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☆ Russia's war on Ukraine latest news: Ukraine gradually restores power
▼ + stars: | 2022-11-26 | by ( ) www.reuters.com time to read: +2 min

CONFLICT* NATO Secretary-General Jens Stoltenberg said the Western military alliance would not back down on its support for Kyiv. * The war's first winter will now test whether Ukraine can press on with its campaign to recapture territory, or whether Russia's commanders can halt Kyiv's momentum. [1/3] NATO Secretary General Jens Stoltenberg speaks during a news conference at the Alliance's headquarters in Brussels, Belgium November 25, 2022. EU governments were split on the level at which to cap Russian oil prices to curb Moscow's ability to pay for its war in Ukraine without causing a global oil supply shock. This is our mission number one this year," said Ukrainian President Volodymyr Zelenskiy.

More than a year after Washington, London and Canberra torpedoed a big French submarine contract, pushing Franco-US relations to breaking point, the two countries are expected to put on a show of unity on common threats from Russia and China. The French leader will try to negotiate exemptions for European companies on the model of those Mexico and Canada has already got, a French presidential adviser said. Macron wants France to build more nuclear reactors but it is struggling with corrosion issues at its ageing plants. Macron will also travel to Louisiana, ostensibly to pay tribute to the state's French heritage, but also to discuss energy issues, the French presidential advisor said. "The United States produce cheap gas but sell it to us at high price," Macron told French executives on November 8.

☆ European Energy Ministers Set to Clash Over Proposed Gas-Price Cap
▼ + stars: | 2022-11-24 | by ( Kim Mackrael | ) www.wsj.com time to read: 1 min

Pipes at facilities of the Nord Stream 2 gas pipeline in Lubmin, northern Germany. European Union countries earlier this year agreed to voluntary plans to reduce their gas consumption. BRUSSELS—European Union energy ministers are gathering to haggle Thursday over details of a new proposal from the bloc’s executive body for an emergency cap on the price of natural gas. The meeting convenes as EU diplomats struggle to agree on a separate, international plan to cap prices paid for Russian oil around the world.

☆ European Energy Ministers Clash Over Proposed Gas-Price Cap
▼ + stars: | 2022-11-24 | by ( Kim Mackrael | ) www.wsj.com time to read: 1 min

Pipes at facilities of the Nord Stream 2 gas pipeline in Lubmin, northern Germany. European Union countries earlier this year agreed to voluntary plans to reduce their gas consumption. BRUSSELS—European Union energy ministers failed to reach an agreement Thursday on a plan to put an emergency cap on the price of natural gas, saying they would resume their debate next month. EU diplomats are also struggling to agree on a separate, international plan to cap prices paid for Russian oil around the world.

☆ 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.

☆ Wall Street activism is proving its influence on corporations. Just look at Disney's Bob Iger.
▼ + stars: | 2022-11-22 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Investors are still digesting the news that Bob Iger will reprise his role as the chief executive of Disney. Bob Iger, CEO of Disney Charley Gallay/Stringer/Getty Images1. On Sunday, Disney announced legendary leader Bob Iger would return to his post as CEO and replace Bob Chapek, even though Chapek just months ago signed a contract extension. Disney stock had plunged 21% since Chapek's appointment in February 2020. As long as these headwinds batter the stock market, investors are likely not going to sit idly by and watch what they believe to be mismanagement by corporate leaders.

☆ 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.

☆ As EU sanctions come, Macron says Iran 'revolution' harms nuclear deal prospects
▼ + stars: | 2022-11-14 | by ( John Irish | ) www.reuters.com time to read: +2 min

"The grand children of the revolution are carrying out a revolution and are devouring it," Macron said when asked to qualify what was taking place in Iran. Ties between France and Iran have deteriorated in recent months as efforts to revive the nuclear talks, to which France is one of the parties, have stalled. "I don't think there will be new proposals which can be made right now [to save the nuclear deal]", he said. The EU, the United States, Canada and Britain have imposed sanctions on Iran. EU foreign ministers will impose new sanctions on Iran on Monday, diplomats and officials have said.

☆ Here's why oil will hit $120 a barrel soon and stay high for the next 2 years
▼ + stars: | 2022-11-14 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Europe's ban on Russian oil will begin in December, and it could make an already-tight energy market worse. Energy Aspects' Livia Gallarati explained what comes next for the energy crisis and why oil prices could stay around $120 for two years. Among the most near-term risks are European Union sanctions on December 5 that will ban seaborne Russian crude oil imports. Other risks loomSeparate from Europe's sanctions on Russia, China's reopening plans and US reactions to OPEC+ decisions can either keep oil prices muted or push them dramatically higher in 2023. So far this year, China's zero-COVID approach has helped Europe because there's been less competition for Russian energy supplies, as well as supplies from other nations.

☆ Midterms could be a 'game changer' for stocks - and experts see big upside for the S&P 500 this election cycle.
▼ + stars: | 2022-11-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Whether or not this means Democrats hold onto their majority or Republicans claim victory in today's elections is still an open question. Early voters cast their ballots in Atlanta, Georgia in the 2018 midterm elections in October. If Republicans gain seats in today's midterm elections, the thinking is that Democrats would have a harder time passing aggressive fiscal spending plans. What's your view on how a Democrat or Republican victory in today's midterm elections impacts the stock market? Goldman Sachs named which stocks to buy now that can help you capitalize on gains during Tuesday's midterm elections.

