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☆ Factbox: COP26 a year later: Where do last year's climate pledges stand?
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +7 min

Nov 1 (Reuters) - A year ago at the U.N. climate talks in Glasgow, Scotland, countries, banks and business leaders announced a slew of climate plans and pledges. METHANE PLEDGETo date, 119 countries and blocs including the United States and the European Union have joined the COP26 pledge to slash methane emissions 30% from 2020 levels by 2030. And China could also give an update on its plan to begin monitoring methane emissions - a promise made under the U.S.-China agreement announced in Glasgow. The group now counts more than 550 members, including most of the world's leading banks, insurers and asset managers, with collective assets of more than $150 trillion. read more And last week, climate activists criticized GFANZ for dropping a requirement that its members sign onto a U.N. emissions reduction campaign.

☆ German authorities looking into reports of illegal Chinese police in Frankfurt
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Oct 28 (Reuters) - Authorities in Germany are investigating whether China maintains an illegal extraterritorial police station in Frankfurt, a spokesperson said, a week before Chancellor Olaf Scholz heads on an already contested visit to the economic giant. The Chinese embassy did not immediately respond to a request for comment. Confirming an earlier report in the Frankfurter Allgemeine newspaper, the spokesperson said they so far had no indications such facilities existed in Frankfurt. Dutch authorities on Wednesday said they were investigating Chinese offices that were operating illegally in the Netherlands, carrying out tasks like renewing driving licences. That followed allegations, denied by the Chinese embassy in The Hague, that the office had also harassed a Chinese dissident living in the Netherlands.

☆ Germany to legalize cannabis use for recreational purposes
▼ + stars: | 2022-10-26 | by ( Riham Alkousaa | ) www.reuters.com time to read: +4 min

Health Minister Karl Lauterbach presented a cornerstone paper on planned legislation to regulate the controlled distribution and consumption of cannabis for recreational purposes among adults. Acquiring and possessing up to 20 to 30 grams of recreational cannabis for personal consumption would also be made legal. Many European countries, including Germany, have already legalised cannabis for limited medicinal purposes. The use of cannabis for medicinal purposes has been legal in Germany since 2017. Germany's pharmacists association warned of the health risks of legalising cannabis and said it would put pharmacies in medical conflict.

That's not the done thing," a senior French official said. "The goal is to make Berlin understand there's a problem," the senior French official said. We even struggled to get them to meet in person," the French official said. German officials say that they are aware they need to reduce their reliance on China, but they add that this should not mean banning all Chinese investment in Europe. read moreGerman officials say France had been invited to join but declined.

☆ Welcome to the dangerous Swiss golf-baseball hybrid you've never heard of
▼ + stars: | 2022-10-25 | by ( Sean Coppack | Jack Bantock | ) edition.cnn.com time to read: +4 min

(CNN) To most people, the words Swiss sport and Emmental might trigger thoughts of Roger Federer eating cheese. Sending projectiles hurtling through the air at 200 miles per hour, all rise -- and then duck -- for Hornussen. Scoring starts if they reach the 100-meter line, with an additional point awarded for every 10 meters past the marker. "It's really dangerous if you don't see the Nouss or if one hits the bat and, two meters before the face, the Nouss changes direction," Kummer explained. Around 260 teams are active across a multi-league pyramid in Switzerland, with the top teams fighting it out for the Swiss Championship.

☆ Hungary will not agree to EU gas price cap, will need exemption
▼ + stars: | 2022-10-20 | by ( Jan Strupczewski | ) www.reuters.com time to read: +3 min

BRUSSELS, Oct 20 (Reuters) - Hungary will not agree to an EU price cap on imported gas because it would end Russian deliveries, a senior aide to Prime Minister Viktor Orban said, adding that if the EU decides on a cap it would have to exempt Hungary, as it did for oil. European Union leaders are discussing the idea of a price cap on imported gas, including Russian gas, with at least 15 countries from the 27-nation bloc pushing for such a price limit to curb energy prices and record consumer inflation. But several EU countries including Germany are sceptical, wary that a price cap would distort price signals from the market and lead to higher consumption. It could also jeopardise security of supply as sellers may not agree to deliver at a price set by an EU-government cartel. Landlocked and heavily dependent on Russian crude deliveries via pipeline, Hungary secured an exemption in June when the rest of the EU agreed to stop buying Russian oil from December.

POSITIONS FAR APART1/6 European Council President Charles Michel attends the European Union leaders' summit in Brussels, Belgium, October 20, 2022. REUTERS/Yves Herman Read MoreThe most contentious issue facing the leaders is whether and how to cap gas prices. The leaders will also discuss emergency spending to cushion their economies and 450 million citizens from the energy crunch. Given EU countries' diverse energy mix and interests, the meeting risks falling short on short-term action to tackle high energy prices ahead of winter. EU energy ministers meet again next week and aim to agree on joint crisis measures in November.

