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☆ The 10 books the rich will be reading this summer
▼ + stars: | 2024-05-26 | by ( Robert Frank | ) www.cnbc.com time to read: +11 min

That's why J.P. Morgan Private Bank, every May, releases its summer reading list, often serving as a book club for billionaires. This year marks the 25th anniversary of the list, now called the J.P. Morgan Summer Reading List. The 10 books are carefully curated to match the tastes and preoccupations of J.P. Morgan's wealthy clients. It also helps with client events, since authors on the list often agree to do special dinners or speaking events for J.P. Morgan clients. Authors love being on the list as well since J.P. Morgan buys thousands of books to hand out and since clients often refer the books to others.

Persons: Robert Frank, Today's, Alicia Keys, Swizz Beatz, J.P, Morgan, Darin Oduyoye, Oduyoye, Gary White, Matt Damon, Charles Duhigg, Jonathan Haidt, Haidt, Kasseem Dean, —, Gordon Parks, Michel Basquiat, Lorna Simpson, Odili Donald Odita, Kennedy Yanko, Kimberli Gant, Salman Khan Salman Khan, Jack Daniel, Fawn Weaver, Daniel's, Daniels, Weaver, Joshua Robinson, Jonathan Clegg, Robinson, Clegg, Melinda Stevens, Issy von Simson, Tabitha Joyce, Fortunato, Adam Pearson, Fortunato Chocolate, Laura Mae Martin, Laura Mae Martin —, Martin, Jake Gyllenhaal, Greta Caruso, Tony, Damon Organizations: Morgan Private Bank, Morgan, Reading, Wealth Management, J.P, Giants, Art, Phaidon, Brooklyn Museum, Education, Khan Academy, Wall, Mercedes, Nacional, Google, Solutions, JPMorgan, Manhattan Company Locations: Water, Lynchburg , Tennessee, America, United States, Croatian

Harrison doesn’t have an overall diagnosis beyond being a French bulldog — an increasingly popular breed prone to health problems. While most patients pay out of pocket, AMC offers multiple initiatives to cover charity care, especially for rescue animals and working dogs. The price of veterinary services have increased in recent years because of inflation, but also because of advances in care. The same day Harrison visited the surgical suite, Lynx was brought in by a rescue group. “We get to take extraordinary care of rescue animals,” Spector said.

Persons: —, Harrison, ”, Daniel Spector, Harrison doesn’t, Grace Kim, Kiki, “, ” Spector, Spector, Jennie Anne Simson, Simson, we’ve, Helen Irving, Elaine, Kenneth Langone, Elaine Langone, they've, Emily McCobb, Kelly Hall, ” Irving, Kim Organizations: Animal Medical, AMC, Avian, Shepherd Fund, Buddy, Veterinary, Home Depot, Bucknell University, Cummings School of Veterinary Medicine, Tufts University, Colorado State University, Associated, Lilly Endowment Inc, AP Locations: New York City, French, Manhattan, Manhattan’s, anesthesiologists, Brooklyn, New York

☆ Farm groups call on Australia to not sign 'dud' trade deal with EU
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

CANBERRA, Oct 23 (Reuters) - Australian farm industry groups on Monday called on the government to not sign a trade deal with the European Union unless it offered much greater market access for Australian agricultural products. Australia, one of the world's biggest exporters of farm goods from wheat and beef to wool and wine, has been negotiating a trade deal with the EU since 2018. "The message from Australian farmers is clear and united: if it's a dud deal, keep the signing pen in your pocket." Farrell said in a statement that he had made it clear that Australia wants a trade agreement with the EU, but not at any cost. While Australia wants access to EU markets for its farm output, much of which is now subject to tariffs and quotas, the EU is likely to gain simplified investment access to Australia's critical minerals industry.

Persons: Don Farrell, Farrell, Fiona Simson, Peter Hobson, Jamie Freed Organizations: CANBERRA, European Union, Trade, EU, National Farmers ' Federation, Livestock Australia, Australia, Reuters, Thomson Locations: Australia, Canberra, Osaka

BEIJING (AP) — The European Union's top foreign policy official warned Friday that public sentiment in Europe could turn more protectionist if the region's trade deficit with China is not reduced. Josep Borrell, the EU high representative for foreign affairs, called for improved access for European companies that want to export to or invest in China. “And we don’t want to disengage and much less, much less, to decouple from China,” Borrell said in a speech at Peking University, one of China's top schools. The EU trade deficit with China topped $17 billion in September, bringing the total for the first nine months of the year to $170 billion, according to Chinese trade figures released Friday. China is trying to reduce tensions over trade and other issues with the EU and the United States, both important export markets.