☆ Carbon-accounting startup Planetly was shut down and all 200 staff laid off just a year after acquisition. Insiders say it's a bad omen for 2023.
▼ + stars: | 2022-11-08 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +5 min

European carbon accounting companies lured $670 million in venture capital last year, as investors banked on growing appetite from corporates to bolster their ESG credentials. The slowdown means 2023 will be the toughest year since the Lehman Brothers collapse for potential closures of acquired companies, the source said. Still, carbon accounting companies are struggling with commercial traction due to market saturation and little differentiation, he said. "But if you acquire a carbon accounting software solution, you are probably a large organisation that has established customer relationships and had conversations about this before. European industry sources added that they expect further consolidation in the carbon accounting space.

☆ Debt rules in Europe are changing. And that could have big repercussions in the bond markets
▼ + stars: | 2022-11-04 | by ( Silvia Amaro | ) www.cnbc.com time to read: +6 min

The euro zone is to discuss changing its fiscal rules - a task that could have market repercussions. Bloomberg | Bloomberg | Getty ImagesThe euro zone will soon reveal changes to its fiscal rules — a move that could have significant repercussions for government borrowing costs and the region's bond markets. At the same time, Germany and the Netherlands would blame the European Commission for not enforcing the rules with fines. "Interest burden on large public debt to GDP ratios is set to increase significantly in the years ahead. This means that in a optimal scenario, the fiscal rules will be changed from 2024 onward.

The drop is not just because industrial companies are turning down thermostats, they are also shutting down plants that may never reopen. And while lower energy use helps Europe weather the crisis sparked by Russia's war in Ukraine and Moscow's supply cuts, executives, economists and industry groups warn its industrial base may end up severely weakened if high energy costs persist. Reuters GraphicsThe International Energy Agency estimates European industrial gas demand fell by 25% in the third quarter from a year earlier. "We are doing all we can to prevent a reduction in industrial activity," an European Commission spokesperson said in an email. "From Jan. 1, we will be able to switch to oil," company executive Wolfgang Ott said, as the company seeks government help to cushion energy costs.

☆ America is facing a dramatic diesel shortage that could get even worse
▼ + stars: | 2022-11-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

But trucks continued to deliver goods around the country, so diesel demand stayed elevated. With European nations weaning off Russian energy, competition has increased in the diesel market due to the influx of buyers. Markets are panicking, so diesel prices will climb higher and higher, which will spark behavioral changes in consumers and producers. "Higher prices make the profitability of refining diesel go much higher," he said. The mechanism to do that is simply through diesel prices rising."

☆ BP’s profit more than doubles as calls for windfall taxes grow louder
▼ + stars: | 2022-11-01 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

The UK-based energy company posted underlying profit of $8.15 billion in the July to September period, compared with $3.3 billion a year ago. BP (BP)’s earnings were boosted by “exceptional” results in its gas trading business, it said in a statement on Tuesday. Also last week, America’s largest oil company, ExxonMobil set a profit record for the second straight quarter, while Chevron (CVX) and French oil company Total (TOT)Energies posted similarly huge increases. The unprecedented set of earnings is fueling renewed calls in Britain and the United States for windfall taxes on energy companies to help households that are struggling to pay rising bills. EU governments, on the other hand, agreed a windfall tax in September that they hope will raise $140 billion.

☆ EU targets deadly air pollution, pushes for cleaner water
▼ + stars: | 2022-10-26 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

Among them is a requirement that, by 2030, EU countries must meet new legally-binding air pollution limits that will be closer to the stricter World Health Organization (WHO) recommendations. The WHO tightened its air quality guidelines last year, hoping to push countries toward clean energy and prevent deaths caused by dirty air. Air pollution causes 300,000 premature deaths in Europe each year. Europe's air quality has improved over the last decade, but many countries still breach the current EU limits. EU countries will separately determine how to achieve air quality standards and where to set any penalties.

☆ EU Energy Ministers Wrangle Over Emergency Price Cap for Gas
▼ + stars: | 2022-10-25 | by ( Kim Mackrael | ) www.wsj.com time to read: 1 min

BRUSSELS—European Union energy ministers will debate details of a possible emergency limit on natural-gas prices and other proposals meant to tackle the painfully high energy bills resulting from Russia’s economic war with the West. Energy ministers gathered in Luxembourg on Tuesday for a meeting where they are talking about proposals related to the EU’s climate plans. Europe is facing an energy crunch after Russia—once its biggest natural gas supplier—invaded Ukraine earlier this year and sharply constrained supplies of gas to the bloc.

