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Much as he would have liked to significantly increase supplies, Biosca-Reig said he couldn't justify investing millions of euros in new production lines unless he was paid more for the generic drug to cover sharply rising costs. European generic drugmakers say the tender system and regulated prices have fuelled a race to the bottom, and European firms are being undercut by suppliers from Asia. BRUSSELS, WE HAVE A PROBLEMThe European Medicines Agency (EMA) and European Union lawmakers acknowledge there is a problem. Half the generic medicines sold in Spain are priced below 1.60 euros per box or bottle, the country's generics manufacturing association said. But companies with smaller market shares, such as Israel's Teva (TEVA.TA), which has 5% of the region's amoxicillin market according to Medicines for Europe, are constrained.

☆ Turkey's push into Iraq risks deeper conflict
▼ + stars: | 2023-01-31 | by ( Amina Ismail | ) www.reuters.com time to read: +9 min

REUTERS/Amina IsmailSARARO, Iraq, Jan 31 (Reuters) - Looming over the deserted village of Sararo in northern Iraq, three Turkish military outposts break the skyline, part of an incursion that forced the residents to flee last year after days of shelling. Turkey's advances across the increasingly depopulated border of Iraqi Kurdistan attract little global attention compared to its incursions into Syria or the battle against Islamic State, but the escalation risks further destabilising a region where foreign powers have intervened with impunity, analysts say. EMPTY VILLAGESA Kurdish official, who declined to be named, also said Turkey now had about 80 outposts in Iraq. NEW TARGETSBeyond the humanitarian impact, Turkey's incursion risks widening the conflict by giving carte blanche to regional rival Iran to step up intelligence operations inside Iraq and take its own military action, Kurdish officials say. According to a Washington Institute report, attacks on Turkish military facilities in Iraq increased from an average of 1.5 strikes per month at the start of 2022 to seven in April.

☆ China's BYD takes cautious approach to U.S. in global EV push
▼ + stars: | 2023-01-18 | by ( Norihiko Shirouzu | ) www.reuters.com time to read: +7 min

[1/2] The logo of BYD is pictured at the 2022 Paris Auto Show in Paris, France October 17, 2022. While BYD has not fully articulated its global ambitions in public, a concerted worldwide push has become the single most important strategic focus for China's biggest EV maker, four sources familiar with BYD management's thinking said. "BYD is taking a cautious approach to the U.S.," the person said. "I would say BYD at this point is already better positioned than Tesla in the EV era." "America is going to be a key, key part of this global push strategy," one said.

"It's not just me and my children, future generations from our community in Jammu and Kashmir will vote for the BJP." A BJP victory in the disputed region could consolidate India's claim over the territory on the global stage. "We have taken a pledge to cross 50-plus seats to form the next government with a thumping majority," the BJP's president for Jammu and Kashmir, Ravinder Raina, told Reuters. Jammu has about 5.3 million inhabitants, 62% of whom are Hindu while Kashmir Valley has 6.7 million, 97% of them Muslim, according to a 2011 census. Previously unreported official records show just over 5.3 million certificates had been issued as of September.

[1/3] A general view of hydrogen electrolysis plant called 'REFHYNE', one of the world's first green hydrogen plants, during a launch event at Shell's Rhineland refinery in Wesseling near Cologne, Germany, July 2, 2021. REUTERS/Thilo SchmuelgenLONDON, Dec 22 (Reuters) - The green hydrogen express is gathering pace, but it may have a worrying problem with leaks. At least four studies published this year say hydrogen loses its environmental edge when it seeps into the atmosphere. The United States included billions of dollars of green hydrogen tax credits in its Inflation Reduction Act and the European Union approved 5.2 billion euros ($5.5 billion) in subsidies for green hydrogen projects in September. While potential leakages of hydrogen are not expected to be on a scale that could derail all green hydrogen plans, any seepage would erode its climate benefits, they say.

☆ Medical device makers drop products as EU law sows chaos
▼ + stars: | 2022-12-19 | by ( Maggie Fick | ) www.reuters.com time to read: +9 min

LONDON, Dec 19 (Reuters) - Nicola Osypka's German company has been selling medical devices used in surgery on newborn babies in Europe for decades, but new European Union rules have forced her to make tough decisions. While some companies say the products they have cut have no impact on patients or profits, others say some of withdrawn devices are essential, and doctors agree. Under the EU's Medical Devices Regulation (MDR), which came into effect in May 2021, all medical devices, from implants and prosthetics to blood glucose meters and catheters, must meet stricter safety criteria, sometimes with new clinical trials. Under the old system, it took about 15,000 euros and a few months to get a similar device approved, he said. Tom Melvin, an associate professor of medical device regulatory affairs at Trinity College Dublin, said there were nearly 100 such agencies a decade ago under the old system.

