerned that the local content requirements of its $369 billion of green subsidies will encourage companies to relocate, making the United States a leader in green tech at Europe's expense. Longer term, the Commission will propose creating a European Sovereignty Fund to invest in emerging technologies. The bloc is heavily reliant on China for rare earths and lithium, which are vital materials for the green transition. The EU executive also wants to seal more free trade agreements and partnerships to make supply chains more resilient and to open markets for green goods.

FASTER PERMITSClean tech firms could be in line for simpler rules and fast-tracked permits to build production facilities in Europe. The EU executive said it would produce a "Net-Zero Industry Act" offering faster permits to manufacturers of technologies key to its climate goals. That could include carbon capture and storage, renewable energy, renewable hydrogen production facilities and batteries. Brussels had already slashed the time lines and simplified the rules for renewable energy projects last year. The Commission, which oversees EU trade policy, wants to increase the EU's network of trade agreements, such as those concluded with Chile, Mexico, New Zealand and Mercosur and one it aims to agree with Australia.

☆ Ukraine war live updates: U.S. reportedly readying $2 billion aid package for Ukraine; Kyiv signals reforms ahead of EU summit
▼ + stars: | 2023-02-01 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +2 min

Ukraine will host European Commission President Ursula von der Leyen and other top EU officials on Friday, with hopes high in Kyiv that its application to join the EU will continue to progress. Ukraine's President Volodymyr Zelenskyy said Tuesday that Kyiv is preparing new reforms as it prepares for a summit with top EU officials at the end of the week. Reforms that will change the social, legal and political reality in many ways, making it more human, transparent and effective. "This week will be a week of European integration in every sense of the word," Zelenskyy said. Ukrainian Prime Minister Denys Shmyhal said earlier this week that Kyiv hopes it can join the EU within two years.

☆ 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.

☆ EU Prepares to Offer Clean Tech Tax Breaks to Compete With U.S. Green Subsidy Push
▼ + stars: | 2023-01-31 | by ( Kim Mackrael | ) www.wsj.com time to read: 1 min

European Commission President Ursula von der Leyen. The bloc’s executive body is set to release a proposal to loosen state-aid rules on investing in clean-tech. BRUSSELS—The European Union wants to make it easier for governments to dole out tax breaks and other aid to clean-tech companies, part of a push to counter generous U.S. subsidies that officials worry will draw investment away from Europe. The European Commission, the bloc’s executive body, is set to release a proposal on Wednesday outlining how the EU might relax bloc-wide rules that limit how member countries can subsidize businesses. The plan will also look to set aside money to help European governments with limited fiscal firepower compete for investment.

☆ Russia's war on Ukraine: The latest news
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +4 min

[1/7] A Ukrainian serviceman looks on, amid Russia's attack on Ukraine, in Bakhmut, Donetsk region, Ukraine January 27, 2023. * The EU's next package of sanctions against Russia will hit the trade and technology that support Moscow's war against Ukraine, European Commission President Ursula von der Leyen said on Friday. ARMS* Portugal will send Leopard 2 tanks to Ukraine, Prime Minister Antonio Costa said, without specifying how many. * Former Russian President Dmitry Medvedev has said the supply of more advanced U.S. weaponry to Ukraine will only trigger more retaliatory strikes from Russia, up to the extent of Russia's nuclear doctrine. CONFLICT* Ukraine and Russia traded almost 200 prisoners of war in a swap announced separately by both sides on Saturday, with the bodies of two British volunteers also being sent back to Ukraine.

☆ Seven EU countries oppose new EU funding as response to U.S. subsidy plan - letter
▼ + stars: | 2023-01-27 | by ( Jan Strupczewski | ) www.reuters.com time to read: +3 min

BRUSSELS, Jan 27 (Reuters) - Plans by the European Commission to create new European Union funding for the green industry are facing mounting opposition in the 27-nation bloc, as seven EU countries openly rejected the idea in a letter to the EU executive. The letter, seen by Reuters and dated Jan. 26, was signed by the Czech Republic, Denmark, Finland, Austria, Ireland, Estonia and Slovakia and addressed to the European Commission vice president responsible for trade, Valdis Dombrovskis. All 10 countries say the EU should be using funds already approved instead of seeking more money. But in their letter, the seven countries said the EU should first spend the money it had already agreed to raise through the 800 billion euro post-pandemic recovery and resilience fund (RRF) of grants and cheap loans. "We have to ensure that the economy can better absorb the already agreed EU funding," the seven countries wrote.

