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☆ Putin's war on energy is testing solidarity between EU nations
▼ + stars: | 2022-10-17 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

"We have never experienced such a challenging experience," Paolo Gentiloni, the EU's economics commissioner, told CNBC on Oct. 12. Gentiloni also referred to a "common tool" that could be used across the EU to help member states combat the energy crisis. "I'm not calling for further common debt," Gentiloni highlights, "because we have a big common debt for what we call next generation EU. Poland, Belgium, Italy and Greece are among the countries proposing a gas "price corridor" across Europe in an attempt to tackle soaring prices. But other countries, including Germany, are thought to oppose the plan over fears that capping prices could have negative impacts on energy security.

A 20-ounce packet of Sara Lee Classic White Sandwich bread goes for $2.50 at Kroger, compared to $2.24 at Walmart. Nearly two-thirds of Kroger's 2,700 stores are unionized, like a "majority" of Albertsons stores, the United Food and Commercial Workers Union says on its website. Grocery stores such as Kroger, Albertsons, in contrast, are often forced to rely on coupons or buy-one-get-one-free promotions funded by companies like P&G and Conagra in order to compete. Euromonitor data shows that 25.2% of all dollars spent on groceries in the United States last year went to Walmart, while Kroger got 8.1% and Albertson's 4.8%. Walmart shoppers have a median income of $73,000.

A 20-ounce packet of Sara Lee Classic White Sandwich bread goes for $2.50 at Kroger, compared to $2.24 at Walmart. Nearly two-thirds of Kroger's 2,700 stores are unionized, like a "majority" of Albertsons stores, the United Food and Commercial Workers Union says on its website. Grocery stores such as Kroger, Albertsons, in contrast, are often forced to rely on coupons or buy-one-get-one-free promotions funded by companies like P&G and Conagra in order to compete. Euromonitor data shows that 25.2% of all dollars spent on groceries in the United States last year went to Walmart, while Kroger got 8.1% and Albertsons 4.8%. Walmart shoppers have a median income of $73,000.

☆ Germany, 13 NATO allies aim to jointly procure air defence systems
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: 1 min

German Defence Minister Christine Lambrecht speaks at a news conference, on the day of the NATO enhanced Forward Presence German-led battle group inauguration ceremony, in Rukla, Lithuania October 8, 2022. REUTERS/Ints KalninsBRUSSELS, Oct 13 (Reuters) - Germany and 13 NATO allies on Thursday signed a letter of intent for the joint procurement of air defence systems in the category of systems such as Arrow 3 (ISRAI.UL) and Patriot (RTX.N). The signing ceremony took place at NATO's headquarters in Brussels. The participating countries are Germany, Britain, Slovakia, Norway, Latvia, Hungary, Bulgaria, Belgium, Czechia, Finland, Lithuania, the Netherlands, Romania and Slovenia. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sabine Siebold, Marine StraussOur Standards: The Thomson Reuters Trust Principles.

Earlier, South Korea's military said it scrambled fighter jets when a group of about 10 North Korean military aircraft flew close to the border dividing the two countries, amid heightened tensions over repeated North Korean missiles tests. North Korea's official KCNA news agency quoted the North Korean military as saying it took "strong military countermeasures" after South Korean artillery-fire drills on Thursday. It was at least the 41st ballistic missile launch by North Korea this year. Japan's coast guard also reported that North Korea had fired what could have been a ballistic missile and that it had already fallen. South Korea scrambled fighter jets a week ago after North Korean warplanes staged an apparent bombing drill as allied warships held missile defense drills in response to North Korean missile tests.

Ukraine has accused Russia of deploying missiles made by MMZ Avangard against ground targets since Russia launched what it terms its "special operation" on Feb. 24. "Extreme equipment is used on Russian warships," the complaint said, "in communications systems." "It was necessary to use a cover because the Russian company is blacklisted in the U.S.," one of the people familiar with the shipments said. The executive said he had never heard of Extreme or of DEMZ buying Extreme equipment for itself or on behalf of others. Like MMZ Avangard, United Shipbuilding has been listed as a "blocked" entity by the U.S. Treasury since July 2014.

☆ I made $200,000 last year ghostwriting tweets for superstar VCs. It takes me 5 hours a week. Here's how I found my clients and built a booming side hustle from scratch.
▼ + stars: | 2022-10-12 | by ( Mattathias Schwartz | ) www.businessinsider.com time to read: +11 min

Ghostwriting tweets for venture capitalists is my side hustle. So I have a special CRM I use just for ghostwriting work, as well as a dedicated laptop, a dedicated phone, and a separate email address. VCs would deploy $10 million or $15 million a year into companies trying to raise $1 million or $2 million. My life as a ghostAs a ghostwriter, I never log in to a client's Twitter account. It's important to me that I do all of the ghostwriting work myself, as a side hustle.