Lignite contains several times more sulphur and ash, and five times more mercury, than black coal, and provides three times less energy. It also loosened restrictions on selling coal waste, which can be highly polluting, taking Poland back to the days before 2018, when the rules for coal were tightened to fight smog. In September, PiS leader Jaroslaw Kaczynski even told residents of Nowy Targ, the town with the lowest air quality in Poland in 2020, to burn pretty much whatever they wanted. Smog has been intense over the past days and we have a lot of children in need of intensive treatment," she said. COAL RUSHAbout 80% of the coal used by European Union citizens to heat homes is burned in Poland.

LONDON, Dec 5 (Reuters) - The market for old oil tankers is booming, and it's all down to efforts by Western nations to curb trade in Russian crude. The European Union banned all seaborne Russian crude imports from Dec. 5, with a fuel import ban to follow in February. PRICE SURGEMajor Western oil companies typically stop using tankers when they are about 15 years old, and many would be scrapped. More tankers are now being used for voyages taking weeks, shipping Russian oil from the Baltic and Black Sea to Asia, whereas Russian oil was mainly sold in Europe previously and the voyages only took a few days. Ship broker Braemar also said that some of the vessels involved in shipping Iranian and Venezuelan oil were shifting to transporting Russian oil.

☆ An assassination, a feud and the fight for power in Iraq's Kurdistan
▼ + stars: | 2022-12-05 | by ( Amina Ismail | ) www.reuters.com time to read: +10 min

TENSE STANDOFFAfter Rasoul's death, the KDP-dominated Regional Security Council accused a PUK security agency of the killing. It detained six men it identified as operatives involved and issued arrest warrants for another four senior PUK security officials, according to security council statement a week after the attack. Long-simmering mistrust between the two sides had already deepened this year due to a wave of defections from PUK security agencies. The senior PUK official told Reuters there had been eight. "It could've easily turned ugly," the senior PUK official said.

SummarySummary Companies Coal miners struggling to fund expansion plansThermal coal costs more than coking coal after price surgeMost Western bankers pulling back from coal industryLONDON, Nov 24 (Reuters) - It's the best of times, it's the worst of times. At least when it comes to mining coal. With funding hard to come by from Western banks, coal miners outside China have turned more to equity markets this year. "With regard to thermal coal mining, any transaction in coal mining requires an enhanced environmental risk review," a Deutsche spokesperson said, adding that the bank was updating its coal policy. Bens Creek listed shares partly because of the lack of appetite from banks to support any expansion of coal mining, chief executive Wilson said.

☆ Chinese carmakers target more European sales with five-star EVs
▼ + stars: | 2022-11-21 | by ( Nick Carey | ) www.reuters.com time to read: +7 min

"All Chinese EV makers want to achieve Euro NCAP five-star ratings in order to be more competitive in the European market," said Brian Gu, president of Chinese EV maker Xpeng (9868.HK). Perhaps more importantly for sales, high safety ratings also open up the potentially huge corporate car fleet market for Chinese EV makers. European carmakers are also pursuing five-star ratings for their EVs and hybrids, from BMW's (BMWG.DE) iX to Volkswagen's (VOWG_p.DE) ID.4 and ID.5. But almost half the Chinese cars sold were EVs, according to Inovev, giving them a 5.8% share of Europe's fully-electric vehicle market. Inovev vice-president Jamel Taganza said all Chinese cars sold in Europe would be EVs within a few years, with more lower-cost models on the way.

☆ He Thought His Home Might Sell for $30 Million. Fifteen Months Later, It’s ‘The Steal of the Century.’
▼ + stars: | 2022-11-17 | by ( E.B. Solomont | Katherine Clarke | ) www.wsj.com time to read: 1 min

Would someone really pay $30 million for his Nevada ranch? David Clark wasn’t sure. But amid the rollicking luxury market, Mr. Clark said he agreed to list his 25-acre Washoe Valley property for that amount in August 2021. A similar retreat on Lake Tahoe could fetch multiples more, he reasoned. Plus, his land came with a roughly 18,000-square-foot mansion and multiple wells, ponds and outbuildings.