Persons: Josep Borrell, ” Borrell, Borrell, Wang Yi, Kadri Simson, Valdis Dombrovskis, “, ”, Xi Jinping, Joe Biden Organizations: BEIJING, EU, Peking University, China, China's, Energy, Trade, U.S, Senate, European Union Locations: Europe, China, decouple, Beijing, EU, United States, Ukraine, Taiwan

Pipes for the Nord Stream 2 gas pipeline in the Baltic Sea, which are not used, are seen in the harbour of Mukran, Germany, on September 30, 2022. Before Russia's invasion of Ukraine, the Nord Stream 1 pipeline had accounted for 15% of Europe's gas imports in 2021, according to the Oxford Institute for Energy Studies. A second Nord Stream 2 link was planned but never operated. "Our biggest risk was that Russia can manipulate our energy markets," EU Energy Commissioner Kadri Simson told Reuters. Across the EU, gas storage caverns are now 95% full, Gas Infrastructure Europe data show.

Persons: Pipes, Fabian Bimmer, Kadri Simson, SEB, Ole Hvalbye, Tom Marzec, Wood Mackenzie, Gergely Molnar, Jacob Mandel, Kate Abnett, Julia Payne, Nora Buli, Barbara Lewis Organizations: REUTERS, Oxford Institute for Energy Studies, Reuters Graphics, EU Energy, Reuters, EU, SEB Commodities, Gas Infrastructure, International Energy Agency, Aurora Energy Research, Thomson Locations: Baltic, Mukran, Germany, Russia, BRUSSELS, OSLO, Europe, Ukraine, RUSSIA, Norway, United States, Russian, Greece, Poland, Finland, Italy, Netherlands, France, Reuters Graphics Germany, Belgium, Britain, Portugal, Spain, Paris, Brussels, Oslo

☆ Europe's plan to wean itself off Russian fossil fuels by 2027 has a major flaw
▼ + stars: | 2023-08-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The EU wants to wean itself off Russian fossil fuels by 2027 and has cut its use of piped Russian gas dramatically. Even so, EU countries imported a record amount of Russian LNG this year, per Global Witness. Global Witness projects the EU's Russian LNG purchases in 2023 to total nearly 5.3 billion euros, or $5.75 billion. "Buying Russian gas has the same impact as buying Russian oil. In March, Kadri Simson, the EU's energy commissioner, called on member states to stop buying Russian LNG as it's a "reputational risk."

Persons: Moscow —, Adam Bennett, Bennett, Spain —, Jonathan Noronha, Gant, Kadri Simson, Teresa Ribera Organizations: Service, LNG, Moscow, Global, EU, Russia, Russian, Russian LNG, Commission Locations: Wall, Silicon, Ukraine, Europe, Kpler, China, Japan, South Korea, Belgium, France, Netherlands, Spain

☆ 'A war for water': Europe sounds the alarm on water stress ahead of another extreme summer
▼ + stars: | 2023-06-16 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

A view of the practically empty swamp that supplied water to Fuente obejuna village in Cordoba, Spain on May 19, 2023. European lawmakers issued a stark warning about the region's growing water crisis ahead of another extreme summer, saying there is a pressing need to tackle issues such as scarcity, food security and pollution. Speaking at a European Parliament plenary session entitled "The Water Crisis in Europe" on Thursday, lawmakers called for increased action to preserve and improve water resources, already affected by several years of depleting groundwater levels as the climate crisis continues to intensify. "Some regions are suffering from water scarcity due to the droughts, while others are suffering from floods. "Let us not be the continent that learns the value of water after the well has run dry."

Persons: Energy Kadri Simson, Simson Organizations: Energy, EU Locations: Fuente obejuna, Cordoba, Spain, Europe, France

☆ Supply chain scrutiny may upend EU solar ambitions
▼ + stars: | 2023-05-23 | by ( Lisa Jucca | ) www.reuters.com time to read: +5 min

Western nations are rushing to install more solar panels to reduce their dependency on polluting fossil fuels like gas and oil. Yet a rising legislative tide aimed at ensuring companies’ supply chains are free from forced labour and other abuses presents a mounting challenge for Western utilities. Bernreuter estimates that non-Chinese solar-grade polysilicon is enough to produce 40 gigawatts of solar panels per year. Banned materials include polysilicon, an ultra-pure form of silicon, that is the key raw material used to make solar panels. The European Commission published in February 2022 a draft proposal aimed at forcing companies to better police their global supply chains.