☆ European weapons manufacturers scramble to adapt to wartime demand
▼ + stars: | 2022-10-11 | by ( Benoit Van Overstraeten | ) www.reuters.com time to read: +4 min

NATO Secretary General Jens Stoltenberg said the alliance has started dialogue with industry and allies on how to boost production and replenish weapons stocks. Register now for FREE unlimited access to Reuters.com RegisterHe told a news conference that defence ministers would take decisions to increase stockpiles. Nicolas Chamussy, chief executive of French defence firm Nexter, said industry had to respond to a dramatic increase in EU demand for military equipment, while production capacities were designed for peace time. Last Friday European Union leaders agreed to give more financial and military aid to Ukraine. Ukrainian President Volodymyr Zelenskiy will ask the leaders of the G7 group of nations to urgently supply Ukraine with air defence weapons.

☆ Security, red banners and COVID curbs: Beijing readies for 20th Congress
▼ + stars: | 2022-10-11 | by ( Eduardo Baptista | ) www.reuters.com time to read: +5 min

REUTERS/Thomas PeterBEIJING, Oct 11 (Reuters) - Beijing has stepped up security and COVID curbs and decorated the capital Beijing with red political banners as it gears up for a Communist Party congress where President Xi Jinping is poised to become China's most powerful leader since Mao Zedong. The 20th party congress, which opens on Oct. 16, occurs every five years and brings together 2,300 party members, mostly behind closed doors, at the vast Great Hall of the People on Tiananmen Square. One hashtag about Beijing "pop-up windows" started on Oct. 5 and generated over 12 million views by Tuesday. A lockdown in Beijing during Congress would be an even larger dent on Xi and the Party's unwavering commitment to zero-COVID. Besides the COVID "pop-up windows", Beijing authorities recently introduced a series of measures to show their commitment to keeping the Congress virus-free, from reinforcing COVID monitoring teams at key airports and railway stations to increasing the frequency of COVID testing for office workers.

☆ Germany's EnBW says Sefe settlement cuts negative impact on profit
▼ + stars: | 2022-10-10 | by ( Ludwig Burger | ) www.reuters.com time to read: +3 min

A general view of pipelines on the gas storage facility at the gas trading company VNG AG in Bad Lauchstaedt, Germany July 28, 2022. The negative earnings impact for 2022 will likely be below 1.3 billion euros ($1.3 billion), an upper limit mentioned in its second-quarter report, but above 545 million euros, EnBW said in a statement on Monday. EnBW's VNG (VNG.UL) relies on Sefe for 65 terawatt hours (TWh) of gas supplies, accounting for much of its gas procurement needs. As a result of this, Germany's largest gas importers - Uniper (UN01.DE), Sefe and VNG - have either been bailed out or requested state aid to stay afloat. More specific effects on EnBW's finances and cash flows depend on further talks with the German government, the utility added.

☆ Germany girds for gas supply pain, targets $93 billion price relief plan
▼ + stars: | 2022-10-09 | by ( Holger Hansen | ) www.reuters.com time to read: +4 min

Under a second stage of Germany's plan, the brake would cut the gas price to 12 cents from March through to the end of April 2024 on 80% of usage. For large industrial customers, a price brake of 7 cents is to apply to the procurement price from January 2023. Hans Juergen Kerkhoff, president of the German Steel Federation, said the scheme was a key building block to support companies during the energy crisis. Comparison portal Verivox said its calculations showed that the brake proposal would reduce household gas costs by around 41%. "The gas price brake is a very important first step that gives many companies back some confidence that they can overcome the crisis," VCI Managing Director Wolfgang Grosse Entrup said in a statement, calling for an electricity price brake as well.

☆ F-35 jet deliveries can resume following waiver for Chinese-origin alloy, Pentagon says
▼ + stars: | 2022-10-08 | by ( Mike Stone | ) www.reuters.com time to read: +1 min

WASHINGTON, Oct 8 (Reuters) - Deliveries can resume for Lockheed Martin Corp's (LMT.N) F-35 jet under a waiver allowing Chinese-origin alloy to go into an engine part, the Pentagon said on Saturday. In September the Pentagon stopped accepting new F-35 jets after it discovered a magnet in the stealthy fighter's engine was made with unauthorized material from China. Lockheed Martin, which manufactures the jets, had said the issue was "related to a magnet on the F-35 Turbomachine manufactured by Honeywell that includes cobalt and samarium alloy." An alternative source for the alloy will be used in future, the Joint Program Office said in its statement. There are other Chinese-origin magnets on the jet that have received waivers from past Pentagon officials.