☆ New Zealand government to introduce 'open banking' for consumers
▼ + stars: | 2022-11-09 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

WELLINGTON, Nov 10 (Reuters) - New Zealand will introduce open banking over the next two years, the government said in a statement on Thursday, making the sector the first to have rules giving consumers full control of their financial data. "Open banking" is already in place in a number of markets overseas, including Australia and the United Kingdom. Proponents of "open banking" say it may allow consumers to share their banking data with other providers to get better and cheaper services than what they already have. Australian banks, which dominate New Zealand's banking sector, are increasing their reliance on data to approve loans and better sharing of data supports this. New Zealand Bankers' Association chief executive Roger Beaumont said it is important to get the open data sharing right for consumers and they needed time to implement.

It wants 3.8 billion pounds ($4.4 billion) to build a gigafactory in northern England but its plans are hanging by a thread as it struggles to lure enough investment. French battery startup Verkor, for example, announced on Wednesday that it had raised 250 million euros ($249 million) to fund a megafactory. The European Battery Alliance (EBA) acknowledges Asian firms, and Chinese companies in particular, are likely to increase their market share in the coming years, helped by their track record and offtake agreements. "Even if we have the production in Europe, it doesn't mean we have the know-how or the control," she said. The EU has approved 6.1 billion euros since 2019 in funding by member states for battery research and innovation while Britain has a 1 billion pound fund to support investments in EV supply chains.

☆ Verkor raises 250 mln euros to fund EV battery megafactory
▼ + stars: | 2022-11-02 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

LONDON, Nov 2 (Reuters) - French battery startup Verkor has raised 250 million euros ($248 million) from investors to fund a battery "megafactory" on its way to building a much larger plant to produce batteries for its customer Renault (RENA.PA), the company said on Wednesday. Verkor, which is based in Grenoble, said investors in the funding round included French bank Societe Generale (SOGN.PA), German industrial company Siemens (SIEGn.DE) and the European Investment Bank, which put in 49 million euros. The funding round comes after the company raised 100 million euros from investors in 2021. Verkor said that so far the company has been making several batteries a day in its lab in Grenoble. As well as perfecting its battery chemistry, the megafactory will help Verkor master production at scale and train people to eventually run the Dunkirk gigafactory, Lemaignan said.

Register now for FREE unlimited access to Reuters.com RegisterThe energy crisis triggered by the war in Ukraine has renewed interest in nuclear power. But without a reliable source of the high assay low enriched uranium (HALEU) the reactors need, developers worry they won't receive orders for their plants. But only TENEX, which is part of Russian state-owned nuclear energy company Rosatom, sells HALEU commercially at the moment. And this chicken and egg conundrum is complicating the smooth development of HALEU supply. "A reliable HALEU supply is one of many factors under consideration," the company said in an emailed statement.

☆ ASOS in talks with lenders to amend terms of $391 mln facility
▼ + stars: | 2022-10-15 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 15 (Reuters) - British online fashion retailer ASOS (ASOS.L) is in talks with lenders to amend the terms of its 350 million pound ($391 million) borrowing facility, it said on Saturday. Sky News said the lenders were lining up AlixPartners and law firm Clifford Chance to advise them on an "unfolding situation". It warned last month that it expected profit before tax in the year to Aug. 31 to be around the bottom end of its guidance of 20 million pounds to 60 million pounds after weaker than projected August sales. ASOS also forecast full-year net debt of about 150 million pounds, which was higher than previous guidance. "This happened towards the end of August and there has been no adverse impact on trading relationships with our suppliers," ASOS said in response.

"I can tell you that there was a very clear and immediate meeting of minds between us about the importance of fiscal sustainability and the importance of taking measures to do that," Bailey said. Truss criticised the BoE during her leadership campaign, saying she wanted to set a "clear direction of travel" for the central bank. "We will not hesitate to raise interest rates to meet the inflation target," Bailey said. "And, as things stand today, my best guess is that inflationary pressures will require a stronger response than we perhaps thought in August." "In these difficult times, we need to be very clear on this framework of intervention," Bailey said.