Suspected sabotage on the German rail network and on the Baltic Sea gas pipelines linking Germany and Russia in recent weeks have raised concerns about the country's exposure to attacks. "We have strengthened the police's work at sea," Faeser said. "Police are patrolling at sea with all their available forces and ships to also protect maritime infrastructure." Now the ministry wants to make some requirements legally binding and will present key points for a new law this year, ahead of schedule, Faeser said. Germany is also rushing to improve its preparedness for catastrophes, both manmade and natural, Faeser said, a task the country has long neglected.

BERLIN/PARIS, Oct 19 (Reuters) - The French and German governments have postponed a meeting planned for next week until January, officials said on Wednesday, after what sources told Reuters were divisions including over energy policy and defence. French officials have expressed frustration with what they say has been a series of unilateral decisions by Germany, including a 200 billion euro energy package unveiled by Berlin without advanced warning to Paris. A French presidency official echoed Berlin's comments saying the two sides needed "more time" to reach agreements on issues including energy policy and defence cooperation. But others say they feel Germany is throwing its weight around and taking decisions that are sometimes against French interests. But French officials say they worry that the 200 billion euro German plan could distort the European market because other countries do not have the same means to protect their citizens.

☆ 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.

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 includes other measures aimed at lessening the impact of high prices on consumers and businesses. 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.

Arne Schoenbohm came under scrutiny in recent weeks after a satire TV show highlighted his ties with a cybersecurity consultancy which counted as a member a German subsidiary of a Russian firm founded by a former KGB employee. He told Reuters he was no longer active in the council and had only delivered the keynote speech at its 10th anniversary in September as an exception after receiving the green light from the interior ministry. The consultancy last week protested it had not known of the alleged ties to Russian services of Protelion GmbH, which it expelled after the TV programme was aired. The consultancy said the interior ministry knew of the allegations since at least spring but "no information was provided to associations or potential customers by official bodies". The head of Protelion GmbH was not immediately available for comment.

☆ 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.

☆ EU leaders set to explore gas price cap options
▼ + stars: | 2022-10-16 | by ( ) www.reuters.com time to read: +3 min

Gas prices have soared as Russia slashed flows to Europe following its invasion of Ukraine and the Western sanctions imposed on it - prompting most EU countries to call for a gas price cap, although they disagree on its design. Several countries that favour capping gas are concerned that the Commission will not put forward options they have proposed, an EU diplomat said. The latest draft conclusions showed that the leaders would agree to "explore a temporary dynamic price corridor" on natural gas until an alternative EU gas price benchmark is in place. Belgium, Greece, Italy and Poland want a price corridor for wholesale transactions, which would mean a price range with a central value below the market price. The draft said the leaders would also "explore a temporary EU framework to cap the price of gas in electricity generation at a level that helps bring down electricity prices without ... leading to overall increased gas consumption."

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.

☆ Polish pipeline operator PERN says leak detected in Druzhba oil pipeline
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

Companies Pern Spólka Akcyjna FollowWARSAW, Oct 12 (Reuters) - Polish operator PERN has detected a leak in one pipeline in the Druzhba system that carries oil from Russia to Europe, it said on Wednesday, an event that will add to concerns about Europe's energy security after the Nord Stream gas leak. It was detected in a section of the pipe around 70 kilometres from the central Polish city of Plock. The second line of the pipeline, and other elements of PERN's infrastructure, were working as normal, PERN said. A spokesperson for the Czech pipeline operator MERO said it had not seen any change in flows to the Czech Republic. It was not immediately clear how significant the leak in the Druzhba pipeline was.

☆ EU countries seek way out of impasse over gas price caps
▼ + stars: | 2022-10-12 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

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. Another EU diplomat said no "unified signal" had come out of the leaders' talks. The idea has gained support among other countries, although some worry it could raise EU gas demand, since Spain's gas use increased under the measure. EU countries have already rushed through emergency energy windfall profit levies, gas storage filling obligations, and electricity demand curbs to address the surge in energy prices driven by Russia slashing gas supplies since it invaded Ukraine.

Firefighters work in the field near the Druzhba pipeline where an oil leak was detected, near the village of Zurawice, Poland, October 12, 2022. Poland said the leak in one of the Druzhba pipelines on the main route for oil to Germany was probably caused by an accident. EU nations have been seeking to reduce their reliance on Russian energy in response to Russia's invasion of Ukraine in February. EU energy ministers were meeting in Prague on Wednesday to try to agree new measures to tackle the crisis. Rocketing gas prices across Europe and Britain have driven up the cost of electricity.