☆ Russian Attack on Ukraine Kills at Least 12 People: Live Updates
▼ + stars: | 2023-04-28 | by ( Marc Santora | Victoria Kim | ) www.nytimes.com time to read: +5 min

Evidence is piling up about the steady disintegration of Russia’s vital natural gas export industry since the country’s invasion of Ukraine. With this success behind them, European leaders are contemplating widening their attack to include imports of liquefied natural gas from Russia. Russian L.N.G. energy commissioner, has urged members of the bloc and European energy companies to stop buying Russian L.N.G. On the other hand, having largely gone cold turkey on Russian pipeline gas, European leaders may calculate that “going without Russian L.N.G.

But at the same time, EU countries have increased their overall purchases of Russian LNG, undermining the bloc's pledge to end its use of Russian fossil fuels by 2027. Russian LNG exports by region Russian LNG exports by regionEU analysis found Russian LNG imports increased to 22 billion cubic metres (bcm) last year, up from 16 bcm in 2021. Belgium and Spain nearly doubled their imports of Russian LNG in the 12 months since Russia invaded Ukraine, analysis by Kpler showed. The Netherlands has eliminated its Russian pipeline gas imports since the war and reduced, but not eliminated, Russian LNG imports. TO BAN OR NOT TO BANHalting Russian LNG imports would be double-edged, analysts say.

☆ EU's Simson welcomes potential halt on Russian LNG imports
▼ + stars: | 2023-04-01 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: European Commissioner for Energy Kadri Simson attends a European Union energy ministers meeting on high energy prices, in Brussels, Belgium November 24, 2022. REUTERS/Johanna GeronCERNOBBIO, Italy (Reuters) - Proposals to stop Russian companies from sending liquefied natural gas to European Union nations were welcomed by EU Energy Commissioner Kadri Simson on Saturday. “This is not a law yet...but this is now a very concrete step,” Simson told Reuters at a business event in northern Italy. EU countries agreed on Tuesday to seek a legal option to stop Russian companies sending liquefied natural gas to EU nations, by preventing Russian firms from booking infrastructure capacity. Simson also talked up a deal struck by the EU last month to cut final energy consumption across the bloc by 11.7% by 2030 as the bloc fights climate change and tries to wean itself off Russian energy supplies.

☆ Europe’s rush to LNG could turn into ‘world’s most expensive and unnecessary insurance policy'
▼ + stars: | 2023-03-23 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

The Golar Tundra project is a key part of Italy's plan to reduce its reliance on Russian gas following the invasion of Ukraine. Europe must carefully balance its gas and LNG systems, and avoid tipping the scale from reliability to redundancy. "This is the world's most expensive and unnecessary insurance policy," said Ana Maria Jaller-Makarewicz, energy analyst for IEEFA Europe and author of the analysis. "Europe must carefully balance its gas and LNG systems, and avoid tipping the scale from reliability to redundancy. Boosting Europe's LNG infrastructure will not necessarily increase reliability — there's a tangible risk that assets could become stranded," Jaller-Makarewicz said.

☆ EU's planned reforms aim to better protect power bills from market swings
▼ + stars: | 2023-01-23 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

REUTERS/Christian CharisiusBRUSSELS, Jan 23 (Reuters) - European Union proposals to overhaul its electricity market will attempt to better protect consumer energy bills from short-term swings in fossil fuel prices, the European Commission said on Monday. "We need to make the electricity market design fit for the future, allowing it to deliver the benefits of affordable clean energy to everyone," EU energy commissioner Kadri Simson said. The EU proposal will aim to expand Europe's use of long-term contracts that provide power plants with a fixed price for their electricity - "contracts for difference" (CfD) and power purchase agreements (PPA), the Commission said. Expanding these types of contracts would create a buffer between energy consumers and volatile prices in short-term energy markets, yielding more stable energy bills for households and companies, it said. EU countries and lawmakers will negotiate the final power market reforms.