☆ One dead in flash floods on the Greek island of Crete
▼ + stars: | 2022-10-15 | by ( ) www.reuters.com time to read: +1 min

Damaged cars are seen in the sea, following flash floods on the village of Agia Pelagia, on the island of Crete, Greece, October 15, 2022. REUTERS/StringerATHENS, Oct 15 (Reuters) - A man died and a woman was missing after their car was carried away in flash floods which hit the north coast of the Greek island of Crete on Saturday, Greek authorities said. The Greek fire brigade said they recovered the man from a vehicle that had been washed into the sea after torrential rain at the village of Agia Pelagia in the region of Heraklion. Images showed cars floating or partially submerged along with small fishing boats in muddy sea waters off Agia Pelagia. The fire brigade has received hundreds of calls to bring people to safety or pump water out of flooded buildings on the island, a fire brigade official said.

German and Chinese national flags fly in Tiananmen Square ahead of the visit of German Chancellor Angela Merkel in Beijing, China, May 23, 2018. German investment and trade in China hit record levels in the first half of 2022 and big business says there's no question of pulling back from the world's second-biggest economy. A spokesperson for the economy ministry said it was closely following the investment behaviour of German companies as part of its strategic considerations on how to deal with China. The economy ministry declined to comment when asked about a meeting next year, or the remarks about Habeck. Reuters reported last month that the economy ministry was considering curbing export and investment guarantees as part of its new China strategy.

☆ Ship captains held by Indonesian navy decry bribes and betrayal
▼ + stars: | 2022-09-28 | by ( Joe Brock | ) www.reuters.com time to read: +10 min

Most of the captains were freed after a few weeks once ship owners made unofficial payments to navy intermediaries of between $300,000 and $400,000, the people said. The Indonesian navy has said it never requests or receives money to release vessels. Ledoux, 57, questioned why more wasn't being done by ship owners and governments to raise awareness of the issue. An Indonesian navy spokesman did not respond to a request for comment. Reuters has not seen what evidence was presented at the trial to prove the ship was in Indonesian waters.

☆ Egypt's 2021/22 natural gas and LNG export revenue hits $8 bln - cabinet
▼ + stars: | 2022-09-25 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Amr Abdallah DalshSept 25 (Reuters) - Egypt's natural gas and liquefied natural gas (LNG) export revenue reached $8 billion in its 2021/22 fiscal year after volumes increased by 7.2 million tonnes, the Egyptian cabinet said on its Facebook page on Sunday. Egypt earns about $500 million monthly from natural gas exports and aims to raise that figure to $1 billion "in the coming period", Finance Minister Mohamed Maait said in a statement last week. Egypt has been pushing to maximise its exports of natural gas to generate foreign currency revenue after coming under financial pressure due to the impact of the war in Ukraine. The government says gas exports have been boosted after the it introduced an electricity rationing plan in August. Register now for FREE unlimited access to Reuters.com RegisterReporting by Moataz Mohamed; Editing by David Clarke and David EvansOur Standards: The Thomson Reuters Trust Principles.

☆ British PM Truss tells allies to stand firm on Ukraine
▼ + stars: | 2022-09-25 | by ( ) www.reuters.com time to read: +3 min

Stefan Rousseau/Pool via REUTERSLONDON, Sept 25 (Reuters) - British Prime Minister Liz Truss said allies should stand firm on Ukraine and ignore Russian President Vladimir Putin's "sabre-rattling", as she seeks to mend fences with democratic powers in the face of increasing threats around the world. Truss, who met U.S. President Joe Biden and France's Emmanuel Macron on her first foreign trip as prime minister to New York last week, called on like-minded democracies to be firm against "autocratic regimes". Truss said Putin was escalating his invasion of Ukraine was because he wasn't winning and had made a strategic mistake. Truss, who became prime minister earlier this month, has taken a hard line against Russia and China. "I'm determined that we make the special relationship even more special over the coming years."

☆ UK's Truss to review visa schemes to ease labour shortages - FT
▼ + stars: | 2022-09-25 | by ( ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterBritain's Prime Minister Liz Truss walks outside Downing Street in London, Britain, September 23, 2022. REUTERS/Clodagh KilcoyneSept 25 (Reuters) - British Prime Minister Liz Truss is set to launch a major review of the country's visa system in a move to tackle acute labour shortages in key industries, the Financial Times reported on Sunday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Anirudh Saligrama in Bengaluru; Editing by David ClarkeOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

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