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☆ The US is supporting efforts to investigate the 'apparent sabotage' of the Nord Stream pipelines, says security advisor Jake Sullivan
▼ + stars: | 2022-09-28 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +4 min

US security advisor is speaking to his Danish counterpart about the "apparent sabotage" of the Nord Stream pipelines. The US is supporting investigation efforts and will continue safeguarding Europe's energy security, he said. "I spoke to my counterpart Jean-Charles Ellermann-Kingombe of Denmark about the apparent sabotage of Nord Stream pipelines," Sullivan tweeted Tuesday night. "The U.S. is supporting efforts to investigate and we will continue our work to safeguard Europe's energy security," he added. The Nord Stream 2 natural-gas pipeline, which runs parallel to Nord Stream 1, has never been operational because Germany shelved the project in February, days before Russia invaded Ukraine.

☆ German officials reportedly believe the crucial Nord Stream natural-gas pipelines connecting Russia to Europe were attacked near a Danish island
▼ + stars: | 2022-09-27 | by ( Kate Duffy | ) www.businessinsider.com time to read: +4 min

German officials reportedly believe the Nord Stream Russia-Europe natural-gas pipelines were attacked. Later Tuesday, the Kremlin said it couldn't rule out that damage to the Nord Stream pipelines was caused by sabotage. The Nord Stream 1 and Nord Stream 2 pipeline systems are the largest for sending natural-gas from Russia to Europe. The Danish Energy Agency said Monday it had discovered a leak in the Nord Stream 2 system near Bonhomme, a Danish island in the Baltic Sea. The Swedish Maritime Authority said leaks had been detected in both Nord Steam 1 and Nord Stream 2 near Bornholm.

A pressure gauge is seen at the landfall facility of the Baltic Sea gas pipeline Nord Stream 2 in Lubmin, Germany, September 19, 2022. "Overnight the Nord Stream 2 landfall dispatcher registered a rapid gas pressure drop on Line A of the Nord Stream 2 natural gas pipeline," Nord Stream 2's operator said in a statement. European countries have resisted Russian calls to allow the Nord Stream 2 pipeline to operate and accused Moscow of using energy as a weapon. Gazprom (GAZP.MM) referred questions about the incident to the Nord Stream 2 operator. Russia has cut off gas supplies to several countries and also halted flows through the Nord Stream 1 pipeline, blaming Western sanctions for hindering operations.

☆ Brazil government projects 2022 primary surplus of $2.6 bln, first in nine years
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterBrazil's Economy Minister Paulo Guedes speaks during a news conference at the Planalto Palace in Brasilia, Brazil June 6, 2022. The Economy Ministry forecast a 13.548 billion reais ($2.63 billion) primary budget surplus for the central government, comprising Brazil's Treasury, central bank and Social Security, as Reuters reported on Wednesday. The number sharply contrasts with the primary deficit of 59.354 billion reais seen in July and an official deficit target of 170.5 billion reais for 2022. The government also announced in the report the need to freeze an additional 2.6 billion reais in expenses to comply with the constitutional spending cap. ($1 = 5.1437 reais)Register now for FREE unlimited access to Reuters.com RegisterReporting by Marcela Ayres Editing by Chris Reese and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Industrial facilities of the PCK oil refinery are pictured in Schwedt/Oder, Germany, May 9, 2022. REUTERS/Hannibal HanschkeWARSAW/BERLIN, Sept 22 (Reuters) - Poland will only help supply oil to Germany's PCK Schwedt refinery if Russia's Rosneft (ROSN.MM) is completely removed as a shareholder, Poland's climate ministry said, raising pressure on Germany to completely nationalise the refiner. Germany took control of the Schwedt refinery, which was majority owned by Rosneft Deutschland, last Friday as Berlin strives to shore up energy supplies. It put Rosneft Deutschland under a trusteeship of the German industry regulator but Rosneft still holds 54% of the company's shares. The Schwedt refinery previously received most of its crude from Russia and Berlin is now looking to other countries to supply Schwedt.

REUTERS/Annegret Hilse/File PhotoBERLIN, Sept 22 (Reuters) - The German government has opened discussions about providing urgent support for scores of regional state-owned energy providers which are struggling to cope with soaring gas prices, three sources familiar with the matter said. A spokesperson for Germany's economy ministry said it was in contact with the country's regional states concerning the municipal authorities, but declined to elaborate. There is a growing sense of urgency to provide support as energy bills for German households and industry become increasingly unaffordable. Liebing, who has previously warned about insolvencies in the sector, said the talks involved measures needed to shield municipal utilities from "acute" difficulties. "Should municipal authorities be at risk of collapse, many other services such as water, bin collection and public transport could fall apart," he said.