☆ Leak detected on another Russian pipeline connecting to Europe, but Poland says it looks accidental
▼ + stars: | 2022-10-12 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

PERN said pumping on the damaged Druzhba line, which delivers oil to Germany, was immediately switched off and the scene had been secured. Polish pipeline operator PERN said Wednesday that a leak detected on one of its Druzhba pipelines bringing oil from Russia to Europe was likely caused by an accident. The leak was detected on Tuesday evening on one of the two lines of the Western section of the pipeline, PERN said in a statement. PERN said pumping on the damaged line, which delivers oil to Germany, was immediately switched off and the scene had been secured. The Druzhba pipeline, which translates as "friendship" in Russia, is one of the biggest oil pipeline networks in the world, delivering crude from Russia to much of central and eastern Europe including Germany, Austria, the Czech Republic, Hungary, Belarus, Poland and Slovakia.

Cutting its 2023 global growth forecasts further, the IMF said in its World Economic Outlook that countries representing a third of world output could be in recession next year. The global lender maintained its 2022 growth forecast at 3.2%, reflecting stronger-than-expected output in Europe but a weaker performance in the United States, after torrid 6.0% global growth last year as the COVID-19 pandemic eased. China's growth outlooks also were downgraded as it struggles with continued COVID-19 lockdowns and a weakening property sector, where a deeper downturn would slow growth further, the IMF said. The growing economic pressures, coupled with tightening liquidity, stubborn inflation and lingering financial vulnerabilities, are increasing the risks of disorderly asset repricings and financial market contagions, the IMF said in its Global Financial Stability Report. A man walks past the International Monetary Fund (IMF) logo at its headquarters in Washington, U.S., May 10, 2018.

Any hope of the Nord Stream network resuming shipments to Germany was dashed last month by suspected sabotage. Even then, it is unlikely to make up for the missing Russian gas. A risk is that as energy supplies dwindle, energy demand will not shrink enough. European industrial gas demand has fallen as high gas prices have led factories in energy-intensive sectors such as aluminium, steel and ammonia, have shut production. Europe can't afford any surprises this winter without Russian gasA more comfortable energy supply situation could be many winters away.

Oct 10 (Reuters) - German government bond yields jumped while yield spreads between core and periphery tightened on Monday after a media report saying Germany's Chancellor Olaf Scholz supported joint-debt issuances to tackle the energy crisis. Italy's 10-year bond yield fell 2.5 bps to 4.67% , with the spread between Italian and German 10-year yield tightening to 233 bps . Bond yields edged lower earlier in the session after blasts rocked the Ukrainian capital Kyiv and other major Ukrainian cities, prompting a move into traditional safe-haven assets such as core government bonds. Euro zone bond yields had jumped on Friday after strong U.S. jobs data dampened expectations that the Federal Reserve will slow the pace of interest rate hikes. Among euro zone bond sales, the European Union has mandated banks for a 20-year benchmark bond and a tap of its December 2029 bond, scheduled to be launched tomorrow, according to a memo seen by Reuters.

☆ 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.

☆ Rocketing energy costs are savaging German industry
▼ + stars: | 2022-10-07 | by ( Anna Cooban | ) edition.cnn.com time to read: +9 min

“We don’t need a crystal ball to see a further weakening of German industry in the coming months. The full impact of higher energy prices will only be felt in the last months of the year,” he said. Energy prices started rising last fall, and then shot even higher when Russia invaded Ukraine in late February, sparking an energy standoff between Europe and Moscow. Energy costs at Prysmian’s six German factories are expected to soar to €20 million ($20 million) this year from just €5 million ($5 million) in 2021. “German industry, the so-called ‘Mittlestand’, the small and medium [sized] companies, are quite resilient and adaptable,” he said.

☆ Energy Crisis Pushes German Industry to the Brink
▼ + stars: | 2022-09-29 | by ( Tom Fairless | ) www.wsj.com time to read: 1 min

FRANKFURT—German businesses are growing concerned that without an energy price cap, a wave of insolvencies could wash over the country in coming weeks and disrupt the supply chains serving Germany’s largest industrial sectors. Starved of the abundant Russian energy that long fired the nation’s industrial engine, German businesses have already been curtailing production and halting investments. Business and consumer confidence is tumbling, approaching the lows reached during the 2008 global financial crisis. Germany’s government is now drawing up plans to cap the price of electricity and gas, officials said this week, acting in case a similar proposal by the European Union isn’t enacted swiftly.

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