The aim is to shield European households and businesses from the kind of gas price spikes experienced since Russia's invasion of Ukraine. WHY CAP GAS PRICES? Gas prices have eased in recent months as the EU agreed some emergency measures, including obligations to fill gas storage, but they remain high. The EU price cap would not drop below 180 eur/MWh, even if the LNG price fell to far lower levels. The EU price cap is designed to be a temporary fix that would apply for one year.

☆ Natural gas sinks after EU energy ministers agree to cap prices as Russia's war in Ukraine throttles markets
▼ + stars: | 2022-12-19 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

European and US natural gas prices fell on Monday after EU energy ministers agreed to a price cap. Dutch TTF natural gas futures, the European benchmark, sank 7% to 106.95 euros per megawatt-hour. And in the US, which has emerged as top gas supplier since Moscow began cutting flows to Europe, natural gas prices plunged 12% to $5.805 per million British thermal units. European energy ministers are also poised for a showdown with Intercontinental Exchange, which is behind the largest market in Amsterdam. ICE threatened last week to move its market outside of the European Union if the plan to cap prices goes forward, according to the Wall Street Journal.

☆ ICE warns EU gas price cap could see prices rise
▼ + stars: | 2022-12-06 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

Companies Intercontinental Exchange Inc FollowBRUSSELS, Dec 6 (Reuters) - An exchanges operator has warned the European Union that its proposal to cap gas prices would make it more likely that prices rise to hit the cap, according to a document seen by Reuters. In a memo sent to the Commission, the Intercontinental Exchange (ICE) - which hosts TTF trading - said that proposal could in fact drive prices higher, despite it being designed to cushion EU countries' economies from gas price spikes. The resulting shortage of sellers in the TTF market would drive up prices, it said. "The EU Commission hears the concerns and arguments expressed by the representatives of the European Gas Exchanges. The safeguards include that the Commission could immediately suspend the price cap if it caused negative consequences, including risks to financial stability or gas flows within Europe.

☆ Europe's gas price cap leaves some nations dismayed, saying it's far too high
▼ + stars: | 2022-11-23 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Several EU member states are not happy with the bloc's proposed cap on natural gas prices — at 275 euros per megawatt hour — which aims to prevent sky-high costs for consumers. Introducing a cap on gas prices has been one of the more controversial measures for Europe amid an acute energy crisis following Russia's invasion of Ukraine. "So [a] price cap at 275 euro is not a price cap, nobody can, can stand buying gas at this expensive price for a long time. We surely believe that the price cap below 200 euro, between 150 and 200 euro would be more realistic," he added. EU energy ministers are due to meet Thursday to debate the price cap proposal.

☆ A European Union may cap natural gas prices at 275 euros to blunt the energy crisis caused by Russia's war on Ukraine
▼ + stars: | 2022-11-22 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

The European Union's executive arm said Tuesday it's aiming to limit European natural gas prices at €275 per megawatt hour. If approved, the cap would be automatically triggered if two conditions related to benchmark prices are met. EU members have been debating over proposed measures aimed at shielding customers and businesses from energy price spikes. "Gas prices in the EU have fallen since August thanks to demand reduction, mandatory storage filling, diversification of supplies and other measures proposed by the Commission in recent months. But we have been missing in our toolkit a way to prevent and address episodes of excessively high prices," EU Energy Commissioner Kadri Simson said in the statement.

☆ European Union executive proposes gas price cap at 275 euros/MWh
▼ + stars: | 2022-11-22 | by ( ) www.cnbc.com time to read: 1 min

European gas prices are expected to drop in the coming months. The European Union executive on Tuesday proposed a gas price cap for the bloc at 275 euros ($282) per megawatt hour for month-ahead derivatives on the Dutch exchange that serve as Europe's benchmark. The cap would be available for one year from Jan. 1, 2023, said EU energy commissioner, Kadri Simson. "We propose to put a ceiling on the TTF (Title Transfer Facility) gas price to protect our people and businesses from extreme price hikes," she said. The idea to cap prices has divided EU countries for many months.