☆ A former top Russian finance official says Western sanctions have been at most 40% effective — but says economic growth will be interrupted for years
▼ + stars: | 2022-09-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Sanctions against Russia have been 30% to 40% effective, a former finance official told Reuters. His comments come as Russia's economy continues to appear resilient almost seven months into trade restrictions. While sanctions have not been entirely effectively, Vyugin told Reuters that "the main result of sanctions is that the economic growth process in Russia has been interrupted for several years." Russia's economy ministry expects GDP to contract by 2.9% in 2022, a government official said earlier in September, per Reuters. This will apply to the tech sector, where Russia is reliant on imports, Vyugin told the news agency.

☆ Uniper’s new bailout mixes scars and consolations
▼ + stars: | 2022-09-21 | by ( George Hay | ) www.reuters.com time to read: +4 min

Berlin on Wednesday effectively nationalised the stricken energy company by injecting 8 billion euros in fresh equity, and paying 78% Finnish state-held shareholder Fortum (FORTUM.HE) token compensation in return. Fortum boss Markus Rauramo has good cause to concede that his company should feel “humble” about the current deal. Deconsolidating Uniper’s losses from its accounts means Fortum’s balance sheet equity will therefore be 5 billion euros higher than it would have been. Follow @gfhay on TwitterCONTEXT NEWSGermany confirmed the nationalisation of struggling gas importer Uniper at a cost of 8 billion euros ($7.9 billion) on Sept. 21. In the second quarter alone, Fortum made a loss of 9.1 billion euros due to Uniper’s losses in gas trading.

☆ Germany nationalises gas importer Uniper
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +2 min

The Uniper logo is seen at the utility's firm headquarters in Duesseldorf, Germany, July 8, 2022. REUTERS/Wolfgang Rattay/File PhotoRegister now for FREE unlimited access to Reuters.com RegisterCompanies Fortum Oyj FollowUniper SE FollowBERLIN/HELSINKI, Sept 21 (Reuters) - Germany has agreed to nationalise Uniper (UN01.DE) by buying Fortum's (FORTUM.HE) stake in the gas importer to secure operations and keep its business going, the three parties involved said on Wednesday. Register now for FREE unlimited access to Reuters.com RegisterThe package "creates a clear ownership structure in order to secure Uniper, and thus the energy supply for companies, municipal utilities and consumers," it said. Russia cutting back natural gas supplies and last month closing the Nord Stream 1 gas pipe have led Uniper, Germany's largest gas importer, to financial dire straits, triggering a rescue package with Berlin which was agreed in July. ($1 = 1.0075 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Essi Lehto, Anne Kauranen, Kirsti Knolle editing by Stine Jacobsen, Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

Genreal view of electricity pylons and power lines leading from the Uniper coal power plant in Hanau, Germany, early morning November 23, 2016. Alongside surging European gas prices, crude oil jumped more than 2% on Wednesday after Putin announced the partial military mobilisation, escalating the war in Ukraine and raising concerns of even tighter global energy supplies. read moreAfter buying Fortum's stake, the German state will hold about 99% of Uniper, the economy ministry said. Eastbound gas flows via the Yamal-Europe pipeline to Poland from Germany were halted on Wednesday, while Russian supply via Ukraine held stable. read moreMoscow has said it would cut all oil and gas flows to the West if such cap was implemented.

☆ No catastrophe, but sanctions on Moscow are working, says Russian economy veteran
▼ + stars: | 2022-09-20 | by ( Darya Korsunskaya | ) www.reuters.com time to read: +4 min

Former First Deputy Chairman of the Central Bank of Russia Oleg Vyugin leaves the bank headquarters in Moscow, Russia February 8, 2018. "If there were no sanctions, the Russian economy could have grown 6% this year," Vyugin, who served as deputy finance minister and deputy central bank governor during his career before he retired from a Moscow Exchange post this year, told Reuters in an interview. Russian officials have been at pains to praise Russia's economic strength in the face of sanctions. Meanwhile, China is reaping the rewards of cheaper energy supplies from Russia, as Moscow looks east in search of alternative markets. read moreVyugin expects some sanctions impact to be felt with a delay, namely in the technology sector, where the reliance on imports is high.

Fabio Panetta, director of international and European relations at the European Central Bank, attends the award ceremony for the Order of Merit of the Federal Republic of Germany at Bellevue Palace in Berlin, Germany, January 31, 2020. REUTERS/Annegret HilseROME, Sept 20 (Reuters) - ECB board member Fabio Panetta is resisting calls from Giorgia Meloni, the front-runner to be Italy's next prime minister, to take the job of economy minister should the rightist bloc win election on Sunday, two political sources told Reuters. Meloni, the leader of the Brothers of Italy party, wants Panetta to replace Daniele Franco at the helm of the Italian Treasury, but Panetta has made it clear he is not interested in the role, the sources said. Register now for FREE unlimited access to Reuters.com RegisterPanetta, 63, is a veteran of more than three decades at Italy's central bank and has sat on the Executive Board of the European Central Bank (ECB) since the start of 2020. A third, separate source close to the matter confirmed Panetta was the leading candidate to replace Visco.