A farmer spreads nitrogen fertilizer in his wheat field in Blecourt, France, May 27, 2021. Russia, under financial sanctions, is a major producer of fertilizer and natural gas, key in making nitrogen products to boost yields of corn and other crops. Since Russia's February invasion of Ukraine, Europe started weaning itself off Russian natural gas and a pipeline transporting ammonia from Russia to a Ukraine port shut down. European countries typically buy most of their imported urea, a form of nitrogen fertilizer, from North Africa, but are now purchasing it further afield, Wallace said. EU nitrogen prices eased in mid-October as some European plants resumed production due to softening natural gas prices, he said.

☆ Wave of LNG tankers is overwhelming Europe in energy crisis and hitting natural gas prices
▼ + stars: | 2022-10-24 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +2 min

Two LNG vessels that came from the U.S. are underway to Spain's Huelva port. The underlying infrastructure issue is a lack of European regasification capacity due to a shortage of regasification plants and pipelines connecting countries that have regasification facilities. As a result, the amount of LNG on the water — floating storage — increases and in turn drives down the price of natural gas . Energy experts tell CNBC they are keeping an eye on an EU LNG price cap. Russia, which supplies a large portion of natural gas to Europe, cut gas supplies as a response to sanctions after the country's war with Ukraine.

☆ Asia's energy supply looks secure — even as Europe scrambles
▼ + stars: | 2022-10-21 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +4 min

On Tuesday, the EU steered away from a proposed price cap on Russian gas as it laid out new measures to tackle high energy prices. Overall LNG imports fell 7% year-on-year. Overall LNG imports fell 7% year-on-year. The decrease in LNG imports for Japan, Pakistan and India were 17%, 73% and 22% respectively, the IEA said. However, there is a clear increase month on month of coal power generation," IEEFA energy finance analyst Ghee Peh said.

☆ European countries are shelling out huge sums to deal with the energy crunch. Economists fear it could spark a new financial crisis.
▼ + stars: | 2022-10-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +7 min

A new debt crisis could be looming as European countries throw huge sums of money at the energy crisis. Already, the energy crisis is estimated to have cost Europe around 700 billion euros. Combined with a high debt load, that spells trouble, Boskin says, because debt itself is also inflationary. Additional spending and debt from the energy crisis could result in more stress being exerted on the financial system. "I think a debt crisis could very likely ensue given the vast amounts that [are] being spent as a percentage of GDP.

☆ Explainer: Iran and Russia's growing drone alliance amid Western outcry
▼ + stars: | 2022-10-19 | by ( Michael Georgy | ) www.reuters.com time to read: +6 min

A Russian drone is seen during a Russian drone strike, which local authorities consider to be Iranian made unmanned aerial vehicles (UAVs) Shahed-136, amid Russia's attack on Ukraine, in Kyiv, Ukraine October 17, 2022. Saudi Arabia and the United States have said they believe Iran was behind a drone and missile attack on prized Saudi oil facilities in 2019, which Tehran denies. The United States fears long-range ballistic technology used to put satellites into orbit could also be used to launch nuclear warheads. WHY HAS IRAN BUILT UP ITS OWN MISSILE AND DRONE CAPABILITY? Western powers are expected to impose more sanctions on Iran.

☆ EU leaders still eyeing multiple gas price caps - document
▼ + stars: | 2022-10-19 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

A revised draft of their summit conclusions said EU leaders would broadly endorse the proposals - including plans to launch an alternative price benchmark for liquefied natural gas and start joint gas buying among EU countries. Register now for FREE unlimited access to Reuters.com RegisterThe proposals each need support from a reinforced majority of EU countries - at least 15 members representing at least 65% of the bloc's population. EU leaders look set to back that idea, asking Brussels to examine a "temporary dynamic price corridor" on gas transactions, according to their draft conclusions. The conclusions may struggle to win support from all leaders, since countries are split over the Iberian mechanism. The draft conclusions said a price cap on gas used for power generation must avoid increasing gas consumption.

☆ Hungary on track to meet all commitments made to secure deal on EU funds -minister
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

BUDAPEST, Oct 19 (Reuters) - Hungary's Development Minister Tibor Navracsics said on Wednesday that informal feedback from Brussels showed that they are content with the Hungarian commitments made in order to secure a deal on European Union funds. Navracsics, who is in charge of talks with Brussels, told a conference that the government was on track to implement all its 17 commitments in the form of legislation to cut corruption risks. EU countries earlier this month approved an extension of the deadline for deciding on financial sanctions against Hungary by two months until mid-December. Register now for FREE unlimited access to Reuters.com RegisterReporting by Krisztina ThanOur Standards: The Thomson Reuters Trust Principles.

☆ EU to propose extra energy measures, swerve immediate gas price cap
▼ + stars: | 2022-10-18 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

The measure must not affect EU security of gas supply, cause an increase in gas use, or disrupt the functioning of gas markets, it said. The move to curb TTF gas prices would require a separate proposal from Brussels and require approval from EU countries. The EU package is unlikely to placate all 27 EU countries - whose leaders will discuss the proposals at a summit on Oct. 20-21. Most EU countries have urged the Commission to urgently propose a gas price cap, but disagree on its design. EU energy regulators would also be changed with developing a new liquefied natural gas price benchmark by the end of March, and Brussels will launch a "tool" for EU countries to start jointly buying gas, according to the draft.

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