☆ Japan to offer low-interest loans for LNG procurement -Nikkei
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

The state-owned Japan Bank for International Cooperation (JBIC) will provide low-interest loans to electric power utilities and city gas companies to buy the super-chilled fuel from the spot market, the paper said, without citing sources. Spot LNG prices remain at high levels amid a risk of supply disruption from Russia given its war with Ukraine. Japanese utilities buy the bulk of their LNG through long-term contracts, but about 20% comes from the spot market. Asian spot LNG prices have skyrocketed this year, hitting a record high in August, though they since have eased because of high inventory levels and governments' efforts to curb demand in Europe. It would cost Japan more than 1 trillion yen ($6.9 billion) to buy 6 million tonnes of LNG a year from the spot market if shipments from Russia were stopped completely, the Nikkei said.

☆ A new wave of UK port labor strikes begins, with 'massive impact' for Christmas supply chain
▼ + stars: | 2022-09-28 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

A striking dockworker on a picket line outside the Port of Liverpool during a strike in Liverpool, UK, on Tuesday, Sept. 20, 2022. The shop stewards who represent union workers accepted Peel Ports request for a meeting at the union office on Tuesday. Supply chain impact from second round of U.K. strikesThe latest development comes amid mounting labor issues linked to inflation at U.K. ports, with workers at the nation's largest port, Felixstowe, beginning another strike this week after one in August. "Unite made it clear that until they have reached their goals these waves of strikes will continue which will have a massive impact on the Christmas business and supply." The CNBC Supply Chain Heat Map shows the present situation at the ports.

A liquefied natural gas (LNG) tanker is tugged towards a thermal power station in Futtsu, east of Tokyo, Japan November 13, 2017. The global LNG market has more than doubled in size since 2011, ushering in dozens of new entrants and the expansion of smaller players in Asia. The capital needed to trade the market soared after benchmark LNG prices rose from record lows below $2 per million British thermal units (mmBtu) in 2020 to highs of $57 in August. LNG spot prices price stood at $40.50/mmBtu then. 'DIFFICULT TO COMPETE'High LNG cargo prices are also widening energy poverty globally as some cargoes, initially destined for poorer nations, end up being diverted to European buyers.

Parafin, launched in 2020, works with so-called platform partners, or companies that other small businesses sell their products through. All the cofounders knew was that they wanted to build technology that would help small businesses. And they may not get their first contract payment from the government for as long as 120 days," Reed, the startup's CEO, told Insider. Helping small businesses manage their taxesComplYant's founder Shiloh Jackson wants to help people be present in their bookkeeping. HoneyBookWhile countless small businesses have been harmed by the pandemic, self-employment and entrepreneurship have found ways to blossom as Americans started new ventures.

Gareth Kaminski-Cook, CEO of Autins, which makes noise-reducing and thermal insulation for carmakers, gives a tour of the auto supplier's factory in Tamworth, Britain, May 3, 2022. Many auto suppliers, already squeezed by rampant inflation and energy prices, say they have little choice but to shoulder the extra costs of making their components sustainable to meet carmakers' environmental targets. "We're going to see a real big shakeout the next five, 10 years in the auto supply chain." The company, which is worth about $39 billion, launched its own sustainability drive in 2020 and is working on recyclable products with carmakers including Volkswagen, Volvo and BMW. Guell says carmakers only want to work with suppliers who use green energy, leaving him in a tight spot.

☆ Saudi Arabia launches five renewable energy projects
▼ + stars: | 2022-09-25 | by ( ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterSept 25 (Reuters) - Saudi Arabia has launched five new projects to produce electricity using renewable energy, with a total capacity of 3,300 megawatts, the state news agency (SPA) reported on Sunday. The projects, which include producing power through solar and wind, were launched by the Saudi Power Procurement Company (SPPC), which is the principal buyer. No financial details were disclosed. Register now for FREE unlimited access to Reuters.com RegisterReporting by Moataz Mohamed; Editing by David ClarkeOur Standards: The Thomson Reuters Trust Principles.

☆ EU official: Deficiencies in public procurement and corruption among Hungary's biggest challenges
▼ + stars: | 2022-09-22 | 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 official: Deficiencies in public procurement and corruption among Hungary's biggest challengesJohannes Hahn, Commissioner for Budget and Administration at the European Commission, discusses the remedial measures that Hungary has committed to.