☆ Germany reaches provisional agreement on Uniper nationalization - Bloomberg
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo of German energy utility company Uniper SE is pictured in the company's headquarters in Duesseldorf, Germany, March 10, 2020. REUTERS/Thilo SchmuelgenCompanies Uniper SE FollowFortum Oyj FollowBERLIN, Sept 20 (Reuters) - Germany has reached a provisional agreement with Uniper (UN01.DE) and its Finnish parent, Fortum (FORTUM.HE), about nationalizing the ailing German gas importer, Bloomberg reported on Tuesday, citing sources familiar with the situation. The German government aims to make an announcement regarding the agreement this week although contracts have not yet been signed, according to the report. Register now for FREE unlimited access to Reuters.com RegisterFortum also did not comment on the report while Uniper was not immediately available for comment. Register now for FREE unlimited access to Reuters.com RegisterReporting by Tom Kaeckenhoff, Christoph Steitz, Riham Alkousaa, Writing by Miranda Murray, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Italy's conservative alliance in lockstep, ready to govern, says Meloni
▼ + stars: | 2022-09-20 | by ( Crispian Balmer | ) www.reuters.com time to read: +3 min

Meloni's party, Brothers of Italy, is widely expected to top the polls on Sunday, making her the frontrunner to be Italy's next prime minister. Opponents say her conservative alliance, which also includes Matteo Salvini's League and Silvio Berlusconi's Forza Italia, will struggle to stay united after divisions emerged during campaigning over energy and foreign policy. Amongst the major policies on which there was already a broad consensus were implementing tax cuts and preventing illegal immigration into Italy, Meloni said. Giorgia Meloni, leader of the far-right Brothers of Italy party, speaks during a rally in Duomo square ahead of the Sept. 25 snap election, in Milan, Italy, September 11, 2022. REUTERS/Flavio Lo Scalzo/Speaking in a separate interview, League leader Salvini said he thought it would take one-and-a-half months for the next government to take office, adding that, if the right won, its first priority would be to lower the pension age.

☆ Germany in focused talks with Uniper on further state aid - economy ministry
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo of German energy utility company Uniper SE is pictured in the company's headquarters in Duesseldorf, Germany, March 10, 2020. REUTERS/Thilo SchmuelgenBERLIN, Sept 19 (Reuters) - Talks with ailing gas importer Uniper (UN01.DE) cannot be drawn out forever, said a German economy ministry spokesperson on Monday, adding that "focused" discussions on aid are ongoing. The spokesperson added that it was unclear whether companies taken over by the state could receive funds from a gas levy that will be imposed on consumers from Oct. 1. Energy companies that qualify for the funds from the levy will not receive them, however, before Nov. 1, said the spokesperson. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andreas Rinke, Writing by Rachel More and Miranda Murray, Editing by Andrew CawthorneOur Standards: The Thomson Reuters Trust Principles.

☆ German nuclear reactor leak poses no safety threat but complicates plans
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +2 min

A general view shows the nuclear power plant Isar 2 by the river Isar in Eschenbach near Landshut, Germany, August 17, 2022. REUTERS/Christian Mang/File PhotoBERLIN, Sept 19 (Reuters) - E.ON (EONGn.DE) has informed the German government of a leak at the Isar 2 nuclear power plant which has not compromised security but could complicate the government's winter energy plan, the environment ministry said on Monday. Isar 2, in the southern state of Bavaria, had been scheduled to go offline at the end of the year under Germany's plan to phase out nuclear power. A spokesperson for E.ON said it was confident that a framework allowing Isar 2 to add to Germany's power supply security beyond Dec. 31 could be agreed with the government. E.ON's spokesperson said it has informed authorities as required by German law.

Berlin/London (CNN Business) The German government has seized control of three Russian-owned oil refineries to secure supplies of gasoline, diesel and aviation fuel. Germany's economy ministry announced on Friday that it had temporarily taken over Russian oil giant Rosneft's subsidiaries in the country. Rosneft Deutschland and RN Refining & Marketing account for about 12% of Germany's oil refining capacity, the ministry said in a statement. Europe has been embroiled in a bitter energy standoff with Russia since Moscow invaded Ukraine in late February, and its imports of Russian oil and natural gas have fallen sharply. Germany's Federal Network Agency, which regulates its gas and electricity industries, will control Rosneft's shares in three refineries: PCK Schwedt, near Berlin, MiRo, near Heidelberg, and Bayernoil in Bavaria.

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