The price cap idea has led to persistent disagreements between the EU's 27 member states. Belgium, Greece, Italy and Poland are among the countries most vocal in calling for a gas price cap to be implemented, while the bloc's largest economy Germany has led the opposition. Historically, the gas price at the TTF hub has been used as a benchmark for LNG deliveries into Europe. PRICE CAP ON RUSSIAN GASThe Commission suggested a Russian gas price cap in September, but dropped the idea after resistance from central and eastern European countries worried Moscow would retaliate by cutting off the gas it still sends to them. Given that fall, some EU diplomats said a price cap would do little to reduce European gas prices, and would function as more of a geopolitical move to cut revenues to Moscow.

☆ EU expects to be ready for Russia oil price cap Dec. 5 start - officials
▼ + stars: | 2022-11-18 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

The EU will ban Russian crude imports from that date, and Russian oil products from Feb. 5, depriving Russia of oil revenues and forcing one of the world's top oil producers and exporters to seek alternative markets. In addition, a G7 plan, intended as an add-on to the EU embargo, will allow shipping services providers to help to export Russian oil, but only at enforced low prices. "Our sanctions will cover crude for EU member states so we will not buy Russian crude oil starting from December 5 and we covered the possible oil price gap for international buyers with our eighth package of sanctions," EU energy commissioner Kadri Simson said. read moreWashington plans to issue guidance in coming days on the Russian oil price cap and is ready for some "hiccups" in its implementation, a U.S. State Department official said separately. An EU official said that exchanges continued with the G7 in view of the Dec. 5 deadline.

☆ EU to propose natural gas price cap after Nov. 24 meeting
▼ + stars: | 2022-11-16 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

The 27-country European Union has for months debated whether to cap gas prices, as the bloc struggles to contain soaring inflation and energy prices driven by Russia slashing gas supplies to Europe. EU energy commissioner Kadri Simson said the Commission, which drafts EU policies, would propose a cap after a meeting of EU energy ministers on Nov. 24 where they are expected to instruct the bloc's executive to move ahead with the proposal. EU countries are split over whether to cap gas prices. Belgium, Poland, Italy and Greece have demanded Brussels propose a gas price cap before Nov. 24, and threatened to block other EU policies including faster renewable energy permitting rules, if one is not proposed. "In a global commodity market, we cannot attract these volumes unless our (gas) prices are competitive against the other world regions, namely the Asian market."

☆ EU Readies New Proposals to Drive Down Energy Costs
▼ + stars: | 2022-10-12 | by ( Kim Mackrael | ) www.wsj.com time to read: 1 min

BRUSSELS—The European Union’s executive arm said it would propose new measures to intervene in the bloc’s energy market next week in an effort to provide relief for consumers and businesses squeezed by high electricity and natural-gas prices. EU Energy Commissioner Kadri Simson said Wednesday that the proposals would be aimed at lowering prices and ensuring that Europe has enough gas to keep its factories running and its homes heated through the winter. The potential moves are a response to Russia’s decision to wield its gas supply as a weapon of economic war, cutting the flow to gas to the continent and pushing many of its manufacturers to the brink.

EU energy ministers meeting in Prague will attempt to provide clearer instructions on what the European Commission should propose as the bloc's next emergency energy measure. With gas prices almost 90% higher than a year ago, most EU countries say they want a gas price cap, but disagree on its design. Those discussions "went in all directions", one EU diplomat said - referring to the numerous options being floated, including a price cap on all gas, pipeline gas, or just gas used to produce electricity. Some countries, including Germany, Europe's biggest gas consumer, oppose a broad gas price cap, fearing it would leave Europe struggling to attract supplies from price-competitive global markets this winter. Norway's energy minister Terje Aasland, who joined Wednesday's meeting along with other European non-EU members, said his country "doesn't recommend" a gas price cap.

☆ EU countries eye deal on more energy measures within weeks
▼ + stars: | 2022-10-10 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

BRUSSELS, Oct 10 (Reuters) - European Union countries will seek a November deal on more emergency measures to tackle high gas prices, officials said, although countries still disagree on what form those measures would take and whether they should cap gas prices. As Europe heads into a winter of scarce Russian gas supplies and high energy costs, EU energy ministers will meet in Prague on Wednesday to discuss their next move, having already rushed through emergency EU energy windfall profit levies, gas storage filling obligations, and electricity demand curbs. The senior EU official said that in their view countries were leaning towards the "Iberian model" of capping the price of gas used for power generation. Spain and Portugal capped the price of gas used in power generation in June, which has helped curb local power prices. The idea has gained traction among other countries, although some worry it could raise EU gas demand, since Spain's gas use increased under the measure.

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