☆ Pfizer to supply up to 6 mln COVID pill courses for lower income countries
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterA 3D printed Pfizer logo is placed near medicines from the same manufacturer in this illustration taken September 29, 2021. Pfizer said the supply agreement is part of its strategy to facilitate equitable access to oral COVID treatments. Register now for FREE unlimited access to Reuters.com RegisterThe company has made a deal with several generic drugmakers to produce its treatment at a lower price for developing countries. "This agreement with Global Fund is a critical step that will boost equitable access for high-risk patients in low-and-middle income countries," Chief Executive Officer Albert Bourla said in a statement. Register now for FREE unlimited access to Reuters.com RegisterReporting by Mrinalika Roy in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Despite Biden's assurances, Middle East militaries are buying their own weapons to take on Iran at sea and in the air
▼ + stars: | 2022-09-21 | by ( Benjamin Brimelow | ) www.businessinsider.com time to read: +9 min

Saudi Arabia and the UAE have been investing heavily in new military hardware in order to Iran. The Royal Saudi Air Force's core strength are its 232 F-15 Eagles, at least 84 of which are F-15SA variants designed specifically for Saudi Arabia. A Royal Saudi Air Force F-15 at King Faisal Air Base in Saudi Arabia in February 2021. US and Bahraini officials in front of unmanned naval vessels at at Naval Support Activity Bahrain in Manama in January. US Navy/MCS1 Mark Thomas MahmodIMX 2022 was also the first time Israel and Saudi Arabia, which don't have diplomatic relations, officially took part in an exercise together.

☆ New Flexport CEO Dave Clark is shaking up the top of Ryan Petersen's $8 billion supply-chain startup
▼ + stars: | 2022-09-21 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +4 min

Former Amazon boss Dave Clark took his seat as the co-CEO of Flexport on September 1. Petersen told The Verge that Clark will have more direct reports than he did when he was sole CEO. On September 1, former Amazon Global Consumer CEO Dave Clark officially took his spot as co-CEO of the supply chain unicorn. He took the role of senior vice president of operations at Flexport on September 12, and reports directly to Clark. On the podcast, Petersen touted Clark's decisiveness as a key asset.

☆ Swiss activists drop campaign against F-35 fighter deal
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

A F-35A fighter aircraft takes-off during a presentation at the Swiss Air Force base in Emmen, Switzerland March 23, 2022. REUTERS/Arnd Wiegmann/File PhotoZURICH, Sept 20 (Reuters) - Activists have withdrawn their campaign to stop Switzerland from buying 36 Lockheed Martin (LMT.N) F-35A Lightning II fighter jets after the government signed a $5.5 billion procurement deal without waiting for a referendum. Switzerland chose the F-35 last year as its next-generation fighter jet, angering opponents who said they would ensure a referendum to overturn what they called an unnecessary "Ferrari" option. read moreParliament approved the deal last week, and a contract was signed on Monday even as opponents were gathering signatures to force a referendum under the Swiss system of direct democracy. For this reason, the Alliance against the F-35 will withdraw its popular initiative, but remains convinced that the F-35 is a bad purchase and a billion-dollar risk for Switzerland."

☆ Infineon CFO: We have learned how to make energy supply chains more resilient
▼ + stars: | 2022-09-20 | 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 EmailInfineon CFO: We have learned how to make energy supply chains more resilientSven Schneider, CFO of Infineon, discusses supply chain shortages, multi-sourcing procurement strategies and how crises like Ukraine can make us more resilient in the future.

☆ Volkswagen does not see chip shortage ending in 2023, Automobilwoche reports
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +1 min

A Volkswagen logo is seen as it launches its ID.6 and ID.6 CROZZ SUV at a world premiere ahead of the Shanghai Auto Show, in Shanghai, China April 18, 2021. REUTERS/Aly Song/File PhotoBERLIN, Sept 19 (Reuters) - Volkswagen (VOWG_p.DE) no longer sees chip shortages ending in 2023, and the German carmaker is preparing for the "new normal" of supply chain disruptions, Murat Aksel, head of procurement on the Volkswagen board, told German weekly Automobilwoche. However, Aksel warned that "what we've seen in the supply chains over the past two years, this is the new normal," adding that Volkswagen is investing heavily in early detection. "With the new geopolitical issues, if anything, it's going to get even more complex and challenging," added Aksel. Register now for FREE unlimited access to Reuters.com RegisterWriting by Miranda Murray, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

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