☆ Analysis: Italy's Meloni belies radical image in cautious first 100 days
▼ + stars: | 2023-01-26 | by ( Crispian Balmer | ) www.reuters.com time to read: +6 min

But almost 100 days since Meloni took office at the head of the most right-wing government Italy has seen since World War Two, these concerns have largely melted away. "We have seen something of a metamorphosis," said Sofia Ventura, a political science professor at Bologna University. Friend and foe alike say a significant reason for the softly-softly approach is money -- or rather a lack of it. "What happened in the UK shows ... how cautious we have to be with our fiscal and monetary policy mix," EU Commissioner Paolo Gentiloni, a former Italian prime minister, said at the time. VITAL FUNDSAdding to the pressure on Meloni is Italy's dependence on the European Union's recovery and resilience fund.

☆ EU debt fears hinder U.S. green subsidies riposte
▼ + stars: | 2023-01-24 | by ( Rebecca Christie | ) www.reuters.com time to read: +4 min

That ties von der Leyen’s hands. Since September, von der Leyen has been pushing a “solidarity fund” to offset the imbalances that could arise out of freer-flowing EU subsidies. To move ahead, von der Leyen will just have to scatter some seeds and see what grows. Follow @rebeccawire on TwitterCONTEXT NEWSEuropean Commission President Ursula von der Leyen gave a Jan. 17 speech at Davos on her forthcoming green technology strategy. Von der Leyen has since September been advocating for a “solidarity fund” to help smaller countries keep up with their bigger, richer peers.

☆ From green subsidies to chips, Davos debates reflect a world in flux
▼ + stars: | 2023-01-20 | by ( Julia Horowitz | ) edition.cnn.com time to read: +4 min

Davos, Switzerland CNN —The World Economic Forum in the Swiss Alps is typically a venue for politicians and business leaders to deliver sermons about the benefits of globalization and cross-border cooperation. European leaders used Davos to amplify complaints about the law’s tax breaks for American companies that make parts for green energy projects, which they claim will disadvantage European firms. German Chancellor Olaf Scholz addresses the World Economic Forum, in Davos, Switzerland, on Wednesday. Representatives from Asia’s third largest economy showed up in force at Davos to meet with international investors. “We’re looking at a less efficient world,” US Trade Representative Katherine Tai said.

☆ European Support Grows for Sanctioning Iran’s Revolutionary Guards
▼ + stars: | 2023-01-19 | by ( Laurence Norman | ) www.wsj.com time to read: 1 min

The European Parliament on Thursday urged member states to list Iran’s Islamic Revolutionary Guard Corps as a terrorist organization, in a sign of growing support for new measures against Tehran as it arms Russia in Ukraine and suppresses protests at home. The parliament’s resolution, which condemned Iran for its crackdown on protests, followed remarks from European Commission President Ursula von der Leyen on Tuesday saying she favored the move. Germany, the bloc’s most powerful country, has been pushing for the IRGC to be placed on the EU terrorism list for months.

☆ Davos 2023: Europe must seize catch-up chance - EU's Gentiloni
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +3 min

[1/2] The logo of the World Economic Forum (WEF) 2023 is seen at Davos Congress Centre, in the Alpine resort of Davos, Switzerland, January 16, 2023. REUTERS/Arnd WiegmannDAVOS, Switzerland, Jan 18 (Reuters) - An improved economic outlook gives Europe the chance to double-down on efforts to boost its industrial competitiveness in key sectors from clean energy to semiconductors, EU Economy Commissioner Paolo Gentiloni said on Wednesday. Speaking on the sidelines of the World Economic Forum in Davos, Gentiloni said the bloc could avoid an all-out recession this year and get away with what he called a "limited contraction" of the economy in the first quarter. Gentiloni said that was leading to a new readiness to envisage industrial cooperation at EU level to make the bloc less dependent on others. Reporting by Mark John in Davos; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ The threat of a transatlantic trade war is dominating Davos
▼ + stars: | 2023-01-18 | by ( Silvia Amaro | ) www.cnbc.com time to read: +6 min

Trade tensions between the EU and the US are dominating the talk in Davos. Transatlantic trade tensions are dominating conversations at the World Economic Forum this week. On the one hand, European officials are saying they will come up with more financial support for European firms. On the other hand, the business community is excited about green subsidies stateside and argue the EU needs to match what the U.S. administration is doing. At the same time we have to support our competitiveness," European Commissioner for Economics, Paolo Gentiloni, told CNBC in Davos.

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